Category: Industry
Sri Lanka and Korea air links to expand
Feb 22, 2013 (LBO) – Sri Lanka and Korea has liberalized an air services agreement allowing traffic rights to third countries which is expanding air links between the capitals of the two countries, the foreign ministry said.A new air services agreement had been signed on February 20 allowing Korean Air to fly to Maldives and […]
Management Ideas
Feb 22, 2013 (LBO) – The faculty of management studies and commerce of the University of Sri Jayewardenepura is holding an international conference with papers to be presented by participants from Malaysia, Poland, France and India in addition to Sri Lanka.The ‘International Conference on Business Management’ will be held on February 28 and March 01 […]
Road Finance
Feb 22, 2013 (LBO) – Sri Lanka’s Hatton National Bank will provide a 3.2 billion rupee long-term loan to the state to finance the rebuilding of 37.5 kilometres of priority roads in the central part of the island, the state information office said.The loan will be used to re-build road sections of 33.50 to 44.0 […]
Share Limits
Feb 22, 2013 (LBO) – Sri Lanka’s central bank will look at “the need for raising” shareholder ceilings imposed on banks, a media report said, quoting Central Bank Governor Nivard Cabraal.Several state entities have also bought stock in private banks, exceeding the limit. Reuters, a news agency quoted Cabraal as saying on the sidelines of […]
Sri Lanka textile mill boosts revenue, profits
Feb 20, 2013 (LBO) – Sri Lanka’s Kuruwita Textiles said boosted revenues 31 percent in the December 2012 quarter from a year earlier and profits rose 20 percent to 15.9 million rupees, despite narrower margins interim accounts showed. He said the company was working on new customers and strengthening existing relationships and was also working […]
Bridge Financing
Feb 21, 2013 (LBO) – Sri Lanka’s Hatton National Bank will provide a loan of 6.779 million sterling pounds equivalent in dollars as part financing to construct 210 steel bridges, the state information office said.The cabinet of ministers had given the nod to enter into the loan contract at the rate of 6.0 percent above […]
Difficult Terrain
Feb 21, 2013 (LBO) – United Motors Plc, agents for Mitsubishi in Sri Lanka launched a 1.2 litre engined Mirage car into an auto market that has been dented by a tax-hike, high interest rates and currency depreciation. “We are not very ambitious with the current taxation and where the yen is,” managing director Chanaka […]
Tele Profits
Feb 20, 2012 (LBO) – Sri Lanka Telecom group, the island’s only wireline operator which also has a mobile unit has reported profits of 877 million rupees for the December 2012 quarter down 29 percent from a year earlier. SLT Publications had seen revenues grow 25 percent to 516 million rupees and pre-tax profits growth […]
Sri Lanka to start aerial whale watching
Feb 20, 2013 (LBO) – Simplify, a Colombo based aircraft operator said it planned to offer whale watching services using a newly delivered 5-seater amphibian aircraft it was managing for a third party. Simplify also has its own fleet.It operates operates a Bell Jet Ranger helicopter, a GA8 airvan, a Cessna 206 amphibian aircraft and […]
Sri Lanka begins re-building Hamilton canal as tourist attraction
Feb 19, 2013 (LBO) – Sri Lanka has begun re-building a colonial era canal north of the capital Colombo as an eco tourism attraction due to its access to nearby wetlands, the island’s economic development ministry said.A 600 million rupee project to rebuild the canal banks, clear silt and spruce up the surroundings had been […]
‘s SilverNeedle hotels
Feb 19, 2012 (LBO) – Singapore-based SilverNeedle Hospitality said it is entering Sri Lanka with a 200 room hotel as part of a 100 million US dollar joint venture mixed development with the island’s Abans group. Abans is a group with 250 million US dollar a year in revenues and says it is the largest […]
Net Interest
Feb 19, 2013 (LBO) – Sri Lanka’s The Finance Company Plc’s lost 510 million rupees in the December 2012 quarter up from a loss of 17 million rupees a year earlier, while nine month losses were 1.26 billion rupees, interim accounts showed. The firm reported earnings of 3.18 rupees for the quarter. In the nine […]