Category: Industry
Cheap Cheap
June 30, 2006 (LBO) – Ceylon Petroleum Corp or Ceypetco has developed a lower octane gasoline for use in three wheelers, motorbikes, the island’s sole oil refiner said Friday. The ‘RON 87 petrol’ has been developed by CPC scientists and engineers to ensure three-wheelers have the right formula for fuel. CPC says three-wheeler taxis can […]
Serious Contenders
June 30, 2006 (LBO) – More than ten foreign and local telecom operators shown interest in bidding for Sri Lanka’s fifth mobile operator’s licence, the island’s the telecom regulator said Friday. Bidders, which included those from Singapore, India and Malaysia, are keen to get a slot in the mobile phone market which grew over 50 […]
Cheaper Wheels
June 30, 2006 (AFP) – Sri Lanka’s government Friday said it will offer duty free cars and motorcycles to accredited journalists in a bid to ensure the “freedom” of the media.Plan Implementation Ministry Secretary Nivard Cabraal said a scheme to offer tax free cars, motorcycles and computers to journalists would be implemented before the end […]
Off Range
June 29, 2006 (LBO) – Sri Lanka’s cabinet has agreed clear up frequency spectrum on few bands, as the government looks to attract new operators to offer telephony services at affordable rates. œThe cabinet has agreed to clear spectrum in 450 megahertz, 800-900 megahertz, 1800 megahertz and 2-gigahertz radio frequencies, which will be re-allocated for […]
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 – […]
Light Savings
June 29 (LBO) – All consumers who save electricity will get a 10 percent discount on their next bill, while low usage will also be rewarded with free energy saving bulbs. The first 30 units will be exempt, while usage between 31 and 90 units will be charged an extra one rupee a unit, and […]
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, […]