Category: Industry
Oil Transfer
LONDON, July 12, 2011 (AFP) – British oil explorer Cairn Energy on Tuesday announced that it had sold 10 percent of its Indian unit to Vedanta Resources for a net cash sum of . 362 billion (978 million euros). India had last month given conditional clearance to the sale of Cairn Energy’s Indian oilfields to […]
Sri Lanka promises no power cuts but utility losses up
July 12, 2011 (LBO) – Sri Lanka will not impose power cuts although hydro-power reservoirs have run dry owing to drought but losses in the state utility will rise as it relies more on high-cost thermal power plants. Power minister Patali Champika Ranawaka said power generation capacity in hydro-power reservoirs had fallen to 29 percent […]
Sri Lanka Softlogic to buy insurer
July 12, 2011 (LBO) – Sri Lanka’s Softlogic Holdings group is buying a 73. 5 percent stake in Asian Alliance Insurance, a listed insurer for 3,308 million rupees, the company said in a stock exchange filing. Softlogic Holding group will buy 53. 16 percent of Asian Alliance held by Asia Capital PLC and its subsidiaries […]
Cruise Call
July 12, 2011 (LBO) – A cruise liner service between India and Sri Lanka that was to start in early July 2011 has been delayed as government approvals are being awaited, an official said. Ceyline has tied up with Chennai-based AMET Shipping to operate a cruise ship between Chennai and Trincomalee that was also to […]
Support Service
July 11, 2011 (LBO) – Cairn India which is exploring for petroleum resources off Sri Lanka has called for proposals for oil spill response equipment and services as it prepares to drill its first well in August this year. The company announcement said delivery of equipment could be either at Colombo or Chennai in south […]
Retail Skills
July 11, 2011 (LBO) – Sri Lankan fashion retailer ODEL has appointed an international retail sales specialist William R Pinkston, III, as its Chief Operating Officer, a statement said. In his career, Pinkston has specialised in store operations, expense reduction and control, product and visual merchandising, brand development, store concept design and project management for […]
Credit Trend
July 11, 2011 (LBO) – Credit to business from Sri Lanka’s commercial banks rose 33. 9 billion rupees in May 2011 to 1,664. 4 billion rupees, with rupee denominated loans rising 30.5 billion rupees and forex loans rising 3. 4 billion rupees, official data showed. In the year to May commercial bank loans to business […]
Charging
July 11, 2011 (LBO) – Directors of an unregulated finance company in Sri Lanka’s Ceylinco group including its chairman Lalith Kothelawala have been charged following a two and a half year probe, media reports said. Separately, Sri Lanka’s Supreme Court has earlier issued orders on the Golden Key after depositors sought repayment. The Sunday Island […]
Sri Lanka presses Pakistan to lower tariffs
July 10, 2011 (LBO) – Sri Lanka is pressing Pakistan to reduce import duties on key exports from the island with the issue to be taken up again at a forthcoming meeting in Colombo following talks in Islamabad. Pakistan would consider reducing high tariffs imposed on certain Sri Lankan agriculture products, the statement said. Analysts […]
Peace Dividend
July 10, 2011 (LBO) – Singer Sri Lanka, a consumer durables firm, a top retailer of televisions, refrigerators and sewing machines says sales in the former war-torn north and east of the country has doubled since a 30-year war ended two years ago. “Now, North-east is giving 6.5 percent percent of the sales,” chief executive […]
Pakistan says India rejected cricket revenue plan
KARACHI, July 8, 2011 (AFP) – Pakistan’s cricket chief Ijaz Butt has said India rejected a proposal to share revenue from a possible series between the arch rivals on the grounds that India will play host. “We hope the series will be revived and we told them we are ready to play in India but […]
Sri Lanka tea exporter plans off-shore blending plant
July 9, 2011 (LBO) – HVA Foods, a Sri Lanka-based branded tea exporter is planning a blending unit in the Middle East to gain a bigger share in the global retail market by making use of trade liberties. “Discussions with our Middle East partner is at an advanced stage,” HVA Foods chairman Rohan Fernando was […]