Category: Industry
Fund Change
Jan 25, 2007 (LBO) – Ceylon Theatres Group which has bagged 70 percent of Commercial Fund Management says it is looking to increase the group’s interests in financial services, by acquiring a fund managing firm. CT Capital now has to acquire the balance 30 percent of the shares which are held by Austalind, an overseas […]
Talking Up
MUMBAI, Jan 23, 2007 (AFP) – India’s largest private phone company, Bharti Airtel, posted Tuesday a third quarter net profit surge, which more than doubled and was above analyst forecasts as demand for telecom services rose.The company said net profit was up to 12.15 billion rupees (274 million dollars) in the quarter ended December 31, […]
Wireless Talk
Jan 23 (LBO) – Sri Lankan mobile operator Dialog said Tuesday it had rolled out broadband wireless services for a few pilot customers, with plans to extend it to other parts of the island over the next few months. The mobile operator also provides retail and wholesale international voice and data services, Internet services and […]
Migrant Perks
January 23, 2007 (LBO) – The government plans to raise the duty free allowances for Sri Lankans retuning from foreign employment to 5,000 dollars, an official from the Labour Ministry said Tuesday. Sri Lankans returning from a stint abroad are currently given a duty free allowance of up to 1,750 dollars if they stay away […]
Hemas and Minor Group of Thailand to re-brand Sri Lanka hotel chain
Jan 23, 2007 (LBO) – Serendib Group of Hotels signs agreement with the Minor Group of Thailand to develop and manage properties owned by the Serendib Group with the re-branding of Hotel Serendib, Bentota. Hemas Holdings Ltd is one of Sri Lanka’s top conglomerates with a focus on FMCG, Healthcare, Transportation, Leisure and Strategic Investments. […]
Race leaders
January 23, (LBO) – Associated Motorways (AMW) has cornered 31 percent of Sri Lanka’s brand new car market the budget agency Maruti winning 28 percent, Fitch Ratings Lanka said, awarding the firm a A (lka) rating with a stable outlook. “The rating reflects AMW’s position as the country’s leading distributor of new passenger automobiles, its […]
In Tune
CANNES, France, Jan 22, 2007 (AFP) – Music fans, watch out. The hot new music-enabled phones being launched by top cellphone makers are going head-on with the stand-alone MP3 players that are now a way of life for the millions who prefer them over an Apple iPod. Key entertainment industry player Brad Duea, who heads […]
Secret World
KYOTO, Japan, Jan 22, 2007 (AFP) – In these days of the Internet, cellphones and iPods, few Japanese girls still dream of becoming a geisha with a strict life of training and duties. Facing growing competition from nightclubs and karaoke, Kyoto’s geisha are having to adapt to survive.At one tea house in Japan’s ancient capital, […]
Cool Chat
January 22, 2007 (LBO) – Motorola Inc plans to introduce a low budget handset next month to popularize the use of cellular phones among less affluent people, officials said Monday. As at end last year, bank estimates around 5.8 million people were connected to the local cellular network. Updated-weekly sales Sri Lankans can pick up […]
High Alert
January 22, 2007 (LBO) – Sri Lanka plans probe deeper into the financial activities of non-governmental organizations, by beefing up its financial intelligence unit, Central Bank governor, Nivard Cabraal said Monday. Operating since July last year, the unit was set up to track foreign exchange dealings in excess of 5,000 dollars, to ensure unscrupulous people […]
Switching Channels
January 19, 2007 (LBO) – Sri Lanka plans to abort contracts of greenfield radio station operators and instead offer them to new investors, in a crowded market that currently has around 30 channels, the Secretary to the Media Ministry said. “Around five to six investors have got the license, some have secured the frequencies but […]
Tight Control
Sri Lanka limited Friday the ownership of banks to prevent individuals or groups making hostile takeover bids that could destabilise the country’s small financial market. The Central Bank of Sri Lanka said an investor will be allowed to hold a maximum of 15 percent equity of any commercial bank and those who own more than […]