Category: Industry
Price Tactics
February, 13 (LBO) – Ceylon Petroleum Corporation will hold fuel prices steady this month with the help of a tax cut on petrol, a top official said. The CPC is expecting a 5 rupee temporary lifting of excise duty on a litre of petrol, CPC Chairman Ashantha de Mel said. The CPC would have made […]
Oil Pinch
February, 13 (LBO) – Lanka IOC, a unit of the Indian Oil Corporation, is poised to grab more market share from the country’s dominant state-owned petroleum distributor and gain from a leaner cost base, an equities research house has said. LIOC shares slid below 30 rupees last year after disputed subsidy claims hit the firm’s […]
Microsoft Mobile
HONG KONG, Feb 12, 2007 (AFP) – Microsoft announced Monday its new version of its Windows operating systems for mobile devices and said it won new Asian partners hoping to gain more market share from competitors, Symbian and Nokia. The US computer giant said Windows Mobile 6 has been added new features previously only available […]
GSM Olympics
BARCELONA, Spain, Feb 12, 2007 (AFP) – Leaders in the mobile phone industry gathered in Barcelona on Monday promising faster connections, more fun and cheaper calls at the start of one of the biggest trade shows for the sector. The 3GSM event is expected to draw 60,000 people over the next four days with 1,300 […]
Safety Revenue
February 12 (LBO) – The life business of Janashakthi Insurance grew by 26 percent in the year to December with branch expansion driving new business, while total gross premium reached 4.1 billion rupees, the company said Monday. Life business volumes reached 1,025 million rupees with first year life premiums growing by 37 percent to 479 […]
Safe Deal
February 12 (LBO) – Sri Lanka wants an investment protection agreement with the Maldive Islands, visiting Sri Lanka Mahinda Rajapakse said, while calling for expansion of bi-lateral trade and joint action on tourism. The islands need foreign labour to run its booming low-inflation economy. . Sri Lanka’s top business conglomerates, such as John Keells and […]
Steady Business
Feb 12 (LBO) – Rating agency Fitch Lanka affirmed Central Finance Company’s A+(lka)’ long-term rating on the strength of its vehicle financing business, with the firm also branching out into real estate. The company holds a 20 percent stake in licensed commercial bank Nations Trust Bank, and also has interests through associate and subsidiary companies […]
Alien Invasion
Feb 12, 2007 (LBO) – In the deep south of Sri Lanka, native vegetation at a fragile wetland nature reserve is being chocked-out by an implacable foreign invasion. The Bundala national park, designated a globally valuable resource under the Ramsar convention on wetlands, covers 3698 hectares of scrub jungle and water bodies bordering the coast […]
Cricket: World Cup chiefs put gloss on delays
PORT OF SPAIN, Feb 10, 2007 (AFP) – World Cup organisers on Saturday shrugged off increasing worries over stadium delays and rocketing hotel prices despite cricket’s global showpiece getting underway in four weeks’ time. Trinidad’s famous Queen’s Park Oval is still not finished, practice pitches in Jamaica have yet to be completed while a hotel […]
‘s thrilling win
RAJKOT, India, Feb 11, 2007 (AFP) – Kumar Sangakkara cracked a robust 110 under pressure to set up Sri Lanka’s exciting five-run victory over India in the second one-day international here on Sunday.India needed 11 runs in the last over with three wickets in hand to surpass Sri Lanka’s total of 257-8 but they ended […]
Flying Blind
February 10 (LBO) – SriLankan Airlines’ strategic decision-making has been hit by uncertainty over a management deal between its two main shareholders, a top official said. SriLankan is majority owned by the government of Sri Lanka, but its management was given to Emirates when the Dubai based airline bought a 40 percent stake in 1998. […]
Hello Hello
February 09 (LBO) – Sri Lanka Telecom’s profits surged in the last quarter by 160 percent driven by strong revenue growth taking annual profits up by 76 percent, results released Friday showed. SLT’s group revenue with mobile services rose 25 percent to 40 billion rupees in the year to December, while profits after-tax grew to […]