Category: Industry
Cricket: Sri Lanka oust Bangladesh in another T20 thriller
CHITTAGONG, February 14, 2014 (AFP) – Sachithra Senanakaye hit a boundary off the last ball as Sri Lanka secured a dramatic three-wicket win over Bangladesh in the second Twenty20 match in Chittagong on Friday to win the series 2-0.Bangladesh’s batting never recovered after losing openers Tamim Iqbal and Shamsur Rahman in the first two overs. […]
Maritime Reconnaissance
SYDNEY, February 15, 2014 (AFP) – Australia plans to buy seven giant unmanned drones for Aus billion (US.7 billion), potentially to help patrol its borders, a report said on Saturday. The use of large unmanned aircraft patrolling the nation’s borders has been mulled for a decade but the previous Labor government would not sign off […]
Group Result
Feb 14, 2014 (LBO) – Profits at Sri Lanka’s DFCC Bank group rose 3.8 percent from a year earlier to 791 million rupees in the December 2013 quarter helped by fair value gains and interest income, interim accounts showed. The firm reported earnings of 2.99 rupees per share for the quarter. For the nine months […]
Retail Trend
Feb 13, 2014 (LBO) – Profits at Sri Lanka’s Odel Plc, a fashion retailer fell 40 percent to 46.0 million rupees in the December 2013 quarter from a year earlier, amid weaker sales and narrower margins, interim accounts showed.The firm reported earnings of 17 cents per share for the quarter. In the nine months to […]
Sri Lanka Taj unit in losses amid refurbishment
Feb 13, 2014 (LBO) – Sri Lanka’s Taj Lanka Hotels Plc, a unit of India’s Taj Hotels and Resorts said it lost 118 million rupees in the December 2013 quarter as the hotel went through a refurbishment.Revenues were down 34 percent to 355 million rupees, cost of sales fell 2 percent to 388 million rupees […]
Upgraded
Feb 12, 2014 (LBO) – RAM Ratings Lanka said it had upgraded a ‘BB-‘ rating of BRAC Lanka Finance Plc (formerly Nanda Investments, by two levels to ‘BB+’ following an ownership change. l The rating has a stable outlook. Bangladesh-based BRAC bought into the firm and RAM said support was expected from the parent. The […]
‘s Srinivasan
NEW DELHI, February 10, 2014 (AFP) – A controversial shake-up of the governance and structure of cricket’s world body will benefit the game and ensure its financial health, India’s powerful boss N. Srinivasan said on Monday. “I think it’s good for cricket overall, good for the financial health of all full, associate and affiliate members. […]
Cricket: Sri Lanka says it had to abstain from ICC vote
COLOMBO, February 11, 2014 (AFP) – Sri Lanka has defended its decision to tacitly support a controversial shakeup of cricket’s world body, saying it was left with no choice after South Africa broke ranks over the move.Sri Lanka, Pakistan and South Africa all opposed the revamp of the International Cricket Council’s (ICC) governance and structure […]
‘s Altair residential tower to be built by Shapoorji Pallonji
Feb 11, 2014 (LBO) – A 68-storey lakefront apartment tower tipped to be tallest residential tower in South Asia when completed in 2017 will be built by Shapoorji Pollonji International, a Dubai based construction firm, its promoters said. The ‘Altair’ luxury condominium project by the Beira lake in Sri Lanka’s capital Colombo will be 240 […]
AirAsia X drops Maldives, continues Sri Lanka flights
Jan 11, 2014 (LBO) – Malaysia-based AirAsia X, a long haul budget carrier said it will stop flying to Maldives from next month, but will continue flights to Sri Lanka four times a week.AirAsia X said it was halting Male flights due to “challenging business conditions”. “The decision to withdraw from Male was a difficult […]
Consolidation View
Feb 11, 2014 (LBO) – Sri Lanka’s plan to consolidate banks, could bring long term benefits and greater system stability, Fitch Ratings said.The consolidation master plan envisaged the creation of bigger banks, with an asset base of over 1,000 million rupees. “Only one bank met this threshold at end-September 2013,” Fitch Ratings said. “The government […]
‘s finance companies pushed into riskier business: ex-banker
Feb 10, 2014 (LBO) – Sri Lanka’s finance companies, non-bank lenders that lent to riskier clients were taking on more risk due to structural changes in the financial sector, a veteran banker said. Ranjith Fernando, former head of National Development Bank said finance companies served an important function in the economy by catering to customers […]