Category: Industry
Oil Row
June 19, 2008 (LBO) – Sri Lanka has ordered a local unit of Indian Oil Corporation to sell diesel on par with state-run Ceylon Petroleum Corporation or face sanctions, after the Indian firm raised diesel prices in response to a new tax. Lanka IOC raised the price of diesel by 20 rupees to 130 rupees […]
Sri Lanka agro-exports under threat if GSP+ is lost: exporter
June 19, 2008 (LBO) – A top Sri Lankan fruit and vegetables exporter which is pushing commercial agriculture in the poorest areas of the island says a withdrawal of European trade concessions would hit the high value agro export sector. The group also exports Spanish peppers, silver-skin onions as well as other fruits and vegetables […]
‘s Ceylinco Life says PDAs to enhance sales
June 19, 2008 (LBO) – Sri Lankan insurance firm Ceylinco Life said it was arming its sales force with Personal Digital Assistants or PDAs in an effort to increase sales using the palm-top devices. The company said in a statement the launch of ˜e-assist’, a PDA-based “mobile insurance sales office”, will improve the way insurance […]
Infotel 2008
June 19, 2008 (LBO) – Sri Lanka’s largest information technology exhibition to be held during a nationally declared ICT week in October will showcase the software hardware and the opportunities for IT enabled services, organizers said.The ninth Infotel Lanka Exhibition is part of the Information Communication Technology (ICT) week which will commence on 27 October. […]
Banking Synergy
June 19, 2008 (LBO) – Sri Lanka’s Hatton National Bank (HNB) and DFCC Bank have set up a joint venture investment bank that they said would be better able to compete in local and regional markets. The joint venture called Acuity Partners (Pvt) Ltd., with an initial capital of 500 million rupees, will see the […]
Not Correct
HONG KONG, June 18, 2008 (AFP) – China has no plans to try and dominate the shipping lanes of the Indian Ocean, its ambassador to India said in Hong Kong Wednesday. “We don’t have such an intention to establish a chain to encircle India,” said ambassador Zhang Yan at a lunch held by the Asia […]
Cricket Online
June 18, 2008 (LBO) – Sri Lanka’s national cricket team captain Mahela Jayawardena has gone online with information technology company Cryptodyne to communicate with the island’s youth and raise funds for a cancer hospital project. “The most important thing for me was to communicate with younger kids,” Jayawardena told LBO at the inauguration of his […]
Ocean Outlook
June 18, 2008 (LBO) – Sri Lanka’s Chamber of Construction Industry is pressing for the setting up of an institutional and legal framework to exploit the island’s offshore resources. “It appears that our economic survival will depend on our ability to exploit our offshore resources,” said Dakshitha Thalgodapitiya, chief executive of the Chamber of Construction […]
China begins sensitive Xinjiang torch relay leg
URUMQI, June 17, 2008 (AFP) – China Tuesday kicked off the Olympic torch relay’s sensitive leg through Xinjiang, a largely Muslim western region where Beijing acknowledges there are ethnic tensions. Under sunny skies, the regional capital Urumqi was largely shut down with police checkpoints restricting movement throughout the normally bustling city as the relay got […]
Sri Lanka power utility engineers seek ouster of chairman
June 17, 2008 (LBO) – Sri Lanka powerful electricity engineers’ union has started a work-to-rule campaign ahead of a full blown trade union action demanding the ouster of the state-run utility’s chairman, a union official said. The Ceylon Electricity Board Engineers’ Union (CEBEU) had decided to start the work-to-rule campaign at a special general meeting […]
Sri Lanka Janashakthi Insurance gets Rs800mn in subscriptions
June 17, 2008 (LBO) – An initial public offer of Janashakthi Insurance has so far received 5,500 applications worth 800 million rupees, an official said after closing the issue on the opening day yesterday. Ceylinco Insurance, a listed insurance firm, is hoping to raise 1.4 billion rupees through a follow on offer of non-voting shares […]
Leasing Funds
June 17, 2008 (LBO) – Sri Lanka’s People’s Leasing Company (PLC), a unit of state-run People’s Bank, will sell a 200 million rupee 12-month debenture, Fitch Ratings, which gave the issue an ”F1(lka)’ rating, said. A ‘F1(lka)’ national short-term rating indicates the strongest capacity for timely payment of financial commitments relative to other issuers or […]