Category: Industry
Lower Loss
Sept 16, 2010 (LBO) – Sri Lanka’s The Finance Company (TFC) reduced losses to 431 million rupees in the June 2010 quarter compared with a loss of 693 million rupees the year before, a stock exchange filing said. Interest income fell 42 percent to 660 million rupees while interest expenses fell 45 percent to 814 […]
Port Project
Sept 16, 2010 (LBO) – Sri Lanka has awarded a contract to build and operate a new deep-water container terminal in Colombo port to a consortium consisting of China Merchant Holdings International and Aitken Spence, a statement said. The new terminal will have a quay wall length of 1. 2 kilometres with a minimum alongside […]
Sri Lanka Islamic insurer short of compliant investments
Sept 15, 2010 (LBO) – Amana Takaful, an Islamic insurer in Sri Lanka says the market does not have enough investment vehicles that are compliant with Shariah laws and also local regulations, where it can invest funds. Investment income from bank had fallen to 18.7 million rupees in 2009 from 36.2 million rupees a year […]
Soft Support
Sept 15, 2010 (LBO) – Firms in an industrial park in Sri Lanka are getting enterprise resource planning software (EFP) from Swedish based IFS, in as little as six weeks, making it a record for implementing such software, officials said. IFS software comes in modules which can be implemented at each firm connected to the […]
Reduced Risk
Sept 15, 2010 (LBO) – Standard & Poor’s Ratings Services has raised the long-term local currency corporate credit rating on Sri Lanka Telecom (SLT) to ‘BB-‘ from ‘B+’ with a stable outlook, a statement said. At the same time, Standard & Poor’s confirmed the ‘B+’ long-term foreign currency corporate credit rating on the company and […]
News Trend
HONG KONG, September 15, 2010 (AFP) – Asian newspapers are defying the global print media meltdown while their counterparts in the West spill red ink and lay off staff in droves as readers flock to online news. Print advertising — the lifeblood of a newspaper’s revenue base — has plunged 47 percent in the hard-hit […]
Health Message
Sept 14, 2010 (LBO) – Sri Lanka has successfully done a trial project that helps early detection of killer communicable diseases using mobile phones to send data that also reduces costs, officials said. The ‘real-time bio-surveillance programme’ enables the rapid detection and notification of potential health outbreaks through mobile phones, software applications and a Web […]
Klinger gatecrashes South African party to tame Lions
CENTURION, September 12, 2010 (AFP) – Michael Klinger gatecrashed a South African party at the Champions League Twenty20 tournament on Sunday and led South Australia Redbacks to a 11-run victory over Highveld Lions. Skipper Klinger and Callum Ferguson added 97 runs for the third wicket as the slow-starting Redbacks finished with a run flourish to […]
Hospital Expansion
Sept 13, 2010 (LBO) – Sri Lanka’s Asiri Hospitals group has acquired a firm with land in the central hill country capital of Kandy with approval to build a hospital, a stock exchange filing said. In April Asiri Hospital said it had bought a 40-bed hospital in the island’s southern Matara area for 160 million […]
Sri Lanka tourist arrivals up 35-pct in August
Setp 13, 2010 (LBO) – Tourist arrivals to Sri Lanka was up 35.7 percent to 55,898 in August led by Indians and Britons, with visitors during the first eight months up 46.7 percent from a year earlier, tourism office data showed. In the first eight months Western Europe generated 162,500 visitors up 50.4 percent, South […]
Basle III
ZURICH, September 12, 2010 (AFP) – Banks will be required to lift their reserves substantially under “landmark” new rules drawn up Sunday by central bankers and regulators seeking to prevent a repeat of the recent financial crisis. The new regulations, called Basel III, would force banks to more than triple their current reserves and would […]
Location Lure
Sept 13, 2010 (LBO) – Service providers in the trade hubs of Dubai and Singapore have shown interest in a new port in southern Sri Lanka where a request for proposals from businesses has been issued, an official said. “To attract volumes to Sri Lanka we must have capacity; otherwise we might not attract regional […]