Category: Industry
Joint Effort
March 14, 2008 (LBO) – South Asian countries should reduce transaction costs and take measures to protect employment-intensive industries to reap more effective gains from a regional free trade deal, a new study has said. The study on the benefits of the South Asia Free Trade Agreement (SAFTA) shows that it will contribute to stronger […]
Nursery Rhyme
March 14, 2008 (LBO) – Country music singers from the UK and Germany will perform at the annual ‘Country Roads’ concert this Sunday, the 16th in a series whose main aim is to raise funds for needy children. The show is supported by airlines and local hotels which give transport and lodging for visiting musicians. […]
Terminal Condition
March 14, 2008 (LBO) – The Asian Development Bank and Sri Lanka are holding talks to modify an agreement to avoid further delays in starting work on a bank-funded breakwater for a new port, a senior ADB official said. “The breakwater contract is time critical in that if it is not awarded soon the project […]
No Hike
March 13, 2008 (LBO) – Sri Lanka’s petroleum utility will not raise retail fuel prices at least until the traditional April Sinhala and Hindu New Year festival, despite record crude oil prices, petroleum minister A H M Fowzie said. The state-owned petroleum utility Ceylon Petroleum Corporation (CPC) will use profits from overcharging hapless petrol uses […]
Sri Lankan graphite miner increases profit with powder exports
March 13, 2008 (LBO) – Sri Lankan graphite miner Bogala Graphite Lanka said its net profit for 2007 was boosted 51 percent to 34.5 million rupees from the year before w by a new plant making high value powders. The plant can produce 29 grades of ‘classified graphite powders’ for export to end-users in the […]
Sri Lanka to raise power tariffs from March 15
Mar 13, 2008 (LBO) — Sri Lanka would raise power tariffs from March 15 by slapping a 30 percent fuel recovery charge on most users and taking away subsidies now given to industries and religious institutions, a senior minister said.“This government is already giving a fertilizer subsidy to farmers and building infrastructure, so we cannot […]
Premium Rules
March 13, 2008 (LBO) – General insurance premiums must be settled within 60 days so that the insured have the ability to claim and for insurers to avoid solvency difficulties, Sri Lankan insurance companies and the regulator said. They said the regulator, the Insurance Board of Sri Lanka (IBSL), has instructed insurance firms to attach […]
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,” […]
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 […]
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 […]
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 […]