Category: Industry
Foreign Banks
July 09, 2009 (LBO) – Foreign banks operating in Sri Lanka had maintained or improved profitability in 2008, despite adverse conditions, a report by Fitch Ratings said.Though risk management was good, Fitch said counterparty settlement risks were not studied enough on hedging deals. But the banks are expected to get support from head offices to […]
Submarine Links
July 09, 2009 (LBO) – Lanka Bell, a Sri Lankan wireless telecommunications operator, said its investment in an undersea fibre-optic cable had helped increase business and reduce rates.The company said in a statement the rapid expansion of the FLAG (Fiber-optic Link Around the Globe) high-speed submarine cable network has opened up new markets and opportunities […]
Sri Lanka tourist arrivals up in June
July 09, 2009 (LBO) – Tourist arrivals in to Sri Lanka rose in June 2009, just one month after the ethnic war ended and the first monthly growth in over a year, the tourism promotion office said. The number of visitors to the island went up 8.1 percent in June 2009 to 30,234 from a […]
Sri Lanka Aitken Spence to upgrade oldest hotel to new brand
July 9, 2009 (LBO) – Sri Lanka’s Aitken Spence group said it was upgrading the oldest hotel in its chain to its premium ‘Heritance’ brand which is built to reflect the history of an individual hotel as well as the country it is situated in. Neptune Hotel, which will be closed for refurbishment, was the […]
Fuel Delivery
July 08, 2009 (LBO) – The Sri Lankan unit of Indian Oil Corporation said it has chartered a bunker barge to supply ship fuel in Colombo port as sales were increasing.LIOC is the newest player in Colombo port’s bunker business. Competition in the business has been growing after a court order ended an effective monopoly […]
”’ Sangakkara
July 8, 2009 (AFP) – Pakistan captain Younus Khan Wednesday hailed the ‘brilliant’ leadership of his counterpart Kumar Sangakkara after the Sri Lankan led his side to victory in his first Test as captain.Sri Lanka pulled off a dramatic 50-run win in the first Test at Galle Tuesday after Pakistan faltered in the second innings […]
Terminal Bid
July 08, 2009 (LBO) – A consortium made up of Sri Lankan conglomerate Aitken Spence and China Merchant Holdings are the sole bidders to design and build a new container terminal in Colombo port, officials said.South Asia Gateway Terminals, which operates Colombo’s private container terminal, and China Harbour Engineering Company, which is building a port […]
Pakistan sight win after rookies tame Sri Lanka
GALLE, July 6, 2009 (AFP) – Debutants Mohammad Aamer and Saeed Ajmal combined to wreck Sri Lanka’s batting and put Pakistan on the road to victory in the first cricket Test here on Monday. The pace-spin duo grabbed three wickets each as Sri Lanka were bowled out for 217 in their second innings on the […]
‘s Mendis signs for Aussie T20
MELBOURNE, July 7, 2009 (AFP) – Sri Lankan spin sensation Ajantha Mendis has signed for the South Australia Redbacks in this season’s domestic Twenty20 competition, officials said Tuesday.High performance manager Jamie Cox said securing the 24-year-old, whose unorthodox style helped Sri Lanka reach last month’s World Twenty20 final, was a huge boost for his side. […]
Herath spins Sri Lanka to dramatic Test win
GALLE, July 7, 2009 (AFP) – Rangana Herath skittled Pakistan with his left-arm spin to hand Sri Lanka a dramatic 50-run victory in the first cricket Test here on Tuesday.Herath grabbed 4-15 as Pakistan, chasing a modest target of 168, collapsed from a seemingly impregnable 71-2 to 117 all out in their second innings before […]
Tele Targets
July 7, 2009 (LBO) – Axiata, the parent of Dialog Telekom may offer 200 million US dollars for the Sri Lanka unit of Millicom International Cellullar, a media report said.Bloomberg news citing two people with knowledge on the deal said Millicom’s Cambodia operations may be offered 500 million US dollars. Bloomberg quoted Millicom chief financial […]
Top Marks
July 07, 2009 (LBO) – Sri Lanka’s Commercial Bank said it has been named the island’s ‘Best Bank’ by Hong Kong based ˜FinanceAsia,’ a regional financial publication. The publication’s latest rankings are based on financial performance for the 2008/9 period, the bank said in a statement. The evaluation includes criteria such as capital adequacy, liquidity […]