Category: Industry
Sri Lanka Insurance Corp gets new board
June 26, 2009 (LBO) – Sri Lanka’s Supreme Court has approved eight people drawn from the private and public sectors as directors of Sri Lanka Insurance Corporation which it recently ordered returned to state ownership.Lawyers said the eight directors named by court are Pradeepa Kariawasam, Anura Meddegoda, R A Jayatissa, Chithral Amaratunga, Nalaka Godahewa, Ravi […]
Software Support
June 26, 2009 (LBO) – A microfinance software application developed by two Sri Lankan university students has been selected as one of the six finalists to compete in the ‘MashUP’ category at a world information technology competition.The MashUp application ‘Hope for poor – Sasrutha’ developed by the University of Moratuwa students will help both parties […]
Sri Lanka drafts new rules for marine tourism
June 26, 2009 (LBO) – Sri Lanka is drafting new rules to protect the marine environment with tourist ventures such as whale and dolphin watching expected to become big business with the end of the war, a senior official said.Michael noted how unregulated tourism had spoilt some of the island’s best beaches such as in […]
Public Bail
June 26, 2009 (LBO) – Sri Lanka’s Seylan Bank will be bailed out with the help of money from state institutions while a bid from a private investor was rejected because it did not meet ownership limits, the Central Bank said. There will be no change in the board. Seylan will also continue its link […]
Indian Trade
June 26, 2009 (LBO) – A contract to build a new container terminal in Sri Lanka’s Colombo port, despite delays, will be awarded before the year-end, and the facility will be assured of cargo given Indian growth, a senior official said.Sri Lanka Ports Authority chairman Priyath Bandu Wickrama said that although India had begun expanding […]
Forex Loss
June 25, 2009 (LBO) – Sri Lanka’s Nations Trust Bank which had uncovered a forex loss in its books said the losses would be offset “to a great extent” by other operations of its Treasury. NTB said its June quarter financials will be published as early as possible in July. “The Bank has discovered a […]
Outsourced Skills
June 25, 2009 (LBO) – A Sri Lankan accountants’ body and the software industry said they have joined hands to promote the island as a business processing outsourcing (BPO) centre for finance and accounting.The drive to promote the BPO industry is being done by the Chartered Institute of Management Accountants (CIMA), Sri Lanka division and […]
Health Needs
June 25, 2009 (LBO) – The World Bank said it has approved a 24 million dollar loan to support Sri Lanka’s state health services mainly in former war-zones in the North and the East of the country. The credit from the International Development Association (IDA), the World Bank™s concessionary lending arm, has 20 years to […]
Banking Services
June 25, 2009 (LBO) – Sri Lanka’s state run Bank of Ceylon has expanded its services inside camps housing nearly 280,000 refugees in the north of the island, adding mobile computerized branches housed in shipping containers. Last week the bank added four retail units to its existing branch in the Manik Farm refugee camp complex […]
Medical Market
June 24, 2009 (LBO) – Sri Lanka’s Asiri Surgical Hospital has launched a round-the-clock emergency care service targeting expatriate Sri Lankans who have relatives in the island, an official said.Ashok Pathirage, managing director, Asiri group, said the service was aimed particularly at Sri Lankans living and working overseas who had to care for elderly parents […]
Sri Lanka spruces up tourist attractions
June 24, 2009 (LBO) – Sri Lanka has launched an initiative to provide better access and facilities at tourist attractions in an effort to draw more visitors to the island, beginning to recover from 25 years of war. Tourism ministry secretary K A D George Michael said the government had allocated funds to improve basic […]
Equity Control
June 24, 2009 (LBO) – There would be more interest in Sri Lanka’s Seylan Bank if a larger equity stake than one third is offered to a strategic investor, the head of cash-rich NDB Bank which dropped out of the race said. “The environment today is different,” says Wickramaratne. “Today we have a – relatively […]