Category: Industry
Sri Lanka Janashakthi Insurance expands in former war zone
Sept 16, 2009 (LBO) – Sri Lanka’s Janashakthi Insurance said it was expanding rapidly in the north and east, setting up branches and hiring more staff in the former zone. Janashakthi last weekend opened two brand new offices in Chavakachcheri and Chunnakam in the northern Jaffna peninsula, it said in a statement. “The two new […]
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 […]
Learning Experience
Sep 16, 2009 (LBO) – Sri Lanka’s Ceylinco Sussex College, a unit of the troubled Ceylinco Group, is to be managed by Merchant Bank of Sri Lanka (MBSL), which has taken over or is overlooking several troubled firms.More than 5,700 students are at 20 Ceylinco Sussex College branches island-wide, studying for national exams in the […]
Sri Lanka sets minimum hotel rates
September 16, 2009 (AFP) – With tourism booming in Sri Lanka following the end of decades of ethnic conflict, authorities have ordered hotels in the capital to increase room rates and curb an aggressive pricing war.Luxury hotels in Colombo will be forced to charge a minimum of 90 dollars a night, while stays in cheaper […]
Liner Move
Sept 16, 2009 (LBO) – The Sri Lanka Ports Authority (SLPA) said it had held talks with a visiting delegation of senior officials from Emirates Shipping Line which plans to augment and enhance its services in the region.“The delegation had deliberations with SLPA top brass on how to strengthen the partnerships between SLPA and Emirates […]
Canal Conundrum
Sept 16, 2009 (LBO) – Work on the controversial Sethusamudram Ship Canal Project in the Palk Strait between Sri Lanka and India has halted again after the last dredger digging the channel was pulled out of service, a media report said.The project, about which Sri Lanka has expressed reservations, is meant to create a shorter […]
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 […]