Category: Industry
Odds On
March, 01 (LBO) – The cricket World Cup may not have started yet, but inside the online gaming industry, a virtual tournament is already on. Hot favorite to win the cup is Australia, having won two cups in a row, with odds of 5/2 followed by South Africa at 9/2. Sri Lanka comes third ranked […]
Call Up
March, 01 (LBO) – DFCC Bank is making a cash call of three billion rupees from shareholders to buy into an upcoming capital raising of Commercial Bank of Ceylon, the company said Thursday. DFCC gained 6.25 rupees to trade at 206.50 at mid-day Thursday. The bank is issuing one share for every four existing shares […]
Sampath Exits
March 01 (LBO) – Sampath Bank has sold its 15 percent stake in Asian Alliance Insurance one of Sri Lanka’s newer insurance firms, an official said. The tranche was sold for 20.50 a share Thursday for 76.8 million rupees. A firm connected to high net worth investor Dhammika Perera is believed to have taken the […]
Head Hunted
March 01 (LBO) – Former head of Fitch Ratings Lanka, and head of Amba Research in Sri Lanka Ravi Abeysuriya, joined as commission member of the country’s securities watchdog on Thursday. The appointment as member of the Securities and Exchange Commission was made by President Mahinda Rajapakse, the SEC said in a statement. Abeysuriya is […]
”, warns Ponting
SYDNEY, Feb 28, 2007 (AFP) – Australia captain Ricky Ponting warned Wednesday that despite some recent poor form the world champions will be “extremely hard to beat” at the upcoming cricket World Cup. Speaking to reporters at Sydney airport as the team flew out to the Caribbean in search of a third straight World Cup […]
Born in 1971, now a giant
NEW DELHI, Feb 28, 2007 (AFP) – When a rain-ruined Test between Australia and England in 1971 resulted in the first one-day international at Melbourne, few believed that this new form of cricket would become a global, money-spinning affair.Cricket: Born 1971, one-day cricket grows into giant The first one-dayer was not a pre-planned affair as […]
Sri Lanka captain keen to change horror script
Feb 28, 2007 (AFP) – Sri Lanka skipper Mahela Jayawardene goes to the World Cup in the Caribbean hoping to erase bitter memories of the previous tournament. The 2003 World Cup in South Africa ended in a nightmare for Jayawardene, who scored just 21 runs in nine matches. His form was so poor that he […]
Lay Off
February 28 (LBO) – Ceylon Hotels Corporation shares closed 11 percent up Wednesday after the group announced it had reached agreement with labour unions to trim staff. Ceylon Hotels Corporation will spend 174 million on a voluntary retirement scheme and group company Kandy Hotels, which owns Hotel Suisse, will spend 51.6 million, the two hotels […]
Re-insurance
February 28 (LBO) – Ceylinco Insurance Company is investing in a regional re-insurance firm by participating in a capital raising exercise the company told the Colombo Stock Exchange Wednesday. Asian Reinsurance Corporation (Asian Re) has invited Ceylinco Insurance to invest in a forthcoming effort by the re-insurer to raise 100 million dollars. Ceylinco Insurance Director […]
Tax Woes
February 27 (LBO) – Seylan Bank’s group net profits rose 9.25 percent to 849.2 million rupees in 2006, as revenues climbed by 32.3 percent, its annual accounts released Tuesday showed. Group revenue climbed to 15.39 billion rupees while the bank on its own earned revenues of 14.1 billion rupees. High income tax payments and flat […]
Getting Steadier
February, 27 (LBO) – Lanka IOC, a unit of Indian Oil Corporation emerging from a subsidy and pricing battle with the Sri Lanka government, has turned an operating profit for the past quarter, but interest costs still kept the firm in the red. The firm posted operating profits of 185 million for the quarter ended […]
”’ touch to Brandix apparel park in India
February 27 (LBO) – A 15-million dollar logistics centre which will speed up the flow of raw material and finished products at Bradix’s industrial park in India, would make the park more attractive to manufacturing units, officials said. Brandix is also building a 200 acre industrial park in Sri Lanka at Horana. The firm says […]