Category: Industry
Combined Entity
Aug 16, 2010 (LBO) – Fitch Ratings has withdrawn the ratings of six Sri Lankan Regional Development Banks (RDBs) upon their merger and upgraded those of two which it said reflects its views on the rating of the merged bank. The merged entity with an asset base of 42 billion rupees as at end-June 2010 […]
Foreign Policy
HAMBANTOTA, August 15, 2010 (AFP) – A China-funded port in Sri Lanka will be a symbol of Colombo’s non-partisan foreign policy, the president said Sunday amid Indian concerns over Beijing’s interests in the region. President Mahinda Rajapakse marked a key milestone in the construction of the 1.5 billion-dollar port in the southern Sri Lankan town […]
Sri Lankan exporters brace for life without EU tax breaks
DANKOTUWA, August 15, 2010 (AFP) – Sri Lankan exporters braced for hard times as the EU’s withdrawal of import concessions took effect Sunday after Colombo’s refusal to allow scrutiny of its human rights record. Sri Lanka has long been a preferred source for top high streets brands and its garment, china and other exports enjoyed […]
Mobile Switch
Aug 15, 2010 (LBO) – Sri Lanka Telecom’s June 2010 net profit shot up 105 percent to 769 million rupees from a year ago as earnings from its mobile unit and broadband made up for falling voice revenues, a stock exchange filing said. Basic earnings per share rose to 0.43 rupees from 0.21 rupees the […]
Sri Lanka renewable energy drive seen hurt by red tape
Aug 14, 2010 (LBO) – Premature cancellation of projects and complex and lengthy approval procedures are retarding the development of renewable energy like mini-hydro power in Sri Lanka, an official said. “The government has set up the SEA which is now helping us to overcome problems and trying to streamline the process of granting approvals. […]
LBR-LBO CEO Forum
Aug 13, 2010 (LBO) – Dialog Axiata, Sri Lanka’s top celco which is turning around after heavy losses last year, had anticipated sales to come down due to economic slowdown, but did not see a price war coming, a senior official said. “It was the fact that an economic downturn and a price war both […]
Sri Lanka July tourist arrivals up 50-pct
Aug 13, 2010 (LBO) – Tourist arrivals into Sri Lanka surged by 50 percent in July 2010 to 63,339 from a year ago as post-war optimism and removal of travel advisories encouraged visitors even during the off-season, latest data shows. The increase in the number of visitors was driven largely by more arrivals from Western […]
Warranted Profits
Aug 13, 2010 (LBO) – Sri Lanka’s Environmental Resources Investments (ERI) made a profit of 44 million rupees in the June quarter from higher sales from Ceylon Leather Products Limited (CLPL) and a brokering firm acquisition, its interim results showed. The move followed unusual price swings and heavy trading in certain stocks including ERI warrants. […]
SriLankan Airlines to get more aircraft, increase flights
Aug 13, 2010 (LBO) – SriLankan Airlines is planning to support the country’s rapidly-growing tourism industry with a planned increase in worldwide flights and to acquire two more aircraft this year, a statement said. The national carrier plans additional capacity to Paris, Frankfurt, Milan, Rome, Bangkok, Singapore, Kuala Lumpur, Shanghai, Karachi and many cities in […]
Sri Lanka gets US$18.55mn Indian wind power investment
Aug 12, 2010 (LBO) – An Indian investor is to invest 18. 55 million US dollars to build a 10 mega watt wind power plant in north-western Sri Lanka, the island’s investment promotion agency said. The Board of Investment said it granted investment approval to Powergen Lanka to set up the wind power plant in […]
Bus Business
Aug 12, 2010 (LBO) – Sri Lanka’s People’s Leasing Company has ordered 1,000 buses from India’s Ashok Leyland as post-war growth increases demand for passenger travel, a statement said. Ashok Leyland said in a Bombay Stock Exchange the 1,000-bus order from People’s Leasing in Sri Lanka was worth 26 million US dollars and partly funded […]
Commercial Move
HAMBANTOTA, August 12, 2010 (AFP) – Sri Lanka is preparing to open the first phase of a China-funded, 1. 5-billion-dollar port project that has fuelled Indian concerns over strategic Chinese investment in South Asia. Sitting along the ancient “Silk Road” trading route and one of the world’s busiest shipping lanes, the Hambantota port is intended […]