Category: Industry
Maritime Thrust
Mar 13, 2008 (LBO) – Sri Lanka’s Hemas group wants to expand into ships and port operations after its entry to the sector by starting a shipping agency and capitalize on the island’s position on major sea lanes, an official said. . “The group as a policy has decided to invest in the maritime sector,” […]
Changing Skyline
March 12, 2008 (LBO) – An Indian property developer has inked a deal with Sri Lanka’s investment promotion agency to get tax concessions for an apartment complex in a Colombo suburb. However the interest rate structure started to get corrected last year following tighter monetary policy by the central bank, making less money available for […]
Niche Strategy
March 12, 2008 (LBO) – Sri Lanka’s high inflation, which is shrinking the incomes of consumers, should be reduced to promote economic activity, a top consumer durables firm which is feeling the pinch of rising prices has said. Singer Sri Lanka is targeting high-end customers as the country’s mass market turned sluggish in the face […]
New Day
March 11, 2008 (LBO) – Bharti Airtel Lanka, a subsidiary of India’s Bharti Airtel, said it had pushed back the launch of its mobile service in Sri Lanka to September this year from an original target of March. The firm Tuesday signed a deal with the investment promotion agency, Board of Investment, to spend half […]
Central Numbers
Mar 10, 2008 (LBO) – Sri Lanka’s Central Finance Company group’s December quarter profit went up ten percent to 336.2 million rupees but interest expenses rose 40 percent, interim results showed. . The group’s 2007 December quarter revenue was up 17.4 percent to 1.66 billion from 1.41 billion rupees one year back. Central Finance’s stand […]
Easy Fees
Mar 11, 2008 (LBO) – ACCA Sri Lanka, a branch of the UK accounting body says it has tied up with Nations Trust Bank to give an easy payment scheme for students to pay fees through American Express credit cards. ACCA says it is committed to bringing best practices and governance standards into Sri Lanka […]
Sea Link
March 11, 2008 (LBO) – A unit of Hemas conglomerate has got the Sri Lankan agency for Far Shipping Lines of Singapore which is looking at deploying bigger ships and increase services to Colombo port, an official said. Far Shipping Lines (FLS) currently operates four feeder services connecting the Indian sub-continent and Arabian Gulf with […]
Pricey Fuel
March 11, 2008 (LBO) – Sri Lanka’s state-owned petroleum utility plans to tie up with global ship supplier GAC Ships to sell bunkers or ship fuel in Colombo port, its chairman Ashantha de Mel said. . The Ceylon Petroleum Corporation’s plans to re-enter the bunker market will likely bring down prices in Colombo. “We’re in […]
Sri Lanka Cricket chief fears player exodus
March 11, 2008 (AFP) – Young cricketers may soon opt out of playing for their country because of the huge amounts of money available in the sport, Sri Lanka’s cricket chief Arjuna Ranatunga said on Tuesday. Ranatunga, Sri Lanka’s World Cup-winning captain in 1996, said he was worried about the future of younger players who […]
Sri Lanka Union Assurance profit up amid price war
March 11, 2008 (LBO) – Sri Lanka’s Union Assurance group net profit for 2007 rose 63 percent to 254 million rupees from 156 million rupees the year before but the firm said it was concerned about price competition and high motor claims. General and life insurance premiums grew by 23 percent to five billon rupees […]
Sri Lankan Airlines passenger carriage hits new record
Mar 11, 2008 (LBO) – Sri Lankan Airlines had carried 3.2 million passengers in 2007, up 100,000 from the previous year making it the largest volume of passengers it had carried since its creation in 1979, the airline said. Sri Lankan says it has won an award for being the world’s most efficient operator of […]
Sri Lanka captain says no need to panic
March 10, 2008 (AFP) – Sri Lanka captain Mahela Jayawardene said Monday there was no need to panic following the team’s repeated batting failures in recent one-day internationals.“What we have to remember is that all these guys have made a lot of runs in the past,” said Jayawardene. “Everyone takes responsibility for the failure and […]