Category: Industry
Spilleth Over
Jan 13 (LBO) – The largest storage reservoir in the Sri Lankan hydro – electrical generation system spilled early Friday morning, for the first time sicne 1997, a Ceylon Electricity Board (CEB) official said. Jan 13 (LBO) – The largest storage reservoir in the Sri Lankan hydro – electrical generation system spilled early Friday morning, […]
South Asian Footprint
ICICI Bank, India’s second-largest bank by assets, commenced business in Sri Lanka Thursday, with an eye on getting a slice of the growing bi-lateral trade and inward remittance market, officials said.ICICI Bank, India’s second-largest bank by assets, commenced business in Sri Lanka Thursday, with an eye on getting a slice of the growing bi-lateral trade […]
Weak Knees
Sri Lanka’s State Mortgage & Investment Bank (SMIB) was downgraded by Fitch Ratings Lanka to A (sri) from A+ (sri) on deteriorating asset quality and high exposure to interest rate risks, Fitch said Thursday. Sri Lanka’s State Mortgage & Investment Bank (SMIB) was downgraded by Fitch Ratings Lanka to A (sri) from A+ (sri) on […]
Going Soft
Fixed-line giant Sri Lanka Telecom (SLT) is tipped to shift part of this year’s Rs.7 billion capital spending budget to upgrade its international gateway, senior SLT officials said.. Fixed-line giant Sri Lanka Telecom (SLT) is tipped to shift part of this year’s Rs. 7 billion capital spending budget to upgrade its international gateway, senior SLT […]
Fringe Benefits
Sri Lanka’s Foreign Employment Bureau say its will set up a migrant pension scheme by April 2006. Sri Lanka’s Foreign Employment Bureau say its will set up a migrant pension scheme by April 2006. “The migrant pension scheme will be finalised in three months time,” said Chairman, Foreign Employment Bureau, Jagath Wellawatta in an interview […]
Easy Load
Telecom operator Suntel, has launched a broadband internet card aimed at laptop users who opt for high bandwidth connectivity, the firm said Monday. Telecom operator Suntel, has launched a broadband internet card aimed at laptop users who opt for high bandwidth connectivity, the firm said Monday. The private wireless local loop operator is using CDMA […]
Quick Solutions
Chennai, Jan 8 (PTI) Tamil Nadu Chief Minister Jayalalithaa today demanded taking of Kachatheevu island in the gulf of Mannar on perpetual lease to put an end to the problem of Sri Lankan Navy attacking Indian fishermen.Chennai, Jan 8 (PTI) Tamil Nadu Chief Minister Jayalalithaa today demanded taking of Kachatheevu island in the gulf of […]
Falling Short
Revenue projections for last year will be missed although total government revenue is 19 percent higher in the first 11 months of the last year.Revenue projections for last year will be missed although total government revenue is 19 percent higher in the first 11 months of the last year. However, cashflow difficulties were forcing the […]
A Shot in the Arm
People’s Bank got Rs. 2 billion cash injection from the government last week.People’s Bank got Rs. 2 billion cash injection from the government last week. It was the start of the bank’s third recapitalization exercise and the first time it had a cash injection. On previous two occasions the government put non-tradable bonds to strengthen […]
Red Bottom
Shell Gas Lanka Ltd, a unit of Royal/Dutch Shell Group, warned Sunday that gas supplies may stop because company losses ballooned to Rs.742 million after the authorities resisted calls for a retail price increase.Shell Gas Lanka Ltd, a unit of Royal/Dutch Shell Group, warned Sunday that gas supplies may stop because company losses ballooned to […]
Sinking
Ceylon Electricity Board (CEB) wants government to support consumer subsidies as part of a plan to stop losing large sums of money every day.Ceylon Electricity Board (CEB) wants government to support consumer subsidies as part of a plan to stop losing large sums of money every day. Monopoly electricity supplier the CEB is selling power […]