Category: Industry
Freight Rates
Nov 23, 2009 (LBO) – Sri Lankan shippers are confronted with an increase in transportation costs to and from their markets with loss-making global carriers raising freight rates or announcing rate hikes from next year to restore profitability.Some lines have also withdrawn vessels and services to and from the region and introduced ‘slow steaming’ in […]
Sri Lanka power generation up in August
Nov 22, 2009 (LBO) – Sri Lanka’s power generation rose 1.3 percent in August 2009 to 845 GigaWatt hours from a year earlier, with hydro power increasing its share, the latest official data showed.Petrol sales, used mostly for private transport was up 7.1 percent to 45,000 metric tonnes.To August petrol sales were up 4.6 percent […]
‘s JKH poised to put more cash into leisure
Nov 22, 2009 (LBO) – Sri Lanka’s John Keells Holdings is ready to invest nearly 6.0 billion rupees over the next two to three years in upgrading and building new hotels if tourism arrivals pick up after the end of a 30-year war as expected, an official said. By 2011 JKH would be ready to […]
India force a draw after Gambhir, Tendulkar tons
AHMEDABAD, November 20, 2009 (AFP) – Gautam Gambhir made 114 and Sachin Tendulkar hit an unbeaten 100 as India batted out the final day to draw the first cricket Test against Sri Lanka here on Friday. India easily wiped out a huge first innings deficit of 334 runs as they scored 412-4 in their second […]
Sri Lanka accelerates coal power with $891mn Chinese loan
Nov 19, 2009 (LBO) – Sri Lanka will build two 300 MegaWatt coal power plants at the same time with Chinese financing and finish a 900MW facility in two phases instead of the originally planned three to cut the country’s high power costs. The 891 million dollar ‘preferential buyer’s credit’ would be repayable in 20 […]
Sri Lanka Janashakthi rating watch lifted, BBB+ confirmed
Nov 19, 2009 (LBO) – RAM Ratings Lanka said it has lifted the Rating Watch with a negative outlook on Janashakthi Insurance and confirmed its BBB+ rating with a stable outlook. It said in a statement Janashakthi had improved its solvency margins with better investments. “The reaffirmation of the company’s rating is reflective of its […]
State Banking
Nov 19, 2009 (LBO) – Sri Lanka’s state-run Lankaputhra Development Bank (LDB) has received an ‘A’ rating on state support, Ram Ratings Lanka said but the bank’s bad loans had risen to 38.9 percent by end-August 2009. “Over the longer term, however, this ratio is expected to ease as concentration risk becomes more diluted due […]
India fight to save Test after Sri Lanka blitz
AHMEDABAD, November 19, 2009 (AFP) – India were waging a grim battle to survive the first cricket Test after Sri Lanka went on a record-breaking batting spree on the fourth day here on Thursday.The Indians, trailing by 334 runs on the first innings as Sri Lanka piled on 760-7 declared, moved to 190-2 in their […]
‘s double ton floors India in first Test
AHMEDABAD, November 18, 2009 (AFP) – Former captain Mahela Jayawardene scored his sixth double-century as Sri Lanka seized control of the first Test against India here on Wednesday.Jayawardene was unbeaten on 204 as the tourists closed the third day at 591-5 in their first innings, a lead of 165 runs over India’s 426 with five […]
Sri Lanka to do tourism master plan
Nov 18, 2009 (LBO) – Sri Lanka is preparing a 10-year tourism master plan covering new infrastructure in former war zones and avoiding the haphazard development that happened in existing resort areas, an official said.S Kalaiselvam, director-general of the Tourism Authority, said a new master plan was needed to ensure planned, sustainable development of tourism […]
Capital Measures
Nov 18, 2009 (LBO) – Sri Lanka’s The Finance Company, which ran out of capital at the end of the September 2009 quarter, said it was cutting deposit rates and has called a meeting of shareholders on December 11.The firm had lost 1.528 billion during the six months to September 2009, had lost its capital […]
Sri Lanka lifted by Dilshan century in India Test
AHMEDABAD, November 17, 2009 (AFP) – Tillakaratne Dilshan smashed his fifth century of the year as Sri Lanka made a spirited reply in the first Test against India here on Tuesday. Dilshan hit 112, his 10th Test hundred, as Sri Lanka cruised to 275-3 by stumps on the second day in reply to India’s first […]