Author: lbostgadmin
Sri Lankan Airlines reduces losses
Apr 20, 2011 (LBO) – Sri Lankan Airlines managed to sharply reduce losses in 2010 as revenue rose with a recovery in air travel and the end of a war increased tourist arrivals. Arrivals rose 43.5 percent in March 2011 to 75,130, with steep increases seen from South Asia and several European generating markets. The […]
Tele Growth
Apr 20, 2011 (LBO) – Sri Lanka’s telephone density rose to 100. 8 lines per 100 persons in 2010 showing that fixed and mobile connections had overtaken the population, in a telling demonstration of the results of ending a state monopoly. Telephone density rose from 86.6 in 2009 in a country with a population of […]
Fixed Access
Apr 20, 2011 (LBO) – Sri Lanka’s Dialog Axiata a unit of Malaysia’s Axiata played down mounting speculation that it is about to buy Suntel, a wireless fixed access provider owned by Sweden’s Telia. “There is nothing happening regarding Suntel at the moment,” Dharshana Abeysinghe, a spokesman for Dialog Axiata, said. There is intense industry […]
Shipping Costs
Apr 20, 2011 (LBO) – Sri Lankan shippers could see the cost of shipping goods to key markets rise as shipping lines are expected to follow Hanjin’s recently announced rate hike with the peak season for cargo getting underway. Shipping lines on the main East-West trade route are struggling to raise rates to cope with […]
Sri Lanka shares down for third straight day
Apr 20, 2011 (LBO) – Sri Lankan shares closed slightly weaker Wednesday, down for the third straight day, with heavy trading continuing in the most recently listed firm and in the Aitken Spence group, brokers said. The All Share Price Index closed at 7,474.50, down 0.01 percent (0.66 points) while the more liquid Milanka index […]
Sri Lanka central bank profits fall in 2010; sells gold
Apr 19, 2011 (LBO) – Profits of Sri Lanka’s central bank fell 65. 1 percent to 11.7 billion rupees in 2010 as the cost of domestic monetary operations and rupee appreciation generated losses but made capital gains from gold sales. In 2009 the Central Bank made profits of 33. 6 billion rupees largely as a […]
So what if the US credit rating is cut?
WASHINGTON, April 19, 2011 (AFP) – For the first time a top credit ratings agency has seriously hinted the United States might be forced to welch on its debts, a warning experts say could herald dramatic changes for the country and the world. In the world of credit a “AAA” rating is a gold star […]
Sri Lanka gets most FDI from India in 2010
Apr 19, 2011 (LB) – India was the largest source of foreign direct investment to Sri Lanka in 2010 with 110 million US dollars followed by Malaysia with 72 million US dollars and the United Arab Emirates 66 million dollars, the Central Bank said. “It is necessary for Sri Lanka to attract more non debt […]
UN warns Sri Lanka to protect staff against protests
UNITED NATIONS, April 18, 2011 (AFP) – The United Nations on Monday warned the Sri Lankan government that it must protect UN staff, after the country’s president called for protests against a UN war crimes report. President Mahinda Rajapakse has called for this year’s May Day rally to be turned into a “show of our […]
Sri Lanka airport to acquire land for runway as traffic grows
Apr 19, 2011 (LBO) – Sri Lanka’s international airport is to acquire 100 hectares of land to build a parallel runway required to handle growing aircraft traffic that could soon saturate existing capacity, an official said. Aircraft now fly to Sri Lanka with extra fuel in case they have to divert to airports in India […]
Listing Move
Apr 19, 2011 (LBO) – The Multi Finance Company, a finance company once part of the troubled Ceylinco financial services group, is to list on the Colombo stock exchange by June to conform with regulatory requirements. Under the new management of Entrust Limited the company has now branched out into prime locations such as the […]
Cost Overrun
Apr 19, 2011 (LBO) – A new port being built in southern Sri Lanka could cost 41 percent or 148 million US dollars more because of additional rock blasting, re-shaped breakwaters and rising raw material prices, a newspaper report said. The additional cost of having to blast and remove bedrock found in the harbour amounts […]