Category: Industry
Asian Award
Apr 19, 2012 (LBO) – Vajira Kulatilaka, chief executive of NDB Group Investment Banking Cluster, was recently awarded the Asian Institute of Technology Alumni Association Distinguished Alumni Award for business and professional achievements. He is a Fellow Member of the Chartered Institute of Management Accountants UK (FCMA) and a CFA Charter holder. “He was awarded […]
Sri Lanka gets radio network for new international airport
April 18, 2012 (LBO) – A Chinese company building a new international airport in southern Sri Lanka has selected a radio network from Cassidian, a unit of the European Aeronautic Defence and Space Company (EADS). Known as Claricor, the radio system includes an Automatic Vehicle Locating function and is Cassidian’s product for small to medium-sized […]
Foreign Rating
Apr 18, 2012 (LBO) – Sri Lanka’s state-run Bank of Ceylon (BOC) has been given a ‘B1’ rating by Moody’s Investors services ahead of planned bond sale in international capital markets with a ‘stable’ outlook. The agency rated the bank’s local currency deposits ‘B1/NP’, foreign currency deposits: ‘B2/NP’ and foreign currency senior unsecured debt ‘B1’. […]
Rate Signs
April 18, 2012 (LBO) – Sri Lankan shippers have had to pay higher freight rates after loss-making shipping lines succeeded in pushing through rate hikes but say rates might fall after the end of a cargo rush. “They have increased rates in March and April,” Gehan Kuruppu, president, Sri Lanka Shippers’ Council told LBO. Rates […]
Sri Lanka tourist arrivals up 21-pct in March
Apr 17, 2012 (LBO) – Sri Lanka’s tourist arrivals rose 21.3 percent to 91,102 in March from a year earlier with arrival in the first three months up 21. 1 percent to 260,525, the state tourist promotion agency said. East Asian visitors were up 44. 3 percent to 10,148, with Malaysian arrivals up 47.3 percent […]
Bank Rating
Apr 17, 2012 (LBO) – Fitch Ratings has assigned Sri Lanka’s Bank of Ceylon (BOC) long-term foreign- and local-currency Issuer Default Ratings (IDRs) of ‘BB-‘ with stable outlooks. Fitch has also confirmed BOC’s national long-term rating and its outstanding subordinated debentures at ‘AA+(lka)’ with a stable outlook and ‘AA(lka)’, a statement said. Fitch has also […]
SriLankan Airlines adds flight to Jeddah
April 16, 2012 (LBO) – Sri Lanka’s national carrier is increasing its seat capacity to Saudi Arabia by adding a 314-seater Airbus A340 to cater to increased demand from special groups travelling to observe religious rites. The new service on its Colombo Jeddah route will operate every Sunday commencing from May 06 and continue until […]
Vibration Message
Apr 16, 2012 (LBO) – An Indian computer student has developed an application that enables the blind and deaf to send and receive SMS on mobile phones by converting them into Morse code vibrations, a news report said. œBraille devices can be expensive,” said Mehta. “The idea of PocketSMS takes advantage of the old Morse […]
Postal Woes
Apr 15, 2012 (LBO) – Sri Lanka has seen a steep drop in the use mail in 2011, while telecom services continued to expand, increasing losses of a state-run postal service, official data showed. Central Bank data showed that letters per inhabitant dropped to 33. 3 percent to 12 in 2011 from 18 a year […]
Sri Lanka CEB loses Rs25.5bn, debts balloon
Apr 14, 2012 (LBO) – Sri Lanka’s state-run power utility, the Ceylon Electricity Board has lost 25. 5 billion rupees in 2011 and run up debts of 121 billion rupees with a petroleum distributor and independent power producers. Data in the Central Bank’s annual report said power generation rose 7. 5 percent to 11,521 GigaWatt […]
Six Senses Resorts bought by US PE firm
Apr 11, 2012 (LBO) – Pegasus Capital Adivsors, a US based private equity firm had struck a deal to buy Bangkok-based Six Senses Resorts and Spas brand, though real estate assets will remain with the founders. Six Senses Resorts and Spas has properties under management in Asia, the Middle East, the Americas and Europe. Six […]
Sri Lanka Citrus Leisure unit to build hotel
April 11, 2012 (LBO) – Waskaduwa Beach Resort, a subsidiary of Sri Lanka’s listed Citrus Leisure, plans to build a 150-room four-star hotel costing 23. 8 million US dollars on a property on the south coast. The hotel, ‘Citrus Waskaduwa’, consisting of a presidential suite, nine deluxe rooms, 140 ‘superior rooms’, banquet facilities and spa […]