Category: Industry
Switched Off
Mar 31, 2008 (LBO) – Sri Lanka has terminated a scheme that gave tax-slashed cars to state workers from today and no new applications would be entertained, the finance ministry said. State workers who have been issued tax slashed import permits but have not opened letters of credit by March 31 would not be able […]
‘s national carrier
March 30, 2008 (AFP) – Dubai’s Emirates Airlines said Sunday it would stop sharing routes with Sri Lanka’s national carrier when its decade-long management contract expires this month.“Code share arrangements between Emirates and SriLankan Airlines will cease from 31st March 2008 with the expiry of the management agreement,” Emirates said in a statement released here. […]
Oil Wealth
March 30, 2008 (LBO) – Sri Lanka has an opportunity to tap capital surpluses of oil-rich Gulf countries like Qatar as well as export professional services for a booming construction industry there, a senior Gulf banker said.R Seetharaman, chief executive of Doha Bank, the largest private commercial bank in the State of Qatar, said the […]
Market Play
Mar 30, 2008 (LBO) – Standard Chartered Bank which won a deal to raise 150 million dollars for the government earlier this month, is well positioned to boost fee based services, a top official said. A top player in foreign exchange markets and hedging products in the island, Standard Chartered Sri Lanka’s after tax profit […]
Plastic Competition
March 30, 2008 (LBO) – The emergence of non-bank entities that issue cards for payment services are a threat to traditional commercial banks, a Sri Lankan central banker said. The payments system is being transformed by new information technology and the integration of financial markets which has led to the emergence of non-bank actors, said […]
Windies legends demand shake-up after defeat to Sri Lanka
PORT-OF-SPAIN, Trinidad, March 28, 2008 (AFP) – West Indies legends Desmond Haynes and Deryck Murray have called for a major shake-up in the structure of cricket in the Caribbean in order to drag the team out of the doldrums. The comments of former Windies captain and opening batsman Haynes, and former vice-captain and wicketkeeper Murray, […]
New Wavelength
March 29, 2008 (LBO) – Sri Lanka needs transparent telecom regulation and lower costs to encourage the information technology business and become a ‘knowledge economy’, says a new World Bank study. Transparent and consistent regulation was important to encourage private investment in the IT sector which was important for the development of the industry, knowledge […]
Flight problems ground Sri Lanka tour match
SCARBOROUGH, Tobago, March 27, 2008 (AFP) – Sri Lanka’s scheduled three-day tour match against West Indies ‘A’, planned for this weekend, was cancelled on Thursday because of flight problems. The match had been scheduled for Shaw Park from March 29 to 31, but it has become the latest victim of the Caribbean’s erratic airline services. […]
Sri Lankan Airlines to get treasury secretary as new chairman
March 28, 2008 (LBO) – Sri Lanka’s government has appointed treasury secretary P B Jayasundera as chairman of the national carrier SriLankan Airlines, whose management deal with Emirates Airline expires at the end of March. The government which owns 51.05 percent of the airline has also appointed Sunil Wijesinha, present chairman of tableware exporter Dankotuwa […]
Capital Quiz
March 28, 2008 (LBO) — A quiz on capital markets hosted by investment research outsourcing firm Amba Research is on track to have more teams this year with accounting bodies joining universities in the event. “Unlike last year, in addition to universities, we will be opening up this event to ACCA/CIMA institutes as well. We […]
Private Equity
March 28, 2008 (LBO) – Trading in Sri Lanka’s Sampath Bank shares was halted briefly Friday after the bank announced it was in talks with an international private equity company about a possible investment. Sampath Bank is holding talks with ShoreCap International Ltd. (SCI) regarding a possible investment by ShoreCap in the bank, Sampath said […]
Risk Cap
Mar 28, 2008 (LBO) – Sri Lanka’s central bank has limited the risk premium of one year deposit rates of finance companies to 2.5 percent above Treasury bills, from an existing rate of 3.0 percent, the regulator said. The benchmark rate applicable is the weighted average T-bill rate of the preceding quarter. In 2005 the […]