Category: Industry
Higher Costs
April 15, 2009 (LBO) – A Chinese contractor building a part of an expressway to Sri Lanka’s south has more than doubled the original contract value following cost escalations and a decision to widen the road.The cost of building the section of road from Kottawa in the suburbs of Sri Lanka’s capital Colombo to Dodangoda, […]
‘ Burden
April 15, 2009 (LBO) – Sri Lanka’s over-staffed and inefficient state-owned bus and railway services made heavy losses in 2008 despite higher revenues after fare increases, the central bank said. Still, despite the average railway fare increase of 42 percent in 2008, it was not enough to generate a profit. “However, the fare revision in […]
Australian parliament examines sports news row
CANBERRA, April 14, 2009 (AFP) – Australia’s Senate will this week examine a critical dispute between sports administrators and global media over the use of digital technology to cover sporting events. The issue has become increasingly controversial, sparking media boycotts of major events as sports bodies seek to impose strict conditions on how games are […]
Sri Lanka Eagle Insurance says competition eroding profitability
Apr 14, 2009 (LBO) – Sri Lanka’s Eagle Insurance, whose 2008 profits fell 12.0 percent to 463.7 million rupees, says it faces tough competition in motor insurance, higher claims and increasing lapse rates. Eagle Insurance Group’s holdings of government securities have increased by 17.1 percent or 1.65 billion rupees, to 11.6 billion. Interest income from […]
Steady Numbers
Apr 13, 2009 (LBO) – Profits at Sri Lanka’s Pan Asia Bank has grown 3.5 percent to 223 million rupees in the full-year 2008, through strong net interest margins were eroded by high taxes, the bank’s annual report shows. Interest income shot up 45.5 percent to 2.86 billion rupees, interest expenses increased 46.9 percent to […]
Acid Suit
April 12, 2009 (LBO) – Sri Lanka may sue the owners of Turkish ship which sank off the island’s northeastern coast with a cargo of sulphuric acid, under marine pollution laws, a media report said. The Turkish ship Motari Magnor Granba carrying a cargo of 6,250 metric tonnes of cargo sprang leak near the Trincomalee […]
Alarm Call
April 10, 2009 (LBO) – Dialog Telekom, Sri Lanka’s top celco, has said short-term gains to consumers like lower mobile call rates from intense competition should not be allowed to erode the industry’s long term sustainability. “I feel the entry of new operators is always good for the consumer. It brings out the best in […]
Sea Crew
April 10, 2009 (LBO) – Belgium will recognize seafarer certificates issued by Sri Lanka allowing seamen from the island to serve aboard Belgian flagged vessels under a deal between the two countries, a government minister said.The merchant shipping division of Sri Lanka’s ministry of ports and aviation had signed a memorandum of understanding with the […]
Sri Lanka Central Bank lifts vehicle import curbs
April 08, 2009 (LBO) – Sri Lanka’s central bank said it has lifted the 100 percent margin deposit requirement against Letters of Credit for selected categories of vehicle imports from Wednesday. The government is now negotiating with the International Monetary Fund on a bail-out package. The margin was imposed as a monetary policy measure in […]
Merchant Cover
April 08, 2009 (LBO) – The Merchant Bank of Sri Lanka (MBSL) said it has bought full ownership of ABC Insurance Company under a share transfer agreement entered with the shareholders of the company.The insurance firm is part of Sri Lanka’a ABC group which has a strong presence in the shipping industry. MBSL, which is […]
Cash Call
April 08, 2009 (LBO) – HSBC, Europe’s biggest bank, said it had completed its 12.5-billion-pound rights issue with the sale of the remaining 3.4 percent of shares not taken up by existing shareholders, AFP news agency reported. The British banking giant said Sunday it had a 96.6 percent take-up of the record rights issue, which […]
Telco Trim
April 07, 2009 (LBO) – Sri Lanka’s top celco, Dialog Telekom says it had offered a voluntary retirement scheme to employees as part of a broader cost-cutting exercise, but the total costs were not known as yet. Dialog Telekom, a unit of Telekom Malaysia, as well as other operators have had revenues and profits hit […]