Category: Industry
Slipped In
January 25 (LBO) – Sri Lanka has allowed six more firms from India, France, China and the Middle East, to market lubricants locally, with three others given provisional approval, a government spokesman said Thursday. Sri Lanka threw open its lubricant market last July, calling for bids from interested investors to blend lubricants locally or import […]
Helping Hand
Jan 25, 2007 (LBO) – North Dakota State University (NDSU) has granted Sri Lanka’s university students concessions to pursue postgraduate studies in America, officials said Thursday. Dean of postgraduate studies NDSU David Wittrock said the university hopes to increase the student intake from Sri Lanka which is currently around 27 students. “We hope to increase […]
’s Jetwing, Hayleys, ties up with Indian partner for luxury hotel
Jan 24 (LBO) – Sri Lankan resort chain Jetwing has tied up with local conglomerate Hayleys and an Indian partner to set up a luxury hotel in Kerala, in the group’s first foray overseas. The new hotel is to be a joint venture with Indian company Kerala Balers holding 51 percent, and the balance equally […]
Regional Aspirations
January 24 (LBO) – The proposed merger of Sri Lanka’s National Development Bank and Commercial Bank will give the merged entity more clout to spread its wings in the region, officials said. “We want to create a large bank to go regional,” says Harris Premarathne Senior DGM of Commercial Bank. “The challenge we have is […]
Loud Call
January 24, 2007 (LBO) – Sri Lankan mobile phone operator Celltel Lanka Ltd Wednesday said it hoped to increase its subscriber base by 50 percent to 1.5 million users by the end of the year. Sri Lanka had over 5.8 million cellular subscribers as at end 2006, , according to Central Bank figures, with four […]
‘s tourism sector
COLOMBO, Jan 24, 2007 (AFP) – A mass gathering of Islamic pilgrims, who are jamming Sri Lanka’s hotels and shopping malls, has unexpectedly boosted the island’s war-hit tourism sector, officials said Wednesday.Sri Lanka’s 24-billion dollar economy earned 380.3 million dollars from tourism between January and October last year, retaining its place as one of the […]
Ceylon Hotels Corp to woo more locals after earnings gets hit last year
Jan 24 (LBO) – Ceylon Hotels Corporation, which runs a chain of state owned hotels and rest-houses around the island, is trying to woo more local travellers after earnings took a beating last year. Operating a chain of 19 guesthouses in Sri Lanka, the group was hit by an escalating local conflict and a spate […]
Big Merger
January 24 (LBO) –Commercial Bank of Ceylon and National Development Bank has entered into merger talks, the banks said Wednesday. “In the event the negotiations are successful, and the manner in which the merger may be achieved is agreed upon, the proposal for such merger will be submitted to the Monetary Board of the Central […]
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 […]