Category: Industry
Rating Risk
Feb 24, 2010 (LBO) – A fresh risk evaluation of Sri Lanka by London insurers, considered critical in attracting investors after the end of its ethnic war, has been delayed by elections, official involved in the matter said. London underwriters have reduced the risk rating after the 30-year ethnic war ended in May 2009, with […]
Australia tightens rules on colleges for foreigners
SYDNEY, February 23, 2010 (AFP) – Australian colleges catering to foreign students will face more rigorous regulation by year’s end as the government weeds out unscrupulous operators, the education minister said Tuesday. Under a bill passed Monday, all colleges and schools providing courses to international students will have to re-register with the government under strengthened […]
Design Economy
Feb 23, 2010 (LBO) – A wooden chair becomes a news paper holder when it is turned over once. When it is turned again, it becomes a small table. A small bench table can be lengthened into one five metres long, allowing more people to sit. A ten metre high mini library has a work […]
Shunned Jobs
SEOUL, February 23, 2010 (AFP) – Migrants who tackle jobs shunned by most South Koreans urged the government on Tuesday to ease regulations complicating their lives and improve education to discourage discrimination. “They come for the 3D — dirty, dangerous and difficult — jobs, which are necessary here,” Aung Tin Htun, a Myanmar manager of […]
Regional Finance
Feb 23, 2010 (LBO) – An affiliate of Sri Lanka’s Sampath Bank in Bangladesh is planning to list its stock brokering firm in the country’s booming stock market, a media report said, though there were fears of a correction. Bangladesh’s stocks have been going through a bull run prompting fears of a bubble. On Monday […]
Finance Deficit
Feb 23, 2010 (LBO) – Sri Lanka’s The Finance Company said its loss for the December quarter shot up to 626 million rupees from a loss of 86 million rupees a year ago. It experienced a run on deposits when its parent, Ceylinco Group, suffered a crisis of confidence after another group firm, Golden Key […]
Market Reach
Feb 22, 2010 (LBO) – The Sri Lanka unit of HSBC bank said it was launching a personal banking service targeting what it called the ˜mid-market’ customer segment, focusing on convenience to attract clients. HSBC Sri Lanka chief Nick Nicolau said the bank will offer a range of products like currency deposits and unit trust […]
Trading Gains
Feb 22, 2010 (LBO) – Sri Lanka’s National Development Bank’s December 2009 quarter profits fell 10 percent to 484 million rupees from a year earlier, but full year profits were up 30 percent to 2.08 billion rupees. NDB Bank expanded its branch network to northern Jaffna and to eastern Batticaloa, Trincomalee and Ampara in the […]
Slow Traffic
Feb 20, 2010 (LBO) – Sri Lanka’s vehicle imports fell 4.1 percent October 2009 from a year earlier to 21,239 vehicles registered, with most categories showing a decline, according to official data. Dual purpose vehicles were down 58.8 percent to 1,039 and motor cycle imports were down 17.3 percent to 109,738. Import of goods transport […]
Volatile Voyage
Feb 19, 2010 (LBO) – Sri Lankan shippers facing rapidly rising freight rates are advised to try to negotiate long-term contracts with shipping lines, an industry official said. Increasing freight rates are a problem for us,†said Gehan Kuruppu, vice president of the Sri Lanka Shippers’ Council. Now rates are not holding even for one […]
Sri Lanka gets more garment factories
Feb 19, 2010 (LBO) – The Board of Investment, Sri Lanka’s investment promotion agency, said it has given approval for investors, including a Hong Kong firm, to set up clothing factories for export. The announcement came just days after the European Union said it will withdraw duty free access given to Sri Lanka because of […]
Sri Lanka Kuruwita Textiles profits up on cost cutting
Feb 19, 2010 (LBO) – Sri Lanka’s Kuruwita Textile Mills said tight cost control helped generate a net profit of 81.7 million rupees in the December quarter although sales were stagnant, signaling a turnaround from losses caused by recession. The firm, which supplies treated fabric to garment manufacturers, said it will reduce reliance on buyers […]