Industry – Page 590 – Lanka Business Online

Cycle Sales

Mar 18, 2012 (LBO) – Singer (Sri Lanka) Plc, a listed consumer durables distributor which 22 billion rupees in revenues in 2011 said it has seen strong sales of bicycles in former war-torn areas, where the product has been traditionally popular. Singer sells ‘Lumala’ branded vehicles through its distribution network, which grew in 2011, the […]

Rural Savings

Mar 16, 2012 (LBO) – Sri Lanka’s state-owned National Savings Bank disbursed more loans through branches in 2011 than in the past after it decentralised lending, chief executive H M Hennayake Bandara said. In the year ended December 31, 2011, interest income fell 1. 4 percent to 43.2 billion rupees while interest expenses fell at […]

Sri Lanka targets US$12bn in exports in 2012

Mar 16, 2012 (LBO) – Sri Lanka is targeting 12 billion US dollars in exports in 2012 up from 10. 4 billion in 2011 which will be helped by an upcoming trade fair and a weaker rupee, export development board chief Janaka Ratnayaka said. Ratnayaka said if current trends continue exports may reach a 2015 […]

Sri Lankan consumers seen cheated by protectionist lobbies

Mar 16, 2012 (LBO) – Powerful protectionist lobbies and lack of awareness are denying Sri Lankan consumers the benefits of free trade which could significantly reduce costs if more imports are allowed from neighbouring countries, a new study said. Opposition from influential business groups to the proposed Comprehensive Economic Partnership Agreement with India, to replace […]

Sri Lanka city hotel in Rs218mn expansion

Mar 16, 2012 (LBO) – Sri Lanka’s listed Renuka City Hotels Plc said it is starting a 218 million rupee expansion, amid a tourism boom. Renuka City Hotels said in a stock exchange filing that it will add 18 new rooms, a swimming pool, gym and staff facilities in the project. Sri Lanka’s tourist arrivals […]

SME Focus

Mar 16, 2012 (LBO) – Sri Lanka’s Standard Chartered Bank is planning to double business from small and medium enterprises over the next three years with a specially tailored platform of products and services, officials said. Rajeev Chalisgaonkar, head of SME in South Asia said in India, deposits and advances in the business segment grew […]

Oil Agenda

Mar 15, 2012 (LBO) – Sri Lanka will auction shallow water blocks in the Mannar Basin to oil exploration companies soon following the discovery of gas by Cairn India in two of three test wells, an official said. Total of France is one of the oil majors which have shown interest in Sri Lanka. “They […]

Safe Search

Mar 15, 2012 (LBO) – Sri Lanka is considering setting up a regional safety training for the oil and gas industry following the discovery of gas in its offshore waters, an official said. Saliya Wickramasuriya, the island’s Director General of Petroleum Resources Development, said safety training is an important requirement for the oil industry which […]

‘ death in Sri Lanka: report

Mar 15, 2012 (LBO) – The deaths of two UAE nationals, soon after their arrival in Sri Lanka, could be due to food poisoning from an in-flight meat, a media report said. A mother and a small child had died on Tuesday evening, after arriving in the country earlier in the day. Sri Lanka’s The […]

‘s tourist arrivals up 27-pct in Feb: data

Mar 15, 2012 (LBO) – Sri Lanka’s tourist arrivals increased 27 percent to 83,549 in February 2012, from a year earlier, and visitors during the first two months were up 21 percent to 169,423, the state tourist promotion office said. South Asia, the second largest generating market, showed an increase of 14.1 percent with Indian […]

Mentality Mend

Mar 15, 2012 (LBO) – Sri Lankan shipbuilder Colombo Dockyard has urged authorities to get rid of a war-time mentality and loosen regulations to allow business to grow amid a post-war economic boom. Colombo Dockyard managing director Mangala Yapa said the end of the 30-year ethnic war has opened up new business opportunities but growth […]

Moral Suasion

Mar 14, 2012 (LBO) – Sri Lanka’s central bank has asked banks to limit credit to buy motor cars, in a bid to reduce imports, as the country faced balance of payments pressure and lost more than a quarter of its foreign reserves. The Central Bank said vehicle dealers had built up large inventories of […]