Category: Industry
‘s Colombo night race first night-in pictures
Dec 17, 2011 (LBO) – Sri Lanka’s Colombo night race flagged off Friday in practice runs and trials as fans lined the streets to watch as drivers became familiar with the track and sought places for Saturday.
‘s Jetwing managed hotel opens in Laos
Dec 17, 2011 (LBO) – Xiengthong Palace, a hotel in Luang Prabang, Laos, managed by Jetwing a Sri Lanka based group has officially opened targeting luxury travel, a media report said. The Island newspaper said the hotel, which had a soft opening in October and its architecture conformed to the style of the ancient city, […]
Sri Lanka night race will help travel trade: Colombo hoteliers
Dec 16, 2011 (LBO) – A night car race in Sri Lanka’s capital Colombo has increased occupancy in city hotels and will help the travel trade if it is made an annual international event, hoteliers said. “An event like this will put us on the map as a happening city,” Rohit Khosla, head of Taj […]
Lower Outlook
Dec 16, 2011 (LBO) – Fitch Ratings has lowered the outlook on the ‘BB+(lka)’ rating of Sri Lanka’s Union Bank of Colombo to negative from stable on operational risks from its information technology system and weak branch procedures. The rating agency said loan growth was high at 56.5 percent but the bank did not have […]
Implied Support
Dec 16, 2011 (LBO) – Fitch Ratings Lanka has confirmed Singer Finance (Lanka) Plc’s (SFL) national long-term rating at ‘BBB+(lka)’ with a stable outlook. SFL’s rating reflects Fitch’s expectation that support would be forthcoming from the parent, Singer (Sri Lanka) (SSLP) which is rated ‘A(lka)’, given the strategic importance of SFL, a statement said. In […]
Terminal Work
Dec 16, 2011 (LBO) – Construction work has begun on the first deep-water container terminal in a new harbour being built next to Sri Lanka’s Colombo port that will be owned and operated by a Chinese-led consortium. The 500 million US dollar South Container Terminal is to be built and operated by Colombo International Container […]
Sri Lanka exporters should reclaim duty before April 18: US
Dec 15, 2011 (LBO) – Sri Lanka’s exporters should claim refunds under a resumed generalized system of preferences (GSP) tariff relief scheme before April 18, 2011, the US embassy said. The US GSP scheme expired on Jan 01, 2011 but was retroactively renewed from November 04, 2011. Duties paid during the period could be claimed […]
Sri Lanka insurers stable but claims up, lower investment income: Fitch
Dec 15, 2011 (LBO) – Sri Lanka’s insurers are well capitalized and profitable but investment income is falling and areas such as motor are seeing rising claims amid price competition, Fitch, a rating agency has said. “As such, underwriting profitability remains under pressure with many companies posting combined ratios above 100 percent, and having to […]
Sri Lanka identifies sites for wave energy
Dec 14, 2011 (LBO) – Sri Lanka has identified 14 sites along its coastline to build power plants using energy from ocean waves as part of a move to shift to renewable energy sources and reduce reliance on costly fossil fuel. The island’s energy deficit is increasing as rapid economic growth generates higher demand for […]
Visual Contact
Dec 14, 2011 (LBO) – Sri Lanka’s Dialog Axiata mobile phone operator is offering a ‘concierge-type’ video conferencing service to corporate customers that it says will reduce business travel costs and raise sales management efficiency. Rithesh Bhargava, Cable & Wireless Worldwide’s Head of Solutions India and South Asia, said the service using Web-based cloud computing […]
Tele Buy
Dec 14, 2011 (LBO) – Sri Lanka’s Dialog Axiata, said it will buy Suntel, a fixed access unit of Sweden’s Overseas Telecom AB for a little over 34 million US dollars to expand its fixed wireless business. Dialog Broadband had posted revenues of 1. 8 billion rupees for the nine months ending September 2011. Suntel, […]
Port Pursuit
Dec 14, 2011 (LBO) – An Indian conglomerate is keen to acquire a stake in ports in Sri Lanka given its location and growth potential, an investment advisor from PricewaterhouseCoopers India told an investor forum in Colombo. Rapid infrastructure modernisation will be critical to achieve high levels of economic growth, he told the forum. Much […]