Category: Industry
Dual Fight
July 15, 2010 (LBO) – Sri Lanka’s Nokia sales agents want to preserve market share by winning back customers from Chinese brands with the launch of handsets that can connect to two networks, an official said. The rest of the market is shared between other brands such as Blackberry, HTC, Motorola, Samsung and LG. Nokia […]
Cargo Risk
July 15, 2010 (LBO) – International insurers have removed Sri Lanka from their cargo war risk insurance list paving the way for reduced import costs, removal of surcharges and increasing business confidence, a government statement said. “Post-war economic revival would be greatly boosted with increased business confidence, reduction of the cost of imports, removal of […]
Sri Lanka- British business expect post-war expansion
July 14, 2010 (LBO) – The Council for Business with Britain (CBB) made up of firms doing business with the UK is expecting more business volumes between the two countries with the end of a three decade long war. “As patron of the CBB, I am pleased to support this group in their on-going efforts […]
Floor Plan
July 14, 2010 (LBO) – Sri Lanka’s telecom regulator is enforcing floor prices and interconnection rates for mobile phones from July 15, ending a price war that has put the industry deep in the red, though concerns remain. Sri Lanka had a ‘sender keep all’ regime for mobiles where all the revenue could be kept […]
Sri Lanka disappointed no review system for India
July 12, 2010 (AFP) – Sri Lankan captain Kumar Sangakkara said Monday he was disappointed that the umpire review system would not be used for the upcoming three-Test series with India. “As a player and a team, we are very much for the umpire decision review system,” skipper Kumar Sangakkara told reporters ahead of the […]
Credit Trends
July 13, 2010 (LBO) – Sri Lanka’s loans to private borrowers rose by 7. 7 billion rupees in May 2010 but the state borrowed more than double that amount from commercial banks to support its deficit spending, official data showed. Excessive state borrowing that appropriates people’s savings at high rates has been the most important […]
Credit Support
July 13, 2010 (LBO) – Sri Lanka’s finance companies which are facing liquidity shortages will get new credit under a central bank guarantee scheme with the first facility going to a firm this week, the regulator said. “Through the resumption and revival of their normal business, the RFCs are expected to be able to meet […]
Sri Lanka Spence to put US$78mn in hotels
July 12, 2010 (LBO) – Sri Lanka’s Aitken Spence group is planning to put 78 million US dollars in to the leisure sector after a war ended in Sri Lanka with new hotels in the south western coast being started first, an official said. “We envisage a post-war investment around 9. 0 billion rupees (78 […]
Sri Lanka Jetwing upgrading two hotels, mulling new ones
July 09, 2010 (LBO) – Sri Lanka’s Jetwing leisure group has is spending 1. 3 billion rupees to expand and upgrade two hotels during this year and is evaluating other projects to meet a tourism boom after the end of a 30-year war, an official said. He said the group had 30 projects in a […]
‘s captain
July 11, 2010 (AFP) – Sri Lanka’s captain Kumar Sangakkara has urged world cricket chiefs to win back fans to Test and one-day games with a balanced international calendar that gives equal opportunities to all teams. Sangakkara said global viewership of the sport had dwindled over the past year, despite a packed schedule of Tests, […]
Sri Lanka Continental Hotel in US60mn expansion
July 11, 2010 (LBO) – Continental Hotel, the oldest 5-star rated property in Sri Lanka’s capital Colombo will spend 60 million US dollars to expand and refurbish to cater to an expected influx of tourists after the end of a long running war, an official said. Sri Lanka’s listed Hayleys group bought a 51 percent […]
Sri Lankan June tourist arrivals up 48-pct
July 10, 2010 (LBO) – Tourist arrivals to Sri Lanka rose 47.9 percent to 44,730 in June 2010 from a year earlier, with strong growth from South Asia, Western Europe and North American, data from the island’s tourism office showed. In June arrivals from Western Europe rose 36.6 percent to 13,881 in the off-peak season. […]