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SriLankan Airlines gets more fuel efficient aircraft
May 20, 2011 (LBO) – A brand new Airbus A320-200 aircraft delivered to SriLankan Airlines this week as part of its fleet expansion is more fuel efficient and would improve airline performance, the national carrier said. Chief executive Manoj Gunawardena said two more aircraft are expected to be delivered later in the year. “These aircraft […]
Ton-up Morgan, Patel pile on runs against Sri Lanka
LONDON, May 19, 2011 (AFP) – Eoin Morgan and Samit Patel both hit centuries in last-gasp bids to seal Test spots as England Lions piled up 394 for four on the first day of a four-day match against Sri Lanka on Thursday. Morgan made 156 not out with Patel weighing in with an unbeaten 101 […]
Sri Lanka shares up 1.75-pct
May 19, 2011 (LBO) – Sri Lankan shares rose strongly Thursday following a widely anticipated announcement by the markets regulator that the margin trading credit settlement period had been extended again, brokers said. The main All Share Price Index closed at 7,487.61, up 1.75 percent (128.92 points) while the more liquid Milanka index rose 1.19 […]
‘s Galadari Hotel to convert debt into equity
May 19, 2011 (LBO) – Sri Lanka’s heavily indebted Galadari Hotel plans to convert debt into equity in an effort to take advantage of the tourism boom after the end of the island’s ethnic war. A stock exchange filing said the hotel will convert into shares 5. 75 billion rupees (52 million US dollars) owed […]
Sri Lanka seen more expensive than rival tourist destinations
May 19, 2011 (LBO) – Sri Lanka appears to be priced at the top tier in hotel room rates compared to its regional rivals, a new report on the industry by Capital Alliance said. “However, there are a few key concerns that the industry should overcome to fully reap the benefits of the tourism boom. […]
Sri Lanka gets US aid for flood victims
May 19, 2011 (LBO) – The United States Agency for International Development (USAID) is giving a 1. 5 million grant under its Food for Peace (FFP) programme to help more than 22,000 flood victims in eastern Sri Lanka. Under the programme the US development agency will assist flood victims by paying them to repair small-scale […]
Secret Shoot
May 19, 2011 (AFP) – Under a cloak of secrecy, the first film adaptation of controversial author Salman Rushdie’s celebrated novel “Midnight’s Children” has finished shooting in Sri Lanka. Canadian director Deepa Mehta chose the South Asian island as a location instead of India or Pakistan, where the book is set, to avoid problems with […]
Top Fed official says core inflation should be dumped
May 19, 2011 (LBO) – A top US central banker has suggested that the Federal Reserve drop ‘core inflation’, a sham index that has been used to deceive people for decades and fire economic bubbles by setting a deceptive target that understates actual price rises. Core inflation excludes prices of food and energy and represents […]
Travel industry looks to China, India, Brazil for boom
LAS VEGAS, May 18, 2011 (AFP) – China, India and Brazil are poised to fuel an explosion in international tourism in the coming years, showering money and jobs on countries ready for it, and trouble for those that aren’t, industry leaders say. With an estimated two billion new middle class consumers expected to come into […]
Bollywood marketing goes mobile
MUMBAI, May 18, 2011 (AFP) – Times have changed in Bollywood from the days when all that was required to promote a film was a giant, hand-painted poster, a television or cinema trailer and the pulling power of a star actor. Now, the popular Hindi-language film industry is harnessing the latest technology, hoping that the […]
Stumbling Block
May 17, 2011 (LBO) – Sri Lankan celcos are showing signs of recovering from cut throat competition and soaring inflation a few years ago, but experts say the recovery is short lived as the sector has already hit its next stumbling block. Shorter life spans in emerging technologies and ill advised expansion plans are the […]
‘s rich flaunt wealth
NEW DELHI, May 17, 2011 (AFP) – In booming India, being rich is not enough. For the moneyed classes, it’s increasingly about flaunting their wealth in ways typical of the nouveaux riches in Russia, China or the Middle East. India’s well-heeled used to be more shy about displaying their wealth in the decades after independence […]