Category: Industry
Top Gear
Nov 02, 2010 (LBO) – Sri Lanka imported over 10,000 cars in the four months after import duty was slashed in June this year while state revenue has also soared, a senior finance ministry official said. The tax reduction brought down excise duty on a Maruti car, a popular model, to 90 percent from 183 […]
Sri Lanka hydro power IPO oversubscribed 57 times
Nov 02, 2010 (LBO) – Sri Lanka’s Hydro Power Free Lanka Ltd said its 350 million rupee initial public offering has been oversubscribed 57 times with applications worth 19. 97 billion rupees flooding in. Hydro Power Free Lankan offered 32 percent of the firm of 35 million shares. The issue’s managers, Taprobane Holdings Ltd, said […]
Sri Lanka thrash Australia
PERTH, October 31, 2010 (AFP) – Australian captain Michael Clarke again failed with the bat as his side lost their first Twenty20 game at home in a one-off international against Sri Lanka at the WACA Ground in Perth on Sunday. After winning the toss and batting first, the home side, featuring only four players expected […]
‘ half-year performance hits new record
Nov 01, 2010 (LBO) – Dubai-based Emirates airline’s first-half profit shot up 351 percent to 925 million US dollars (3. 4 billion UAE Dirhams) from a year ago as it carried more passengers and cargo, a statement said. The airline attributes the sharply higher profit in the six months ending September 30, 2010 mainly to […]
Airlines relish rebound after two lean years
PARIS, October 31, 2010 (AFP) – Commercial airlines in the United States, Europe and Asia are at last relishing a rebound in their financial fortunes, announcing profit spurts after two very lean years. The civil aviation sector in recent months has enjoyed a pronounced pick-up in both passenger and freight demand, with airlines welcoming the […]
Wider Margins
Oct 31, 2010 (LBO) – Sri Lanka’s Commercial Bank of Ceylon has reported profits of 1. 4 billion rupees for the September 2010 quarter, up 46 percent from a year earlier, on stronger interest margins and loan growth. Revenues rose 0.2 percent to 10.55 billion rupees. The bank reported earnings per share of 3. 75 […]
Growth Area
Oct 30, 2010 (LBO) – A new Sri Lankan investment fund that opened for subscription Friday is targeting the banking sector which is seen doing well given the need for funding to fuel an economic boom, officials said. “We expect many new projects to need financing in the fast growing sectors of the economy. ” […]
SriLankan Airlines adds flights to Maldive islands
Oct 29, 2010 (LBO) – SriLankan Airlines is almost doubling daily flights to the Maldive islands from December 1 to cater to the peak tourism season and also connecting a fourth city in China, a statement said. The number of flights to Male is being increased to six a day from the earlier 3-4 a […]
Credit Risks
Oct 29, 2010 (LBO) – Other than Sri Lanka’s government Treasury bills, which was free of credit risk, other types of investments even in banks and finance companies regulated by the Central Bank had different levels of risk, Governor Nivard Cabraal said. To educate the public about the level of risk in each institution the […]
Yard Prospects
Oct 29, 2010 (LBO) – Sri Lanka’s Colombo Dockyard delivered the second of a pair of passenger vessels for an Indian customer but warned profitability could dip this year owing to the effects of recession and growing competition. The island’s 30-year ethnic war ended in May 2009 leading to the removal of marine war-risk insurance […]
Sri Lanka win rain-affected T20 warmup
SYDNEY, October 27, 2010 (AFP) – Sri Lanka tuned up for their Twenty20 and one-day internationals against Australia with a 23-run victory over New South Wales in a rain-affected T20 match in Sydney on Wednesday. The Sri Lankans put on 167-4 off their 20 overs and NSW in reply finished with 99-2 off 14 overs […]
Banking Fellow
Oct 28, 2010 (LBO) – K G D D Dheerasinghe, deputy governor of Sri Lanka’s central bank has been awarded an honorary fellowship of the Institute of Bankers of Sri Lanka for his contribution to developing the financial services industry. The Central Bank said he joined the monetary authority in 1975 and had worked in […]