Author: lbostgadmin
Packet Search
January 26, (LBO) – Sri Lanka Telecom is investing 100 million dollars this year as part of a medium-term strategy to boost revenues from IP based services, migrate rapidly towards a packet-switched network, and drum up international business volumes, a top official said. “We want to increase business from non-traditional business to 70 percent over […]
Get Set
Jan 25, 2007 (LBO) – Mobitel is almost doubling its capacity to sign up 750,000 new subscribers, getting ready to cash in on a booming mobile phone market that saw 60 percent growth last year. Sri Lanka’s mobile market is estimated to have grown by 60 percent to 5.4 million subscribers in 2006. Mobitel, 100 […]
Positive Move
January 26, (LBO) – Fitch Ratings has upgraded National Development Bank’s credit outlook to positive from stable, but left the larger Commercial Bank’s outlook unchanged after the two firms said they were in talks to merge. It has 157 branches in Sri Lanka and Bangladesh. NDB has assets of 59 billion rupees and is now […]
Sri Lanka money rates ease after hitting a 7-year high; volatility may worsen ahead
January 26, (LBO) – Overnight call rates eased to 14.5 percent Friday after a hitting a 7-year high of 23.5 percent two days ago, but dealers expect greater volatility in overnight rates, as liquidity curbs begin to bite.“The Central Bank has restricted the use of reverse repo facility to six times a month, this force […]
Railway Estate
January 25, 2007 (LBO) – Sri Lanka plans to raise over 1.2 billion dollars in foreign investments to develop real estate along a railway on the island’s western coastal belt, an official said Thursday. The railways operate at a huge loss with a revenue of three billion rupees each year against a state subsidy of […]
Brief Respite
January 25, 2007 (LBO) – Sri Lanka plans to import more refined petroleum products as its sole refinery shuts down for routine maintenance next week, a top Ceylon Petroleum Corporation said Thursday.The Sapugaskanda refinery which has a daily output of 50,000 barrels producing a mix of diesel, kerosene, gasoline, furnace oil and naphtha, is closed […]
Slipped In
January 25 (LBO) – Sri Lanka has allowed six more firms from India, France, China and the Middle East, to market lubricants locally, with three others given provisional approval, a government spokesman said Thursday. Sri Lanka threw open its lubricant market last July, calling for bids from interested investors to blend lubricants locally or import […]
US plays down hopes of trade breakthrough in Davos
DAVOS, Switzerland, Jan 25, 2007 (AFP) – US Trade Representative Susan Schwab on Thursday played down hopes of a breakthrough at a meeting on deadlocked global trade talks this weekend but said progress was being made.“I don’t think we’re looking at a breakthrough in the near term,” Schwab told AFP on the sidelines of the […]
Helping Hand
Jan 25, 2007 (LBO) – North Dakota State University (NDSU) has granted Sri Lanka’s university students concessions to pursue postgraduate studies in America, officials said Thursday. Dean of postgraduate studies NDSU David Wittrock said the university hopes to increase the student intake from Sri Lanka which is currently around 27 students. “We hope to increase […]
’s Jetwing, Hayleys, ties up with Indian partner for luxury hotel
Jan 24 (LBO) – Sri Lankan resort chain Jetwing has tied up with local conglomerate Hayleys and an Indian partner to set up a luxury hotel in Kerala, in the group’s first foray overseas. The new hotel is to be a joint venture with Indian company Kerala Balers holding 51 percent, and the balance equally […]
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 […]
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. […]