Category: Industry
Fleet Growth
Dec 23, 2009 (LBO) – Sri Lanka’s Mercantile Shipping Company said it has taken delivery of the second of a pair of new cargo ships it ordered built by a Dutch yard. According to the company’s September quarter results just released to the stock exchange, it made a loss of 18.8 million rupees in the […]
Sri Lanka October exports dip but recovery underway
Dec 22, 2009 (LBO) – Sri Lanka’s exports in October fell five percent from a year ago, the lowest decline so far this year, dragged down mainly by lower apparel exports, although tea exports were up, the Central Bank said.But the export recovery which began in April after last year’s slump is continuing, despite a […]
Satellite Partners
Dec 22, 2009 (LBO) – Two Malaysian telecom firms have expressed interest in taking part in a communications satellite project promoted by Sri Lanka’s telecom regulatory commission, a top official said.Sri Lanka wants to launch a geo-stationary satellite in the next three years, at an estimated cost of some 150 million US dollars and has […]
Mortgage Outlook
Dec 21, 2009 (LBO) – Sri Lanka’s Fitch Ratings has lifted the outlook on the ‘BBB+(lka)’ rating on Housing Development Corporation Bank (HDFC) to ‘stable’ from ‘negative’ citing a hiking of rates to counter interests rates risk. The rating agency also confirmed a ‘BBB+(lka)’ rating on a 250 million rupees senior debenture. The rating took […]
Port Prospects
Dec 22, 2009 (LBO) – A new port next to Colombo the Asian Development Bank is helping Sri Lanka to build should get enough cargo despite the expansion of India’s own ports, a senior bank official said.Vokes said Colombo should be able to attract cargo as long as it provides an efficient service to shipping […]
Sri Lanka Aitken Spence to manage Ramada Hotel in Delhi
Dec 21, 2009 (LBO) – Sri Lanka’s Aitken Spence Hotels group said it has struck a deal to run the new Ramada Hotel & Convention Centre in New Delhi scheduled to open in February or March next year. Aitken Spence Hotels said in a statement its latest foray into the Indian market is meant to […]
Connected
Dec 21, 2009 (LBO) – A highway to Sri Lanka’s north is seeing free movement of people and goods for the first time in decades after the final restrictions on traffic were removed from Monday.Following a ceasefire with the Tigers in 2002, the road was opened but the Tigers collected tax on goods moving along […]
‘s explosive 123
NAGPUR, December 18, 2009 (AFP) – Tillakaratne Dilshan hammered a second successive century to power Sri Lanka to a thrilling three-wicket victory over India in the second one-day international here on Friday.The opener, who made 160 in the last match, cracked a rapid-fire 123 as Sri Lanka surpassed India’s 301-7 with five balls to spare […]
Lofty Idea
Dec 18, 2009 (LBO) – Sri Lanka is planning a space project with a British firm in a 150 million US dollar deal that could see a satellite launched into a geo-stationary orbit above the island in 30-months, an official said. The so called Clarke orbit, named after science fiction visionary Arthur C. Clarke is […]
Early Warning
Dec 18, 2009 (LBO) – Sri Lanka got a 24.9 million Euro loan from Rabobank of the Netherlands for the second phase of an upgrade to its existing disaster response network, a Finance Ministry statement said. Over 35,000 people were killed in Sri Lanka by the 2004 Indian Ocean tsunami when the island did not […]
Quick Recovery
Dec 18, 2009 (LBO) – The long term rating of People’s Merchant Finance Company has been upgraded from B+ to BBB-, on the strength of its t company Peoples Bank. PMB has also announced a rights issue for which its parent has already pledged support. It intends to raise 250 million rupees to retire its […]
ICC chief wants day/nighters put to the test
LONDON, December 17, 2009 (AFP) – International Cricket Council (ICC) president David Morgan expects day/night Test cricket to become a reality within the next two years as a way of countering declining attendances for the five-day game.Trials with a pink ball for use under floodlights are underway with officials determined to boost global interest levels […]