Category: Industry
Overseas Outlook
Mar 13, 2009 (LBO) – Sri Lanka’s Hatton National Bank (HNB) said it is going ahead with overseas expansion in South Asia and the Middle East despite a global economic crunch and political turmoil. HNB had gone into Oman to push remittances through Majan Exchange LLC, which is 40 percent owned by the bank. “We […]
Supply Chain
March 13, 2009 (LBO) – Global logistics firm DHL said it will invest eight million dollars in Sri Lanka to set up a joint venture for supply chain services, including those tailored for the island’s apparel export industry.The investment of just over 800 million rupees in three years will go towards the joint venture, employee […]
Sri Lanka LNG power project investor pulls out
March 12, 2009 (LBO) – An Australian consultancy that won tax concessions to develop a liquefied natural gas (LNG) fired power plant for Sri Lanka’s state-run electricity grid has announced it was pulling out of the project. “As a result, Arc has unequivocally withdrawn from the project in its present format, and has absolutely no […]
Battered Pakistan tourism industry looks to Sri Lanka example
KARACHI, March 12, 2009 (AFP) – Fida Hussain, 52, was once a frequent visitor to Pakistan’s scenic northwest, driving north into the mountains every time he flew over from the United States.But not any more. “I won’t go to Swat or any other place in the area as the Taliban rule there now and no […]
Sri Lanka tourist arrivals fall 15.7-pct in February 2009
Mar 12, 2009 (LBO) – Tourist arrivals to Sri Lanka fell 15.7 percent in February to 34,169 with the first two months of 2009 showing a 25.5 percent fall, and visitors from India halving, the country’s tourism promotion office said. East Asian arrivals dropped 28.4 percent to 3,153. Japan dropped 8.3 percent to 867 and […]
Good Year
Mar12, 2009 (LBO) – Sri Lanka’s Sampath Bank group has posted a profit of 1.49 billion rupees for the 2008 financial year, up 30 percent from 2007, in what its senior management called a tough year to operate in. During 2008 Sampath’s interest income had jumped by 30.1 percent to 19.4 billion, while interest expenses […]
Payment Plan
Mar 12, (LBO) – Prosecutors, customers and officials of Sri Lanka’s failed Golden Key Credit Card Company of the Ceylinco group are to discuss a trust arrangement to sell assets to generate cash, after court ordered a halt to assets sales of the company and subsidiaries. Bail He wanted Kotelawala to be released on bail […]
Late Justice
ROME, March 11, 2009 (AFP) – An appeals court in southern Italy sentenced a Pakistani shipowner to 30 years in prison for his role in the drowning deaths of 283 illegal immigrants more than a decade ago, ANSA reported Wednesday.Maltese resident Ahmed Sheik Turab, 48, was considered the organiser of a 1996 sea journey of […]
Sri Lanka coach fears Commonwealth Games a target
MELBOURNE, March 10, 2009 (AFP) – Sri Lanka cricket coach Trevor Bayliss voiced fears on Tuesday that extremists would target next year’s Commonwealth Games in India and backed criticism of security arrangements in Pakistan. He supported criticism from match officials travelling in a minibus behind Sri Lanka’s team bus in Lahore that security was inadequate. […]
No Problem
Mar 10, 2009 (LBO) – Managers of Sri Lanka’s state-run pension fund of private sector workers, under fire for investing funds for state purposes as a ‘captive’ source, have said the fund is operating well. In an interview, officials managing the EPF denied all suggestions of impropriety, conflict of interest, or coming under pressure to […]
Hatton Performance
Mar 10, 2009 (LBO) – Sri Lanka’s Hatton National Bank group has reported profits of 3,830 million rupees in 2008, down 10.1 percent over the previous year on interest income of 38.7 billion rupees which grew 20.7 percent. Loan loss provisions increased 27.6 percent to 1,159 million rupees, while 259 million rupees was charged for […]
Usage Gap
Mar 09, 2009 (LBO) – Sri Lankans low income customers of mobile communications, used phones least for business related activities in the region, potentially opening up a new marketing opportunity for celcos, a new study has found. “People who use phones for such activities have a higher income and people who don’t have a lower […]