Category: Industry
Organic Growth
Aug 01, 2009 (LBO) – Software giant Microsoft’s Sri Lanka unit, in the news because of widespread piracy here and its high product prices, is focused on spreading computer literacy to grow its business at double digit rates, officials said. The proprietary software maker, whose operating systems run 90 percent of computers worldwide, only has […]
Unhedged Constraint
Aug 01, 2009 (LBO) – The Sri Lanka unit of Standard Chartered Bank has retained its ‘AAA(lka)’ rating from Fitch, but the agency said its capital was hurt by a bad loan originating from oil derivative sales to a state-run oil distributor. The rating had a ‘stable’ outlook and reflected the financial strength of Standard […]
‘s Muralitharan announces Test retirement
DAMBULLA, July 30, 2009 (AFP) – Sri Lanka’s world bowling record holder Muttiah Muralitharan said Thursday he will quit Test cricket next year, but continue to play limited-overs cricket.The 37-year-old off-spinner, with a record 770 Test and 507 one-day wickets, announced that he would play his last two Tests in the series against the West […]
Sri Lanka Union Assurance June net down 16-pct
July 31, 2009 (LBO) – Sri Lanka’s Union Assurance said net profit for the June 2009 quarter fell 16 percent to 41 million rupees from a year ago as tax costs and claims rose sharply.The company, in which John Keells Holdings has an 81 percent stake, said in a stock exchange filing that group revenue […]
Telco Scout
July 30, 2009 (LBO) – Emirates Telecommunications Corporation or Etisalat is scouting for investment opportunities in Sri Lanka’s fast growing telecom sector after the end of its decades long ethnic war, a top official said. Millicom officials have not commented on individual firms that are in the bidding process except to say that several firms […]
Recovery Path
July 30, 2009 (LBO) – Sri Lanka’s Seylan Bank said it had stepped up efforts to recover loans and improved credit evaluation and corporate governance under new management which was appointed by the banking regulator. It said in a statement the bank, which faced a run after the collapse of an unlisted subsidiary of its […]
Financial Scrutiny
July 30, 2009 (LBO) – Sri Lankan authorities have begun evaluating the financial proposal of the sole bid by China Merchant Holdings and Aitken Spence for a new container terminal in Colombo port, officials involved with the project said.The new port, which has been delayed for years, is needed urgently to cater to the bigger […]
Sri Lanka down Pakistan in first one-dayer
DAMBULLA, July 30, 2009 (AFP) – Seamers Thilan Thushara and Nuwan Kulasekera ripped through Pakistan’s top order as Sri Lanka won the first one-day international by 36 runs here on Thursday.Left-armer Thushara finished with 3-29 and Kulasekera took 2-30 as Pakistan struggled against Sri Lanka’s 232-9 and were bowled out for 196 in 44.4 overs […]
Sri Lankan in code share deal with British carrier after war ends
July 30, 2009 (LBO) – State-run national carrier SriLankan Airlines, said it had broadened a code share deal with UK’s bmi following the relaxation of British travel advice following the end of a war. SriLankan Airlines says there are no European airlines flying in to Colombo, apart from ad hoc charter operations. Bmi will shortly […]
Sri Lanka private flying revival in the offing
July 29, 2009 (LBO) – Sri Lanka’s civil aviation authority is considering giving approval for the operation of more private aircraft, the use of which was severely restricted and sometimes banned during the ethnic war.But the Tigers were defeated by government forces in May and flying restrictions are being eased with the end of the […]
Wire Drop
July 29, 2009 (LBO) – Sri Lanka’s wireline telephone connections dropped by 60,000 to 876,064 in the first quarter of 2009, the latest official data showed, though fixed wireless phone use continued to grow. “The decline of fixed connections started around 2000 in Finland, where now over 40 percent of homes are mobile-only,” says Rohan […]
Cost Model
July 29, 2009 (LBO) – The Sri Lankan unit of Bharti Airtel, which entered the island in January triggering a price war, says it is confident of making money with its low cost business model. “When we look at countries like Sri Lanka, we feel that the model we used in India can be replicated […]