Category: Industry
‘s Mihin Air seeks cash, merger
May 30, 2008 (LBO) Sri Lanka’s grounded state-run budget airline has sought an 800,000 dollar cash infusion from the Treasury and may be merged with the national carrier, as part of a restructure plan, officials said.Merger The restructuring plan prepared by state-owned Merchant Bank of Sri Lanka, had also suggested the smaller airline merge with […]
Housing Woes
May 30, 2008 (LBO) – Sri Lanka’s Housing Development and Finance Corporation’s (HDFC’s) profits fel 90 percent in the March quarter amid rising interest expenses and a fall in other income, the group’s interim results showed. The group after tax profit dropped to 11.38 million rupees in the quarter ended March 2008, from a previous […]
Sri Lanka business chamber launches e-commerce portal
May 29, 2008 (LBO) – The Ceylon Chamber of Commerce said Thursday it had activated an electronic commerce web portal this week that would help Sri Lankan business to trade internationally. Website visitors have free search facilities to find reliable companies that meet procurement needs and service requirements, and are able to browse through detailed […]
Value Billing
May 29, 2008 (LBO) – Sri Lanka mobile operator TIGO, a unit of Millicom International Cellular says it’s per second billing and lifetime bonus schemes have helped win consumer loyalty for the brand. In Sri Lanka it shares the market with Dialog Telekom, Mobitel and Hutch. “We will never cheat on our consumers, so that’s […]
Full Ahead
May 29, 2008 (LBO) – Colombo Dockyard, Sri Lanka’s sole listed ship builder, said Thursday its March quarter net profit went up 22.5 percent to 245 million rupees from 200 million rupees a year ago. Revenue rose 49.6 percent to 2,968 million rupees from 1,984 million rupees in the same period a year ago, according […]
Wobbly Bubble
May 28, 2008 (AFP) – Oil prices slipped back under 127 dollars on Wednesday, falling further from record highs amid concern about the strength of US energy demand while traders digested Indonesia’s exit from OPEC.“The global economy is facing the third great oil shock of recent decades,” Brown wrote in the The Guardian newspaper. “It […]
Beijing pollution levels hit top of scale 73 days ahead of Olympics
BEIJING, May 27, 2008 (AFP) – Pollution levels in Beijing hit the top of the scale on Tuesday, just 73 days before the Olympics, prompting a government warning for residents with respiratory problems to stay indoors.“Sensitive individuals should avoid going out of doors,” the Beijing Environmental Protection Bureau said on its website, announcing that air […]
Maldives to offer 11 new islands for resort development
May 28, 2008 (AFP) – The Indian Ocean island of the Maldives plans to open 11 new islands to foreign investors to develop upmarket tourist resorts, an official said Wednesday.The government is also building 10 new regional airports to compliment the booming resort development and allow locals to commute quickly between the chain of 1,192 […]
Early Action
May 27, 2008 (LBO) – Financial regulators should take early preventive action and anticipate trouble spots and Sri Lanka’s banks should keep an eye on apparel firms to manage possible future risks, the island’s central bank governor said. “If necessary policy interventions are done ahead of time, interventions requiring cash could be avoided,” Cabraal said. […]
Tight Numbers
May 28, 2008 (LBO) – Sri Lanka’s Samapath Bank group net profits for the March 2008 quarter fell 24.2 percent amidst rising interest costs while revenue grew 23.2 percent, results filed with the Colombo Stock Exchange said. Group gross assets were up 0.4 percent to 137.9 billion rupees. Group net profit after tax grew to […]
Slow Down
May 28, 2008 (LBO) – Sri Lanka’s Seylan Bank March quarter profits fell 36 percent to 135 million rupees amid flat loan growth as high interest rates made it difficult for companies and individuals to borrow. The bank’s interest income grew 31 percent to almost five billion rupees but interest costs rose 48 percent to […]
Gas Conversion
May 27, 2008 (LBO) – Sri Lanka’s will give state assistance to convert petrol driven three-wheeler taxis to liquefied petroleum gas which can slash running costs by 40 percent and clear up pollution, officials said. Minister Alahapperuma says the government is looking at a soft loan scheme to cover at least half of the cost. […]