Category: Industry
Olive Branch
June 9, 2006 (LBO) — Sri Lanka plans to repay millions of dollars due to the troubled fuel retailer Lanka IOC, in cash and bonds to meet immediate purchases of petrol stocks, the Indian firm said Friday. To date, Colombo owes the Indian fuel retailer over 76 million dollars in unpaid subsidies for selling fuel […]
Trade Swap
June 08 (LBO) – The Asia Pacific Trade Agreement between six Asia Pacific countries including Sri Lanka will kick off on July 1 this year, offering deep tariff cuts on several goods. Sri Lanka will enjoy margins of preference of up to 50 percent on goods like coconut products, spices, tea and rubber to Bangladesh, […]
New Broom
June 08 (LBO) – The newly set up, state-sponsored Lanka Puthra Development Bank is to begin operations by the end of this month, but the bank, which has no branch network, has to find a way to reach rural customers. We will provide loans of a million rupees and more, at competitive interest rates for […]
Cash Cow
June 7, 2006 (LBO) – Private fixed line operators are among the few trying to lay their hands on the fifth mobile phone license which has come up for grabs in Sri Lanka, industry sources said. Sri Lanka’s Telecommunications Regulatory Commission (TRC) Monday invited local and foreign companies with experience in third generation technology to […]
Sealed Link
June 07 (LBO) – Authorities in Sri Lanka shut down pay television channel CBNSat which was using satellite communications technology without proper approval, police said Wednesday. -LBO Newsdesk- CBNSat which rebroadcast a number of local and foreign television channels was scheduled to have a formal launch of its services shortly, with packages priced between 500 […]
Safe Investment
June 7 (Dow Jones) – Sri Lanka’s Richard Pieris & Co. said Wednesday it would make a capital gain of 125 million rupees (1.2 million dollars) from the sale of a 21 percent stake in listed Associated Motorways. The diversified company sold its entire stake of 1.75 million shares in Associated Motorways for around 578 […]
Big Bucks
BANGALORE, India, June 6, 2006 (AFP) – US technology giant IBM said Tuesday it will triple its investments in India to six billion dollars over the next three years, recognising India’s dominance in the global outsourcing industry. “In the next three years, we will triple our investments in India from two billion dollars over the […]
Oil Strikes
NEW DELHI, June 6, 2006 (AFP) – A sharp hike in Indian fuel prices sparked uproar against the government Tuesday as both its communist allies and the main opposition Hindu nationalist party vowed nationwide protests. Even senior members of the ruling Congress party demanded the rollback of the rise aimed at bringing fuel prices closer […]
Desperate Times
June 06 (LBO) – Lanka Indian Oil Corporation has asked the Treasury for a billion rupees of its unpaid subsidy bill to buy fuel, as petrol stocks threaten to run dry in two days. The government owes the company Rs. 7.44 billion in unpaid subsidies as at end March this year, with the firm saying […]
Against Odds
June 6, 2006 (LBO) – Diversified Hemas Holdings Ltd Tuesday posted a 16 percent growth in full-year profits for the year ended March 31, 2006, boosted by strong earnings in power, consumer products and transport. Hemas a family controlled conglomerate core business lies in health and personalcare products, power generation, leisure and transport. HEMAS HOLDINGS […]
Facelift
The newly re-constituted Strategic Enterprises Management Agency (SEMA) says it is reviewing all state institutions under its management and developing action plans to make them profitable. It’s really a burden to the government, the treasury, and to the people of this country. SEMA will guide these State Owned Enterprises (SOEs) to be profitable ventures, says […]
Mouse Trail
PARIS, June 5, 2006 (AFP) – Nearly one out of two airline tickets issued to travellers is currently in electronic form and paper tickets are on track to disappear completely by 2007, International Air Transport Association (IATA) said Monday.The association, which represents 265 airlines accounting for 94 percent of international air traffic, indicated that it […]