Category: Industry
India end Australia reign, set up Pakistan showdown
NEW DELHI, March 24, 2011 (AFP) – India swept three-time defending champions Australia out of the World Cup on Thursday to set up a semi-final showdown against bitter rivals Pakistan and heap more pressure on Ricky Ponting. India’s five-wicket triumph in Ahmedabad means they will tackle Pakistan, who reached the last four with a crushing […]
” arrested
ISLAMABAD, March 25, 2011 (AFP) – A “terrorist” suspected of planning to attack the cricket World Cup has been arrested after help from authorities across South Asia including in Pakistan, Interpol chief Ronald Noble said. Pakistan was initially meant to be one of the World Cup co-hosts. But the country lost that right when gunmen […]
Sri Lankan exporters rewarded
Mar 25, 2011 (LBO) – Sri Lanka’s commerce ministry has paid almost 500 million rupees to 76 exporters in the final payment under a scheme to reward them for maintaining exports during the 2008 recession. Despite numerous challenges faced by the government, the government tried its best to fulfil its commitments to the export community,” […]
Emissions Testing
Mar 25, 2011 (LBO) – Laugfs Eco Sri, a unit of Sri Lanka’s listed Laugfs gas which tests vehicle emissions for the government, says it is expanding in to the north and the east of the country and is also mulling an initial public offer. Laugfs group chief W K H Wegapitiya said the firm […]
Exposure Limits
Mar 25, 2011 (LBO) – Sri Lanka’s banking regulator plans to limit exposure of banks to the stock market to prevent the risk of a downturn in equities affecting the financial sector, a senior central bank official said. Samarasiri, who spoke at a public forum on how the central bank revived finance companies that collapsed […]
Credit Access
Mar 25, 2011 (LBO) – Sri Lanka’s NDB Bank has joined a World Bank credit scheme to channel low cost loans to small and medium enterprises (SMEs) through eight lending institutions. SMEs with an annual turnover of less than 300 million rupees operating in a large number of sectors are eligible to apply under concessionary […]
Recovery Road
Mar 25, 2011 (LBO) – Fresh capital will soon be given to the remaining Sri Lankan finance companies that got into trouble two years ago, prompting intervention by the banking regulator, senior central bank officials said. “It has taken over two years but was much quicker than the liquidation process.” Strategic investors have been found […]
England are underdogs against Sri Lanka, says Prior
March 23, 2011 (AFP) – Matt Prior admitted England have not played their best cricket in the World Cup and will be underdogs in their quarter-final against Sri Lanka on Saturday. England, who have never won the tournament, endured a rocky ride in the first round, losing to Ireland and Bangladesh but beating South Africa […]
Sri Lankan Airlines expands cargo network
Mar 24, 2011 (LBO) – Sri Lankan Airlines is expanding its cargo network with the opening of its first agent’s office in Galle in the island’s southern province where economic activity is growing. A statement by the national carrier said its SriLankan Cargo unit aims to increase revenue for the airline. SriLankan Airlines Cargo Sales […]
Niche Target
Mar 24, 2011 (LBO) – Sri Lanka’s information technology and business process outsourcing sector is positioning itself as a niche player targeting finance and accounting, telco, travel and aviation sectors, an official said. “We will focus on SMEs (small and medium enterprises), more that 90 percent of us are working with SMEs in other countries,” […]
Restricted Entry
Mar 23, 2011 (LBO) – A new British student visa scheme will restrict immigration, with a higher English standard, no right to work and a time limit to study for degrees while encouraging student entrepreneurs. A British High Commission statement said the new scheme is meant to prevent abuse of the system while making it […]
Sri Lanka sees interest from Marriot, Hyatt
Mar 23, 2011 (LBO) – International hotel chains Marriot and Hyatt have shown interest in Sri Lanka’s southern Hambantota city, which is bidding for the 2018 Commonwealth Games, an official said. Sri Lanka’s tourist development authority chief Nalaka Godahewa said Marriot and Hyatt have looked for land in Hambantota to build hotels, though no applications […]