Category: Industry
Default Hit
June 29, 2006 (LBO) – Small Sri Lankan banks are facing the threat of weaker credit ratings, following a government move to lift a law that allows banks to speed-up foreclosure on assets pledged against smaller loans.But state banks are excluded from the project.Bankers have already warned that the move to stop parate execution – […]
Welcome Back
June 28, 2006 (LBO) – India has asked Sri Lankan vanaspati manufacturers to begin exports of the vegetable oil under new controls, amidst trade talks between the countries in Colombo. The move is one that violates the spirit of the free trade agreement between the countries, Sri Lanka™s Department of Commerce says and will take […]
Housing King
June 28, 2006 (LBO) – HDFC Bank, the island’s largest housing bank, plans to expand its core business with moves to get into property development, an equity research firm said Wednesday. Executed through a fully-owned subsidiary HDFC Real Estate Development Ltd the state-run housing bank hopes to pay for the mammoth projects by leveraging its […]
More Goodies
June 28 (LBO) – Sri Lanka™s Board of Investment has re-done its tax incentive scheme with an emphasis on off-shore investments and large scale infrastructure projects. The traditional five year tax holiday will be replaced with a more rationalised scheme to raise the quality of investments, BOI chief Lakshman Watawala told businessmen on Wednesday. The […]
Nest Egg
June 28, 2006 (LBO) – A collective agreement covering the salaries and benefits of the state bank employees is due to be signed Thursday, Sri Lanka’s largest bank employees union said. After two-years training, the government has agreed to absorb the trainees into the permanent cadre, main union said.More than 20,000 state-bank employees would get […]
High Altitude
June 28, 2006 (LBO) – SriLankan Airlines said Wednesday group net profit in the year to March rose nearly 50 percent annually to 2.04 billion rupees over 62.49 billion rupees in revenues, amidst soaring fuel costs and stiff competition. For the financial year ended March, the carrier’s net profits rose to 797.93 million rupees over […]
Adding Beds
June 27, 2006 (LBO) – Sri Lanka’s Asha Central Hospital has bought land in Colombo to build a new 200-bed hospital, its Managing Director said Tuesday. The attractive fiscal incentives offered by the government to attract foreign and local investment to the health care industry have also helped spur growth. The 180-perches block of land, […]
Foundation Stone
June 27, 2006 (LBO) – Sri Lanka’s President Mahinda Rajapakse Tuesday launched a new state-own development bank aimed at assisting small and medium scale entrepreneurs. The Lankaputhra Development Bank, kicked off with 1.5 billion rupee seed capital from the treasury, with a further 2.0 billion rupees expected from the Private Sector Infrastructure Development Fund. “We […]
Cable Guys
June 26, 2006 (LBO) – Sri Lanka Monday asked satellite television broadcasters to get themselves registered and fixed an annual fee of 500,000 rupees. The Telecommunications Regulatory Commission said cable distribution networks and satellite communications networks have to apply by July 21, 2006 to secure a license. It applies to all satellite or cable television […]
Nice Fit?
KUALA LUMPUR, June 25, 2006 (AFP) – Malaysia’s top mobile phone operator Maxis Communications is bidding for Sri Lanka’s fifth mobile operator’s licence along with major firms from Singapore and India, a report said Sunday. The Edge newspaper said the GSM1800 licence would cost Maxis around four million dollars. The other two bidders are Singapore […]
Pressure Points
BANGALORE, India, June 25, 2006 (AFP) – Soaring salaries and poor quality of manpower are prompting foreign firms to shut their outsourcing operations in India although there is no cause for alarm yet, officials and analysts say.US-based Apple Computer and software maker Pervasive have been joined by Powergen, a British subsidiary of German energy supplier […]
Seamless Access
June 23, 2006 (LBO) – Over a dozens firms have responded to the telecom watchdog’s call to take up a WiMAX license and offer services islandwide, the regulator said Friday. WiMAX or Worldwide Interoperability for Microwave Access uses the 3.5 gigahertz frequency band to provide cost effective broadband technologies. The telecom regulator will initially set […]