Category: Industry
AirAsia and MAS abort stock swap
May 02, 2012 (LBO) Budget carrier AirAsia, its long-haul arm AirAsiaX and Malaysian Airline System (MAS) have aborted a stock swap but will form joint ventures in procurement and aircraft maintenance to cut costs and meet competition. AirAsia said key shareholder Tune Air and Khazanah Nasional will unwind a share swap deal signed in August […]
Breaking Ground
May 2, 2012 (LBO) – Sri Lanka’s Hemas Holdings PLC group on Wednesday broke ground for their third hospital, catering to tens of thousands of people living in the east of the capital of Colombo, an official said. Situated in Thalawatugoda, some 14 kilometers off Colombo, the 1.3 billion rupee 50-bed hospital is due to […]
Union Margins
May 02, 2012 (LBO) – Sri Lanka’s Union Bank group’s net profits for the March 2012 quarter were up 21. 8 percent from a year earlier, helped by stronger interest and foreign exchange income, interim accounts showed. But Union Bank said its gross non-performing loans (without interest in suspense) fell to 4.6 percent from 5.51 […]
Sri Lanka assess risks across key tourist spots
May 01, 2012 (LBO) – Sri Lanka has completed preliminary work assessing the risks of most frequented tourist sites, as the island beefs up its leisure products to welcome more holidaymakers, officials said. The project was mooted, after an Australian tourist accidently died after walking-off the Hortain Plains in the central mountain regions last year, […]
’s Dambulla area, not affecting tourists
May 01, 2012 (LBO) – Foreign visitors continue to tour Sri Lanka’s central regions, despite ongoing religious tensions where Buddhist monks have demanded a 60-year-old mosque be relocated, a tourism industry lobby said. Hakeem alleged that “extremist forces” were trying to stir trouble, to fan religious tensions across the island that is emerging after the […]
Location Lure
May 01, 2012 (LBO) – China Merchants Holdings International which is building a deep-water container terminal in Colombo port is interested in investing in other Sri Lankan ports as well, an official said. Sri Lanka’s advantages make it a strong contender to be developed as a modern port with the right investment and support of […]
Sri Lanka state land sale to ITC to be done May 10: Treasury secy
April 30, 2012 (LBO) – A 75 million US dollar transfer of state beachfront land to India’s ITC is to be wrapped up by May 10, setting the stage for a Sheraton branded hotel in Colombo, Treasury Secretary P B Jayasundera said. The land was earlier to be sold to China’s CATIC on a freehold […]
Comfort Zone
April 30, 2012 (LBO) — Fitch Ratings Lanka on Monday affirmed HNB Assurance PLC’s national insurer financial strength rating and national long-term rating at ‘A(lka)’. The Outlook is Stable. A unit of the privately-held Hatton National Bank (HNB), HNB Assurance’s ratings reflects its capitalisation in terms of regulatory solvency and Fitch’s risk-based capital computations. The […]
Sea Drill
May 30, 2012 (LBO) – A joint coastguard exercise on anti-piracy, search and rescue and pollution control involving ships from India, Sri Lanka and the Maldives had been held in seas of the Indian Ocean archipelago. The High Commission (embassy) of India in Colombo said in a statement that six ships and one aircraft had […]
Sri Lanka Cricket announces Pakistan tour dates
April 29, 2012 (LBO) – Pakistan are due to play three Tests, five one-days and two Twenty20 internationals when they tour Sri Lanka between May 29 and July 13, Sri Lanka Cricket said Sunday. Dave Whatmore’s men are due to play the first of two Twenty20s in the southern town of Hambantota on June 1. […]
Finance Stake
Apr 29, 2012 (LBO) – Sri Lanka’s state-run National Savings Bank has bought a 13 percent stake in The Finance Company, a troubled firm that is being bailed out by regulators, at a steep premium above market price. NSB has bought 7.863 million shares of The Finance at 49. 74 rupees in an off-market deal […]
Port Draw
Apr 27, 2012 (LBO) – Sri Lanka’s ports will be positioned as logistics hubs to help attract foreign investors for export-oriented industries to generate the cargo volumes needed to continue to lure big shipping lines, an official said. Sri Lanka Ports Authority chairman Priyath Wickrama said ports will provide warehousing and other services to offer […]