Category: Industry
Credit Trend
July 11, 2011 (LBO) – Credit to business from Sri Lanka’s commercial banks rose 33. 9 billion rupees in May 2011 to 1,664. 4 billion rupees, with rupee denominated loans rising 30.5 billion rupees and forex loans rising 3. 4 billion rupees, official data showed. In the year to May commercial bank loans to business […]
Charging
July 11, 2011 (LBO) – Directors of an unregulated finance company in Sri Lanka’s Ceylinco group including its chairman Lalith Kothelawala have been charged following a two and a half year probe, media reports said. Separately, Sri Lanka’s Supreme Court has earlier issued orders on the Golden Key after depositors sought repayment. The Sunday Island […]
Support Service
July 11, 2011 (LBO) – Cairn India which is exploring for petroleum resources off Sri Lanka has called for proposals for oil spill response equipment and services as it prepares to drill its first well in August this year. The company announcement said delivery of equipment could be either at Colombo or Chennai in south […]
Retail Skills
July 11, 2011 (LBO) – Sri Lankan fashion retailer ODEL has appointed an international retail sales specialist William R Pinkston, III, as its Chief Operating Officer, a statement said. In his career, Pinkston has specialised in store operations, expense reduction and control, product and visual merchandising, brand development, store concept design and project management for […]
Sri Lanka presses Pakistan to lower tariffs
July 10, 2011 (LBO) – Sri Lanka is pressing Pakistan to reduce import duties on key exports from the island with the issue to be taken up again at a forthcoming meeting in Colombo following talks in Islamabad. Pakistan would consider reducing high tariffs imposed on certain Sri Lankan agriculture products, the statement said. Analysts […]
Peace Dividend
July 10, 2011 (LBO) – Singer Sri Lanka, a consumer durables firm, a top retailer of televisions, refrigerators and sewing machines says sales in the former war-torn north and east of the country has doubled since a 30-year war ended two years ago. “Now, North-east is giving 6.5 percent percent of the sales,” chief executive […]
Pakistan says India rejected cricket revenue plan
KARACHI, July 8, 2011 (AFP) – Pakistan’s cricket chief Ijaz Butt has said India rejected a proposal to share revenue from a possible series between the arch rivals on the grounds that India will play host. “We hope the series will be revived and we told them we are ready to play in India but […]
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 […]
Sri Lanka LOLC group builds 6MW dendro plant
July 9, 2011 (LBO) – United Dendro Energy, a unit of Sri Lanka’s LOLC group is building a 6 MegaWatt dendro power plant to be fired by gliricidia with plans to eventually build 24MW of biomass generating capacity, the company said. The firm was now building a 4MW plant in the southern Kalutara district, which […]
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, […]