Category: Industry
Sri Lanka tourist arrivals up 24.6-pct in Sept 2010
Oct 08, 2010 (LBO) – Tourist arrivals to Sri Lanka rose 24. 6 percent to 47,339 people in September 2010 from a year ago, driven by sharp increases from traditional European markets, tourism office data showed. The island’s peak tourism season coincides with the northern hemisphere winter. In the January-September 2010 period, tourist arrivals were […]
Road Moves
Oct 08, 2010 (LBO) – Sri Lanka’s Road Development Authority has commissioned the Moratuwa University to do a study on the island’s future requirements for expressways and connections with the existing road network, an official said. Road Development Authority chairman Ranjith Premasiri said the survey, being done by transport and logistics experts at the university, […]
Gas Buy
Oct 07, 2010 (LBO) – Sri Lanka will purchase a 51 percent stake in a liquid petroleum gas distributor in the island from Shell, a Dutch oil firm, for 63 million US dollars the government’s information office said Shell also built a terminal to store gas. See update on this story below with details of […]
Public Issue
Oct 07, 2010 (LBO) – Sri Lanka’s government will sell down a 49 percent stake in a liquid petroleum gas distributor after buying out a controlling stake held by Royal Dutch Shell for 63 million US dollars, a government minister said. Minister Rambukwella said after the state take-over the government will ensure that gas will […]
Gas Status
Oct 07, 2010 (LBO) – Sri Lanka’s Shell Gas unit said operations at the firm would remain unchanged until a sale of its stake is finalized, shortly after the government said it would buy out the oil giant for 63 million US dollars. “We are hopeful a sale purchase agreement will be signed soon,” Shell […]
Sri Lanka, India data exchange mooted to speed up trade
Oct 07, 2010 (LBO) – Trade between India and Sri Lankan could be speeded up and costs reduced by the use of pre-shipment data exchanges driven by security concerns being tested in Western economies, an expert said. The pre-shipment information exchanges are being tried in the West in response to concerns about terrorist infiltration of […]
Marks & Spencer says sales jump in second quarter
LONDON, October 7, 2010 (AFP) – British retailer Marks & Spencer reported a surprisingly big jump in sales during the second quarter of its financial year, driven by clothing and food items, but warned on Thursday about the outlook. Sales on a like-for-like basis, which strips out the effect of new floor space, rose 5.3 […]
Sri Lanka tourist market draws Gulf Air
Oct 07, 2010 (LBO) – Gulf Air, which has resumed flights to Sri Lanka after a war, is aiming for daily frequencies by next summer given the increasing number of Arab tourists visiting the island, officials said. Chief executive Samer Majali said the island’s economic recovery after its 30-year ethnic war is also drawing increasing […]
Vroom
Oct 06, 2010 (LBO) – Sri Lanka’s Diesel and Motor Engineering Company, agents for Mercedes Benz and Tata vehicles, says monthly volumes have doubled to 1,000 units from a year earlier following an economic upturn and cuts in vehicle taxes. The firm also sells Chrysler and Jeep brands from the US, Mahindra and Mahindra vehicles […]
Commonwealth Games medals table
NEW DELHI, October 5, 2010 (AFP) – Commonwealth Games medals table after Tuesday’s events:- Gold Silver Bronze Total Australia 9 9 5 23 India 5 4 2 11 England 2 6 4 12 Malaysia 2 2 1 5 South Africa 2 2 1 5 Canada 2 0 5 7 Singapore 2 0 0 2 Nigeria […]
Sri Lanka Insurance Corporation sees steep upturn
Oct 06, 2010 (LBO) – State-run Sri Lanka Insurance Corporation (SLIC), the island’s largest insurer by assets is seeing a steep increase in life and motor insurance premium collection and it is also expanding in to the former war-torn north and east of the island. SLIC has collected 9.5 billion rupees in gross written premium […]
Capital Injection
Oct 06, 2010 (LBO) – Sri Lanka’s The Finance Company is to issue 100 million non-voting shares at 20 rupees each to deposit holders to convert into equity part of their deposits which were blocked after the firm suffered a run, a statement said. The shares will be issued to fixed deposit holders to convert […]