Category: Industry
Done Deal
Sept 16, 2009 (LBO) – The London Stock Exchange (LSE) said it will acquire Sri Lanka’s MillenniumIT for 30 million US dollars (sterling 18 million), with the deal to be completed by mid-October.MillenniumIT, a technology firm which develops securities trading software will replace LSE’s existing trading platform and continue to service its exiting clients. MilleniumIT […]
India win Sri Lanka tri-series after Tendulkar ton
September 14, 2009 (AFP) – Sachin Tendulkar hit his 44th one-day century to lead India to a 46-run win over Sri Lanka in the final of the limited-overs tri-series here on Monday.Tendulkar, the world’s leading Test and one-day scorer, made 138 off 133 balls as India piled up 319-5 after batting first in the day-night […]
UK Move
Sept 15, 2009 (LBO) – Sri Lanka’s Millennium IT will be acquired by London Stock Exchange and its faster trading software would replace the British bourse’s existing platform, a media report said. The report said LSE could pay around 50 million sterling pounds (about 9.4 billion rupees) to buy the technology firm. Britain’s Financial Times […]
Looser Words
Sept 15, 2009 (LBO) – A travel advisory on Sri Lanka has been further relaxed with a reduced level of terrorist threat, in the island, the British High Commission in Colombo said. The UK relaxed its travel advisory to parts of the Eastern province after Tamil Tiger separatists were defeated in May, though British travelers […]
SriLankan Airlines goes direct from Milan to Colombo
Sept 14, 2009 (LBO) – SriLankan Airlines said it will launch a new twice-weekly direct service from Milan to Colombo on December 16 to attract more Italian tourists into the island.The flight will also help serve the sizable Sri Lankan community in northern Italy, the state-owned airline said in a statement.SriLankan briefly served Milan in […]
Mobile Bid
Sept 14, 2009 (LBO) – Emirates Telecommunications Corporation or Etisalat has confirmed it has bid for the celco Tigo, the Sri Lankan unit of Luxembourg-based telecom operator Millicom. The UAE telecom giant made the announcement in a filing with the Abu Dhabi Securities Exchange. Millicom International Cellular is selling its assets in Sri Lanka, Laos […]
Sri Lanka should avoid calls for protection: economist
Sept 12, 2009 (LBO) – Sri Lanka should resist calls by special interest groups to increase trade protection and reverse outward oriented policies amid the current downturn, an Australian based economist said. “We all know that the market economy of course combined with the rule of law and civil liberties have obvious advantages assuring tolerable […]
Sri Lanka needs massive increase in hotel rooms
Sept 11, 2009 (LBO) – Sri Lanka needs a massive increase in hotel accommodation to cope with the anticipated influx of tourists with the end of the 30-year ethnic war, a senior travel trade official said.“The eradication of terrorism and the country returning to normal have created a window of opportunity and conducive business environment […]
Sri Lanka power plants shut down over fuel snag
Sept 10, 2009 (LBO) – Several power plants supplying Sri Lanka’s national power grid has shut down following problem with furnace oil supplied by state-run Ceylon Petroleum Corporation, power sector officials said. Around 270 MegaWatts of capacity held by independent power producers had been taken off line following a problem that is believed to be […]
Turnaround Strategy
Sept 10, 2009 (LBO) – A write-off of old equipment will help Sri Lanka’s Dialog Telekom, a unit of Malaysia’s Axiata, lower costs, support higher call volumes in a turnaround strategy after positing a record quarterly loss, an official said. A six billion rupee network equipment write-off drove up losses to a record 7.6 billion […]
Tech Archaeology
Sept 10, 2009 (LBO) – At Sigiriya, in central Sri Lanka, a group of geophysicists are probing the ground around an ancient rock fortress with ground penetrating radar, looking for man-made structures which are 1,500 years old.The rock is surrounded by a landscaped patchwork of shallow ponds – a water garden – which is irrigated […]
Sri Lanka luxury resort developers to raise equity
Sept 10, 2009 (LBO) – Developers of a luxury island resort managed by the Six Senses chain in Sri Lanka who have set up an investment fund will seek to raise further cash through a private share offering, an official said. Neil De Silva, chairman of Dutch Bay Resorts which is to build the resort […]