Category: Industry
Enterprise Award
Apr 26, 2012 (LBO) – HSBC bank and the British Council has launched an award scheme for young entrepreneurs in Sri Lanka targeting students in universities, private higher education institutions, vocational colleges and professional bodies. “Next generation entrepreneurs will drive Sri Lanka™s economy,” Tony Reilly country director British Council said. “It is no different in […]
‘s Pegasus Hotel raises funds to settle debt
April 26, 2012 (LBO) – Sri Lanka’s Pegasus Hotels of Ceylon PLC said Thursday it has raised 110.9 million rupees via a rights issue. The Carsons Group managed hotel, issued 3.04 million shares to existing shareholders at a proportion of one share for every nine shares at 36.50 rupees each, Pegasus said in a stock […]
Stable Outlook
April 26, 2012 (LBO) — Fitch Ratings Lanka on Thursday affirmed Multi Finance PLC’s national long-term rating at ‘B+(lka)’ with a stable outlook. The agency has also affirmed and withdrawn the ‘B(lka)’ rating on Multi Finances proposed subordinated debenture issue of up to 100 million rupees, as the issue did not proceed as previously envisaged. […]
Moving Biz
Apr 26, 2012 (LBO) – GAC International Moving, a division of a Dubai-based logistics group said it has opened a personalized packing and moving business in Sri Lanka, shortly after starting a similar service in India. “The demand for moving services by relocating executives is geared for growth, and the launch of GAC’s International Moving […]
Sri Lanka to get weather based agri-insurance: IFC
Apr 25, 2012 (LBO) – International Finance Corporation (IFC), a World Bank arm that finances private firms said it was developing weather-based agricultural insurance for Sri Lanka with a micro-insurer. IFC said it was helping Sri Lanka’s SANASA Insurance to develop ‘weather index insurance’ to reduce losses to farmers from floods or droughts. “These insurance […]
Growth Spurt
April 25, 2012 (LBO) – Demand for office space in the Sri Lanka’s capital Colombo is tipped to more than double over five years, led by information technology related firms and the financial sector, a property services specialist has said. The newly opened Sri Lanka unit of Jones Lang LaSalle, an international property services company […]
Sri Lanka lures another cruise line
Apr 25, 2012 (LBO) – Sri Lanka is getting more cruise ship calls after the end of its 30-year war with the latest being the vessel MV L’Austral operated by the French cruise line Compagnie du Ponant, a statement said. The cruise vessel, owned by CMA CGM, the third largest container shipping line, made her […]
Offshore Potential
April 24, 2012 (LBO) – Cairn India which struck gas in two offshore wells in Sri Lankan waters last year has indicated that at least one may have commercial potential so far. The company found natural gas in two of three test wells drilled in the Mannar Basin, off the island’s north-west coast, called the […]
‘s EAP group enters insurance broking with Omani firm
Apr 24, 2012 (LBO) – Sri Lanka’s EAP Group and Oman-based Risk Management Services LLC is teaming up to form an insurance broking firm amid prospects for strong growth in the island, officials said. “With the war over there is a lot of opportunities for growth,” RMS assistant general manager K Krisha Murthi said. “There […]
Time Please
Apr 24, 2012 (LBO) – Two shareholders of Sri Lanka’s listed Nations Trust Bank have asked for more time to sell down their stakes to comply with a regulatory requirement, the firm said. Sri Lankan conglomerate John Keells Holdings holds 29.9 percent of the company and Central Finance hold 20 percent of the company. Sri […]
State Expansion
Apr 24, 2012 (LBO) – Sri Lanka’s state workers rose 1. 1 percent to 1.232 million after falling 7.2 percent a year earlier, with central and local government employees climbing 16,812 to 986,386 though state agency workers fell, official data showed. Analysts say trimming the public sector and paying better wages would reduce the burden […]
Mid-sea Drama
Apr 24, 2012 (LBO) – An European Union warship has rescued six Sri Lankan fishermen from Somali pirates off the coast of Tanzania, who would be flown home, the EU delegation in Colombo said. A Spanish warship Infanta Elena, which is part of an EU Naval force had boarded the fishing vessel which had been […]