Category: Industry
Green Path
August 23, 2007 (LBO) – The spot dollar peaked at 112.35 against the Sri Lanka rupee Thursday as the local currency sought the next resistant level, dealers said. In the cash markets interbank rates remained around 20 percent with more access to the central bank’s discount window. The market closed at 112.30/40 rupees against the […]
Double Talk
August 22, 2007 (LBO) – Hutchison Telecom’s Sri Lanka celco has doubled operating profits in the first half of 2007 and doubled subscribers in the past year, the global telecom giant said. Hutchison Telecom Lanka, the Sri Lankan mobile operations unit of Hutchison Telecom, has saw operating profits double to 31 million Hong Kong dollars […]
Undersea Link
August 21, 2007 (LBO) – Indian telecom operator Bharat Sanchar Nigam Ltd (BSNL) is to increase charges on a submarine cable link with Sri Lanka Telecom that carries voice and data traffic between the two countries. It has also demanded the Indian government withdraw the new service tax and educational tax at 12.5 per cent […]
Guiding Hand
August 21, 2007 Sri Lanka should guide youth to build skills and be more responsive by better awareness of demand conditions, organizers of a national exhibition aimed at matching skills with market needs have said.“We have to create a climate of lifelong learning and provide credible guidance.” “There is a greater responsibility cast on all […]
Insurance Profit
Aug 20, 2007 (LBO) – Sri Lanka’s Asian Alliance Insurance has reported a turnaround with a small net profit of 1.5 million rupees being made in the first half ended June, 2007. This compares with a loss of 8.3 million rupees in the same half last year. In accounts posted for the first six month, […]
Market Surgery
August 20, 2007 (LBO) – Sri Lanka’s Asiri Surgical Hospital Monday confirmed it was in talks to buy a big stake in Asha Central Hospital, another hospital firm listed on the Colombo Stock Exchange (CSE). The Sunday Times newspaper quoted Fernando as saying the transaction will be concluded by the end of the month. Updated […]
Banking Wealth
August 20, 2007 (LBO) – National Development Bank’s net profit for the second quarter ending June 30, 2007 shot up 208 percent to 556 million rupees from 181 million in the same quarter of last year. Net other income of the bank, excluding equity income, for the period was 389 million rupees compared with 320 […]
Afro Factor
August 19, 2007 (LBO) – Sri Lanka™s apparel exports to the United States could get hit if African countries block proposed tariff cuts on exports from developing countries. Bulk of Sri Lanka™s trade falls under World Trade organization rules an international body that is working to put in place a rule based global trading system. […]
India targets 10 million tourists in 2010: report
NEW DELHI, Aug 18, 2007 (AFP) – India aims to double its tourist numbers to 10 million in 2010 when it hosts the Commonwealth Games, a report said Saturday. Indian Tourism Minister Ambika Soni said the numbers visiting the country had grown steadily with 3.92 million tourists in 2005 and 4.43 million in 2006, according […]
Narrower Margin
August 18, 2007 (LBO) – Sri Lanka Telecom (SLT), the island’s only wireline operator, has reported 45 percent lower profits in the June quarter as it sliced 875 million rupees off revenue pending a court decision on a case filed by a consumer organization. SLT reported 560 million rupees of consolidated profits down from 1,000 […]
Natural Harbour
August 18, 2007 (LBO) – Sri Lanka’s eastern port of Trincomalee is to be developed as an eco-port with the emphasis on exploiting its value as a marine habitat, an official said. Sri Lanka Ports Authority (SLPA) chairman Saliya Wickramasuriya said Trincomalee will not be developed for industrial activity or to handle containers. This is […]
Looking Up
August 17, 2007 (LBO) – Sri Lanka’s Seylan Bank June quarter profits surged 78 percent with revenues going up by 21 percent despite flat loan growth, interim results filed with the Colombo Stock Exchange showed. Group net profit after tax grew to 458.6 million rupees in the three months ended June 2007 from 257.7 million […]