Category: Industry
Telco Trends
May 10, 2011 (LBO) – Sri Lanka Telecom’s March 2011 quarter net profit rose 114 percent to 1,295 million rupees from a year ago with sharp gains from value-added services and the traditional fixed line business. Group sales rose two percent to 12. 4 billion rupees in the quarter ending March 31, 2011, according to […]
Finance Listing
May 10, 2011 (LBO) – Bimputh Lanka Investments, a registered finance company in Sri Lanka, has been given regulatory approval to list on the Colombo stock exchange. The firm is to list 20.2 million ordinary voting shares on the CSE’s ‘Diri Savi’ second board through the ‘introduction’ process which does not require companies to make […]
Bank Numbers
May 10, 2011 (LBO) – Sri Lanka’s Union Bank said net profit rose 212 percent to 60 million rupees in the March 2011 quarter from a year ago with sharp gains in both interest and non-interest income. Interest income rose 7.5 percent to 458 million rupees while interest expenses fell 22 percent to 221 million […]
Money Transfer
May 10, 2011 (LBO) – ICICI Bank, India’s largest private sector bank, has tied up with Sri Lanka’s Sampath Bank to launch an online cross-border money transfer facility. The ‘Money2SriLanka’ facility (‘M2SL’) is a web-based online remittance platform which facilitates the sending of remittances from abroad to beneficiaries in Sri Lanka, a statement said. This […]
Software Deal
May 09, 2011 (LBO) – eChannelling, a listed Sri Lankan dotcom that enables patients to make appointments with doctors over the internet, has struck a deal with a software firm, allowing it to diversify outside the healthcare sector. The deal is by eChannelling and its subsidiary ECL Soft with Industrial Financial Systems (IFS), which supplies […]
Sri Lanka LOLC closes beach hotels for refurbishment
May 09, 2011 (LBO) – Sri Lanka’s LOLC group has closed three beach hotels it acquired recently – Riverina, Club Palm Garden and Tropical Villas – for refurbishment and modernisation. LOLC said at the time it was holding talks with a “few world-renowned hotel chains” that have shown interest in establishing a partnership with the […]
Banking Trends
May 09, 2011 (LBO) – Sri Lanka’s Union Bank, which became a retail investor favourite after its recent listing, intends to go into new lines of business and add more branches as part of an expansion plan. “The bank expects this unique facility will enable to expand its network to the grass-root levels efficiently and […]
Finance Listing
May 09, 2011 (LBO) – Mercantile Investments Limited (MIL), a registered finance company in Sri Lanka, has been given regulatory approval to list on the Colombo stock exchange. The firm is to list 3,006,000 ordinary voting shares on the CSE’s ‘Diri Savi’ second board through the ‘introduction’ process which does not require companies to make […]
Sri Lanka cricket board to hold elections
May 9, 2011 (AFP) – Sri Lanka Cricket is set for an overhaul after the Supreme Court on Monday ordered that the island’s richest sporting body, which has been run by an interim committee since 2004, should be elected. A three-member bench of the Supreme Court asked the sports ministry to hold elections and make […]
SriLankan Airlines to launch services to Moscow
May 09, 2011 (LBO) – SriLankan Airlines will start a new service to Moscow on September 15, making the Russian capital the airline’s 52nd destination. SriLankan operates six flights per day into Male, which is just over an hour’s flying time from Colombo. The new service will operate via Dubai, and will commence initially with […]
Promising Labels
SINGAPORE, May 8, 2011 (AFP) – A 0-million private equity fund backed by the world’s top luxury retailer LVMH is on the prowl for emerging Asian brands in the hope of transforming them into global names. He said LVMH contributed less than 10 percent of the 0 million raised by the fund, with the bulk […]
‘s Tillakaratne seeks protection over fixing
May 6, 2011 (AFP) – Former Sri Lanka cricket captain Hashan Tillakaratne on Friday demanded police protection before he shares information on alleged match-fixing with authorities. “As an eyewitness to match-fixing, I will reveal the names of those involved if my security is guaranteed,” Tillakaratne told reporters after the Criminal Investigations Department grilled him for […]