Category: Industry
Sri Lanka okays foreign investment for two resorts in Kalpitiya
July 09, 2010 (LBO) – Sri Lanka has approved two resorts by foreign investors in a new tourism development area in Kalpitiya on the north-west coast that opened up for investment with the end of a war, a tourism official said. Tourism is booming in the island after a 30-year ethnic war ended in May […]
Sri Lanka apparel industry downplays loss of EU trade deal
July 08, 2010 (LBO) – The end of a trade deal giving duty free market access to Europe will not be a ‘catastrophe’ though it would squeeze already thin profit margins, an industry official said. A Sukumaran, a clothing exporter who is chairman of the Joint Apparel Association Forum, an industry body, said they were […]
SriLankan Airlines launches Shanghai, China flights
July 08, 2010 (LBO) – Sri Lankan Airlines has launched its four-times a week service to Shanghai, China’s commercial capital, which the airline says is the third Chinese city in its route network. The first flight landed in Shanghai July 01. The route is operated on wide-body Airbus A330 and A340 aircraft via Bangkok on […]
Sri Lankan Airlines to set up flight simulator centre with Dutch firm
Computer Play July 08, 2010 (LBO) – SriLankan Airlines will set up a flight simulator centre with SIM Industries of the Netherlands targeting the growing South Asian regional market for pilot training, the airline said. “We have been looking at opportunities in South Asia for some time, and there is no doubt that Colombo is […]
Sri Lanka draws cruise ships after end of war
July 08, 2010 (LBO) – Sri Lanka is once again becoming an attractive destination for cruise ship operators with the end of a 30-year ethnic war, the head of one of the island’s biggest conglomerates said. “Galle will be a very attractive destination to break journey. They would like to have a 3-4 day stop […]
Capital Needs
July 8, 2010 (LBO) – Merchant Bank of Sri Lanka, a unit of state-run Bank of Ceylon, may need to inject new capital into a troubled savings bank and insurance firm it bought during an economic downturn, a rating agency said. RAM ratings confirmed Merchant Bank of Sri Lanka’s (MBSL) ‘AA-‘ domestic long term rating […]
Nearly Docked
July 8, 2010 (LBO) – A deal to build a container terminal in an expanded Colombo port will be awarded to a China – Sri Lanka consortium within ‘two to three weeks’ Treasury Secretary P B Jayasundera said. Sri Lanka’s listed Aitken Spence and China Merchant Holdings, a state-run port operator, were the only bidder […]
‘s retiring Muralitharan says his time is up
NEW DELHI, July 7, 2010 (AFP) – Sri Lanka’s world bowling record holder Muttiah Muralitharan said on Wednesday he was retiring from Test cricket because he had nothing left to strive for. “I have achieved what I wanted to achieve. There is nothing left or any target to reach,” the 38-year-old told the Mumbai-based Daily […]
Sri Lanka buys out Emirates for US$53mn
July 07, 2010 (LBO) – The Sri Lankan government has bought a stake owned by Emirates in SriLankan Airlines for 53 million dollars taking full control of its national carrier, finance ministry secretary P B Jayasundera said. Emirates managed the airline for 10 years from 1998. “Payment has been made and shares are held by […]
Credit Line
July 7, 2010 (LBO) – Sri Lanka’s Lanka Orix Leasing Company will expand credit to war torn northern and eastern areas of the country armed with a credit line from the French government, officials said. PROPARCO, the private sector funding arm of the French foreign aid agency gave a 10 million euro credit line to […]
Cargo Flow
July 07, 2010 (LBO) – Container volume growth at a Colombo port private terminal run by an associate firm of John Keells Holdings slowed down sharply in June after surging in previous months, latest data shows. South Asia Gateway Terminals, a big contributor to JKH profits, handled 158,652 TEUs or twenty-foot equivalent container units (TEUs) […]
Sri Lanka state bank buys into insurance firm
July 06, 2010 (LBO) – Sri Lanka’s state owned Bank of Ceylon (BOC) and its subsidiary Merchant Bank of Sri Lanka (MBSL) has bought 4.1 percent of Janashakthi Insurance for 225 million rupees. In a privately negotiated off-the-floor deal between BOC and its investment banking unit MBCL, 15 million shares of Janashakthi Insurance changed hands […]