Category: Industry
Donor Funding
May 20, 2010 (LBO) – Sri Lanka is to get 133.9 million dollars from the World Bank and the Asian Development Bank (ADB) to repair four rural roads, the cabinet office said in a statement. Sri Lanka will also get a loan of 50 million dollars from International Development Association (IDA) to support local government […]
Sri Lanka-EU talks on trade deal positive: EU envoy
May 19, 2010 (LBO) – The European Union is likely to remain a lucrative market for Sri Lankan exporters with talks to extend a trade deal giving duty free access to Europe being positive, the EU envoy said. EU ambassador Bernard Savage said talks between Sri Lanka and the EU on extending the GSP Plus […]
Sri Lanka air force offers flights after floods block road
May 19, 2010 (LBO) – The Sri Lanka Air Force is offering services to transfer by air passengers traveling to the main international airport at Katunayake, north of the capital Colombo, because of floods on the main road, officials said. A 15-seat Y-12 light aircraft can be charted by groups at the rate of 55,300 […]
Property Drive
May 19, 2010 (LBO) – Sri Lanka’s Overseas Realty Ceylon, a unit of Singapore’s Shing Kwan group, is pushing ahead with Colombo’s largest property project amid renewed buying interest in apartments after the end of a 30-year war. Overseas Realty owns Colombo’s World Trade Centre building which houses the Colombo Stock Exchange and is jointly […]
Sri Lankans hit Tamil Tiger tourist trail
KILINOCHCHI, May 19, 2010 (AFP) – The wreckage left by a brutal war has created a new tourist trail in Sri Lanka just a year after the Tamil Tiger rebels were crushed by government forces. “I make about 500 rupees (four dollars) a day,” says Kilinochchi native N. Seelan, who sells palmyrah-based sweets to tourists. […]
Made in where? Euro MPs want to know where clothes come from
STRASBOURG, May 18, 2010 (AFP) – The European parliament on Tuesday called for clothes sold in Europe to clearly show the country of origin, in order to easily identify products from nations where production costs are low. EU Industry Commissioner Antoni Tajani stressed the need to prevent dumping on European markets. The EU MPs, meeting […]
Sri Lanka Ceylinco Insurance net up 9-pct in March
May 18, 2010 (LBO) – Sri Lanka’s Ceylinco Insurance Company said net profits for the March 2010 quarter were up 9 percent to 110.5 million rupees from a year earlier though gross written premiums were flat at 4.4 billion rupees with lower general business. Basic earnings per share were 4. 19 rupees for the quarter, […]
Multi Finance
May 18, 2010 (LBO) – Ram Ratings Lanka said it had confirmed the ‘BB’- long term rating and NP short term rating of Sri Lanka’s Multi Finance Company Limited (MFL) and withdrawn it at the firm’s request. “On a related note, MFL’s performance has remained weak, burdened by hefty overheads.” Ram said while a one-off […]
Finance Numbers
May 18, 2010 (LBO) – Central Finance Company Limited (CFCL) group March quarter profits dipped 11 percent to 298.2 million rupees due to a steep jump in tax costs from a year ago, a stock exchange filing said. For the full year profits had dipped 7.1 percent to 1.0 billion rupees, its accounts showed. In […]
Box Trade
May 17, 2010 (LBO) – Cargo volumes at a Colombo port private terminal run by an associate firm of John Keells Holdings surged 25 percent in April 2010 to 166,797 containers from a year ago as trade recovered from recession, latest data showed. It was South Asia Gateway Terminals’ second highest-ever monthly volume, although down […]
Yard Trends
May 17, 2010 (LBO) – Sri Lankan ship builder Colombo Dockyard’s net profit for the March 2010 quarter fell sharply as ship repair revenue came down despite an increase in earnings from ship building, a stock exchange filing said. The yard, which is majority owned by Japan’s Onomichi Dockyard, said net profit fell 48.7 percent […]
Sri Lanka Tokyo Cement sets up unit to sell excess power
May 17, 2010 (LBO) – Sri Lanka’s Tokyo Cement Company (Lanka) has set up a fully-owned subsidiary to sell excess electricity from a power plant at a cement factory to the island’s national grid. The company said in a stock exchange filing the subsidiary, Tokyo Cement Power (Lanka), will start commercial operations after getting the […]