Category: Industry
Sangakkara powers Sri Lanka to win
NAGPUR, December 9, 2009 (AFP) – Kumar Sangakkara smashed a career-best 78 off just 37 balls to set up Sri Lanka’s 29-run win in the first Twenty20 international against India here on Wednesday. India paid the price for some sloppy fielding with Yuvraj Singh dropping a sitter at point when Jayasuriya (26) was on two, […]
Sri Lanka alcohol producer to enter insurance business
Dec 10, 2009 (LBO) – Distilleries Company of Sri Lanka said it is seeking regulator clearance to launch an insurance company with a startup capital of 500 million rupees after losing control of a former state-owned insurance company. Distilleries shares opened Thursday trading at 96.00 rupees, after closing the previous day down 75 cents. Distilleries […]
Sri Lanka Distilleries in bid re-enter insurance
Dec 10, 2009 (LBO) – Sri Lanka’s Distilleries group said it had applied to the regulator for a license to start an insurance company, after it lost the country’s largest insurer by assets on a court reversal of a privatization deal. The group controlled Sri Lanka Insurance Corporation until last year, when Sri Lanka’s Supreme […]
Sri Lanka begins groundwork for wind power
Dec 09, 2009 (LBO) – Groundwork for Sri Lanka’s largest wind power project has begun ahead of its launch in May next year, with the contract for logistics services given to global firm, Agility Project Logistics. The company has handled over 210 major projects in the past five years and has operations in 120 countries. […]
Sri Lanka war risk insurance costly, says cruise line
Dec 09, 2009 (LBO) – Sri Lanka’s continued listing for war risk insurance is costly for shipping lines calling at Colombo port, a cruise line official said.Khosa said Louis Cruises is offering cruises starting from an all-inclusive rate of 100 dollars a night per passenger accommodated in a basic cabin, and going up to 250 […]
Sri Lanka could use fresh water bodies for premium tourism
Dec 09, 2009 (LBO) – Sri Lankan policy makers should follow the Maldivian example by opening a few dozen of the thousands inland lakes in the country to attract high end tourists willing to pay high premiums for ‘privacy’, a top architect said. “People are willing to pay 200 – 300 dollars on a holiday, […]
Executive Care
Dec 09, 2009 (LBO) – Sri Lankan banks have been urged to select their boards of directors with care to ensure they hire capable people with integrity and not just based on friendship or wealth.Attorney general Mohan Peiris, the government’s chief legal officer, said regulatory standards had been toughened in recent years amid heightened public […]
Sri Lanka lures Indian tourists by sea
Dec 08, 2009 (LBO) – Sri Lanka has struck a deal with the world’s fifth largest cruise line to attract Indian tourists to the island by cruise ship, officials said. The Tourism Promotion Bureau said the cruise calls are expected to increase the number of Indian tourists visiting the island by 4,000 a month. Its […]
Sri Lanka November tourist arrivals up 20-pct
Dec 08, 2009 (LBO) – Sri Lankan tourist arrivals for November went up 20.1 percent to 44,311 from a year ago, boosted by more visitors from key markets like the United Kingdom, Germany and India, while arrivals from Eastern Europe dipped, tourism data showed. Cumulative arrivals, which had fallen steadily till May, were up 0.4 […]
Bank Watch
Dec 08, 2009 (LBO) – Sri Lanka’s Central Bank is to introduce a mandatory deposit insurance scheme, strengthen bank supervision and launch an internal rating system for banks, governor Nivard Cabraal said.These were some of the new measures the banking regulator is taking to strengthen the island’s financial system to ensure its future stability and […]
Risk Cover
Dec 08, 2009 (LBO) – The Asian Development Bank (ADB) said it has signed trade finance agreements with three Sri Lankan banks that will help them provide loans and guarantees to exporters and importers.“Nevertheless, companies in emerging markets, particularly small and medium-sized firms, have typically faced difficulties in accessing enough credit to fill export orders […]
Guarantee Status
Dec 07, 2009 (LBO) – Finance and Guarantee Company Limited, a regulated finance company in the troubled Ceylinco group will be renamed The Island Finance Company, the Central Bank said. The company suffered liquidity constraints in the wake of the crisis in the Ceylinco Group and its day to day operations were restricted following legal […]