Category: Industry
John Keells picks up new Maldivian resort for US$12.5 mn
August 04, 2006 (LBO) – Sri Lanka’s largest hotel operator, John Keells Holdings Friday said they have picked up their fifth Maldivian resort for 12.5 million dollars. Some of the best diving sites in the Maldives are found in the vicinity of Ellaidhoo such as Fish Head, Maya Thila, Halaveli Wreck and Fesdhoo Wreck. Maldivian […]
Recovery Time
August 04, 2006 (LBO) – Feeder vessels operating in Colombo said they would remove a cost recovery surcharge imposed on ships calling on the island, from August 10. Following a recent strike at the Colombo port that crippled work for eleven days, feeder vessels slapped a 40 dollar levy per Twenty foot Equivalent Unit (TEU) […]
Winning Round
Aug 03 (LBO) – Sealed cable television company CBNSat said Thursday that they had won a court order for a two week test transmission and to service its broadcast equipment. At a court hearing held on August 3, the Chief Justice ordered the relevant authorities to take necessary measures to remove the seals from equipment […]
Corporate Chase
August 3, 2006 (LBO) — Sri Lanka’s Bank of Ceylon, a state-owned bank which is heavily involved in financing the government, is targeting corporate clients with its computerisation plan nearing completion.Unlike the private commercial banks which went on-line much earlier, the state owned giant with a large branch network spread into the far corners of […]
Hidden Surprise
August 3, 2006 (LBO) – Sri Lanka Telecom is expecting a 75 percent rise in full-year net profits as its cellular subsidiary makes a quick turnaround, which helps off-set sudden costs to trim its workforce, officials said Thursday. Mobitel, the firm’s cellular subsidiary, is turning the corner, after narrowing down six month losses to 190 […]
Tie-breaker
August 03, 2006 (LBO) – Sri Lanka and India made a breakthrough in crisis talks held this week to resume duty free exports of vanaspati oil to India. The new terms will have to be approved by Sri Lanka™s Cabinet, but the commerce ministry is in agreement, Ratnayake says, adding that the terms are reasonable. […]
Cricket proves welcome distraction from bloodshed in Sri Lanka
Aug 2, 2006 (AFP) – As the bloody ethnic conflict in Sri Lanka escalates, people in the island nation are turning to their top-flight cricket team to provide a balm for the misery.When Sri Lankan troops and Tamil Tiger rebels were locked in the bloodiest ground battle since 2002 on Monday, the nation’s cricketers were […]
’s Nest
August 2, 2006 (LBO) – Sri Lanka’s Central Bank Wednesday said balances of dormant accounts taken over by can be claimed back by their rightful owners. According to bankers there are around 30 million dollars worth of unclaimed property and goods waiting to be claimed. In July the government announced it was taking possession of […]
Going Nowhere
August 02 (LBO) – Sri Lanka’s first toll road is still on the shelf without funding, with the government saying they will even consider commercial loans just to get the project going. The project was to go ahead with Chinese government funding lent on concessionary terms, built by a Chinese contractor. The country’s Road Development […]
No Oil
August 01, 2006 (LBO) – Sri Lanka says it may not entertain new investments into expensive oil fired power plants, under a proposed energy policy for the country published this week. The government shall not initiate or entertain any proposal either by electricity utilities or private developers to build power plants that will use oil, […]
On Course
August 01, 2006 (LBO) – Caltex Lanka Lubricants Tuesday reported a 16 percent spike in net profit after tax for the six months ended June this year, on the back of volume and price growth. Net profit after tax went up from 370 million to 429.7 million rupees for the first half of this year, […]
Minor Adjustment
August 1, 2006 (LBO) – Sri Lanka’s state-owned Ceylon Petroleum Corp has raised fuel prices after a two-month lag to offset a surge in global oil prices, Petroleum Minister A H M Fowzie said. From midnight Tuesday: ¢ Gasoline costs 96.00 rupees (from 93.00 rupees) ¢ Diesel costs 63.00 rupees (from 61.00 rupees) ¢ Kerosene […]