Category: Industry
Pitter Patter
May 29, 2006 (LBO) – The International Finance Corp, the private sector arm of the World Bank Group Monday launched a 10 million dollar technical assistant fund to uplift Sri Lanka’s small and medium sector. Dubbed the SouthAsia Enterprise Development Facility or SEDF, the multi-donor assistance programme will cover Sri Lanka and Maldives over a […]
Goodie Bag
May 27, 2006 (LBO) – Investors off-shoring business to Sri Lanka will get special tax breaks from the Board of Investment, under a revamped incentive list out in a few weeks. Sri Lanka is trying to pry away some of the business for Business Process Outsourcing(BPO) and other Information Technology enabled services away from neighbouring […]
Plumbing Job
May 26, 2006 (LBO) – Sri Lanka’s Seylan Bank’s credit outlook could be downgraded if the bank fails to beef up its capital, improves profitability and arrest chronic problems of bad debts, Fitch Ratings Lanka said Friday. Fitch assigned a ‘BBB+(lka)’ rating for Seylan’s upcoming 4-year 1.5 billion rupee subordinated debenture and affirmed the it’s […]
Bad Advice
May 26, 2006 (LBO) – Sri Lanka’s Nawaloka Hospitals Ltd.’s fortunes swung into the red after providing hefty 284.23 million rupees for its investments in Galadari Hotel Ltd. The largely family controlled private hospital made a loss of 267.07 million rupees after making a profit of 18.97 million rupees for the fourth-quarter ended March 31, […]
Bitter Lessons
May 26 (LBO) – Sri Lanka™s top business chamber called for tough disciplinary action following a two day strike by customs officers, which paralysed imports and exports. The long-term impact on competitiveness of exports that largely depend on meeting delivery deadlines, will undoubtedly be adverse, the Ceylon Chamber of Commerce said in a statement on […]
Asian Hotels kicks off firm sales on new condominium, the Emperor
May 26, 2006 (LBO) – Sri Lanka’s Asian Hotels & Properties Ltd, a unit of conglomerate John Keells Holdings, said Friday that they have started apartment sales based on floor plans of its new condominium complex. “We have now got the floor plans of each unit to sell. Earlier we got bookings based on the […]
Weighing Odds
May 25, 2006 (LBO) – Sri Lanka’s excessive holidays, arbitrary salary increases and the government’s reluctance to settle billions to India’s main oil retailer, is turning out to be a stumbling block for Indians to invest here, officials said Thursday. Sri Lanka also wants more shipments of clothes in key categories and a relaxing of […]
Firm Faith
May 25, 2006 (LBO) – Sri Lanka’s biggest leasing company, People’s Leasing, has begun offering Islamic financial products, catering to Muslims who regard interest-based banking as a sin, a top official said Thursday. Muslims make up around 7.5 percent of this tropical island’s population, but local financial institutions have been slow to tailor-make products to […]
Fresh Look
May 25, 2006 (LBO) – The Hayleys Group said Thursday that Nirmala Gihan Wickremeratne, Deputy Chairman, will succeed Rajan Yatawara as Chairman of the blue chip conglomerate effective 10th January 2007, on the retirement of the latter after over 40 years of service. Wickremeratne, who joined Hayleys in 1971 and was appointed to the Board […]
Dormant Money
May 25, 2006 (LBO) – Sri Lanka is looking at the possibility of taking over the dormant accounts and property deposited in commercial and specialised banks which have remained unclaimed over a long period of time, banking sources said. The Central Bank is already collecting data on all bank accounts and properties which have not […]
Cricket fever taking root across Asia
KARACHI, May 24, 2006 (AFP) – Just a few years ago it was hard to imagine cricket taking root in conservative societies like China and Afghanistan.But the passion shown in countries like India, Pakistan and Sri Lanka has spread like an epidemic, prompting the caretakers of the sport in the region to fast track its […]
Oxfam cries foul over sportswear sweatshops ahead of World Cup
SYDNEY, May 24, 2006 (AFP) – Sportswear manufacturers received a red card from international charity Oxfam Wednesday for failing to stamp out sweatshops in Asia ahead of next month’s football World Cup.Oxfam said while sportswear companies paid millions in sponsorship to the footballers who will star at the tournament in Germany, the workers manufacturing their […]