Category: Industry
Bank Health
Feb 10, 2010 (LBO) – Sri Lanka’s banks have been hit by bad loans in 2009, but have maintained required capital levels and asset quality is improving with the help of low inflation and interest rates, a report by the regulator said. Sri Lanka’s licensed commercial banks have maintained Tier one capital at 11.4 percent […]
Sri Lanka Hemas Power Dec net up 71-pct
Feb 09, 2010 (LBO) – Sri Lanka’s Hemas Power said December quarter net profit rose 71 percent to 142 million rupees from a year ago as thermal power generation costs fell and hydro power hit peak output during the rainy period. Sales of the firm, which supplies power to state-run Ceylon Electricity Board and is […]
Chipset
SAN FRANCISCO, February 9, 2010 (AFP) – US technology titans IBM and Intel on Monday rolled out powerful new computer chips designed for businesses continually demanding more from networks and data centers. Intel introduced an Itanium processor 9300 series developed under the code name “Tukwila” that it touts as delivering twice the performance of prior […]
Oil Target
Feb 09, 2010 (LBO) – Gazprom, a Russian oil firm, has held discussions with visiting Sri Lanka president Mahinda Rajapaksa on exploring for oil off the coast of the Indian Ocean island. Cairn has incorporated a local firm to begin oil exploration. Cairn India said the 3D seismic surveys by its local unit, Cairn Lanka, […]
Sri Lanka Eagle renamed Aviva NDB Insurance
Jan 08, 2010 (LBO) – Sri Lanka’s Eagle Insurance, a unit of Aviva, said it plans to change its name to Aviva NDB Insurance to better face anticipated competition from rival global brands in future. The company said in a stock exchange filing its board has sought shareholder approval for the name change to reflect […]
Shipping Costs
Feb 08, 2010 (LBO) – Sri Lankan shippers said they anticipate further hikes in freight rates as cargo flows improve after the recession with loss-making shipping lines trying to regain profitability and fewer ships calling Colombo. In the short-term, the latest spike in rates and pressure on ship capacity might ease after next week’s Chinese […]
Northern Recovery
Feb 07, 2010 (LBO) – Sri Lanka’s information communications technology industry wants to promote ICT business and skills in northern Jaffna to generate employment in the former war zone, officials said. The Federation of IT Industry Sri Lanka (FITIS) said it will hold an exhibition later this month in the Jaffna peninsula to create awareness […]
Rail Finance
Feb 07, 2010 (LBO) – Sri Lanka is financing the purchase of rails to re-build tracks in the former war-torn eastern areas with loans from Hatton National Bank and UniCredit Bank of Austria, a senior minister said. There will be a commitment fee of 5 percent on the undrawn balance of the loan and a […]
Opened Up
GENEVA, February 7, 2010 (AFP) – After relentless international pressure on Swiss banking secrecy, history came full circle last week when Germany decided to use stolen bank data to corner taxpayers with money hidden in Switzerland. Weary Swiss bankers tried to contain another onslaught that shook the remnants of the lucrative wall of secrecy they […]
Sri Lanka trade deal to be suspended by EU over rights: officials
BRUSSELS, February 5, 2010 (AFP) – EU nations have decided to suspend Sri Lanka’s preferential trade status because of the island’s human rights record and will make the formal move later this month, officials said Friday. “European ambassadors have taken the decision. The EU Commission’s investigation showed Sri Lanka has not demonstrated that it has […]
Mobile Doctors
Feb 05, 2010 (LBO) – Sri Lanka’s Airtel said appointments with doctors could be made through its network following a tie-up with the e-channelling. com, a web based medical channelling service. Doctors could be channelled by both post paid and pre-paid customers by dialling 225. Chief Executive of Bharti Airtel Lanka, Amali Nayakkara said in […]
Regulator
Feb 05, 2010 (LBO) – Anusha Palpita, head of the government’s information office has been appointed Sri Lanka’s telecom regulator, minister Anura Yapa said. Palpita will be the director general of Sri Lanka Telecom Regulatory Commission in addition to his duties as director of information. Priyantha Kariyapperuma, the previous regulator, resigned on Tuesday