Category: Industry
SriLanka Airlines to join oneworld from May 01
Mar 07, 2014 (LBO) – State-run SriLankan Airlines said it is on track to join OneWorld, a global alliance of carriers on May 01, following the successful completion of a review by its sponsor, Cathay Pacific Airways. As part of oneworld, SriLankan will all of its customers seamless connections across a global network serving almost […]
Sri Lankan bowlers restrict Bangladesh to 204-9
DHAKA, March 6, 2014 (AFP) – Sri Lanka bowled a tight line and length to restrict Bangladesh to a modest 204-9 in their last league match of the Asia Cup in Dhaka on Thursday.Spinners Ashan Priyanjan (2-11) and Ajantha Mendis (2-55) put the brakes on after Bangladesh won the toss and made a promising start, […]
Fast Phone
Mar 06, 2014 (LBO) – Sri Lanka’s Dialog Axiata said it had offering a 4G Smartphone to its own-brand range.Customers wanting to upgrade to the firms 4G-LTE network with burst speeds of up to 40Megabits per second could use the Dialog Q 143L Smartphone, the firm said in a statement. “Sri Lankan mobile users are […]
Car Parade
Mar 06, 2014 (LBO) – A British car day will be held on March 16, with classic cars and motorbikes dating back from the 1930s to be on parade in Sri Lanka’s capital Colombo.The owners will dress in “period outfits, adding to the authenticity of the event and bringing a touch of humor,” the organizer […]
Investment Chat
Mar 05, 2014 (LBO) – Sri Lanka’s Union Bank is talks with a foreign investor, TGP Asia VI L.P, for a possible sale of shares, the firm said in a stock exchange filing.The bank said it had received a “non-binding indicative term sheet governing further negotiations” over a share sale from TGP Asia. Any final […]
Sri Lanka insurance sector needs consolidation push: Presidential advisor
Mar 05, 2013 (LBO) – Sri Lanka’s insurance sector may need a regulatory push for mergers as another regulatory driven move splits general and insurance business, an influential head of an insurance firm has said.“While appreciating this effort, I am hopeful that the remaining issues on tax credits and stamp duty on property transfers will […]
‘ AIA Insurance unit discloses values ahead of split
Mar 05, 2014 (LBO) – Sri Lanka’s AIA Insurance Lanka Plc said it had valued its general insurance business ahead of a split of life and non-life divisions under a regulatory requirement in the third quarter of 2014.AIA Insurance Lanka said it was using its “best and reasonable endeavors to brief shareholders of a possible […]
Sri Lanka thump Afghanistan to reach Asia Cup final
DHAKA, March 3, 2014 (AFP) – Four-time champions Sri Lanka thumped newcomers Afghanistan by 129 runs to reach the final of the Asia Cup in Dhaka on Monday.The Islanders scored a challenging 253-6 with in-form Kumar Sangakkara hitting a solid 76 before they bowled their rivals out for a paltry 124 in 38.4 overs. Sri […]
‘s Brandix seeks disruptive innovations
Mar 04, 2014 (LBO) – Sri Lanka Brandix, an apparel sector group said it is committing up to a million US dollars to start-ups that will find ‘game changing’ solutions for apparel, textiles and accessories industries. “The new venture ˜Disrupt Unlimited’ will run a seed accelerator that will inspire, mentor and fund start-ups with breakthrough […]
Lahore longs for international cricket five years after attack
LAHORE, March 3, 2014 (AFP) – For more than fifty years, Haji Basheer has prepared the pitch at Lahore’s Gaddafi Stadium and witnessed some of cricket’s biggest moments including two World Cups.The 74-year-old has been serving at the ground since it hosted the first match in November 1959 but a terrorist attack on the Sri […]
Credit Trend
Mar 03, 2014 (LBO) – Sri Lanka’s credit from commercial banks to state enterprises surged to 57 billion rupee in December 2013 ending four months of net pay downs of debt official data showed as a drought worsened in the country hitting hydro power. The subsidy deception hurts the poor most – who consume the […]
Merger Plan
Mar 03, 2014 (LBO) – Merchant Bank of Sri Lanka (MBSL), a unit of state-run Bank of Ceylon said it was merging with two subsidiaries and become a finance company, under a regulatory directive. Instead, all three units will merge and operate as a licensed finance company. MBSL will merge with MBSL Savings Bank Limited […]