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Sri Lanka to get rail link to international airport
Mar 21, 2012 (LBO) – Malaysia’s Airport Express Air and Rail Company is to build a rapid transit rail link between Sri Lanka’s capital Colombo and the international airport at Katunayake, a northern suburb. The planned new railway terminal can be accessed directly from the arrivals and departures lounges of the Bandaranaiyake International Airport building […]
Sri Lanka set to lose Kingfisher connections
Mar 21, 2012 (LBO) – India’s debt-laden Kingfisher Airlines is to cancel all international flights, a move that would affect its connections to Sri Lanka, news reports said. Flights to Dubai, Colombo, Kathmandu, Bangkok will stop operating by Sunday, March 25, 2012. “We have decided to suspend our international operations as we are not on […]
FlyDubai Sri Lanka flights increased
Mar 21, 2012 (LBO) – Emirates-based Flydubai, a budget carrier has upped frequencies to daily to Colombo from five a week and the carrier is seeing a surge in tourists to Sri Lanka from former Soviet republics, an official said. Flydubai chief executive Ghaith Al Ghaith said tourists from former Soviet republics to Colombo had […]
Sri Lanka economic sanctions ruled out by US
Mar 21, 2012 (LBO) – The United States will not push for economic sanctions on Sri Lanka despite calls for a probe into alleged war crimes, Robert Blake, a top US State Department official said in an exclusive interview. But the government needs to move faster on reconciliation between the island’s main communities after the […]
Sri Lanka rupee steadies on state bank selling
Mar 20, 2012 (LBO) – Sri Lanka’s rupee was quoted wide at 130. 00/131.00 against the US dollar and strengthened with some state bank selling, following a steep fall a day earlier, dealers said. The rupee was quoted at 130.00/20 in mid-morning trad.
Sri Lanka shares end down 0.7-pct
Mar 20, 2012 (LBO) – Sri Lankan shares closed weaker Tuesday with turnover also falling sharply after some big deals the previous two days where foreign investors bought into two conglomerates, brokers said. The main All Share Price Index fell 0.65 percent (35.44 points) to 5,414.02, while the more liquid Milanka index fell 0.27 percent […]
Carrier Call
Mar 20, 2012 (LBO) – A state-run container terminal in Sri Lanka’s Colombo port has won back Japan’s NYK (Nippon Yusen Kaisha) Line, which is a partner of the G6 Alliance of carriers formed last December. The 8,200 TEU vessel ‘MV NYK Virgo’, operated by G6 Alliance partner NYK Line had its inaugural call at […]
Name Change
Mar 20, 2012 (LBO) – Sri Lanka’s banking regulator has tightened regulation of finance companies, ordering those firms that are not licensed finance companies to remove words relating to finance from their names. It is also not applicable to an association of finance companies formed for the protection of their interests, trade unions which are […]
Sri Lanka state airline on yield maximizing drive
Mar 20, 2012 (LBO) – Sri Lankan Airlines is focusing on maximizing yields on its network and shifting capacity from Europe where competition is high to Asia, amid rising fuel prices, chief executive Kapila Chandrasena said. Mihin Lanka, a budget carrier, which shares some services with Sri Lankan is expected to lose around 15 million […]
Sri Lanka business groups oppose UN war crimes resolution
Mar 20, 2012 (LBO) – Sri Lanka’s business chambers have opposed a resolution in the United Nations Human Rights Council against alleged war crimes in the campaign that crushed Tamil Tiger separatists. “The joint Chambers of Commerce of Sri Lanka express concern over the resolution to be tabled at the UNHRC against Sri Lanka,” they […]
Oil Opportunity
Mar 20, 2012 (LBO) – A wide range of business opportunities is opening up for Sri Lankan companies in the emerging hydrocarbon exploration and production programme after two offshore gas strikes by Cairn India, an official said. These range from providing banking and financial services, oil well insurance, risk management, and training to catering services […]
Sri Lanka consumer protection activism seen weak
Mar 20, 2012 (LBO) – Sri Lankan consumer protection activism remains weak because of a lack of awareness and will, leaving consumers vulnerable to the lobbying power of big business and utilities, an official said. The Public Utilities Commission plans to step up its campaign to educate consumers this year. “After making people aware, we […]