Category: Industry
Rail Support
Jan 19, 2012 (LBO) – IRCON International Ltd, an Indian company in railway infrastructure, has completed and handed over part of a rail track in southern Sri Lanka that is being upgraded with Indian aid. The formal hand over of th completed section of the Galle-Hikkaduwa railway track was made Thursday by S M Krishna, […]
Leasing Trend
Jan 18, 2012 (LBO) – People’s Leasing Co. , Sri Lanka’s largest leasing company, said net profit in the December 2011 quarter rose 46 percent to 832 million rupees from a year ago. December 2011 quarter revenue rose 65 percent to 4. 2 billion rupees from a year ago while earnings per share rose 53 […]
Sri Lanka urged to use Senegal duty free market access
Jan 18, 2012 (LBO) – Sri Lankan apparel exporters can use duty free trade deals and cheap labour in the West African state of Senegal to gain access to markets in North America, the Ministry of Industry and Commerce said. A statement quoted Amadou Moustapha, newly appointed Ambassador of Senegal to Sri Lanka, as saying […]
‘s Galle literary festival starts Wednesday
Jan 18, 2012 (LBO) – Sri Lanka’s HSBC Galle Literary festival kicks off Wednesday with award winning writers, historians and poets from Canada, England, Germany, India, Ireland, Palestine, Singapore, United States and Sri Lanka taking part. Organizers are expecting more visitors to the festival this year with a new expressway cutting down travel time to […]
Bilateral Links
Jan 17, 2012 (LBO) – Sri Lanka and India have signed an agreement to set up a mechanism of technical and institutional cooperation in telecommunications. The memorandum of understanding is between the Telecom Regulatory Authority of India (TRAI) and Telecommunication Regulatory Commission of Sri Lanka (TRCSL). The deal was signed during a visit to the […]
Sri Lanka small leisure firms on show
Jan 17, 2012 (LBO) – Sri Lanka’s small leisure sector players including many start-ups will showcase their services at an industry fair on January 31, where they can link up with larger players, officials said. “A large number of small guest houses, restaurants have come up in many areas some in very beautiful locations but […]
Sri Lanka Softlogic to build luxury resort on east coast
Jan 17, 2012 (LBO) – Sri Lanka’s Softlogic Holdings group plans to build a luxury resort on the island’s east coast with an investment of 200 million rupees in deal with Ominga International, a statement said. The company entered into a shareholders’ agreement with the shareholders of Ominga International (Private) Limited on January 13, 2012 […]
Credit Trend
Jan 17, 2012 (LBO) – Sri Lanka’s credit to business from commercial banks rose to a new historic high of 63. 2 billion rupees in November helped by liquidity injections to offset foreign exchange interventions, official data showed. In the 12-months to November 2011, credit to business grew 33.5 percent to 1,945.7 billion rupees against […]
Sri Lanka leads on low holiday costs: UK survey
Jan 14, 2011 (LBO) – Sri Lanka is leading on low holiday costs for Britons with competitive prices for eight popular holiday items surveyed including a dinner for two, an annual survey by UK’s Post Office showed. Sri Lanka had the lowest holiday costs among 40 destinations surveyed at 27. 95 British pounds down 31 […]
Terminal Talks
Jan 13, 2012 (LBO) – Sri Lanka’s Aiken Spence group has confirmed it was renegotiating a contract to build a deep-water container terminal with a Chinese shipping group after reports that it would pull out as costs had escalated beyond its means. Aitken Spence had reportedly been forced to pull out of the deal, the […]
Sri Lanka Arpico Insurance taps life
Jan 12, 2011 (LBO) – Sri Lanka’s Arpico Insurance, a start-up insurer, is planning to capitalize on the island’s relatively untapped life sector which is less competitive than general insurance, officials said. Richard Pieris was also planning to expand its financial services sector by moving into leasing and finance, officials said. It was already involved […]
Executive Churn
Jan 12, 2012 (LBO) – Sri Lankan mobile phone operator Dialog Axiata has appointed as its new Group Chief Marketing Officer Amali Nanayakkara, former chief executive of its rival Airtel Lanka. Nanayakkara, who will take up office in February 2012, is a marketing professional with over 20 years of experience in senior management postings in […]