Category: Industry
Sri Lanka exports, trade gap up in August
Oct 24, 2011 (LBO) – Sri Lanka’s exports rose 19.1 percent to 951.7 million US dollars in August, while imports rose 66. 5 percent to 1.83 billion US dollars expanding the trade gap 191 percent to 885 million US dollars. “The exports growth in August was mainly driven by industrial exports where significant contributions came […]
Sri Lanka power sector facing bankruptcy: minister
Oct 24, 2011 (LBO) – Sri Lanka’s power utility has lost 167 million rupees a day in August amid dry weather and power sector faces bankruptcy unless tariffs are adjusted, power minister Champika Ranawaka has said. The daily numbers points to a monthly loss of about five billion rupees. Sri Lanka has two state run […]
Sri Lanka headed for regional visa row with high fees: report
Oct 24, 2011 (LBO) – Sri Lanka’s proposed 50 US dollar per person fee for an electronic visa has triggered a row with India with the possibility of the country running afoul of obligations under a South Asian regional arrangement, a media report said. The Sunday Times newspaper said the Indian High Commission (embassy) in […]
Sri Lanka to reduce travel fee for South Asian tourists
Oct 24, 2011 (LBO) – Sri Lanka is likely to charge a reduced fee from south Asian tourists visiting the island under a new scheme that provides online approval for travel that will replace an on-arrival visa scheme next year. Minister of economic development Basil Rajapaksa said the proposed 50 US dollar per person fee […]
Loan Growth
Oct 24, 2011 (LBO) – RAM Ratings Lanka has assigned long- and short-term financial institution ratings of BBB- and P3 to Softlogic Finance with a stable outlook on the long-term rating. The ratings are premised upon the improvement in its market position while maintaining its asset quality at a level that commensurate with the BBB-rating […]
First Pakistan-Sri Lanka Test drawn
ABU DHABI, October 22, 2011 (AFP) – The first cricket Test between Pakistan and Sri Lanka ended in a draw at Abu Dhabi stadium on Saturday after Kumar Sangakkara hit a match-saving 211 in his team’s total of 483. Prasanna Jayawardene scored 120. The second of three Tests starts in Dubai on October 26. Scores: […]
Sri Lanka GSP benefits extended by US
Oct 22, 2011 (LBO) – President Barak Obama has signed a law extending temporarily halted generalized system of preferences (GSP) trade concessions to Sri Lanka till July 31, 2013 the US embassy said. More information could be found at the Customs and Border Patrol website, the embassy said. The concessions will become effective from November […]
Ton-up Sangakkara keeps Pakistan on bay in first Test
ABU DHABI, October 21, 2011 (AFP) – Kumar Sangakkara put his wealth of experience on show with a pugnacious unbeaten hundred to keep Pakistan’s victory bids on hold in the first Test here on Friday. Walking into bat after Sri Lanka lost opener Tharanga Paranavitana off the very first ball of their second innings on […]
Atapattu confident Sri Lanka can save Test
ABU DHABI, October 20, 2011 (AFP) – Sri Lanka batting coach Marvan Atapattu insisted on Thursday that his team can save the first Test, despite being punished by a rampant Pakistan batting line-up. Atapattu said the pitch was not conducive for batting initially after Pakistan captain Misbah-ul Haq put them in. “The outfield is not […]
Sri Lanka flight academy opens with simulator
Oct 21, 2011 (LBO) – State-run Sri Lankan Airlines has opened a flight academy commissioning its first Dutch built flight simulator for Airbus A320 aircraft as it ramps up activity as part of the island’s ambitions to become a regional aviation hub. It already has an engineering unit that is attracting third party work. “Today, […]
Fashion Statement
Oct 21, 2011 (LBO) – Sri Lankan fashion retailer Odel’s group net profit for the six months to September 30, 2011 rose 21 percent to 122 million rupees from a year ago driven by higher sales from existing stores and new ones. A note to the accounts said Otone (Pvt) Ltd, a fully owned subsidiary […]
Cash Track
Oct 21, 2011 (LBO) – HSBC launched a cash collection and management service which is useful for for companies that have large numbers of clients who make regular payments, officials said. HSBC’s ‘virtual account’ service allows a company to collect and track receivables based on a client identity tag. “This is useful for utility companies, […]