Category:
Sri Lanka Vietnam trade up 20-pct in first half
Sept 04, 2013 (LBO) – Trade between Sri Lanka and Vietnam has risen 20 percent in the first half of 2013, Hanoi’s envoy to Colombo Ton Sinh Thanh said.Sri Lanka’s minister of justice Rauf Hakeem and Petroleum Industries minister Anura Yapa had also visited Vietnam. “Trade volume between the two countries in the first six […]
Sri Lanka Forex Association gets new head
Sept 03, 2013 (LBO) – Sri Lanka Forex Association, made up members engaging in dealing Treasury related products in the island’s interbank markets covering 22 banks has elected P A Lionel, as its President. Lionel, a senior deputy general manager at state-run Bank of Ceylon, counts 30 years of experience in banking where 25 years […]
Driving Experience
Sept 03, 2013 (LBO) – German automaker Porsche is expecting to boost sales in Sri Lanka which have been hurt due to tax hikes with its newly launched Cayman model and a hybrid to be introduced soon, officials said.“The market in Sri Lanka is maturing nowadays and we have seen lot of interests in the […]
4G Entrant
Sept 03, 2013 (LBO) – Lanka Bell, a fixed access telephony unit of Distilleries Corporation of Sri Lanka group is to launch fourth generation services.“Lanka Bell will launch a 4G-LTE Network in the next financial year, which will position Lanka Bell amongst the other next generation telecommunication service providers in the country,” chairman Harry Jayawardene […]
Phone Deal
HELSINKI, September 3, 2013 (AFP) – Beleaguered Finnish mobile phone maker Nokia will sell its mobile phone unit to US group Microsoft for 5.44 billion euros ($7.17 billion), it said on Tuesday. NSN, which is specialised in high-speed mobile broadband, was set up as a joint venture between the two companies in 2007, a partnership […]
‘s rupee falls sharply, shares slump almost 3.5-pct
MUMBAI, September 3, 2013 (AFP) – India’s currency fell sharply Tuesday and stocks tumbled nearly 3.5 percent in another major sell-off caused by uncertainty in the Middle East and a new gloomy economic forecast by Goldman Sachs. On Monday, an HSBC survey showed that India’s manufacturing shrank in August for the first time in over […]
Bollywood cuts costs as rupee crisis bites: study
MUMBAI, September 2, 2013 (AFP) – Bollywood producers have long been fond of filming in exotic foreign locations, but the spiralling Indian currency has seen spending on movie sets abroad drop by one third, according to a study released Monday.The Associated Chamber of Commerce and Industry of India (ASSOCHAM) says that the amount spent on […]
Sri Lanka private inflation index surges to 9.9-pct in July
Sept 02, 2013 (LBO) – Inflation in Sri Lanka’s key cities rose 9.9 percent in August 2013 from a year earlier accelerating from 6.1 percent in July, a price index compiled by private citizens showed.The CAL Urban Index, compiled by an investment research house, rose 2.4 percent in August, after falling 1.4 percent in July. […]
Credit Trend
Sep 02, 2013 (LBO) – Sri Lanka’s commercial bank credit to private borrowers hit a 10 months high in July after a reserve ratio cut, while credit to state and state enterprises also surged, official data shows.Only the April fiscal data has so far been released. State cash flow gaps however can also occur due […]
‘s Softlogic gets Burger King franchise
Sept 02, 2013 (LBO) – Sri Lanka’s Softlogic Holdings Plc said it had got the franchise to set up Burger King branded restaurants in Sri Lanka.BK AsiaPac will provide services and operational support for the chain in Sri Lanka. Corrected Soflogic Restaurants (Pvt) Ltd, a fully subsidiary will open three restaurants within a few months, […]
Forestry Case
Aug 02, 2013 (LBO) – A provincial High Court in Sri Lanka is to hear a petition to wind up Touchwood Investments, a Colombo-based forestry firm, according to a newspaper notice placed by lawyers. A notice in Sri Lanka’s Daily News, newspaper said, a resident of Rajagiriya, a suburb of Colombo has petitioned the High […]
Migration
SYDNEY, September 2, 2013 (AFP) – New policies targeting asylum-seekers taking boats to Australia had “broken the back” of the people-smuggling trade, Immigration Minister Tony Burke said Monday, claiming victory on the sensitive election issue. Burke said the ruling Labor party’s plan to send all asylum-seekers arriving by boat to Papua New Guinea and Nauru […]