Category: Industry
Sri Lanka tea exporter plans off-shore blending plant
July 9, 2011 (LBO) – HVA Foods, a Sri Lanka-based branded tea exporter is planning a blending unit in the Middle East to gain a bigger share in the global retail market by making use of trade liberties. “Discussions with our Middle East partner is at an advanced stage,” HVA Foods chairman Rohan Fernando was […]
Problems mount for Sri Lankan cricket
July 8, 2011 (AFP) – Only three months ago, Sri Lanka were battling it out with India in the World Cup final but they have since gone from controversy to scandal to full-blown crisis in an astounding fall from grace. After losing the Mumbai showpiece, Sri Lanka have unravelled in spectacular fashion, hit by resignations, […]
Domain Expertise
July 8, 2011 (LBO) – Virtusa a US based firm which has a development centre in Sri Lanka, has bought ALaS, a New York based consultancy for banking, financial services, insurance and capital market industries. The acquisition will allow the firm to “take on the downstream technology implementation and strengthen Virtusa’s strategic position across its […]
Computer Trend
July 08, 2011 (LBO) – Singer Sri Lanka, a consumer durables firm with a nation-wide network says laptop sales are overtaking the desk top market, and computers are now the fourth largest revenue earner for the firm. “In 2010 desktop and note book sales were about equal,” chief executive Asoka Peiris said. “But in 2011, […]
Bank Ratings
July 08, 2011 (LBO) – Fitch Ratings Lanka has confirmed the national long-term ratings of Bank of Ceylon (BOC), People’s Bank (PB), Commercial Bank of Ceylon (CB) and Sampath Bank (SB). The rating agency also confirmed and simultaneously withdrawn the individual and support ratings of the four banks as the ratings are no longer relevant […]
Feeder Berth
July 08, 2011 (LBO) – Sri Lanka plans to create an extra berth for feeder vessels at Colombo port to accommodate growing cargo flows that threatens to choke the harbour as it nears capacity, an official said. Wickrama said Colombo port lacked the space to expand and was trying to accommodate increasing volumes of cargo […]
Petroleum Post
July 07, 2011 (LBO) – Sri Lanka’s government is seeking a new head for the Petroleum Resources Development Secretariat (PRDS), to lead the island’s search for oil and gas resources. The vacancy for the Director General of the Petroleum Resources Development Secretariat has been posted on the website of the organisation, which now comes under […]
‘s rout of Sri Lanka
NOTTINGHAM, July 6, 2011 (AFP) – England captain Alastair Cook’s unbeaten 95 completed his side’s crushing 10-wicket victory over Sri Lanka in the fourth one-day international at Trent Bridge here on Wednesday. England’s win left the five-match series all square at 2-2 ahead of Saturday’s Old Trafford finale. England, chasing a revised target of 171 […]
” north of capital
July 7, 2011 (LBO) – Sri Lanka will build a new ‘tourist city’ in the Western coastal city of Katana north of the capital Colombo, which may draw 1.5 billion US dollars in foreign investments in its first phase alone, a government minister said. Sri Lanka’s tourism development authority has also offered a series of […]
Finance Education
July 07, 2011 (LBO) – Amana Global, a fully-owned subsidiary of Sri Lanka’s Amana Takaful has signed a deal with Islamic Banking and Finance Institute of Malaysia (IBFIM) to offer training in Islamic finance. At present there is a dearth of professional services available to satisfy the demand, a company statement said. “The move to […]
Vehicle Trend
July 07, 2011 (LBO) – Sri Lanka’s vehicle registrations were up 65.2 percent in May 2011 to 41,862 from a year earlier, with total registrations also up 65 percent to 200,415 in the first five months of the year, official data shows. Car registrations rose 10 times to 5,173 in May, motor cycle imports were […]
Sri Lankan shippers warned against forged trade documents
July 06, 2011 (LBO) – Documents used for international trade such as bills of lading are easily forged, a maritime fraud expert has warned Sri Lankan shippers, saying physical verification of cargoes would help reduce risk. “They don’t get resolved quickly and can take years – many banks have been caught in that position. ” […]