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Fund Change
Jan 25, 2007 (LBO) – Ceylon Theatres Group which has bagged 70 percent of Commercial Fund Management says it is looking to increase the group’s interests in financial services, by acquiring a fund managing firm. CT Capital now has to acquire the balance 30 percent of the shares which are held by Austalind, an overseas […]
Big Merger
January 24 (LBO) –Commercial Bank of Ceylon and National Development Bank has entered into merger talks, the banks said Wednesday. “In the event the negotiations are successful, and the manner in which the merger may be achieved is agreed upon, the proposal for such merger will be submitted to the Monetary Board of the Central […]
Ceylon Hotels Corp to woo more locals after earnings gets hit last year
Jan 24 (LBO) – Ceylon Hotels Corporation, which runs a chain of state owned hotels and rest-houses around the island, is trying to woo more local travellers after earnings took a beating last year. Operating a chain of 19 guesthouses in Sri Lanka, the group was hit by an escalating local conflict and a spate […]
‘s tourism sector
COLOMBO, Jan 24, 2007 (AFP) – A mass gathering of Islamic pilgrims, who are jamming Sri Lanka’s hotels and shopping malls, has unexpectedly boosted the island’s war-hit tourism sector, officials said Wednesday.Sri Lanka’s 24-billion dollar economy earned 380.3 million dollars from tourism between January and October last year, retaining its place as one of the […]
Loud Call
January 24, 2007 (LBO) – Sri Lankan mobile phone operator Celltel Lanka Ltd Wednesday said it hoped to increase its subscriber base by 50 percent to 1.5 million users by the end of the year. Sri Lanka had over 5.8 million cellular subscribers as at end 2006, , according to Central Bank figures, with four […]
Climate change, Middle East top agenda in Davos
DAVOS, Switzerland, Jan 24, 2007 (AFP) – The world’s business and political elite kicked off its annual retreat in Davos on Wednesday, with climate change and the Middle East riding high on the agenda — at least in public.The four-day gathering of movers and shakers in the Swiss ski resort boasted the usual impressive guest […]
India plans to announce 3G policy by March
NEW DELHI, Jan 24, 2007 (AFP) – India, one of the world’s fastest-growing mobile phone markets, said Wednesday it plans to announce its next generation — 3G — policy by March that telecom players expect will ease congestion. “The policy will be ready by March 2007,” Communications Minister Dayanidhi Maran said on the sidelines of […]
Rights report slams Sri Lanka over child soldiers
Jan 24, 2007 (AFP) – A leading human rights group Wednesday slammed Sri Lanka for conscripting hundreds of child soldiers to fight against Tamil rebels, saying the police had turned a blind eye to the practice for years.New-York based Human Rights Watch (HRW) accused the government of “hypocrisy”, saying in a 100-page report that Colombo […]
Sri Lanka restores mobile phones after fall of Tiger town
COLOMBO, Jan 24, 2007 (AFP) – Sri Lanka has begun restoring mobile phone services to half a million subscribers in the war-hit island’s east after lines were shut down during a battle, telephone operators said Wednesday. The move comes after the capture of the main Tamil rebel bastion in the restive area by government forces. […]
IMF closing office a sign that Sri Lanka can manage on its own: treasury chief
January 24, 2007 (LBO) – Sri Lanka’s treasury chief said Wednesday that the International Monetary Fund’s decision to close offices in the island was a good sign that the country is moving away from being overly reliant on foreign donors. The Washington based lender will wind up operations later this month, as they have no […]