Category: Industry
Mobile Hit
WASHINGTON, July 27, 2013 (AFP) – With the shift to mobile Internet gaining pace, some of the big tech firms are adapting and others are not.“Its products are no longer cutting edge,” he said.“It has failed to introduce sufficiently innovative product updates and services frequently enough (or) expand its limited product range.” He added that […]
Refinance
July 27, 2013 (LBO) – Sri Lanka’s Nations Trust Bank has signed up a 15 million dollar credit to lend to small and medium enterprises, especially those in former war zones and tsunami hit areas, the Asian Development Bank said. About 20 percent of the facility will target women borrowers. The loans will be given […]
Base Case
July 26, 2013 (LBO) – Chevron Lubricants Lanka Plc said profits in the June 2013 quarter rose 5.5 percent to 562 million rupees from a year earlier, despite falling revenues on lower raw material prices. The firm reported earnings of 4.69 per share in interim accounts filed with the Colombo Stock Exchange. In the six […]
Sri Lanka Cinnamon Lakeside, revenues, profits down in June
July 26, 2013 (LBO) – Profits at Sri Lanka’s Trans Asia Hotels, owners of Colombo’s 5-star Cinnamon Lakeside fell 23 percent to 121.5 million rupees in the June 2013 quarter from a year earlier, interim accounts showed.The firm, a unit of John Keells Holdings, reported earnings of 61 cents per share for the quarter. Revenues […]
Growth Strategy
July 26, 2013 (LBO) – Standard Chartered Bank views Sri Lanka positively and is looking to grow its business with a strategic decision to expand in the island, a top official said.This week Standard Chartered Sri Lanka took part in a 200 million US dollar syndicated loan to state-run Bank of Ceylon. “For a long […]
Punishment Cap
July 26, 2013 (LBO) – Sri Lanka’s central bank has capped the penalty interests on defaulted loans of banks to two percent a year and those from leasing and finance companies to three percent a year.The regulator said at the moment penalty rates on overdue advances range from 2 to 20 percent above the original […]
Sri Lanka Textured Jersey net up, says orders strong
July 25, 2013 (LBO) – Sri Lanka’s Textured Jersey Lanka (TJL), a knit fabric maker, said profits rose 40 percent to 240 million rupees in the March 2013 quarter from a year earlier, and it order book was full. Textured Jersey said revenues were up 10 percent in the March 2013 quarter to 2.9 billion […]
Sri Lanka Allianz unit launches investment linked insurance
July 25, 2013 (LBO) – Allianz Lanka, unit of Germany’s Allianz said it had launched an investment-linked insurance product where “finance savvy” customers can select a plan that fits their risk appetite and protection needs. The consumer insights show us the way to develop products to suit their palate,” Allianz Lanka chief executive Surekha Alles […]
‘s Mihin budget airline director wages up amid losses
July 25, 2013 (LBO) – Sri Lanka’s state-run budget carrier Mihin Lanka had doubled rewards to director in “sitting fees” to 11.2 million while making losing around a billion rupees a year since 2008, a parliamentary report said. A report by the parliament’s bipartisan Committee on Public Enterprises (COPE) said Mihin Lanka had lost 1,300 […]
Fast Growth
July 25, 2013 (LBO) – Sri Lanka’s information technology and business process outsourcing sector has tripled exports and doubled the workforce in a little over five years, an industry official said. The Sri Lanka Association of Software and Services Companies (SLASSCOM) say export revenues grew 182 percent to an estimated 600 million US dollars in […]
Policy Training
July 25, 2013 (LBO) – Sri Lanka™s Postgraduate Institute of Management (PIM), provider of management education said it will launch its course on public policy for business leaders, academics, researchers and government officials on August 01. While resource persons include IMF’s Sri Lanka resident representative Koshy Mathai, Lloyd Fernando, Indrajit Aponsu, W A Wijewardena, Saman […]
Sri Lanka state trading agency in talks for city hotels
July 25, 2013 (LBO) – Sri Lanka’s Co-operative Wholesale Establishment (CWE), an virtually defunct state agency is in talks with Indian and Malaysian parties to build hotels in two prime properties, a parliamentary report said.The state agency has a 6.5 acre site in D R Wijewardene Mawatha in Sri Lanka’s capital Colombo which is expected […]