Category: Industry
Sri Lanka recall Tharanga for Pakistan ODI
COLOMBO, November 1, 2011 (AFP) – Sri Lanka Cricket on Tuesday included opener Upul Tharanga, and fast bowlers Dilhara Fernando and Lasith Malinga in the 15-man squad for the one-day series against Pakistan. Selectors led by former skipper Duleep Mendis made seven changes from the Test squad that is currently playing against Pakistan in the […]
Sri Lanka supermarket chain cuts waste with better logistics
Nov 02, 2011 (LBO) – Investing in better logistics and supply chain management helped Sri Lanka’s Cargills group to reduce wastage and improve efficiency at its Food City supermarket chain. Cargills deputy chairman Ranjit Page said the process ensures prices to consumers remain static and its outlets charge one price throughout the island. Farmers get […]
Sri Lanka Hilton reveals management fees
Nov 01, 2011 (LBO) – Hotel Developers (Lanka), owners of Hilton Colombo Hotel in the Sri Lankan capital, has paid about 33 percent of gross operating profit as management fees and other charges to the international hotel chain which runs the property. The total amount paid to Hilton Worldwide, formerly Hilton International USA, was 1,371 […]
Finance Deal
Nov 01, 2011 (LBO) – Merchant Bank of Sri Lanka, a unit of state-run Bank of Ceylon said a consortium led by Navara Capital Ltd, an investment house, will buy 68 percent of a savings banking unit. MBSL took over the savings bank amid a banking crisis two years ago after there was a run […]
Sound Profile
Nov 01, 2011 (LBO) – Fitch Ratings Lanka has confirmed Hatton National Bank’s (HNB) National Long-Term rating at ‘AA-(lka)’ with a stable outlook. The agency has also confirmed HNB’s subordinated debentures at ‘A+(lka)’, a statement said. “The ratings reflect HNB’s sound financial profile, supported by robust capitalization, asset quality and profitability among local commercial banks,” […]
Branching Out
Nov 01, 2011 (LBO) – Union Bank of Colombo (UBC) and foreign investment fund ShoreCap II have completed the acquisition of Sri Lanka’s The Finance and Guarantee Company (TF&G). TF&G’s deposit base is over three billion rupees with over half of the company’s deposits being converted to non-voting shares with the consent of depositors as […]
Teaming Up
Nov 01, 2011 (LBO) – Sri Lankan transport firms have formed a partnership with the local branch of a global professional body that will lobby the government on policy changes needed to improve the island’s logistics business. The Chartered Institute of Logistics and Transport (CILT) Sri Lanka has teamed up with 15 corporate entities from […]
Price Fuss
Oct 31, 2011 (LBO) – Dairy multinational Fonterra’s Sri Lanka unit has stopped supplying dairy products to the Food City supermarket chain after protests from traders they were being undercut by discounts offered by the retailer. Customers said supermarkets operated by the Cargills group had put up notices that Fonterra had withdrawn dairy brands like […]
Sri Lanka Renuka City Sept net eroded by lower investment gains
Oct 31, 2011 (LBO) – Lower profit from share trading owing to a fall in the Sri Lankan stock market has halved Renuka City Hotels’ September 2011 quarter profit, a stock exchange filing showed. Net profit fell 58 percent to 52 million rupees in the September 2011 quarter from a year ago although sales more […]
Sri Lanka Galadari stake bought by Dubai govt
Oct 31, 2011 (LBO) – An investment fund connected to the Dubai government has bought a 16.1 percent stake in Sri Lanka’s Galadari Hotel, in a deal valued at 1. 18 billion rupees. The broking firm TKS Securities said 29.5 million shares were bought at 40 rupees each. Sri Lanka’s tourist arrivals have been up […]
Sri Lanka issues travel warning on flood hit Thailand
Oct 31, 2011 (LBO) – Sri Lankans should avoid all but ‘extremely essential’ travel to Thailand’s capital Bangkok as floods worsened, the island’s foreign ministry said. “[U]unless it is extremely essential, Sri Lankans are advised to temporarily postpone their travel to Bangkok until such time the situation improves,” a foreign ministry statement said. Parts of […]
Growth Number
Oct 31, 2011 (LBO) – Sri Lanka’s Sampath Bank group profits for the September 2011 quarter rose 45.6 percent to 1.14 billion rupees helped by higher non-interest income and a tax cut interim accounts showed. The group reported earnings of 7.33 rupees for the quarter. For the nine months to September earnings were 20. 81 […]