Category: Industry
Cheap PC
NEW DELHI, February 3, 2009 (AFP) – India has unveiled plans to produce a laptop computer costing just 10 dollars in a bid to improve the skills of millions of students across the country. New Delhi rebuffed a previous attempt to bring cheap laptops to India, led by MIT computer scientist Nicholas Negroponte’s One Laptop […]
Sri Lanka Galle Face group to build resort on Maldive island
Feb 03, 2009 (LBO) – Sri Lanka’s Galle Face Hotels Group plans to build a 100-room luxury resort hotel on an atoll in the Maldivian archipelago, a senior official said.The new hotel is sited on an uninhabited island which also has a domestic airport.and airport buildings. The new Maldivian president Mohamed Nasheed, during his recent […]
Ambiguity
Feb 03, 2008 (LBO) – Sri Lanka’s Commercial Bank says the ‘ambiguity’ behind a suspension of payments on oil derivatives sold to state-run Ceylon Petroleum Corporation (CPC) is causing uncertainty, and leaving it in a tight position. “Unless there is a strict instruction by the regulator we feel that we have to honor the counterparties […]
Support Package
Feb 03, 2009 (LBO) – Sri Lanka is developing a policy support package for registered finance and leasing companies that are facing liquidity problems, the Central Bank said. The Central Bank intervened to stop a run on Seylan Bank, dissolved its board of directors and put the bank under state-run Bank of Ceylon. Depositors says […]
Oil Money
Feb 02, 2009 (LBO) – Cairn India, which is exploring for oil in Sri Lankan waters, said group after-tax profit for the December quarter was 48.5 million dollars compared to a loss of 3.5 million dollars in the same period in 2007.A company statement said group revenue of Cairn India for the quarter was 43.3 […]
IT Services
Feb 02, 2009 (LBO) – Massachusetts-based Virtusa Corp., an IT services firm with operations in Sri Lanka, said net profit for the December quarter rose 18.9 percent to 6.3 million dollars from a year ago. Virtusa has offices in the United States and the United Kingdom and global delivery centres in Hyderabad and Chennai, India […]
India survive a Kandamby scare
January 31, 2009 (AFP) – Sri Lanka’s Thilina Kandamby smashed a solid 93 not out under pressure, but failed to stop India from posting a 15-run victory in the second one-day international here Saturday.The tourists restricted Sri Lanka to 241 after scoring 256-9 in a day-night match, which was held up for five minutes during […]
Yuvraj props up India with 66
January 31, 2009 (AFP) – Yuvraj Singh smashed a half-century to help India post a competitive 256-9 in the second one-day international against Sri Lanka here on Saturday.The middle-order batsman made an impressive 66 for his 38th half-century after his side had lost three wickets for 83 runs.He steadied the innings with an 85-run stand […]
Capital Short
Jan 31, 2008 (LBO) – Though Sri Lanka’s policymakers and borrowers are expecting banks to give loans, cut interest rates and extend repayment periods, the sector’s ability to bailout the broader economy is limited, officials said. Sri Lanka’s businesses were feeling the impact of local and external downturn from last year. Baited Breath “Even though […]
Mobile Alert
Jan 30, 2009 (LBO) – Sri Lanka has launched a disaster warning system based on mobile phones that can deliver a an alert to millions of mobile phones users within minutes of an event taking place anywhere in the world, an officials said. “As a result of the international linkages we have built, I received […]
Finance Meet
Jan 30, 2008 (LBO) – Sri Lanka’s President Mahinda Rajapaksa had met the heads of banks, finance and leasing companies to discuss recent turmoil and future direction, the president’s office said. Representatives of state and private banks, the Central Bank and Treasury were also in the meeting, held Thursday. The meeting discussed the steps take […]
Support Group
Jan 29, 2009 (LBO) – The Sri Lanka division of the Chartered Institute of Management Accountants would be advised by a 5-member consultative group after the local divisional council was suspended, the accounting body said. CIMA (Chartered Institute of Management Accountants) has appointed a local Consultative Group to advise on the affairs of its Sri […]