Category: Industry
Sri Lanka Ceylon Hotels Corp to upgrade hotels
June 24, 2010 (LBO) – Ceylon Hotels Corporation, which has properties on prime locations throughout Sri Lanka, has lured a top executive from a big hotel group and plans to upgrade several hotels, a stock exchange filing said. The CHC, part of the Gale Face Hotel group, plans to spend 350-500 million rupees on the […]
Sri Lanka eye Asia Cup success against India
DAMBULLA, June 23, 2010 (AFP) – Kumar Sangakkara’s Sri Lanka go into Thursday’s Asia Cup one-day final against India confident of securing a hat-trick of titles. Sri Lanka, who won the last two editions of the region’s top one-day prize, in 2006 and 2008, are buoyant after thrashing India by seven wickets in a league […]
Lofty Plans
June 23, 2010 (LBO) – A unit of Sri Lankan high-end retailer Odel may reconsider to build a shopping mall with the parent firm making a full provision to cover a 45.2 million rupee loan due from the unit, its share issue prospectus showed. “Although yet to commence operations, this Board of Investments (BOI) approved […]
Banking Regulators
June 23, 2010 (LBO) – Si lanka’s Central Bank has promoted four officers as assistant governors from June 15 as part of the bank’s succession plan, a statement said. The new assistant governors are Y A de Silva, W M Hemachandra, S Lankathilake, and C J P Siriwardena. Y A de Silva, a former Director […]
Port Move
June 23, 2010 (LBO) The Sri Lanka ports Authority has signed a contract with a Chinese firm, China Harbour Engineering Company, to start the second phase of a new port in Hambantota on the south coast, a statement said. Phase two of the project will include further excavation of the site for the harbor basin […]
Sri Lanka beat India with Maharoof hat-trick
DAMBULLA, June 22, 2010 (AFP) – Seamer Farveez Maharoof grabbed a hat-trick on his way to 5-42 as Sri Lanka beat India by seven wickets in the last league match of the Asia Cup on Tuesday. Maharoof’s feat helped knock India over for 209, before senior pros Kumar Sangakkara and Mahela Jayawardene helped the defending […]
Sri Lanka told no unconditional extension of EU trade benefits
June 22, 2010 (LBO) – The European Union will not unconditionally extend the GSP Plus trade deal giving Sri Lankan exporters duty free access to European markets, the EU Delegation in Colombo said. The EU is ready to extend the GSP Plus deal for a limited period when it is set to end on August […]
High Fashion
June 22, 2010 (LBO) – Sri Lankan retailer Odel said it made 141.8 million rupees in net profits last year, as sales recovered and margins improved, with money from a share issue to be used to retire debt and expand. The retail chain’s profits for the financial year ending March 2010, revealed for the first […]
Lending Trend
June 22, 2010 (LBO) – Loans to private borrowers from Sri Lanka’s commercial banks grew at a slower rate in April compared with March while foreign currency loans fell, latest Central Bank data shows. Credit to the private sector rose 7. 6 billion rupees to 1,242.7 billion rupees in April compared with March, when it […]
Hold Outs
June 22, 2010 (LBO) – A steep tax cut on vehicle imports in Sri Lanka has injected life into the almost comatose car trade, but some dealers are stubbornly holding onto high prices hoping that the lower tax regime will not last too long. They are appealing to the fear and greed of buyers. While […]
India oust Pakistan in Asia Cup thriller
DAMBULLA, June 19, 2010 (AFP) – Harbhajan Singh smashed the penultimate ball from Mohammad Aamer for a six as India knocked Pakistan out of the Asia Cup with a three-wicket win on Saturday. Raina and Harbhajan then stepped in to lead a brilliant recovery and crush a valiant Pakistan side’s hopes of staying alive in […]
State Banking
June 20, 2010 (LBO) – Lankaputhra Development Bank, a state bank set up to fulfill an election promise, has increased its bad loans to 55. 9 percent in 2009, from 19.2 percent a year earlier, a government report has revealed. Lankaputhra or ‘sons of the Lanka’ bank was set up to fill a supposed lack […]