Author: lbostgadmin
Oil Skills
Mar 04, 2008 (LBO) – Sri Lanka’s petroleum exploration unit has started to build up its staff as the island waits for offshore exploration work to get underway, a senior official said. . The petroleum resources development secretariat (PRDS), set up under the petroleum ministry to search for oil, has begun to look for oil […]
Sri Lankan forces push into Tiger territory: defence ministry
March 4, 2008 (AFP) – Sri Lankan forces pushed deeper into Tamil Tiger territory in an offensive that has left at least 69 guerrillas and nine government soldiers over the weekend, the defence ministry said Tuesday.Sri Lanka plans to spend a record 1.57 billion dollars on defence in calendar 2008, up 20 percent from last […]
Sri Lanka CEB needs overhaul, says chairman
Mar 04, 2008 (LBO) — Sri Lanka’s state-run power utility needs a management overhaul with input from finance, legal and information technology disciplines and tariff reforms to shift demand, its chairman has said in a detailed report.If tariffs could be used to shift demand, the CEB’s overall capital costs would come down and industry would […]
Sri Lanka Eagle Insurance 2007 profits flat
Mar 04, 2008 (LBO) – Sri Lanka’s Eagle Insurance group net profit for the 2007 financial year was flat at 527 million rupees although revenue went up 23 percent to 5.9 billion from 4.8 billion rupees. Total assets of the group grew to almost 17 billion from 14.9 billion rupees while net assets grew 16 […]
Sri Lankan Airlines to launch own loyalty program
Mar 04, 2008 (LBO) – SriLankan Airlines will launch its own frequent flyer program after the Emirates ‘Skywards’ program ends with the termination of their management contract in March, the airline said. “All SriLankan Airlines’ Skywards members will continue their membership and rewards will continue to be available on Emirates flights and from other leisure […]
Chief Shuffle
Mar 04, 2008 (LBO) – HSBC’s Sri Lanka and Maldives operations would be headed by Nick A Nicolaou, a senior banker who had been with the group from 1977, the bank said in a statement. David J H Griffiths who headed the Sri Lanka-based HSBC unit will be taking over HSBC New Zealand on April […]
Commercial Profits
March 4, 2008 (LBO) – Sri Lanka’s Commercial Bank group reported net profits of 4.1 billion rupees double that of last year, while revenues grew 44 percent to 35.2 billion rupees in 2007. The bank’s deputy chairman B R L Fernando said last year’s profits were depressed by a one-off pension buy back and ‘normalised’ […]
Sri Lanka shares driven up on SLT trades ahead of court ruling
Mar 04, 2008 (LBO) – Sri Lankan stocks extended gains on Monday to close higher Tuesday, pushed up by speculative trading in index-heavy Sri Lanka Telecom, brokers said.The All Share Price Index gained 28.71 points or 1.13 percent to close at 2,562.25 while the more liquid Milanka went up 41.08 points or 1.29 percent to […]
Sri Lanka Navy probes suspicious vessel: military
March 03, 2008 (LBO) – Sri Lankan naval vessels have been deployed to intercept a suspicious vessel 150 nautical miles off the island’s eastern coast, the country’s security media centre said Monday.The suspicious ship had been detected yesterday. The Sri Lanka Navy has previously destroyed a series of ships which were believed to have been […]
Sri Lanka rescues migrants adrift after 20 perish
COLOMBO, March 3, 2008 (AFP) – Sri Lanka’s navy on Monday rescued 71 Myanmar and Bangladeshi survivors adrift in the Indian Ocean after 20 people died aboard their wooden boat, a navy spokesman said.The survivors would be brought to the capital Colombo, navy officials said. The craft developed engine trouble and was towed to Sri […]
Sri Lanka artillery battles kill 27: defence ministry
March 3, 2008 (AFP) – Artillery exchanges between Sri Lankan troops and Tamil Tiger separatists across the embattled tropical island’s north left at least 25 rebels and two soldiers dead, the defence ministry said Monday.Heavy fighting in Vavuniya and Weli Oya left 21 rebels dead on Sunday, the ministry said in a statement, putting government […]
France to extend Champagne-growing area
REIMS, France, March 2, 2008 (AFP) – As champagne sales pop all-time record highs and demand outstrips supply, France’s wine-making czars are to issue an historic ruling to extend the champagne-growing area, a move that will pour new wealth into 40 small rural villages. Like other French wines, Champagne-labelled bottles are produced only from grapes […]