Category: Industry
Passion restored, Pakistan relish Sri Lanka tour
KARACHI, July 2, 2009 (AFP) – Pakistan start their Test series against Sri Lanka Saturday riding the wave of a feel-good factor after winning the World Twenty20 and giving their country a much-needed respite from bombs and battles.When Pakistan won the championship in England last month, the victory renewed the country’s passion for the game, […]
Britain revises Sri Lanka travel warning
July 3, 2009 (LBO) – Britain has eased a travel advisory to Sri Lanka’s east but has warned of rising ant-British rhetoric amid an upsurge of nationalism and possible detentions of people of ethnic Tamil origin.“This has led to violent protests against the British High Commission and other diplomatic premises.” Though Tamil Tigers have been […]
Infrastructure Finance
July 03, 2009 (LBO) – HSBC’s Sri Lanka unit is looking to finance a private container port to be built as part of an expansion of Colombo port, and post-war reconstruction projects in the island, a top official said. “We are looking to support investors bidding for the Colombo port expansion,” Nick Nicolaou, head of […]
Injured Murali out of Pakistan Test
GALLE, July 3, 2009 (AFP) – Muttiah Muralitharan was on Friday ruled out of the first Test against Pakistan with a knee injury, dealing a huge blow to Sri Lanka’s bid to win the emotionally-charged series.The spin wizard hurt his patella tendon during training on Thursday and will sit out of the opening game of […]
Tele Sale
July 2, 2009 (LBO) – Millicom International Cellular, the parent of Sri Lanka’s Tigo mobile network, said several buyers have expressed interest in taking over its Asian operations.Millicom has operations in Sri Lanka, Cambodia and Laos.By the end of the March quarter the firm said it had 4.5 million subscribers in Asia, generating a profit […]
Half Speed
July 02, 2009 (LBO) – Raman Roy, chairman of India’s Quatrro BPO Solutions, said their Sri Lanka business process outsourcing unit, a tie-up with John Keells Holdings, is not doing as well as anticipated.Revenues had fallen as the US recession took its toll on the auto and restaurant businesses which comprised the bulk of its […]
Bunker Vessel
July 02, 2009 (LBO) – Lanka Maritime Services, a Sri Lankan supplier of ship fuel, said it has acquired an 8,800 DWT double-hull tanker to supply bunkers to ships calling at Colombo port.“This was to avoid loss of foreign exchange by way of payment of demurrage on chartered vessels and also reduce expenses in order […]
Sri Lanka beefs up security for Pakistan series
July 1, 2009 (AFP) – Sri Lanka has stepped up security for the visiting Pakistan team and slapped new restrictions at match venues, officials said Wednesday. Fireworks, musical bands, glass bottles, tin cans, sharp objects, laser pointers and mirrors have all been banned from the grounds where the matches are slated to be played. “Other […]
Sri Lanka supports Indian Ocean free trade
July 01, 2009 (LBO) – Sri Lanka has welcomed the initiatives taken to promote trade and investment among member states of an Indian Ocean regional grouping, the foreign affairs ministry said in a statement. He also welcomed the initiatives taken by IOR-ARC to promote investment, including the work done towards the implementation of an agreement […]
Sampath Rating
July 01, 2009 (LBO) – Sri Lanka’s Fitch Ratings said it has confirmed the ‘AA-(lka)’ national long-term rating of Sampath Bank, as well as its individual and support ratings at ‘D/E’ and ‘5’, with a stable outlook. Furthermore, the bank’s credit decisions became more centralised since early-2009, and its recoveries were strengthened by reallocating experienced […]
‘s Rating
July 01, 2009 (LBO) – Sri Lanka’s Fitch Ratings Lanka said it upgraded Seylan Merchant Leasing (SML) national long-term rating to ‘BBB-(lka)’ from ‘BB +(lka)’ on the acquisition of a 84.5 percent stake by People’s Leasing Company (PLC). PLC’s purchase consideration amounted to 441.4 million rupees for the 84.5 percent stake in SML and was […]
Oversight Move
July 01, 2009 (LBO) – Sri Lanka’s registered finance companies would be required to list on the Colombo Stock Exchange as part of an enhanced regulatory framework of the financial sector, Central Bank Governor Nivard Cabraal said. Cabraal said the Securities and Exchange Commission, Sri Lanka Accounting and Auditing Standards Monitoring Board, the Institute of […]