Category: Industry
Sri Lanka gives sweeping tax breaks for project on acquired land
July 28, 2014 (LBO) – Sri Lanka has proposed sweeping tax breaks for a controversial project where lands of private citizens were taken over for a commercial development.The 429.5 million US dollar project in Colombo’s Slave Island area including 130 million US dollars of foreign investments will get a 10 year corporate income tax holiday […]
Expert City
July 28, 2014 (LBO) – Sri Lanka’s ‘Trace Expert City’, an information technology park in the capital Colombo, kicked off with the first tenant software firm beginning operations. The IT Park comes under an organization called TRACE (Technologically Reawakening Culture of Excellence) where Subasinghe is listed as Vice Chairman. Codegen, a travel solutions firm with […]
Cricket: Sri Lanka 11-0 at stumps on day three
COLOMBO, July 26, 2014 (AFP) – Sri Lanka were 11-0 at stumps in their second innings on the third day of the second and final Test against South Africa in Colombo on Saturday.South Africa are 1-0 up in the two-Test series after winning the opener in Galle by 153 runs. Upul Tharanga was batting on […]
Cricket: Amla leads South Africa fightback on day two
COLOMBO, July 25, 2014 (AFP) – Hashim Amla faced a stern test of character in his first series as captain after South Africa lost three key wickets against a determined Sri Lankan bowling attack in the second Test Friday.Morne Morkel’s short balls were hit for two fours on the trot by Dickwella, the batsman arching […]
Submarine Plan
July 23, 2014 (LBO) – Subway, a US-based fast food franchise which launched in Sri Lanka this week is planning a 30-store chain in the island over the next five years, officials said. “All we see is an aggressive growth plan for Sri Lanka, it™s up to the local entrepreneurs to join with us for […]
Mortgage Gains
July 23, 2014 (LBO) – Profits at Sri Lanka’s HDFC Bank, a mortgage lender, surged over five fold to 82 million rupees in the June 2014 quarter from a year earlier as borrowing costs fell, interim accounts showed. Defaulted loans are periodically settled against member balances. The bank reported earnings of 1.28 rupees per share […]
Cricket: Sri Lanka pacer Eranga ruled out of second Test
COLOMBO, July 22, 2014 (AFP) – Sri Lanka’s frontline seamer Shaminda Eranga was Tuesday ruled out of the deciding second Test against South Africa due to a hand injury, dealing a fresh blow to the beleaguered hosts.Eranga, 28, tore the webbing between the thumb and index finger of his right hand while fielding on day […]
MH17 has strong echoes of 1983 Korean tragedy
SEOUL, July 23, 2014 (AFP) – The downing of a Malaysian airliner over Ukraine has stirred memories of a 1983 incident when a Korean passenger jet was shot down by Soviet fighters in what then US president Ronald Reagan called a mid-air “massacre”.As with the Malaysian plane, the loss of life was total, with all […]
Cricket: South Africa aim to end Sri Lanka series jinx
COLOMBO, July 22, 2014 (AFP) – An upbeat South Africa will look to carry their winning momentum in the second Test against Sri Lanka beginning on Thursday, and break a 21-year-old jinx on the island.The Proteas, the current world number two, have not won a Test series in Sri Lanka since 1993 when they first […]
”’ rating confirmed
July 22, 2014 (LBO) – Fitch Ratings said it was confirming a ‘B’ issuer financial strength rating of Sri Lanka’s Asian Alliance Insurance Plc (AAIP). It also confirmed a National Insurer Financial Strength Rating and National Long-Term Rating of ‘BBB+(lka)’ with a stable outlook. Fitch said the rating reflected benefit that could come from being […]
Key Speaker
July 22, 2014 (LBO) – Alpesh Shah, a Senior Partner and Managing Director of the Indian Unit of the Boston Consulting Group, will address a business forum in Colombo in August.Ceylon Chamber of Commerce said Shah will speak at the upcoming ‘Sri Lanka Economic Summit’ on the topic of ‘Colombo as a Financial Hub at […]
Consolidation
July 22, 2014 (LBO) – George Steuart Finance Deshodaya Development Finance Limited (DDFC), has inked a deal to acquire George Steuart Finance Plc, which valued the licensed finance company at 500 million rupees. In the year to March, George Steuart Finance reported profits of 4.6 million rupees (45 cents per share) on interest income of […]