Category: Industry
Copy Not
May 18, 2007 (LBO) – Sri Lankans are still not aware of the gravity of copyright violations, according to Viinod Nair, representative of top photo agency Getty Images, which has just entered the local market. Nair is president of sales marketing and strategy for Visage Media Services, based in Hyderabad, India which has tied up […]
Extra Time
May 18, 2007 (LBO) — Sri Lanka’s telecom watchdog has given the island’s first Internet service provider, Lanka Internet Services Ltd., extra time to restore services to thousands of customers currently stranded offline, after the company halted services, a top official said. Lanka Internet hit financial difficulty in March with the senior management disappearing without […]
New Deal
May 18, 2007 (LBO) – A new deal between the buyer of Japan’s NTT stake in Sri Lanka Telecom and the government is being hammered out in a way that will protect the interests of the 49 percent state holding, a top government official said. Treasury Secretary P B Jayasundera told reporters there was no […]
Tele Record
May 17, 2007 (LBO) – Telekom Malaysia sold a small part of its 87 percent stake in Dialog Telekom Thursday, driving turnover on the Colombo bourse to an all-time high of over 6.6 billion rupees. More than 233.6 million Dialog shares, part of the seven percent placement, done by CT Smith Stockbrokers, went through at […]
Direct Contact
May 17, 2007 (LBO) – Sri Lankan unit trusts, which collectively have an investment fund of over five billion rupees, are seeking to popularise their instruments among less sophisticated investors. The island’s regulator, Securities and Exchange Commission, Wednesday pledged 13 million rupees to the Unit Trust Association to initiate public awareness campaigns on investing in […]
Multilevel Media
May 17, 2007 (LBO) – Goldquest kingpin Vijayeswaran Vijayaratnam has financed the operation of at least two Tamil language television stations, the latest in a series of reports since the arrest of top operatives of the cult-like group said. . The Asian Tribune website said Vijayeswaran owned shares in Deepam TV of UK and another […]
Musical Chairs
May 17, 2007 (LBO) – Sri Lanka’s Bank of Ceylon, Peoples’ Bank and Ceylon Electricity Board is to get new chairmen, a senior presidential aide told LBO. Gamini Wickremesinghe, the current Chairman of the Securities and Exchange Commission would head the Bank of Ceylon, replacing Udayasri Kariyawasam who would be appointed as chairman of the […]
No Risk
May 17, 2007 (AFP) – Insurance rates for airlines operating to Sri Lanka are expected to remain unchanged after the government’s decision to shut the airport here for night flights following rebel air raids, officials said Thursday.Sri Lanka’s only international airport halted night flights last Thursday in line with new security measures following several night-time […]
Large Deal
May 16, 2007 (LBO) – Telekom Malaysia is planning to sell about seven percent of its share in its Sri Lankan subsidiary but would be buying into a rights issue of Dialog Telekom, irrespective of whether a sell down happens or not, an official said. “We are looking at the possibility of selling down seven […]
Beware
May 16, 2007 (LBO) – An international anti-pyramiding activist has called on Sri Lanka to be vigilant against multi-level marketing schemes that can invade the country following the arrest of top Goldquest operatives in Indonesia. “Treasure Traders International and, more recently, Canadian Diamond Traders, are similar scams that are recruiting victims worldwide,” Robert Fitzpatrick, head […]
High Bill
May 16, 2007 (LBO) – Eagle Insurance consolidated revenue rose 24 percent to 1.35 billion for first quarter of March 2007, but a higher claims bill dragged profits down 13 percent to 31 million rupees, the firm’s latest results showed. Gross written premium also increased 26 percent to 1.3 billion rupees. Eagle Insurance Chairman Grant […]
Step Up
May 16, 2007 (LBO) – Fitch Ratings has upgraded Hatton National Bank’s long term rating by one notch to AA- (lka) and the rating outlook also changed to stable from positive, the rating agency said Wednesday. HNB is listed, with two main shareholders: Stassen’s group and Brown & Co. Ltd group holding 32.5 percent and […]