Category: Industry
Soft License
Sept 24, 2008 (LBO) – The Sri Lanka unit of Toroid, a Scandinavian transformer maker has licensed Microsoft software for its factories in an export processing zone in the island, Microsoft said.The software firm said its ‘Microsoft Enterprise Agreement’, which is tailored for use by firms that have more than 250 workstations, could bring savings […]
Sri Lanka tourist trade to boost local travel as foreign arrivals fall
Sept 24, 2008 (LBO) – Sri Lanka’s tourism promotion agency has launched a campaign to encourage local travel as part of efforts to revive the industry, hit hard by escalating conflict that has reduced foreign arrivals. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 “We see untapped […]
‘s Move
NEW YORK, September 23, 2008 (AFP) – Tycoon Warren Buffet’s Berkshire Hathaway has agreed to buy five billion dollars of stock in Goldman Sachs, and could double its stake within five years, the Wall Street bank said late Tuesday. Under the terms of the agreement, Berkshire Hathaway is buying five billion dollars of perpetual preferred […]
Legal Promise
Sept 24, 2008 (LBO) – Sri Lanka will bring in tighter laws to nab fraudsters who run fraudulent deposit scams, a government minister said, after the collapse of the latest Ponzi-style high yield scheme. Minister Ranjith Siyambalapitiya was responding to a question from parliamentarian Wimal Weerawansa. A person calling himself Sakvithi Ranasinghe had collected hundreds […]
Finance Merger
Sept 24, 2008 (LBO) – Sri Lanka’s Ceylinco Finance said it plans to merge with its subsidiary Asian Finance in a seven for two share swap. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The company said in a stock exchange filing that the merger and share […]
Chinese Partners
Set 24, 2008 (LBO) – HSBC Sri Lanka said it had arranged a 45 million US dollar loan backed by Sinosure, China’s export credit agency, to fund an expansion of Sri Lanka Telecom’s cellular unit Mobitel. Leisha De Silva Chandrasena, chairperson of Sri Lanka Telecom, says the expansion project will provide high speed internet, mobile […]
Sri Lanka August tourist arrivals fall, winter bookings better: official
Sept 23, 2008 (LBO) – Tourist arrivals in to Sri Lanka in August fell sharply from a year ago but bookings for the winter season look promising for hoteliers, tourism chief Renton de Alwis said. Sri Lankan hoteliers have said the industry has been affected by bad publicity in tourism generating markets caused by fighting […]
Circular Strategy
WASHINGTON, September 23, 2008 (AFP) – The conversion of Goldman Sachs and Morgan Stanley to regulated commercial banks marks the end of an era of independent Wall Street investment firms and a separation in the industry since the 1930s. The change, announced late Sunday by the Federal Reserve, closes the door on the last two […]
Liquidity Shock
SINGAPORE, September 23, 2008 (AFP) – Crude oil traded mixed in Asia on Tuesday after the benchmark New York futures contract soared more than 16 dollars for its biggest one-day gain ever. The massive price surge stemmed partly from hopes that a US plan to buy tainted mortgage-related assets will save the global economy from […]
Sri Lanka aviation industry targets young people
Sept 23, 2008 (LBO) – Sri Lanka’s aviation industry, including the Air Force, civil aviation authorities and flying schools, are putting themselves on display in Colombo this week vying for the attention of young people, organizers of an aero exhibition said. The exhibition will also provide a chance for young people to interact with professionals […]
Digital Revenues
Sept 23, 2008 (LBO) – Sri Lanka Telecom (SLT), the island’s largest fixed access provider, has launched Internet Protocol Television (IPTV) with a target of reaching 7,000 customers by year end, officials said. Weerasuriya is also talking with education organizations who want to conduct virtual or online classrooms through IPTV with interactive capabilities, which would […]
Fast Links
Sept 23, 2008 (LBO) – Sri Lanka is to award a contract to provide broadband links to 500 rural schools by end 2008, expanding a network in which 1,100 public schools are already connected, officials said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Anura Dissanayake, director […]