Category: Industry
Healthy Eagle
Jan 15 (LBO) – Eagle Insurance notched up a 103 percent growth in net profits to Rs. 515 million for 2005, buoyed by rapid growth in its life and non-life businesses. Consolidated revenue growth for the insurance firm was up 15 percent from Rs. 3,728 million in 2004 to Rs. 4,277 million last year, the […]
Green Fingers
Feb. 13 (LBO) – Sri Lanka’s Richard Pieris Group, owners of the ‘Arpico’ brand, are ploughing Rs. 150 million to generate energy off trees, a top official said. The Group’s core strengths lie in rubber and rubber products, tyres, plastics, retailing and plantations, which includes tea. Richard Pieris recently extended their reach into the real […]
Capital Gains
Feb 13 (LBO) – Sri Lanka’s NDB Bank Monday said group net profit for the fourth quarter ended Dec. 31, 2005 was Rs. 462.8 million over Rs. 30.7 million the previous year. NDB Bank 4Q – ’05 4Q – ’04 Income
Just Cruising
Feb13 (LBO) – Luxury car importers DIMO Lanka says a hefty 214 percent tax on high engine capacity vehicle imports has not slowed down sales significantly.Since October 2004 the government has repeatedly increased import duties on motor vehicles, now totalling to 214 percent on a new car with an engine capacity above 1800 CC. Duties […]
Number Tangle
Feb 10 (LBO) – Lanka IOC, a unit of Indian Oil Corporation, may have to re-state their published accounts if the Sri Lankan government does not pay the full amount of the money claimed as subsidies, a top official said. The company is claiming sales of Rs.17.5 billion for the six months ended September 2005, […]
Public Pension
Feb 10 (LBO) – The Social Services Ministry is targeting self-employed and others currently not covered by pensions, to subscribe to a little known state-run pension scheme, a top official said. Run by the Social Security Board, the pension scheme was set up as an Act of Parliament in 1996. The scheme has around 126,000 […]
Extended Protection
Feb 09 (LBO) The Sri Lanka signs MOU with Jordan to protect rights of migrant workers.Now our people that go to Jordan to work, will have the same rights and privileges as Jordanian workers, said the Minister of Labour Athauda Seneviratne, on Thursday. The three year MOU stipulates that work contracts for Sri Lankans be […]
Bad manners bad for tourism business
Feb 09 (LBO)-Sri Lanka’s tourism branding came under heavy criticism on Thursday for the island’s lack of focus, inability to deliver on promise and for bad public practices. Destination branding was taken up in one of the technical session at Thursday’s Chartered Institute of Marketers (CIM) one day conference. Industry officials said among the many […]
’s Cleanup
Feb 08 (LBO) – The Social Service Ministry hopes to put-up Colombo’s estimated 1523 homeless in transitional housing by end 2006. Secretary to the Ministry V. Jegarasasingham said that poverty, the war and domestic abuse among other reasons has led over 1523 Sri Lankan men, women and children to take shelter on Colombo’s streets. Not […]
Colombo’s Cleanup
Feb 08 (LBO) – The Social Service Ministry hopes to put-up Colombo’s estimated 1523 homeless in transitional housing by end 2006. Secretary to the Ministry V. Jegarasasingham said that poverty, the war and domestic abuse among other reasons has led over 1523 Sri Lankan men, women and children to take shelter on Colombo’s streets. Not […]
Fine Tuning
Feb 07 (LBO) – Sri Lanka’s telecom watchdog says it has started to crack down on errant state and private sector frequency users to collect overdue fees. The crackdown is part of a programme to clean up Sri Lanka’s commercial important spectrum, which is currently near full capacity. Already, the regulator is seeing a crunch […]
Out of the house
Feb 07 (LBO) – The State Mortgage and Investment Bank (SMIB) plans to change their governing act to get more freedom to lend and change its name as part of a complete make-over, a top official said. SMIB Chairman Chandima Weerakkody said proposed amendments have been submitted to the subject minister Wijedasa Rajapakse, who is […]