Category: Industry
Sri Lanka heritage hotel to lure ship passengers again
Dec 02, 2010 (LBO) – Big Sri Lankan operators and international chains have responded to a call to restore the original charms of a colonial-era hotel overlooking Colombo port once popular with visitors who came by ship, an official said. “We want to bring it back to its original form,” said Gamini Wickemasinghe, chairman of […]
Consumer Finance
Dec 02, 2010 (LBO) – Singer Finance (Lanka), a subsidiary of the Sri Lankan unit of the Singer multinational, plans to raise 400 million rupees by offering 26. 66 million shares at 15 rupees each, officials said. The Colombo stock market has been on a bull run this year, hitting record highs, although prices have […]
Credit Upturn
Dec 02, 2010 (LBO) – Sri Lanka’s HSBC unit is seeing a steep increase in corporate lending as the island recovers from a 30-year war and the country is re-building infrastructure, an official said. “Corporate banking has grown 30 percent from January to October,” HSBC chief executive Nick Nicolaou said. “Though people say banks aren’t […]
Piracy Business
KUALA LUMPUR, December 2, 2010 (AFP) – Malaysia says it is taking steps to secure the release of a Malaysian-flagged cargo ship and its 23 crew seized by Somali pirates last week in the Indian Ocean. The MV Albedo container vessel was en route from the United Arab Emirates to Kenya when it was hijacked […]
Sri Lanka water minister to clamp down on mini-hydros: report
Dec 01, 2010 (LBO) – Sri Lanka’s irrigation ministry is planning to restrict future hydro power development on small river systems in the country in a bid to address environmental concerns, a media report said. Most of the best locations involving high rainfall and low capital costs have already been developed. Mini-hydro are cheaper than […]
Tech Tour
Dec 01, 2010 (LBO) – Computer students from Sri Lanka’s northern Jaffna University an area that was caught up in a three decade war has visited software and outsourcing firms in the island’s capital, for the first time in 20 years. Two lecturers had also accompanied the students. One lecturer had said that it was […]
Sri Lanka gets 30 proposals for reservoir tourism: minister
Dec 01, 2010 (LBO) – Thirty parties have responded to a call for proposals to operate boat and leisure services at major reservoirs in Sri Lanka, irrigation minister Nimal Siripala de Silva said. Once the proposals are accepted the government was planning to kick off the services in January starting with the Victoria and Polgolla […]
Sri Lanka hires Chime group for Games bid
Nov 30, 2010 (LBO) – Sri Lanka has hired public relations firm Bell Pottinger and other units of Chime Communications marketing group as advisors in its bid to host the 2018 Commonwealth Games, a statement said. PwC firms provide industry-focused assurance, tax and advisory services. The team is led by pmplegacy, a global sporting events […]
Sri Lanka trade needs more govt co-ordination: official
Nov 30, 2010 (LBO) – Sri Lanka’s government agencies involved in exports and imports need to co-ordinate better to minimise delays and smoothen trade, said Sarath Jayatilake, former Director General of Sri Lanka Customs. Export consignments already checked by one agency are sometimes inspected again by a different agency, he told a stakeholders meeting on […]
Sri Lanka Malaysia hydro firm in Rs600mn IPO
Nov 30, 2010 (LBO) – Panasian Power Limited, a unit of Malaysian based Majulia group is selling 200 million shares to raise 600 million rupees in an initial public offering which will open on December 07, officials said. Majulia owns the firm through its energy unit, Power Hub International (PHI). Panasian Power owns a 2.0 […]
Influence Tussle
Nov 29, 2010 (LBO) – Indian investors will be encouraged to invest in southern Sri Lanka where China has built a new port, according to remarks by India’s foreign minister, as both countries vie for influence on the island. Visiting Indian Minister of External Affairs S M Krishna said India’s decision to set up a […]
‘s president seeks barter trade with Sri Lanka
November 29, 2010 (AFP) – Pakistani President Asif Ali Zardari called for a barter agreement with Sri Lanka on Monday to boost trade between the two countries. Zardari, on a visit to the island, told legislators that they should switch to exchanging their goods and services rather than depend on dollar-denominated import-export trade that drew […]