Category: Industry
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 […]
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 […]
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 […]
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 […]
Raising Funds
May 06, 2011 (LBO) – Sri Lanka’s Hatton National Bank said it plans to raise at least 15.07 billion rupees through a rights issue and private placement to strengthen its capital and balance sheet and to support growth. It intends to raise 10.5 billion rupees from the rights issue of one share for every six […]
Piracy Warning
BEIJING, May 6, 2011 (AFP) – A Panama-registered cargo ship seized by pirates in the Arabian Sea has been rescued along with the 24 Chinese sailors aboard, the transport ministry in Beijing said Friday. US and Turkish teams freed the vessel, Full City, late Thursday, several hours after it had been hijacked about 800 kilometres […]
Sri Lanka coach calls for IPL window
May 6, 2011 (AFP) – Sri Lanka’s interim coach Stuart Law on Friday said cricket administrators should schedule a window for Indian Premier League fixtures to stop players choosing club over country. Law, who has stepped in to fill the job left by outgoing coach Trevor Bayliss, has a tough assignment ahead as Sri Lanka […]