Category:
‘s Altair residential tower to be built by Shapoorji Pallonji
Feb 11, 2014 (LBO) – A 68-storey lakefront apartment tower tipped to be tallest residential tower in South Asia when completed in 2017 will be built by Shapoorji Pollonji International, a Dubai based construction firm, its promoters said. The ‘Altair’ luxury condominium project by the Beira lake in Sri Lanka’s capital Colombo will be 240 […]
Cricket: Sri Lanka says it had to abstain from ICC vote
COLOMBO, February 11, 2014 (AFP) – Sri Lanka has defended its decision to tacitly support a controversial shakeup of cricket’s world body, saying it was left with no choice after South Africa broke ranks over the move.Sri Lanka, Pakistan and South Africa all opposed the revamp of the International Cricket Council’s (ICC) governance and structure […]
‘s Srinivasan
NEW DELHI, February 10, 2014 (AFP) – A controversial shake-up of the governance and structure of cricket’s world body will benefit the game and ensure its financial health, India’s powerful boss N. Srinivasan said on Monday. “I think it’s good for cricket overall, good for the financial health of all full, associate and affiliate members. […]
‘s finance companies pushed into riskier business: ex-banker
Feb 10, 2014 (LBO) – Sri Lanka’s finance companies, non-bank lenders that lent to riskier clients were taking on more risk due to structural changes in the financial sector, a veteran banker said. Ranjith Fernando, former head of National Development Bank said finance companies served an important function in the economy by catering to customers […]
Sri Lanka stocks close down 0.5-pct
Feb 10, 2014 (LBO) – Sri Lanka shares end 0.51 percent down Monday with tobacco and telco stocks losing ground amid net foreign selling, brokers said. The Colombo benchmark All Share Price Index closed 31.45 points lower at 6,110.27, down 0.51 percent. The S&P SL20 closed 14.87 points lower at 3,354.43, down 0.44 percent. Turnover […]
Risky Business
Feb 10, 2014 (LBO) – Sri Lanka’s finance companies, non-bank lenders that lent to riskier clients were taking on more risk due to structural changes in the financial sector, a veteran banker said.Ranjith Fernando, former head of National Development Bank said finance companies served an important function in the economy by catering to customers who […]
Merger Moves
Feb 10, 2014 (LBO) – Sri Lanka’s banks could benefit from a regulatory move for consolidation, despite heightened short term risks, Standard & Poor’s, a rating agency said. Sri Lanka’s central bank is pushing banks and finance companies to merge, to reduce the total number in operation and make remaining ones bigger. “We believe Sri […]
Asia-Pacific needs nearly 13,000 new planes by 2032: Boeing
SINGAPORE, February 10, 2014 (AFP) – The Asia-Pacific will require almost 13,000 new airplanes worth .9 trillion over the next 20 years, Boeing said Monday, as booming wealth in the region fuels demand for air travel.Ahead of the Singapore Airshow, the US plane maker said 12,820 extra aircraft would be needed by 2032 and that […]
Sri Lanka exports up 6.3-pct, imports down 6.2-pct in 2013
Feb 10, 2014 (LBO) – Sri Lanka’s exports rose 6.2 percent to 10.38 billion US dollars in 2013 from a year earlier and imports fell 6.2 percent to 17.99 billion US dollars, the Central Bank said.In December 2013 exports rose 13.2 percent from a year earlier to 986.1 million US dollars with industrial products up […]
What to do about incompetent state enterprises in Sri Lanka
Feb 10, 2014 (LBO) – SriLankan Airlines is expected to lose 25 billion rupees in 2013-14. In the previous year, it lost 22 billion rupees. This annual loss by one state-owned enterprise is more than double the amount doled out by the government in one year as Samurdhi payments. The Lakvijaya coal-fired power station in […]
‘s roads
NEW DELHI, February 8, 2014 (AFP) – India’s Maruti Suzuki said Saturday it had halted production of its iconic first small car, the Maruti 800, which revolutionised road transport for millions of Indians.The boxy, four-seater hatchback — the first car ever owned by many Indian middle class families — first rolled off the production line […]
Pope agrees to Sri Lanka trip, honours Korean martyrs
VATICAN CITY, February 8, 2014 (AFP) – Pope Francis on Saturday turned his focus to Asia, announcing a possible trip to Sri Lanka and approving the beatification of 124 Korean martyrs. Asia has repeatedly been tipped as a destination for possible papal trips as Francis’s predecessor Benedict XVI did not travel there during his eight-year […]