Category: Industry
Settlement
July 1, 2013 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation had settled a claim over an oil derivative for 60 million US dollars, a media report said.State-run CPC refused to pay on a complex options position which went against it after oil prices collapsed in later 2008 as the US monetary system de-leveraged, amid […]
White Knight
July 01, 2013 (LBO) – Sri Lanka’s Central Bank said People’s Leasing and Finance Plc, the island’s largest non-bank lender has been appointed managing agent for Central Investments and Finance Plc, which had seen liquidity issues.. “The Managing Agent will be expected to improve the financial status of CIFL within a reasonable period of time, […]
Cargo Service
July 01, 2013 (LBO) – Sri Lanka’s Hemas group, which has interests in consumer goods, leisure power and logistics said it has started building a container yard and warehouse in Welisara, north of the capital Colombo.It will handle and store empty and laden containers. The firm will also provide warehousing facilities to exporters, mainly aimed […]
Sri Lanka flights to be resumed through AirAsia X: report
June 30, 2013 (LBO) – AirAsia, a Malaysia based budget carrier, is planning to resume flights to Sri Lanka’s capital Colombo through its long-haul unit, a media report said.AirAsia is planning a joint venture with India’s TATA group.Earlier this month it ended a joint venture in Japan over differences with its partners taking back the […]
Cricket: Gayle steers West Indies to victory over Sri Lanka
KINGSTON, June 28, 2013 (AFP) – Chris Gayle notched his first one-day hundred against Sri Lanka as he led West Indies to a crushing six-wicket victory with more than 12 overs to spare in the opening match of the three-nation international series at Sabina Park on Friday.Replying to the visitors’ modest total of 208 all […]
Sri Lanka man dies of heart attack after shocking electric bill
COLOMBO, June 29, 2013 (AFP) – A Sri Lankan man suffered a fatal heart attack after being presented with a shocking electricity bill, a media report said Saturday.The 61-year-old victim had protested at the Ceylon Electricity Board in Colombo Friday that his bill had suddenly spiked, the Ceylon Today newspaper said. It said the man […]
More Domains
SAN FRANCISCO, June 29, 2013 (AFP) – The agency in charge of website addresses passed a major milestone Friday on the path to broadening the world of domain names by the end of this year.The first new website address endings should be available in the final quarter of this year, according to Namazi. The revamped […]
Peak Cellular
June 28, 2013 (LBO) – Sri Lanka’s mobile subscriber base has started to shrink, falling by almost a million subscribers in the first quarter of 2013, the first time since the industry began its explosive growth in 1992, data from the regulator showed.Total mobile subscribers fell 988,337 to 19,335,733 in the March 2013 quarter from […]
Education Revamp
June 28, 2013 (LBO) – Sri Lanka will start a technology stream in its secondary school system and boost facilities and teachers to increase students studying science and commerce with a 200 million US dollar Asian Development Bank program. “The current system needs a major overhaul so that young people have the skills to enter […]
Steady Rating
June 28, 2013 (LBO) – Sri Lanka’s People’s Bank’s exposures to the state and state enterprises has gone up in 2012, and the lender plans to cut exposure to gold backed loans, Fitch Ratings said confirming its ‘AA+(lka)’ rating. The lender which accounts for 20 percent of banking assets, 23 percent of loans and 19 […]
US suspends GSP benefits to Bangladesh over worker safety
WASHINGTON (AFP) – The United States withdrew key trade privileges from Bangladesh Thursday, citing dangerous conditions for workers in the wake of a factory building collapse that killed over 1,100 people. The collapse was by far the worst disaster ever in the global textiles industry, leaving 1,129 people dead and shocking many used to the […]
”: Bangladesh
DHAKA, June 28, 2013 (AFP) – A furious Bangladesh on Friday criticised a “shocking” decision by the United States to cut trade privileges after a deadly garment factory collapse, insisting it had taken concrete action to improve safety.In his announcement that Bangladesh was losing its duty-free trade privileges, US President Barack Obama said the Dhaka […]