Category: Industry
Northern Branch
July 25, 2010 (LBO) – State-run Indian Bank headquartered in Chennai, India is planning to open a branch in Sri Lanka’s former war torn Northern Jaffna peninsular and also in the central hills of the island, a media report said. The bank has another overseas branch in Singapore and is also looking at opening one […]
‘s Malinga out of second India Test
July 24, 2010 (AFP) – Sri Lanka suffered a major blow on Saturday when a knee injury ruled sling-arm fast bowler Lasith Malinga out of the second Test against India. His absence means the hosts will be deprived of both architects of their 10-wicket win in the first Test at Galle — Malinga and the […]
Islamic Finance
July 24, 2010 (LBO) – A start-up Sri Lankan bank that has just raised 3.2 billion rupees in capital through a private placement wants to lure Middle Eastern funds and lend for infrastructure projects, an official said. Amana Bank is part of Sri Lanka’s Amana Islamic finance group that already has insurance and merchant banking […]
Sri Lanka face up to life without Muralitharan
July 23, 2010 (AFP) – Sri Lanka entered a new cricketing era on Friday, facing an uncertain future without the legendary Muttiah Muralitharan, the world’s leading wicket-taker. Muralitharan, 38, quit Test cricket on Thursday after reaching the unprecedented 800-wicket landmark, having played a major role in a 10-wicket victory over India in Galle. The off-spinner […]
Sri Lanka told time running out for new trade deal with India
July 23, 2010 (LBO) – Sri Lanka could lose more opportunities to access India’s huge market owing to delays in striking a new economic partnership deal with her neighbour, the Indian envoy in Colombo has warned. An existing free trade deal between the two countries has led to a sharp increase in trade that could […]
SriLankan Airlines to keep ground handling, catering monopoly: official
July 23, 2010 (LBO) – SriLankan Airlines is to maintain its monopoly on ground handling and catering at the island’s international airport which are its main money spinners, a senior official said. Wickremasinghe said the airline’s finances were improving after it suffered an almost 10-billion-rupee loss in the 2009 financial year. He spoke at the […]
Seed Capital
July 23, 2010 (LBO) – Amana Bank Limited, a start up Sri Lankan firm which had provisional approval from the regulator to become a bank, said it had raised 3.2 billion in capital through a private placement. A tombstone placed in The Daily Mirror newspaper said the firm had raised 3,159 million rupees by selling […]
Liner Worries
July 23, 2010 (LBO) – Sri Lankan shipping agents said they are concerned over delays at Colombo port although they expect the situation to improve with new equipment and transport arrangements for moving containers. “Colombo port’s total cargo volumes have seen a growth of 23.6 percent to-date compared with last year,” Ranchigoda told the CASA […]
IP Rights
July 22, 2010 (LBO) – A Sri Lankan software industry group cracking down on piracy has warned that foreign companies in the island cannot assume they are covered by software licences held by their overseas parents. The Business Software Alliance (BSA), a global trade association representing the software industry, said it had entered into a […]
Sri Lanka Amaya Reef sold to public
July 22, 2010 (LBO) – Sri Lanka’s Amaya Reef, a listed company, has been spun off by its parent Amaya Leisure at prices of up to 5.00 rupees a share, but will continue to be managed by the group, an official said. “This will be the first fully publicly owned company under Amaya management,” Nimal […]
Finance Watch
July 22, 2010 (LBO) – Sri Lanka’s government is to set up a dedicated authority to regulate micro-finance institutions to make their supervision more effective, a government minister said. A previous effort to regulate micro-finance institutions in 2006 through the central bank was abandoned because a separate, independent authority was considered more appropriate. Micro finance […]
798-wicket Murali puts India on defensive
GALLE, July 21, 2010 (AFP) – Hosts Sri Lanka were well-placed to win the first Test against India after spin wizard Muttiah Muralitharan wreaked havoc in his final match on Wednesday. The world’s leading wicket-taker grabbed 5-63 in the first innings as India were forced to follow on after being shot out for 276 on […]