Category: Industry
Tele Deal
Aug 12, 2009 (LBO) – Sri Lanka Telecom (SLT) said it has inked a deal with Mireka Capital Land (Pvt) Ltd, a large commercial and residential property project, to provide telecom services including fibre optic supported broadband facilities.Mireka Capital Land is a joint venture between Overseas Realty (Ceylon), a unit of Singapore’s SP Tao group, […]
Locally Made
Aug 12, 2009 (LBO) – Dubai-based EZY Infotech said it has launched their first computer made in Sri Lanka, a slim desk-top machine powered by Intel Atom technology. EZY Infotech set up a fully-automated manufacturing plant in February 2009 in the suburb of Ratmalana south of Colombo to make computers bearing the ˜Manufactured in Sri […]
Atoll Attraction
Aug 12, 2009 (LBO) – An international boat show to be held in the Maldive islands offers opportunities for Sri Lankan boat builders to cater to the archipelago’s transport requirements, officials said.Maldivian high commissioner Ali Hassen Didi said the water transport requirements of the country with 1,190 islands, almost 200 of them inhabited, were growing. […]
Sri Lanka Spence Hotel losses double in June
Aug 11, 2009 (LBO) – Sri Lanka’s Aitken Spence Hotel Holdings said losses more than doubled in the quarter ending June 2009, considered the off-season in the tourist industry, with the downturn in arrivals worsened by global recession. The company said in a stock exchange filing that its net loss rose 137 percent to 114 […]
Stored Value
Aug 11, 2009 (LBO) – Sri Lanka’s banking regulator said it intends to regulate and closely supervise payment card service providers almost a year after the collapse of one firm triggered a crisis in a local conglomerate. The Central Bank said in a statement that use of payment cards, such as credit cards, debit cards […]
Bank Rating
Aug 11, 2009 (LBO) – RAM Ratings said it has lifted the Rating Watch on Merchant Bank of Sri Lanka (MBSL) and also confirmed the long- and short-term ratings at AA- and P1. The long term rating has a stable outlook, the rating agency said in a statement. The AA- ratings of the bank’s 300 […]
Tele Calls
Aug 10, 2009 (LBO) – Profits of Sri Lanka Telecom group, fell 75 percent to 375 million in the June 2009 quarter, while revenues stayed flat at 11.74 billion rupees, with growth in data and mobile sectors, the company said. Operating costs rose 26 percent to 7.39 billion rupees, partly on account of Mobitel network […]
Financial Reality
Aug 10, 2009 (LBO) – Sri Lankan commercial banks which seem to enjoy wide interest margins on the surface have low profitability, amid high taxation and rising bad loans, a senior banker has warned.“Capital providers would probably not think of banks as a prime sector to invest in this market” Nihal Fonseka, chief executive of […]
Sri Lankan hotel investment by Nepal firm Rs175mn: report
Aug 09, 2009 (LBO) – A Nepal conglomerate has paid 175 million rupees to buyout the Sri Lanka’s listed Hayleys group from two hotels it held jointly with the Jetwing leisure group, a media report said. Jetwing manages and part owns Lighthouse Hotel with the Hayleys group. It also manages listed Hunas Hotels, another Hayleys […]
Sri Lanka crushed by Pakistan in final one-dayer
August 9, 2009 (AFP) – Skipper Younus Khan led the way as Pakistan defeated Sri Lanka by 132 runs in the fifth and final one-day international here on Sunday.Younus top-scored with 76 and Misbah-ul Haq hit an unbeaten 73 to steer Pakistan to 279-8 after they won the toss and elected to bat in the […]
Sri Lanka Jetwing expands overseas, links with Nepal firm
Aug 08, 2009 (LBO) – Sri Lanka’s Jetwing leisure group is expanding abroad, building links with foreign partners, including Nepal’s Chaudhary conglomerate which is also investing in the island, a top official said. But with the end of a 30-year war in Sri Lanka prospects at home are also looking up. The mainstay of Sri […]
Sri Lank Aitken Spence eye war-torn areas for tourism
Aug 07, 2009 (LBO) – Sri Lanka’s Aitken Spence said it was eyeing tourism projects in the north and east of the island after the end of an internal conflict though group earnings dropped as arrivals slumped both at home and in the Maldives. “We are vigorously looking at opportunities in all sectors to partner […]