All Blogs
Port Matters
Sept 02, 2010 (LBO) – A Sri Lankan conglomerate, part of the consortium selected to build a new container terminal in Colombo port, warned against surcharges by shipping lines and also creating excess capacity ahead of demand. “I recommend we should not try to create additional capacity – then there can be a price war,” […]
Island Deal
Sept 02, 2010 (LBO) – Sri Lanka’s Acuity and Millennium Capital Management (MCM) Holdings of Maldives is partnering to provide investment banking services in the archipelago with deals worth 55 million US dollars in the pipeline, officials said. Acuity, a unit of Sri Lanka’s listed DFCC Bank and Hatton National Bank is working with MCM […]
Sri Lanka Renuka Holdings mulls hotels ventures
Sept 02, 2010 (LBO) – Sri Lanka’s Renuka Holdings is considering developing property is owns in the north and east as tourist resorts and is in talks with potential partners, an official said. Turnover for the period grew to 1. 5 billion rupees from a restated 136 million rupees the previous year, before the acquisition […]
Sri Lanka fishermen find peace leaves nets empty
TRINCOMALEE, September 2, 2010 (AFP) – Fishermen in the Sri Lankan port of Trincomalee hoped the end of the island’s civil war would bring prosperity, but dynamite and corruption now threaten their livelihoods. Trincomalee, on the northeast coast, has one of the world’s finest natural harbours and was fiercely fought over during the war until […]
Deny Deny
RIYADH, September 1, 2010 (AFP) – Saudi government and private sector officials have questioned the account of a Sri Lankan maid who said her Saudi employers forced 24 nails and needles into her body. Saad al-Badah, head of the National Recruitment Committee of the Council of the Saudi Chambers of Commerce and Industry, told Saudi […]
Long queues form at Afghan bank amid corruption claims
KABUL, September 2, 2010 (AFP) – An owner of Afghanistan’s biggest bank, Kabul Bank, said Thursday it was not facing a run and was supplying branches with enough cash to meet demand, a day after US media allegations of corruption. “There is not a run. We’re here and we are prepared to pay out as […]
World Bank raises Pakistan aid to one billion dollars
WASHINGTON, September 2, 2010 (AFP) – The World Bank raised its emergency funding to Pakistan to one billion dollars on Wednesday to help the nation cope with the massive economic impact of catastrophic monsoon flooding. The hike, an additional 100 million dollars on top of an existing 900 million dollar loan, was announced by World […]
Sri Lankan Airlines cuts losses
Sept 02, 2010 (LBO) – SriLankan Airlines, Sri Lanka’s state-run national carrier said it lost 6. 06 billion rupees in the year to March 2010, down from a 9.99 billion loss notched up an year earlier. The airline said it had cut cost and improved revenue under turnaround plan and losses in the second half […]
Sri Lanka Janashakthi Insurance hit by flood claims
Sept 02, 2010 (LBO) – Sri Lanka’s Janashakthi Insurance said net profit in the six months to June 2010 fell 45 percent to 145 million rupees from a year ago mainly because of a flood of claims for damage caused by recent floods. The company has an asset base of over 11 billion rupees with […]
Sri Lanka LOLC cuts grid use with solar power
Sept 02, 2010 (LBO) – Sri Lanka’s LOLC financial group commissioned a 48 kiloWatt solar power array that will supply 15 percent of energy needs at its head office in Colombo, reducing its ‘carbon footprint’, officials said. The LOLC head office uses about 50,000 units (kilowatt hours) of energy a month. The firm already had […]