Category: Industry
Cricket: Sri Lanka water firm boils over stomach bug
COLOMBO, Sept 25, 2012 (AFP) – A local drinking water supplier strongly defended its product Tuesday even as World Twenty20 organisers jettisoned their bottled water after several players went down with stomach flu. LAUGFS Aqua System said they had asked the International Cricket Council (ICC) for samples of suspect bottles of water, but got no […]
Sri Lanka launches tourism think tank
Sept 26, 2012 (LBO) – Sri Lanka is set to launch its first tourism related think tank that will gather information, analyze data and offer expertise to both policy makers and the businesses community to better steer the island’s booming tourism industry. The Centre for Research and Sustainability Studies in Tourism (CRST) launched this week […]
Sri Lanka state-carrier bailed out with Rs15.4bn bond
Sept 25, 2012 (LBO) – State-run SriLankan Airlines has been bailed out with a 15. 4 billion rupee Treasury bond allowing the firm fill a gap in the balance sheet created by a record 17. 1 billion rupee loss in 2011. Sri Lankan Airlines at group level lost 17. 17 billion rupees in the year […]
Finance Debt
Sept 25, 2012 (LBO) – RAM Ratings has confirmed a ‘BBB-‘ long term and ‘P3’ short term rating of Sri Lanka’s Softlogic Finance PLC, with a stable outlook. Where SLF’s funding mix was previously dominated by borrowings, deposits now form the bulk, following a 195.42% y-o-y surge in deposits in FY Mar 2012. Its loan-todeposit […]
Ad Awards
Sept 24, 2012 (LBO) – Organizers of Sri Lanka’s ‘Effie Awards’ is seeking advertisements and other marketing communications works in mainstream or alternative media, paid or unpaid, for this year’s contest. Ben Lightfoot, chairman of the Singapore Effies Chapter for 2012 and chief exectvie of the McCann Group will be a resource available to participants. […]
Sri Lanka to connect former war zone to national power grid
Sept 21, 2012 (LBO) – Sri Lanka’s state-run Ceylon Electricity Board will connect the northern Jaffna peninsula to the national power grid on September 25, with the commissioning of a power line to the north, officials said. Next year a high tension 132kVA transmission standard line from Kilonocchi to Chunnakham is to be commissioned along […]
Eating Out
Sept 21, 2012 (LBO) – Cargills (Ceylon) Plc said it had struck deal with US based TGI Friday’s Restaurant Inc, to operate a chain of franchise restaurants in Sri Lanka. Cargills said in a stock exchange filing that it was planning to open the first restaurant in the fourth quarter of the current financial year. […]
Kero Trend
Sept 20, 2012 (LBO) – Sri Lanka’s kerosene sales have come down after a price hike in February that reduced a subsidy given by tax payers, while highly taxed petrol sales continue to grow, official data show. Data released by the Central Bank shows that kerosene sales fell 26. 7 percent in June to 11,000 […]
India to relax garment import quota from Sri Lanka
Sept 20, 2012 (LBO) – India will increase a garment import quota by three million pieces a year to eight million without a sourcing requirement being imposed on Sri Lanka, the island’s industry ministry said citing a statement by a visiting Indian official. India and Sri Lanka has a free trade agreement through which nationalist […]
Sri Lanka state carrier opens sales office in Hambantota
Sept 20, 2012 (LBO) – State-run SriLankan Airlines said it is opening a sales office in Hambantota in the island’s south. Classic Travel (Pvt) Ltd, a fully owned unit of Sri Lanka’s Expolanka Holdings operate the agency office at No 30, Wilmot Street, Hambantota. .
Supported Rating
Sept 20, 2012 (LBO) – An ‘A-(lka)’ rating of Sri Lanka’s Seylan Bank, the island’s sixth largest bank has been confirmed by Fitch Ratings with a stable outlook on expectations of state support. “Seylan’s rating reflects Fitch’s expectations of support from the State of Sri Lanka if required, given the bank’s systemic importance,” the rating […]
Sri Lanka raids fake ICC T20 cricket clothing stores
COLOMBO, Sept 19, 2012 (AFP) – Sri Lanka’s police raided a factory turning out counterfeit ICC World Twenty20 T-shirts and seized stocks of spurious merchandise, a senior officer said Wednesday. Deputy Inspector-General Anura Senanayake said they carried out the crackdown on fake World Twenty20 merchandise following a complaint from the International Cricket Council (ICC) over […]