Category: Industry
More Power
March 07, 2007 (LBO) –Mini hydro company Vidullanka has connected a new plant to the national grid the company said Wednesday, which can boost its energy production by more than 66 percent. Vidullanka which operates a 3.2 MegaWatt (MW) plant said a 2MW plant in Batatota has now been connected to Ceylon Electricity Board. The […]
Air Pocket
March 07, 2007 (LBO) – Promoters of three private international airlines in Sri Lanka are running into stormy weather with authorities saying provisional approvals are no longer in effect, while a state-owned carrier completed a test run this week. State-owned Mihin Air completed a test flight to India this week to gain a license, using […]
Sri Lanka cruise to win over Scots
BRIDGETOWN, Barbados, March 5, 2007 (AFP) – Sri Lanka cruised to a comfortable 172-run win over Scotland at the Three Ws Oval here on Monday in their opening World Cup warm-up match.Mahela Jayawardene’s team then move on to Trinidad for their first round Group B matches where they will take on India, Bangladesh and Bermuda […]
Bermuda skipper defends World Cup place after warm-up thrashing
ARNOS VALE, St Vincent, March 6, 2007 (AFP) – Bermuda captain Irving Romaine insisted his side deserved their place at the Cricket World Cup despite losing their opening warm-up match against England by the huge margin of 241 runs. Bermuda’s second and final warm-up match is against Zimbabwe on Thursday.“Today the plan was to field […]
Helping Hand
March 06 (LBO) – Sri Lanka is trying to make it easier for disabled people and the aged to use public transport like trains and buildings, a government official said Tuesday. The conference is jointly organised by the social services ministry, Practical Action-South Asia Programme, Disaster Relief Monitoring Unit of the Human Rights Commission Sri […]
People Power
March, 06 (LBO) – People’s Bank, a state bank has reported consolidated after tax profits of 3,997 billion rupees for, up 28 percent over the previous year, while the bank’s stand alone profits grew 20 percent to 3,350 million rupees, in its 2006 provisional results. The bank’s revenues grew 28.5 percent to 34.95 billion while […]
Vanik Money
March 06, 2007 (LBO) – The merchant bank Vanik Incorporation said it had given 51 percent control of its money broking unit to employees, in a bid to retain skilled staff. Vanik had originally told creditors who had an arrangement with the firm, that it would sell 40 percent of Vanik Money Brokers Ltd (VMBL) […]
Leg Up
March 06 (LBO) –International Finance Corporation (IFC) is looking for opportunities to help top Sri Lankan firms venture abroad, and is aiming to more than double its portfolio over two years, officials said. On Tuesday IFC had signed up with Nations Trust Bank to provide trade finance guarantees, following a similar agreement with National Development […]
’s tourist numbers
March 06, 2007 (LBO) – Visitors from Pakistan and India helped boost Sri Lanka’s tourist numbers in January while shy western Europeans continued to disappoint the war-torn Indian Ocean island. In January 56,000 tourists came to the island up 8.5 percent over the previous year with Pakistani arrivals growing by 171 percent to 2,300 and […]
Defence Support
March 05 (LBO) – Sri Lanka and the United States has signed a deal to give reciprocal logistical support for the military forces of the two countries, the US embassy in Colombo said Monday. The 10-year agreement which will provide a framework for increased interoperability of the forces of the two countries has been signed […]
Joint Deal
March 05 (LBO) – DFCC Bank and Hatton National Bank would set up a joint venture investment bank to takeover and run their corporate finance and capital market businesses, the two banks said Monday. “It is envisaged that the new will also be the group holding company for the other related entities of the two […]
Skills Boost
March 05, 2007 (LBO) – Sri Lanka’s financial regulators are coming together to boost skills of market professionals in a bid to deepen securities and insurance industries. Sri Lanka has a large number of companies, financial institutions, registered financial, leasing and insurance companies, merchant banks, venture capital firms and unit trusts. Sri Lanka’s capital markets […]