Category: Industry
Sri Lanka stock market seen as funding option for hotels
May 04, 2011 (LBO) – Sri Lanka’s hotels, enjoying a boom after the end of a war, can seek expansion funds from the stock market, with banks having difficult history of lending to the sector, a report said. However, unlisted firms which form the bulk of the hotels, may face difficulties in using the stock […]
Road Upgrade
May 03, 2011 (LBO) – Sri Lanka is receiving 100 million US dollars to maintain an upgrade a 134 kilometre road connecting the island’s East to the Western side and also improve safety and sustainable maintenance. The 100 million dollar credit will be used to upgrade the ‘A6’ road from Ambepussa to Dambulla and Kantale […]
‘s Tillakaratne to take fix claims to ICC
May 3, 2011 (AFP) – Former Sri Lanka captain Hashan Tillakaratne said on Tuesday he was ready to share information on alleged match-fixing with the International Cricket Council, the game’s world governing body. Tillakaratne, now an opposition politician, said he will name those involved in match-fixing to ICC officials, after he claimed last week that […]
Sri Lanka low general insurance rates may end
May 3, 2011 (LBO) – Sri Lanka’s insurers who have been competing aggressively on price despite making underwriting losses, may be forced to re-think their strategy, if investment income falls amid lower interest rates, an industry official said. Sri Lanka’s general insurance businesses have been making underwriting losses, but bottom lines have been propped up […]
Outsource Option
May 03, 2011 (LBO) – India’s Firstsource Solutions is to invest a million dollars to take a 74 percent stake in Sri Lankan celco Dialog Axiata’s business process outsourcing subsidiary in a joint venture deal. The unit, Dialog Business Services, recently started by Dialog, will be renamed Firstsource-Dialog Solutions with an existing staff of 417. […]
‘s Akquasun
May 03, 2011 (LBO) – Sri Lanka’s Expolanka Holdings and Akquasun Group based in Mumbai have formed a joint venture called Akquasun Lanka to focus on attracting tourists from emerging markets like India, Russia and China. Expolanka Holdings, a diversified conglomerate with interests in transportation, manufacturing, international trading and strategic investments, plans to raise 2. […]
‘s Sangakkara questions Tillakaratne fix claims
NEW DELHI, May 2, 2011 (AFP) – Sri Lanka’s World Cup captain Kumar Sangakkara has challenged former skipper Hashan Tillakaratne to prove his recent allegations of rampant match-fixing, a report said Monday. “Hashan has played the game for years and he’s captained Sri Lanka as well. So it’s interesting to see what he has to […]
Sri Lanka HNB Assurance March net up 23-pct
May 02, 2011 (LBO) – Sri Lanka’s HNB Assurance’s profits in the March 2011 quarter rose 23 percent to 24. 7 million rupees from a year earlier and gross written premium rose 27 percent to 684 million rupees interim accounts showed. The firm paid 198 million rupees in net claims and benefits net. The firm […]
Sri Lanka hotel profit margins on the rise: report
May 01, 2011 (LBO) – Profit margins of Sri Lanka’s tourist hotels are widening with an influx of arrivals and rising room rates after the end of its 30-year ethnic war, a report said. RAM Ratings also noted that despite the recent rate hikes, Sri Lankan hotel rates are still lower than those of the […]
‘s Tillakaratne alleges rampant match fixing
April 29, 2011 (AFP) – Sri Lanka’s former cricket captain Hashan Tillakaratne has claimed that his country had been fixing games since 1992, once again raising the spectre of corruption in the sport. The left-handed batsman, who played 83 Tests and 200 one-dayers for Sri Lanka during his 15-year career, said he was prepared to […]
Sri Lanka draws Al-Futtaim insurance unit
Apr 29, 2011 (LBO) – Dubai’s Al-Futtaim group is setting up an insurance company through a subsidiary in Sri Lanka, which is recovering from a war, and is looking to hire staff including a chief executive. Arab Orient Insurance Company, part of the Al-Futtaim group, said it is setting up a company in Sri Lanka […]
Sri Lanka Expo Aviation to revive domestic air service
Apr 29, 2011 (LBO) – Sri Lanka’s Expo Aviation plans to revive a domestic air service between the capital Colombo and northern Jaffna that was once a profitable business when the land route was cut by Tamil Tiger separatists. The company plans to acquire an aircraft for the passenger service in response to growing demand […]