Category: Industry
Stand Off
Dec 19, 2008 (LBO) – Sri Lanka’s cabinet of ministers had not revised oil prices after meeting for a second time, with a court decision to cut prices still to be officially conveyed, an official said. The cabinet is expected to meet again on the issue, he said. Sri Lanka’s Supreme Court directed the government […]
Bangla Buy
Dec 18, 2008 (LBO) – Sri Lanka’s listed NDB Bank is taking control of Capital Markets Services Ltd, a licensed merchant bank in Bangladesh, the bank said. The investment was subject to unspecified conditions, NDB said. The bank had received approval from Sri Lanka’s central bank and finance ministry. NDB said in a stock exchange […]
Sri Lanka apparel exporters win time in GSP deal
Dec 17, 2008 (LBO) – Sri Lankan apparel exporters say a temporary extension of a scheme giving duty free access to European markets provides time to recover lost orders, cut costs and ensure compliance with its eligibility criteria. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Sri […]
Oil Commission
Dec 16, 2008 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation (CPC) was instructed to consider a bigger commission to its dealers, by the island’s Supreme Court, as part of directions issued on a new pricing formula.CPC’s newly appointed chairman, Asoka Thoradeniya was instructed to discuss the issue with Laugfs, a distributor that went to […]
Emirates includes Sri Lankan firms in frequent flyer program
Dec 16, 2008 (LBO) – A frequent flyer program targeted at small and medium enterprises by Emirates, launched in the UAE in May 2008, has now been made available to Sri Lankan firms, the airline said. The ‘Business Rewards’ scheme allows a firm to earn flying miles whenever a registered employee books through the scheme. […]
Sri Lankan Airlines drops flights to some Indian cities
Dec 16, 2008 (LBO) – Sri Lankan Airlines is dropping flights to Calicut, Cochin, Coimbatore and Hyderabad, from January 15, but increasing flights to more popular destinations including, Maldives, the airline said. The airline said the suspension of services to the four Indian cities will not affect the country’s tourism or export industry. Flights to […]
Berry Boost
Dec 16, 2008 (LBO) – Dialog Telecom, Sri Lanka’s largest telco, says the introduction of Blackberry mobile devices has boosted productivity at Brandix, a top apparel firm that has become its largest user. Blackberry allows users to check and respond to mail, download attachments and also use calendars and address books. Dialog says it is […]
Trial Balance
Dec 16, 2008 (LBO) – The Sri Lanka unit of UK-based Chartered Institute of Management Accountants (CIMA) said its local branch will not be shut and services to students and members would continue, following the suspension of its local council. “The branch will not be closed,” the Colombo unit said in a statement. “The only […]
Global Sakvithi
PALM BEACH, December 16, 2008 (AFP) – The crime scene, according to prosecutors, is the 17th floor of a stately New York office building, where Bernard Madoff may have engineered the most costly investment swindle in history.But nowhere was the deception felt more personally than in Palm Beach, Florida, the small and affluent island community […]
Top Ponzi
MADRID, December 15, 2008 (AFP) – European banks were counting at the weekend the damage from the investment scandal involving New York trader Bernard Madoff, with Spain’s largest bank Santander saying a subsidiary may have lost more than three billion dollars.Madoff is alleged to have lost 50 billion dollars of investors’ money in a giant […]
Court Formula
Dec 15, 2008 (LBO) – Sri Lanka’s Supreme Court said the island’s taxation of petroleum products was irrational and asked the Treasury not to tax petrol more than 100 percent of cost and margins. He rejected suggestions that diesel was sold at a loss, saying the government was charging 21 rupee of taxes a litre. […]
Sri Lanka Asian Alliance Insurance BB+ rating confirmed by RAM
Dec 15, 2008 (LBO) – RAM Ratings has confirmed the BB+ claims-paying ability rating of Sri Lanka’s Asian Alliance Insurance (AAI) with a stable outlook. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 RAM Ratings said the rating is premised on the firm’s growing franchise in the […]