Category: Industry
Sri Lanka captain not guilty of physical contact
DAMBULLA, August 21, 2010 (AFP) – Sri Lanka’s captain Kumar Sangakkara did not breach the players’ code of conduct during a tri-series match against New Zealand, the world governing body said on Saturday. Sangakkara was pulled up by match referee Alan Hurst after he collided with Black Caps’ bowler Nathan McCallum while turning for a […]
Maritime Links
Aug 21, 2010 (LBO) – India and Sri Lanka have prepared the draft of an agreement to resume ferry services across the narrow strip of water separating the two countries, the Indian envoy in Colombo said. “We’ve finalised the draft of the agreement,” Indian high commissioner Ashok Kantha said. “The two countries have in principle […]
Sri Lanka govt says preventing rupee appreciation to help exporters
Aug 20, 2010 (LBO) – The Sri Lankan government is preventing the further appreciation of the rupee against the dollar to support exporters after the loss of a trade deal giving duty free access to the European market, a spokesman said. “We held a number of discussions with manufacturers. After 10 years of tariff preferences […]
Sri Lanka fabric maker hit by high cotton prices, lower sales
Aug 20, 2010 (LBO) – Sri Lanka’s Kuruwita Textile Mills said it made a net loss of 125 million rupees in the June 2010 quarter as it was hit by record high cotton prices and less demand. Sales fell almost five percent to 1.3 billion rupees over the period, the company, a unit of clothing […]
Sri Lanka shell company bought by Malaysian firm
Aug 20, 2010 (LBO) – Malaysia’s Fly Asia has bought a 70 percent stake in Sri Lanka’s Infrastructure Developers (IDL), essentially a loss-making shell company listed on the Colombo bourse, a stock exchange filing said. Fly Asia, an air transport company which operates air services and builds aerodromes, has made a mandatory offer for the […]
Inside Information
Aug 19, 2010 (LBO) – Sri Lanka’s Central Bank is violating its own good governance code when a pension fund it manages buys stakes in banks and financial institutions which it regulates, an economist and opposition parliamentarian said. Harsha de Silva said he was “appalled” at the statement by the Central Bank that the Employees […]
Bank Trends
Aug 19, 2010 (LBO) – National Development Bank (NDB) June quarter profits fell 17. 9 percent to 434.7 million rupees, due to a fall in fee-based incomes, while personal, premises and operating costs have gone up, a stock exchange filing said. NDB group’s interest income had come down 16. 4 percent to 2.45 billion rupees, […]
Rural Competition
Aug 19, 2010 (LBO) – India’s Mahindra and Mahindra group plans to enter Sri Lanka’s financial sector, especially the rural areas, officials said. There were “imminent opportunities in financial services’, said Ramesh Iyer, managing director of Mahindra & Mahindra Financial Services. “Capital is not a constraint in terms of wanting to grow in Sri Lanka. […]
Oil Supply
Aug 19, 2010 (LBO) – Sri Lanka is to extend a deal with Iran to buy two million metric tonnes of crude oil a year with a 120-day interest free credit facility, a government spokesman said. Media minister Keheliya Rambukkwelle said Sri Lanka buys most of its crude oil from Iran and the government’s agreement […]
SriLankan Airlines trains first batch of technicians under European certification
Aug 19, 2010 (LBO) – SriLankan Airlines has graduated its first batch of Aircraft Maintenance students under the EASA 147 European certification as it seeks to build its engineering business, a statement said. The 26 students, including seven foreign students from the Maldives, Oman and India, underwent two years of training at SriLankan’s Technical Training […]
Vehicle Market
Aug 19, 2010 (LBO) – India’s Mahindra group said it is studying the possibility of introducing its electric vehicle, Mahindra Reva, to the Sri Lankan market and launching new models soon after their launch in India. Vice chairman Anand Mahindra told a news conference the company was targeting vehicle sales of 10,000 by the 2013 […]
Bank Profits
Aug 19, 2010 (LBO) – The Sri Lankan unit of Standard Chartered Bank’s (SCB) June quarter profits shot up 679 percent to 8. 773 billion rupees on a specific loan loss provision reversal on an oil hedging deal, its published accounts showed. SCB’s interest income fell 32 percent to 3. 41 billion rupees, while interest […]