Category: Industry
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 […]
Kenya beat Sri Lanka A by two wickets
NAIROBI, Aug 16, 2007 (AFP) – A brilliant 62 from opener Morris Ouma coupled with a patient innings of 24 from captain Thomas Odoyo handed Kenya a thrilling two-wicket win over Sri Lanka A in their tri-series match at the Nairobi Gymkhana on Thursday.Medium pacer Peter Ongondo had earlier restricted the Sri Lankans to 194 […]
Green Revolution
August 17, 2007 (LBO) – Rice farmers in India™s West Bengal made history when they successfully traded carbon credits for cash – with lessons for Sri Lanka taking its first tentative steps in carbon finance. About 33 Indian rice mill owners banded together and agreed to switch from polluting diesel oil they used in their […]
Hospital Play
August 17, 2007 (LBO) – Asha Central Hospitals said Friday several parties were negotiating to buy the controlling stake of the firm after its share price more than doubled to 80 rupees over the week. The firm later bought the property in Norris Canal Road with borrowed funds. More than 80 percent of the company […]
Credit Build
August 17, 2007 (LBO) – Sri Lanka’s banking sector assets had expanded 9.5 percent, with loans rising 11.2 percent against deposit growth of 7.6 percent, the Central Bank which regulates the sector said. . “Banking sector has shown a significant expansion during the first half of 2007 reflecting continued expansion in economic activity,” the Central […]
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 […]
Card Credit
August 17, 2007 (LBO) – Sri Lanka’s HSBC bank, the top credit card issuer in the island has tightened credit card based lending in the face of a spike in defaults, officials said.“We have seen an increase in non-performing advances,” HSBC’s head of personal banking Simon Williams told LBO. “When inflation picks up and expenses […]
Chinese Connection
August 16, 2007 (LBO) – Colombo port has sent dock worker union leaders to study practices in a modern Chinese port and has now won their support for better work norms, a top official said. Sri Lanka Ports Authority (SLPA) chairman Saliya Wickramasuriya said relations between port management and workers was now better than last […]