Category: Industry
Tele Tower
June 7, 2011 (LBO) – Sri Lanka has rebuilt a 175 meter television tower costing 450 million rupees to begin television and telecom transmissions to former war torn areas in the north of the island. President Mahinda Rajapaksa opened the tower Tuesday in the Kokavil region. The government’s information office said the tower will be […]
Wider Reach
June 07, 2011 (LBO) – Sri Lanka’s Richard Pieris group wants to cash in on the post-war consumer spending boom by rapidly expanding its chain of ‘Arpico’ supermarkets, a senior official said. The firm’s profits nearly doubled to 2. 1 billion rupees in 2010 due to higher returns from core business areas, plantations, retail and […]
Glitzy Loans
June 07, 2011 (LBO) – Sri Lanka’s Commercial Bank plans to extend ‘gold loans’ through its branches country-wide offering higher advances and lower rates to encourage use of gold to raise funds. The bank will offer up to 80 percent of the gold value, in the form of jewellery, biscuits or bars, and an interest […]
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June 06, 2011 (LBO) – Fitch Ratings Lanka has upgraded Sri Lanka Insurance Corporation’s (SLIC) National Long-Term rating and National Insurer Financial Strength (IFS) rating to ‘AA(lka)’ from ‘AA-(lka)’ with stable outlooks. “The ratings reflect SLIC’s improved risk-based capital position over the last two years, benefited by the improved operating and macro-economic environment as well […]
Sri Lanka resort planned by Banyan Tree, drops management deal
June 06, 2011 (LBO) – Singapore-based Banyan Tree Holdings said it was ending the management of a third party property in Sri Lanka but would develop its own resort on a larger scale. The group owns a 79 percent stake in Beruwala Walk Inn, which operated the destroyed Hotel Swanee. It was earlier owned by […]
Sri Lanka Emagewize buys into hydro firm
June 6, 2011 (LBO) – Emagewize (Pvt) Ltd, has bought 77 million shares in Panasian Power, a mini hydro firm for 6. 00 rupees a share, director Dilith Jayaweera said, in a deal valued at 460 million rupees. Emagewize has recently bought into Colombo Land, the owners of a shopping complex. It also controls Citrus […]
Sri Lanka Kuruwita Textile slips back into the red
June 06, 2011 (LBO) – Sri Lanka’s Kuruwita Textile Mills slipped back into the red in the financial year to March 2011 with sales also down and a new managing director being hired to turn the company around. The company, which is part of the Brandix apparel export group, said in a stock exchange filing […]
Property Potential
June 04, 2011 (LBO) – Sri Lanka’s John Keells Holdings is expanding its property business with the acquisition of a six-acre site in a suburb on a key road to the international airport north of the capital Colombo. The conglomerate said it wants to expand its land bank by acquiring sites with a “high development […]
Cinema Expansion
June 03, 2011 (LBO) – CT Land Development, owners of the Majestic City shopping mall in Sri Lanka’s capital Colombo is building three cinemas on its fifth floor which is now vacant, chairman R Selvaskandan has said. Income tax saw a reversal of 25 million rupees compared to a charge of 46 million rupees a […]
‘s lift for Sri Lanka
LONDON, June 2, 2011 (AFP) – Stuart Law faces the sternest challenge of his brief stint as Sri Lanka interim coach as he tries to get the side back on track following their stunning first Test collapse. The series opener seemed destined for a draw when rain washed out the final morning of in Cardiff […]
Sri Lanka Allianz unit opens branch in former war zone
June 02, 2011 (LBO) – Allianz Lanka, the Sri Lankan unit of Allianz SE, has opened a branch in northern Jaffna whose economy is recovering from the effects of the island’s 30-year ethnic war. Allianz in Jaffna provides the people with life and general insurance solutions, a company statement said. Despite not having had a […]
SriLankan Airlines moves to meet EU emissions rules
June 02, 2011 (LBO) – SriLankan Airlines said it has satisfied a key environmental requirement of the European Union (EU) on monitoring of aircraft emissions and was in talks to get carbon credits to ensure full compliance. SriLankan Airlines’ Aircraft Emissions Monitoring System, developed by the airline itself, was approved by the EU on April […]