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Gulf Links
Dec 23, 2008 (LBO) – The Sri Lanka Ports Authority (SLPA) said it has struck a deal with Emirates Shipping Line to call at Colombo port. Its Gulf Indian-Subcontinent Africa service connects the Indian Subcontinent and Middle East with East Africa with a scheduled weekly service with short transit times. “The line is using Colombo […]
Golden Key
Dec 23, 2008 (LBO) – Thousands of anxious customers of Sri Lanka’s Golden Key Credit Card Company flocked to a conference hall in Colombo to meet Ceylinco group chairman Lalith Kotelawala, and get information on the status of their funds. Golden Key asked customers to come to the BMICH conference hall in Sri Lanka’s capital […]
Sri Lanka spends a billion dollars on interventions
Dec 23, 2008 (LBO) – Sri Lanka has spent 266 million US dollars intervening in foreign exchange markets in November, taking the total over the past three months to over a billion dollars, the latest official data has revealed.But the inter bank market now has domestically generated excess liquidity of around six billion rupees, down […]
Sri Lanka shares down, Ceylinco group firms weaken but Seylan up
Dec 22, 2008 (LBO) – Sri Lankan shares fell Monday with trading volumes sinking to near six-year lows and most Ceylinco companies weakening after a report about a credit card scam in an unlisted group firm, but Seylan Bank bucked the trend, brokers said. Seylan Bank ended up one rupee at 18 rupees with 16,100 […]
New Home
Dec 22, 2008 (LBO) – The Sri Lanka Ports Authority (SLPA) said it plans to build a new head office to house its offices now scattered throughout Colombo port and will not buy a hotel as planned previously. The SLPA is trying to get more space inside the harbour for its cargo operations with volumes […]
Buoyed Profits
Dec 22, 2008 (LBO) – RAM Ratings has assigned a claims-paying ability rating of BB to Sri Lanka’s Co-operative Insurance Company Limited (CICL) with a stable outlook. It said in a statement the rating takes into account the company’s “moderate competitive position” and underwriting standards. “However, the rating is pressured by hefty overheads, inadequate reserving […]
Key Problem
Dec 22, 2008 (LBO) – Golden Key Credit Card Company is being rehabilitated after it was mismanaged and its chief executive has resigned, Sri Lanka’s Ceylinco group chief Lalith Kotelawala, said in a newspaper advertisement. Kotelawala said Khavan M Perera, chief executive director of Gold Key Credit Card Company Ltd has “admitted mismanagement and voluntarily […]
Fibre Optic
PARIS, December 21, 2008 (AFP) – France Telecom said Sunday that repair work has begun on damage to Mediterranean undersea cables that badly disrupted Internet and telephone communications between Europe, the Middle East and Asia.A 64-crew maintenance boat arrived on site, off the coast of Sicily, at 1400 GMT on Sunday following a two-day journey […]
Sri Lanka fighting kills another 66: military
December 22, 2008 (AFP) – At least 56 Tamil Tiger rebels and 10 government soldiers were killed in fresh fighting in northern Sri Lanka on Monday, the army said.About 40 soldiers and 90 rebels were wounded in the battles outside Kilinochchi, the besieged political capital of the Liberation Tigers of Tamil Eelam (LTTE), the military […]
Specialist Lender
Dec 21, 2008 (LBO) – Sri Lanka’s Edirisinghe Trust Investments (ETI), a registered finance company, has been upgraded by one notch to ‘BB-(lka)’ Fitch Ratings said, while its outlook has been lowered to ‘stable’ from ‘positive’ at the new credit level. Real estate, in the form of housing development projects and land, marketed to the […]