Category: Industry
Sri Lanka exporters face higher air freight costs
Apr 23, 2010 (LBO) – Sri Lankan exporters face higher transport costs with the flight disruptions caused by volcanic ash over Europe sending air freight rates shooting up and causing a space crunch, officials said. Tony de Livera, chairman of the Sri Lanka Freight Forwarders Association, said the flight disruptions have disrupted local businesses relying […]
Sri Lanka Lighthouse Hotel March net up 100-pct
Apr 23, 2010 (LBO) – Lighthouse Hotel, a unit of Sri Lanka’s Jetwing leisure group said profits rose 102 percent in the March quarter to 32.2 million rupees amid a pick up in tourism, interim accounts showed. Revenues rose 34 percent to 110. 3 million rupees in the quarter. Sri Lanka’s peak tourism season is […]
Holiday Banking
Apr 22, 2010 (LBO) – Sri Lanka’s Commercial Bank said it will open a ‘holiday banking centre’ at a well-known shopping mall in the capital Colombo to meet growing demand for extended banking hours and higher cash withdrawals. The centre at the Majestic City mall will stay open from 10.00 am to 7.30 pm on […]
Heavy Lift
Apr 22, 2010 (LBO) – Movement of heavy cargo for post-war reconstruction and modernisation in Sri Lanka will provide more business for logistics companies, industry officials said. The specialist skills and equipment of logistics providers will be needed to move cargoes such as equipment for power plants and construction work, they said. Two ports are […]
Sri Lanka exporters urged to diversify as Western demand wanes
Apr 21, 2010 (LBO) – Sri Lankan exporters should reduce reliance on traditional Western markets where demand will decline, and diversify into booming Asian economies, Asian Development Bank officials said. While exports are recovering after being hit by global recession last year, reduced consumption in key US and European markets are likely to dampen the […]
Sri Lankan Airlines re-starts some European flights
Apr 21, 2010 (LBO) – Sri Lankan Airlines said it has re-started flights to London, Paris and Milan after European aviation authorities relaxed restrictions, and is planning extra flights for stranded passengers. “However, passengers should also call ahead several hours prior to flight departure to check on whether their flight is operating as scheduled,” the […]
Bailout Tax
LONDON, April 21, 2010 (AFP) – The International Monetary Fund has proposed two new global taxes on banks and other financial institutions to cover the cost of future bailouts, the BBC reported. The measures would see all institutions pay a bank levy as well as a further tax on profits and pay, which would aim […]
Harbour Moves
Apr 21, 2010 (LBO) – Dredging and breakwater construction on a new harbour being built next to Sri Lanka’s Colombo port is on schedule, said a senior official of the Asian Development Bank which is funding the work. But talks on a contract to design and build the new deep-water port’s first container terminal were […]
Box Trade
Apr 21, 2010 (LBO) – Cargo volumes at a Colombo port private container terminal run by an associate firm of John Keells Holdings hit a new monthly high in March, as transshipment trade in the region recovered. But transshipment cargo yields lower margins than domestic import-export containers, , analysts said. The conglomerate John Keells Holdings […]
Film Awards
Apr 20, 2010 (LBO) – Sri Lanka will host an annual Indian film awards in Colombo in June drawing Bollywood stars to the country and opening opportunities for films to be shot on location in the former war-torn island industry officials said. A business forum, fashion show, celebrity cricket match, world premiers of upcoming Indian […]
Telco Software
Apr 20, 2010 (LBO) – Sri Lankan firms developeing mobile and telecom software have teamed up with other players in the the sector to set up a ‘centre of excellence’ to foster collaboration, an industry body said. “Our national strategy is to focus on several high potential niche areas to compete globally as a niche […]
India to probe IPL corruption claims
NEW DELHI, April 19, 2010 (AFP) – The Indian government promised on Monday an in-depth tax and financing probe into the country’s cash-rich premier cricket league, warning that “no wrongdoer will be spared”. The main opposition Bharatiya Janata Party has demanded an investigation into the IPL, accusing it of being “the Corruption Premier League.” The […]