Category: Industry
Sri Lanka power generation, diesel sales up in October
Jan 15, 2010 (LBO) – Sri Lanka’s power generation rose 3.9 percent in August 2009 to 856 GigaWatt hours from a year earlier, with hydro power increasing its share, and diesel sales were also up the latest official data showed. Sri Lanka’s power generation contracted in the first half of the year in line with […]
Sri Lanka wins tri-series beating India
DHAKA, January 13, 2010 (AFP) – Mahela Jayawardene and Kumar Sangakkara hit impressive half-centuries to guide Sri Lanka to a four-wicket win over India in the triangular one-day series final here on Wednesday. Jayawardene top-scored with an unbeaten 71 and skipper Sangakkara made a brisk 55 as Sri Lanka passed India’s 245 with nine balls […]
Sri Lanka flights filling up: Etihad Airways
Jan 14, 2009 (LBO) – Abu Dhabi based Etihad Airways is seeing growth in traffic after it resumed services to Colombo with tourist arrivals also expected to pick after a 30-year war ended in the island, officials said. The airline is also banking on an upturn in tourist traffic after a 30-year war ended last […]
Ship Sale
Jan 13, 2010 (LBO) – Sri Lanka’s Mercantile Shipping Company is selling one of it ships, merchant vessel ‘Safmarine Soyo’, the firm said in a stock exchange filing. The vessels were ordered from Bodewes Ship Yard in the Netherlands by Mercantile Emerald Shipping (Pvt) Ltd, a fully owned subsidiary of Mercantile Shipping Co. The firm […]
Handling Record
Dec 13, 2009 (LBO) – Sri Lanka’s privately owned South Asian Gateway Terminals at Colombo port handled a record high volume of containers despite a global economic slump which reduced shipping volumes worldwide, data released by the firm showed. The other is state owned Jaya Container Terminal (JCT), the port’s main transshipment facility, has seen […]
Finance Trend
Jan 11, 2009 (LBO) – Sri Lanka’s finance company profits would pick up in 2010 as deposit rates falls, helping offset some credit losses, but asset quality may remain until the economy strengthens, Fitch Ratings has said. A recent sharp fall in bank deposit and lending rates had now started to spread to the finance […]
Northern Links
Jan 11, 2010 (LBO) – Sri Lanka and India has inked a deal to rebuild part of a railway link to the island’s north while negotiations are under way to China to complete the balance, an official said. “India has extended a 425 million dollar concessional credit line and this is part of Indian government […]
Sri Lanka insurance sector sees skills shortage: rating agency
Jan 09, 2010 (LBO) – Sri Lanka’s insurance business is set for growth as the economy recovers from a war but is constrained by a shortage of skilled people and lack of awareness among the public, RAM Ratings Lanka said. The lack of qualified insurance personnel is a constraint on the industry’s growth, the rating […]
Sri Lanka Aviva unit to get new managing director
Jan 08, 2010 (LBO) – Sri Lanka’s Eagle Insurance Company, a unit of Aviva, said its managing director Deepal Sooriyaarachchi intends to quit in June this year and will be replaced by a nominee from the Aviva Group. William Lisle, chairman of Eagle Insurance, said in a stock exchange filing that Sooriyaarachchi has expressed his […]
Listing Pressure
HONG KONG, January 8, 2010 (AFP) – Hong Kong ports-to-retail conglomerate Hutchison Whampoa on Friday offered to take its loss-making telecoms subsidiary private in a deal valued at 545 million US dollars. The group, headed by tycoon Li Ka-shing, said the proposal to take over Hutchison Telecom would allow it to manage the troubled firm’s […]
Relief
Jan 08, 2010 (LBO) – Sri Lanka’s Central Bank said it will make another part-payment to depositors of Golden Key Credit Card Company, subject to a maximum of 100,000 rupees. A Central Bank statement said arrangements had been made to make part payment of security deposits of 2,506 Golden Key cardholders whose balances are between […]
Yard Plans
Jan 08, 2010 (LBO) – The building of new ports in Sri Lanka has given several expansion options for Colombo Dockyard, a listed ship builder which faces space constraints at Colombo port, an official said. Colombo Dockyard managing director Mangala Yapa said the firm is looking for expansion opportunities as it seeks to increase business […]