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Sri Lanka hotels have room to cut running costs with less energy, water: IFC study
June 04, 2013 (LBO) – Sri Lanka’s larger hotels are starting to use energy and water saving technology but there is potential to save operating costs including in those under construction, a study has found. International Finance Corporation a World Bank unit said among the three, four and five star hotels surveyed good practices were […]
Sri Lanka logistics drive will help growth: IMF rep
June 04, 2013 (LBO) – Sri Lanka drive to invest in ports, airports and ground transport will help the island link itself to the global trade, drive exports and growth, an International Monetary Fund official said.Global trade which plunged 20 percent in 2008 and 2009 has started to recover from 2010 and has now grown […]
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June 03, 2013 (LBO) – Fitch Ratings has given a ‘BBB+(lka)’ expected rating to a proposed 1.25 billion rupees senior debenture issue by Singer Finance (Lanka) Plc. Rating Sensitivities Any changes in Singer’s ability or willingness to extend extraordinary support, as reflected in a change to Singer’s rating, a material reduction in Singer’s ownership in […]
Fire Fight
June 3, 2013 (LBO) – A fire at a general cargo warehouse at Sri Lanka’s Colombo Port which resulted in about 600 million rupees of damage appeared to have been caused by falsely declared dangerous chemicals, officials said.Sri Lanka Ports Authority Chairman Priyath Wickrama said 461 customers had given information about the cargo imported and […]
Speed
June 3, 2013 (LBO) – Mobitel, a unit of Sri Lanka Telecom, said mobile fourth generation (4G) broad band services had gone live in Colombo, Galle, Hambantota, Jaffna, Kalutara, Kandy, and Matara.Enterprises can benefit from the service as it is reliable and has higher average speeds of Mobitel’s mobile 4G-LTE service which is backed by […]
Cricket: Fixing scandal casts cloud over Champions Trophy
SOUTHAMPTON, United Kingdom, June 03, 2013 (AFP) – The world’s leading cricketers gather for the Champions Trophy in the UK that starts this week against the backdrop of a growing fixing scandal emerging from the Indian Premier League, which has already claimed several high-profile casualties.Such is the extent of the crisis, Narayanswamy Srinivasan, the seemingly […]
Sri Lanka state bank dividends, levies boost revenues
June 03, 2013 (LBO) – Sri Lanka’s state banks and insurance funds have contributed 23 billion rupees or about 0.3 percent of gross domestic product to state revenues in 2012, official data showed. State enterprises such as Lak Sathosa also operate without paying value added tax. Corrected, revenues of 2013
Sri Lanka needs quick, cost-based energy tariffs: Treasury
June 3, 2013 (LBO) – Sri Lanka needs quick cost-based energy pricing to avoid balance of payments pressure and stop bank credit being used for consumption, a finance ministry report has said.The overall national savings rate is further undermined by the deficit in the current account of the budget, where the state spends in current […]
Sri Lanka cigarette production down 15-pct
June 01, 2013 (LBO) – Sri Lanka’s cigarette production has slumped 15 percent over two decades to 4.27 billion sticks and 21 percent of the male population and 0.8 percent of the female population still smoked, a media report said.The Island newspaper quoted the Pubudu Sumanasekara, the Alcohol and Drug Information Centre (ADIC), an anti […]
Cricket: Kohli, Karthik tons help India beat Sri Lanka
BIRMINGHAM, United Kingdom, June 01, 2013 (AFP) – Virat Kohli and Dinesh Karthik both hit centuries as India warmed up the forthcoming Champions Trophy with an impressive five-wicket win against Sri Lanka at Edgbaston on Saturday.Mahendra Singh Dhoni’s team looked up against it when Sri Lanka posted an imposing total of 333-5 after being put […]
Financial Expansion
May 31, 2013 (LBO) – A new finance company unit of Sri Lanka’s Richard Peiris group will focus and core hire purchase and leasing but expects to gain an from group synergies, officials said.Richard Pieris Arpico Finance, a Central Bank registered firm, has been capitalized with 400 million rupees and which will be topped up […]
Cyber Charge
SINGAPORE, June 01, 2013 (AFP) – US Defense Secretary Chuck Hagel on Saturday accused Beijing of involvement in cyber espionage against Washington in a speech at a Singapore security forum attended by Chinese military officials.China kept up a steady campaign of hacking in 2012 that included attempts to target US government computer networks, which could […]