Category: Industry
Credit Expansion
Mar 14, 2010 (LBO) – Commercial Credit Ltd, a registered finance company based in Sri Lanka’s central hill town of Kandy opened an office in the capital Colombo, which the firm says is a step in a expansion drive. The company, founded 28 years ago, has network of five branches and 12 collection centres unveiled […]
Sri Lanka rice import barrier too high: consumer minister
Mar 13, 2010 (LBO) – Sri Lanka is expected to re-erect an import barrier soon to keep cheaper rice out of the reach of the island’s consumers, but the country’s 25 rupee a kilo duty is too high, consumer affairs minister Bandula Gunewardene said. “I personally think the duty of 25 rupees on a kilo […]
Name Tag
WASHINGTON, March 13, 2010 (AFP) – The adult entertainment industry is going to have to wait a while longer to see whether it gets its . XXX domain name. The board of ICANN, the international regulatory body for Web addresses, on Friday delayed a decision until June on whether to create the . XXX domain. […]
Sri Lanka budget airline says no longer making losses
Mar 12, 2010 (LBO) – Sri Lanka’s state-owned budget airline, Mihin Lanka, whose losses have been subsidized by government, said it has begun making monthly profits after breaking even last August. However, the controversial airline, which stopped operating in 2008 after losing over three billion rupees and leaving bad loans at two state banks and […]
Sri Lankan Airlines to expand routes, frequencies
Mar 12, 2010 (LBO) – Sri Lankan Airlines plans to add more destinations and increase frequencies on existing routes as it expands and the island’s tourist trade revives with the end of a war, senior officials said. “Now we’ve managed to reduce losses. There’s a gradual rise towards profitability. ” The island’s national carrier also […]
Sri Lanka Hotel Services shares traded heavily
Mar 12, 2010 (LBO) – Large parcels of Hotel Services (Ceylon), owners of Hotel Ceylon Continental, changed hands in early trade on the Colombo bourse Friday amid speculation its owner businessman Nahil Wijesuriya was selling out. The trades pushed turnover on the bourse to over two billion rupees by mid-morning, brokers said. The indices also […]
Sri Lanka Hayleys buys 51-pct stake in Hotel Ceylon Continental
Mar 12, 2010 (LBO) – Sri Lanka’s Hayleys group said it bought a 51 percent stake in Ceylon Continental Hotel Friday for 1. 8 billion rupees. Hayleys said in a stock exchange filing that under stock market rules it has to make a mandatory offer to other shareholders of Hotel Services. Updated The stake was […]
Gas Supply
Mar 12, 2010 (LBO) – The Sri Lanka Ports Authority is in talks with suppliers of liquid petroleum gas to introduce a third player in the local market once a storage terminal is built in a new port, an official said. SLPA chairman Priyath Wickrama said the LPG storage terminal would come up in the […]
Sri Lanka Customs moves towards e-commerce
Mar 11, 2010 (LBO) – Sri Lankan importers will get an opportunity to present documents electronically to the customs by the middle of the year, the head of the Customs Department said. Sarath Jayatilleke, director-general of Customs, said the department would shift to a more advanced electronic data interchange system by June or July. “We […]
Sri Lanka sends high level delegation to EU on GSP+
Mar 10, 2010 (LBO) – Sri Lanka is sending a high level delegation of senior government officials to save a preferential trade deal which is due end later in 2010 and broader relations with the European Union, a senior minister said. “On our part we are eager to engage with the international community,” international trade […]
Sri Lanka slashes terrorism insurance cover premium
Mar 10, 2010 (LBO) – Sri Lankan authorities said they had decided to slash the premium on general insurance terrorism cover by 75 percent from April 1, 2010 as there were no terrorist activities in the country. Insurance Board of Sri Lanka chairman, Udaya Sri Kariyawasam, has been quoted as saying the reduced premium on […]
Lower Costs
Mar 10, 2010 (LBO) – Seylan Bank group has slashed its wage bill 30.7 percent to 2.5 billion rupees and is pushing to recover some its 29 percent bad loans as it is re-structured, senior officials in its state-backed management said. “We cut some unnecessary costs, stopped overtime, cut fuel allowances and increased staff retirement […]