Category: Industry
”s Avic
Sep 09, 2013 (LBO) – Sri Lanka’s Lee Hedges Plc is seeking shareholder nod to sell land worth 1.24 billion rupees to a Chinese led mixed development project. Lee Hedges said it is selling 181 perches of land (about 1.2 acres) to Avic International Hotels Lanka Ltd, promoted by Chinese defence contractor Avic. The firm […]
Opposition Warning
Sept 06, 2013 (LBO) – Sri Lanka’s main opposition has warned that several finance companies are taking public deposits without meeting minimum statutory requirements, saying action was needed prevent disasters. “It is well known to the regulators and financial analysts that several finance companies who are still taking public deposits are on the verge of […]
Sri Lanka and India in link to boost textile sector
Sept 05, 2013 (LBO) – India and Sri Lanka will sign a deal to promote handloom, powerloom and textile as a delegation visits the island during a fabric exhibition to be held next week.Zohra Chatterji, secretary of the ministry of textiles will lead a business and official delegation to the island and sign a memorandum […]
Innovation
Sept 05, 2013 (LBO) – Content owners are now choosing to allow unauthorized posting of their material when given a chance to earn advertising revenues, a regional Google official said at a forum in Sri Lanka. Ann Lavin, head of government policy for Asia and Greater China at Google said, there were over 100,000 owners […]
Clear Message
PARIS, September 4, 2013 (AFP) – Big anti-smoking messages on the front of cigarette packets may help deter youngsters tempted by tobacco but have little effect when they are on the back of the pack, research has found. Touching on a subject that has stirred controversy in countries where pro- and anti-tobacco lobbies are fighting […]
Sri Lanka Vietnam trade up 20-pct in first half
Sept 04, 2013 (LBO) – Trade between Sri Lanka and Vietnam has risen 20 percent in the first half of 2013, Hanoi’s envoy to Colombo Ton Sinh Thanh said.Sri Lanka’s minister of justice Rauf Hakeem and Petroleum Industries minister Anura Yapa had also visited Vietnam. “Trade volume between the two countries in the first six […]
”s Minor
Sept 04, 2013 (LBO) – Sri Lanka’s Hemans Holding said it is building a 40 million US dollar luxury hotel with Thailand’s minor group.The group through its Serendib Leisure Management Ltd has manages AVANI Bentota Resort and Spa, AVANI Kalutara Resort, Club Hotel Dolphin and Hotel Sigiriya. The 154 room 5-star rated hotel will be […]
Lending Expectations
Sept 04, 2013 (LBO) – Sri Lanka’s Sampath Bank is planning a branch in Myanmar and is expecting 20 percent credit growth this year despite tighter economic conditions, a top official said. “Our intention is to have a presence overseas,” managing director Aravinda Perera said. “We are looking at Myanmar.” The bank already has a […]
Phone Deal
HELSINKI, September 3, 2013 (AFP) – Beleaguered Finnish mobile phone maker Nokia will sell its mobile phone unit to US group Microsoft for 5.44 billion euros ($7.17 billion), it said on Tuesday. NSN, which is specialised in high-speed mobile broadband, was set up as a joint venture between the two companies in 2007, a partnership […]
4G Entrant
Sept 03, 2013 (LBO) – Lanka Bell, a fixed access telephony unit of Distilleries Corporation of Sri Lanka group is to launch fourth generation services.“Lanka Bell will launch a 4G-LTE Network in the next financial year, which will position Lanka Bell amongst the other next generation telecommunication service providers in the country,” chairman Harry Jayawardene […]
Driving Experience
Sept 03, 2013 (LBO) – German automaker Porsche is expecting to boost sales in Sri Lanka which have been hurt due to tax hikes with its newly launched Cayman model and a hybrid to be introduced soon, officials said.“The market in Sri Lanka is maturing nowadays and we have seen lot of interests in the […]
Silver Status
Sep 02, 2013 (LBO) – MillenniumIT, a unit of London Stock Exchange group based in Sri Lanka said it had become the first firm to be a ‘Silver Certified Partner’ of Cisco System, a network equipment maker. Gladwyn Georgez, head of networking business at MillenniumIT said the award of the Silver status is recognition of […]