Category: Industry
Terminal Appeal
Apr.06 (LBO) – Engineers of the Colombo Port are urging the president to speed up a project to modernise the port’s computer system, which will improve efficiency and maintain its position as a hub port.The Sri Lanka Ports Authority Engineers Union has appealed to President Mahinda Rajapakse to fast track the process of commissioning a […]
Adding Layers
Apr.06 (LBO) – Sri Lanka has sought a US$500 million loan from Saudi Arabia to double its oil refinery capacity, Energy Minister A H M Fowzie said Thursday. State-run Ceylon Petroleum Corporation (CPC) had presented a concept paper to the Saudi government, when a ministerial delegation visited the oil kingdom recently. “We asked for a […]
Second Life
Apr.06 (LBO) — Sri Lanka is going ahead with reviving Pramuka Bank and also setting up an institutional framework to recover debts of Pramuka and other state banks, Treasury Secretary P B Jayasundera said. -Jayantha Kovilagodage: jayantha@Â Pramuka Bank will be revived as the ‘Sri Lanka Savings Bank’ with the necessary legislation due to go […]
Wider Reach
Apr.06 (LBO) – Norway plans to step up financial assistance in Sri Lanka following a request by President Mahinda Rajapakse to raise its profile in the island, peace envoy Erik Solheim said Thursday. Solheim, who is also Norway’s International Development Minister, said that Oslo’s financial assistance to Sri Lanka has so far mainly centered on […]
Backward Integration
Apr.05 (LBO) — Cellular operator Mobitel (Pvt) Ltd hopes to double subscriber growth and plans to start test runs for third generation network next month, its chief executive said Wednesday. A fully owned subsidiary of Sri Lanka Telecom, the island’s largest fixed-line operator, Mobitel is on target to complete their US$ 140 to 150 million […]
Oily Row
Apr. 05 (LBO) – India has slapped a countervailing duty of between US$28-32 per metric tonne on vanaspati oil shipments from Sri Lanka, raising the stakes in a trade dispute that has been simmering for several months. -Mel Gunasekera: mel@ Imposed through the recent Indian budget, the levy comes at a crucial time, as both […]
Pakistan Tie
Apr.03 (LBO) – Sri Lanka has asked the Pakistan government to start a Colombo-Karachi ferry service and liberalise air services during President Mahinda Rajapakse’s recent state visit to the neighboring country, a senior government minister said. -Jayantha Kovilagodage: jayantha@ “At the moment there are three flights a week to Pakistan from Sri Lanka, and two […]
Jayasuriya’s Test career ends in pain
KANDY, Apr.04 (AFP) – Former Sri Lankan captain Sanath Jayasuriya ended his Test career on a painful note on Tuesday when he suffered a thumb injury during the second Test against Pakistan here. Jayasuriya, 36, needed several stitches on his right thumb that was split while catching Pakistani opener Imran Farhat in the gully region […]
‘s Test career ends in pain
KANDY, Apr.04 (AFP) – Former Sri Lankan captain Sanath Jayasuriya ended his Test career on a painful note on Tuesday when he suffered a thumb injury during the second Test against Pakistan here. Jayasuriya, 36, needed several stitches on his right thumb that was split while catching Pakistani opener Imran Farhat in the gully region […]
Little Treat
Apr.04 (LBO) – Sri Lanka Tuesday formalised an US$8.5 million grant on top of an already pledged US$7.0 million by Switzerland towards tsunami rebuilding work, the finance ministry said. The additional funds will be used to build owner driven housing programme in Matara and Trincomalee districts. Todate, a total of 8,617 houses have been rebuilt […]
Switching Gears
Apr.04 (LBO) – Sri Lanka’s Associated Motorways Ltd said Tuesday that they had invested Rs. 100 million to start a fully owned leasing company. AMW Capital Leasing Ltd was incorporated on February 23, and the firm is awaiting Central Bank’s approval to start business, AMW’s Company Secretary D Kumarasinghe said in a statement. -LBO Newsdesk: […]
Wired World
Apr. 03 (LBO) – Computer sales in Sri Lanka are forecasted to grow 11 percent by 2011, largely driven by demand from public sector, telecom and financial sectors, an IT study released Monday said. In 2005, sales of new computers rose 11 percent to 102,208 in Sri Lanka, despite risky peace talks and the after […]