Category: Industry
State Fat
June 01, 2008 (LBO) – Sri Lanka needs to market price energy and consumers are now not only paying for the rise in international prices, but also for the high expenditure involved in operating the public sector, a think tank has said. Referring to official statements that the fuel import bill this year may be […]
Bolt electrifies with 100m world record of 9.72sec
NEW YORK, June 1, 2008 (AFP) – Jamaica’s Usain Bolt clocked a 100m world record of 9.72sec Saturday to electrify the Reebok Grand Prix athletics meeting.The 21-year-old broke the previous record of 9.74 set by compatriot Asafa Powell in Rieti, Italy, on September 9, 2007. With a favorable wind of 1.7m/sec, Bolt finished ahead of […]
Sri Lanka hydro power capacity boosted by heavy rains
June 01, 2008 (LBO) – Heavy monsoon type rain from Saturday is bringing much needed water to Sri Lanka’s hydro power generation system though parts of the island are threatened by floods. Hydro complexes in the upper reaches of the Kelani River in particular had received more than 100 millimeters of rain yesterday, with some […]
Banking Numbers
June 01, 2008 (LBO) – Sri Lanka’s National Development Bank said group net profit for the March quarter rose 16 percent to 349 million rupees from a year ago with loan growth slow but with a tight control on bad loans. Total group income went up 45 percent to three billion rupees in the quarter […]
Chartered Profits
June 01, 2008 (LBO) – Standard Chartered Bank of Sri Lanka posted 44 percent growth in profits for the 2008 March quarter following a 22 percent growth in interest income, the published interim results showed. Standard Chartered’s deposit base grew at a slower pace of six percent to 55.59 billion rupees. Total assets stood at […]
Wireless Access
May 30, 2008 (LBO) – Sri Lanka’s wireless operator Lanka Bell has launched wireless broadband services offering hi-speed internet connectivity for home and enterprise users, the company said. “For home users it could be a great aid to education and social interaction.” Lanka Bell says it has a subscriber base of nearly one million. The […]
Burst Bubble?
May 30, 2008 (LBO) – World oil prices held steady in Asian trade on Friday after sharp falls on concerns over falling demand in the United States and other developed countries, analysts said.New York’s main oil futures contract, light sweet crude for July delivery, was 17 cents lower at 126.45 dollars a barrel after losing […]
‘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 […]