Category: Industry
Sri Lanka gives go-ahead for Pakistan cricket tour
December 26, 2008 (AFP) – Sri Lanka has given the green light for the national cricket team to tour Pakistan next month in place of India, who cancelled their five-week series over the Mumbai attacks. The Pakistan Cricket Board said it was set to lose at least 25 million dollars as a result of the […]
Sri Lankan rupee overvaluation hurting apparel orders, jobs
Dec 26, 2008 (LBO) – Sri Lanka’s apparel exporters could win back 15 percent of orders now lost due to an overvalued rupee caused by high domestic inflation, if there was a realistic exchange rate, an industry official said. The Sri Lanka rupee has fallen against the US dollar in December after the Central Bank […]
China Plan
BEIJING, December 25, 2008 (AFP) – China has started filling tanks at its largest oil reserve, taking advantage of tumbling world crude prices, state media reported Thursday. The aim of the reserves is to guarantee supply in times of need as the nation’s a growing economy demands ever-more energy to fuel the factories that supply […]
Volatile Price
Dec 24, 2008 (LBO) – The Sri Lanka unit of the Indian Oil Corporation, which slashed petrol prices in response to a Supreme Court order, raised the retail prices back to the earlier level of 122 rupees Wednesday. The entire capital budget of the government is also financed out of debt, and the government has […]
Northern Reach
Dec 24, 2008 (LBO) – Sri Lanka’s Commercial Bank said it would offer ‘Saturday banking’ services at its Nelliady branch in the northern Jaffna peninsula, once a hot-bed of Tamil Tiger insurgency. With effect from January 1, 2009, the branch located in MMV Road, Nelliady, will be open on Saturdays from 9.00 a.m. to 1.30. […]
Rate Spike
Dec 24, 2008 (LBO) – Sri Lanka’s rates spiked, despite excess liquidity and uncertainty heightened amid problems at a Ceylinco group company in a market that was already hurt by unpaid inter bank hedging contracts, dealers said.On Wednesday market excess liquidity rose to 10.6 billion rupees, though the central bank had lent 2.9 billion rupees […]
Harbour Moves
Dec 24, (2008) – The Sri Lankan government is trying to expedite a long-delayed project to call for private investors to build a new terminal in Colombo port, a senior ministry of ports and aviation official said.Ministry secretary Thosapala Hewage the attorney-general, the chief government legal officer, recently gave his opinion on the request for […]
Golden Key
Dec 23, 2008 (LBO) – Thousands of anxious customers of Sri Lanka’s Golden Key Credit Card Company flocked to a conference hall in Colombo to meet Ceylinco group chairman Lalith Kotelawala, and get information on the status of their funds. Golden Key asked customers to come to the BMICH conference hall in Sri Lanka’s capital […]
Gulf Links
Dec 23, 2008 (LBO) – The Sri Lanka Ports Authority (SLPA) said it has struck a deal with Emirates Shipping Line to call at Colombo port. Its Gulf Indian-Subcontinent Africa service connects the Indian Subcontinent and Middle East with East Africa with a scheduled weekly service with short transit times. “The line is using Colombo […]
New Home
Dec 22, 2008 (LBO) – The Sri Lanka Ports Authority (SLPA) said it plans to build a new head office to house its offices now scattered throughout Colombo port and will not buy a hotel as planned previously. The SLPA is trying to get more space inside the harbour for its cargo operations with volumes […]
Fibre Optic
PARIS, December 21, 2008 (AFP) – France Telecom said Sunday that repair work has begun on damage to Mediterranean undersea cables that badly disrupted Internet and telephone communications between Europe, the Middle East and Asia.A 64-crew maintenance boat arrived on site, off the coast of Sicily, at 1400 GMT on Sunday following a two-day journey […]
Key Problem
Dec 22, 2008 (LBO) – Golden Key Credit Card Company is being rehabilitated after it was mismanaged and its chief executive has resigned, Sri Lanka’s Ceylinco group chief Lalith Kotelawala, said in a newspaper advertisement. Kotelawala said Khavan M Perera, chief executive director of Gold Key Credit Card Company Ltd has “admitted mismanagement and voluntarily […]