Category: Industry
Lost Gains
Feb 18, 2010 (LBO) – Sri Lanka’s Commercial Bank said dividends not claimed by shareholders after six years are to be considered forfeited from March. Any interim or final dividend declared by Commercial Bank from February 2000 to February 2004 which remains unclaimed will be considered as fortified by the owners and considered as the […]
Fuel Fortunes
Feb 17, 2010 (LBO) – The Sri Lanka unit of Indian Oil Corporation said it made a ˜nominal’ profit in the December quarter compared with a loss a year ago on higher petrol prices and other products like marine fuel and lubricants. Government-mandated retail petrol prices were cut by 15 rupees a litre on December […]
Sri Lanka gets ADB, Japan help to improve electricity services
Feb 17, 2010 (LBO) – The Asian Development Bank (ADB) and Japan will provide support to Sri Lanka to improve its power transmission system and expand rural electrification, an ADB statement said. It is also expected to reduce poverty by improving access to electricity in rural areas, and enhance energy efficiency and renewable energy development, […]
Sri Lanka negotiating with Emirates to buy national carrier stake
Feb 17, 2010 (LBO) – Sri Lanka’s government is negotiating with Dubai-based Emirates to buy its stake in Sri Lankan Airlines, the island’s state-run national carrier, chairman Nishanta Wickremasinghe said. But with a revival in tourist arrivals to Sri Lanka after the end of a 30-year war, the airline is expecting a turnaround later in […]
Sri Lanka Airlines upgrades product to boost margins
Feb 17, 2010 (LBO) – SriLankan Airlines, Sri Lanka’s state-run national career, is upgrading its product to boost margins following a revival in tourism traffic and is expecting to turnaround later in 2010, an official said. In the financial year ending March 2009 Sri Lankan lost 9.99 billion rupees as global air travel slumped and […]
Pirate Peril
Feb 17, 2010 (LBO) – Software piracy by private sector companies in Sri Lanka is the main problem facing software developers, the Business Software Alliance (BSA), an industry body said. The organization, which represents the commercial software industry and its hardware partners, said in a statement it has taken legal action against companies using pirated […]
High Capacity
February 17, 2010 (LBO) – Sri Lankan computer hardware distributor eSys Technologies has launched a range of high capacity, eco-friendly network storage devices. The products include Universal Tech’s NoTouchâ„¢ Elite 2800 External Storage and MyXerverâ„¢ MX3600 Network Storage devices, eSys said in a statement. Universal Tech is an Asian brand for external storage devices, offering […]
Terminal Target
Feb 17, 2010 (LBO) – Construction of a new deep-water container terminal to be built and run by the private sector in Colombo port is to start in the second quarter of this year, a Sri Lanka port official said. Colombo port’s cargo flows are also recovering as trade recovers from recession, Wickrama said. “Our […]
Bank Profits
Feb 16, 2010 (LBO) – Sri Lanka’s DFCC Bank group December quarter profits dipped 11.1 percent to 566.6 million rupees from a year earlier due to higher taxes, while interest rate spreads have grown. In the December quarter interest income fell 10.8 percent to 2.77 billion rupees, while interest expenses dipped 21.6 percent to 1.6 […]
Sri Lanka export recovery gathers steam
Feb 16, 2010 (LBO) – Sri Lanka’s exports grew 6.4 percent to 723.4 million dollars in December 2009 exceeding those of the year before for the first time as a recovery which began in April gathered steam, the Central Bank said. But there was strong growth in mineral exports, mainly gems. Lower exports of petroleum […]
Sri Lanka to start e-commerce trials
Feb 16, 2010 (LBO) – Sri Lanka is to start test runs on extending to several government agencies a long-delayed automated documentation system for trade that allows cargo to be cleared electronically, officials said. We appeal to all other government departments to follow the Tea Board, said Athukorala. Tea exporters are saving 2.50 dollars per […]
Sri Lanka apparel costs seen rising with loss of EU access
Feb 16, 2010 (LBO) – Sri Lankan exporters of apparel, the island’s main industrial export, said the withdrawal of European Union trade benefits would increase costs and erode their competitiveness. European Union nations decided Monday to withdraw the ˜GSP Plus’ preferential trade benefits from Sri Lanka because of what the EU Commission called “significant shortcomings” […]