Category: Industry
Clean Records
Sep 7, 2006 (LBO) – The credit information has started to clear the credit records of former defaulters who have repaid their loans, a top official said. General Manager of the Sri Lanka Credit Information Bureau N P H Amarasena says about 67,000 names have been taken off the list of defaulters. The credit information […]
Sea Rescue
Bangladeshi crew rescued from sinking ship COLOMBO, Sept 7, 2006 (AFP) – Sri Lanka’s navy rescued 34 Bangladeshi nationals Thursday who were aboard a crippled merchant vessel that sank off the island’s southern coast, officials said. The cargo carrier, MV Amnet Sha, was being towed by a tugboat when it sank in rough weather off […]
John Keells in early talks to take over Confifi Hotels
Sept 06 (LBO) – Diversified Sri Lankan conglomerate John Keells Holdings is in early talks to buy into the Confifi Hotel group, a top official said. As part of our business strategy we look at various opportunities when they arise.In that context we have looked at this possibility of buying into the Confifi Group as […]
Trade Breaks
Sept 05 (LBO) – India is drawing up a more favourable package for Sri Lankan garment exports to the country under the Indo-Lanka trade deal. Quotas on apparel and tea have been poorly utilised and has not really taken off, Sunjay Sudhir, Counsellor, Economic and Commercial at the Indian High Commission in Sri Lanka, told […]
Oil Brokering
Sept 06 (LBO) – Sri Lanka has approved new terms to limit exports of vanaspathi vegetable oil to India, with the government hopeful that local factories will re-open in a month. The two countries clocked up just under two billion dollars in bilateral trade last year a four fold increase since the free trade deal […]
’s Serendib Hotels to sell 20% stake to Thai resort operator, Minor International
Sept 05 (LBO) – Serendib Hotels said Tuesday it would go in for a private placement to sell a 19.90 percent stake in the company to Minor International Public Company Limited, a large Thai resort operator. The company, which owns a chain of three hotels Hotel Serendib, Club Hotel Dolphin and Sigiriya Hotel, plans to […]
Hasty Exit
Sept 04 (LBO) – The government has shelved a bidding round for oil exploration until it sorts out a battle with Norwegian company TGS Nopec to buy up three years worth of seismic data. TGS Nopec conducted seismic surveys in the Mannar Basin since 2002, with the government trying to buy back the data for […]
Bigger Bills
Sept 04 (LBO) – Ceylon Petroleum Corporation said Monday that it would jack up fuel prices with effect from midnight Monday, to offset losses made by the state utility. Petrol will go up by Rs. 5.00 a litre to 101 rupees, diesel by Rs.3.00 to Rs. 67.00 a litre and kerosene, largely used by rural […]
Joining Forces
Sept 04 (LBO) – NDB Bank said Monday that it had picked up a balance 70 percent stake in NDB Housing Bank, following Central Bank approval. NDB Bank held a 30 percent stake in the housing loan subsidiary, with the balance held by International Finance Corporation (IFC) and Housing Development Finance Corporation of India (HDFC […]
Good Returns
September 04, 2006 (LBO) – The Distilleries Group is in talks to increase their equity stake in its fund management unit National Asset Management Ltd or NAMAL. Stassens, recently gave a billion rupees of its funds for NAMAL to manage. Healthy competition is good for both fund management companies, Fernando said referring to Aegis and […]
Charity Probe
Sep 04, (LBO) – Sri Lanka’s central bank, which froze the bank accounts of a charity operating in the country’s North and East areas said Monday, following raids on the organization’s overseas offices and arrests of persons connected to it raised doubts about the use funds. TRO said it was willing to ˜assist and fully […]
Common Issues
Sep 04, (LBO) – Finance ministers of commonwealth countries will try to find ways to improve aid delivery to developing countries and made aid more effective, when they meet in Colombo next week, host country Sri Lanka said. Delegates from 53 Commonwealth countries, led by prime ministers and finance ministers will meet in Colombo from […]