Category: Industry
Sri Lanka Mitsubishi agent makes loss
June 11, 2009 (LBO) – Sri Lanka’s United Motors Lanka Limited (UMLL) group, agents for Japan’s Mitsubishi lost 90 million rupees in the March 2009 quarter as revenues dropped 13.0 percent to 7.30 billion rupees. For the year to March the firm lost 2.53 million rupees while revenues dropped 13.0 percent to 7.30 billion rupees. […]
Northern Banking
June 11, 2009 (LBO) – Sri Lanka’s central bank said banks have been given the nod to open 67 new outlets in the last three weeks in the north of the island after the area was freed of Tamil Tigers. “This trend of banking expansion in the Northern Province is expected to grow with the […]
Dark Continent
June 11, 2009 (LBO) – Sri Lanka’s Commercial Bank of Ceylon is planning to finance renewable power plants in Africa with the help of the International Finance Corporation (IFC), an official said. Commercial Bank officials did not say who their engineering partners in Uganda would be. In July 2007 Sri Lankan power company Eco Power […]
Pakistan survive, South Africa squeeze past Kiwis
LONDON, June 9, 2009 (AFP) – Pakistan avoided following Australia out of the World Twenty20 on Tuesday while South Africa hammered home their position as favourites by successfully defending the format’s lowest ever total.Pakistan, the runners-up at the 2007 championship, had been defeated by England in their opening match and needed to beat the Netherlands. […]
Sri Lanka to get AirAsia low fare flights
June 10, 2009 (LBO) – AirAsia said it will launch daily flights from Sri Lanka from August 15 offering promotional all-in fares as low as 4,090 rupees one way between Colombo and Kuala Lumpur. The Malaysia-based carrier, known as Asia’s largest low fare, no frills airline, said Colombo is an important destination for AirAsia to […]
Chamber Award
June 10, 2009 (LBO) – A regional Sri Lankan business chamber has won a top global award for its work after the 2004 Indian Ocean tsunami, in a competition which had entries from 33 countries, the organization said. The member services of the Hambantota chamber, job placement and information technology had also been improved. The […]
‘s Sangakkara eyes bigger wins after taming Aussies
NOTTINGHAM, June 9, 2009 (AFP) – Kumar Sangakkara celebrated his first stint as Sri Lanka’s captain by dumping mighty Australia from the World Twenty20, then warned rivals he was hungry for more scalps.“I can’t ask for more, but this is just the start. We want to continue in the same vein,” he said after the […]
Sri Lanka May tourist arrivals slump
June 09, 2009 (LBO) – Tourist arrivals in to Sri Lanka slumped 20.6 percent in May 2009 to 24,739 from a year ago as a global travel slowdown and fierce fighting that ended the Tamil Tiger insurgency deterred visitors. According to figures put out by Sri Lanka’s tourism office, arrivals from south Asia, the main […]
Losing Quarter
June 08, 2009 (LBO) – Sri Lanka’s The Finance Company, a unit of the troubled Ceylinco group said it lost 1.3 billion rupees in the March 2009 quarter, as net interest income turned negative and loan loss provisions increased. Investment in real estate was shown as 5,256 million rupees, investments in housing projects 1,140 million […]
Tight Quarter
June 8, 2009 (LBO) – Sri Lanka’s Seylan Bank group said profits fell 99.8 percent to 135,279 rupees in the March 2009 quarter, non performing loans grew steeply and net-interest income fell as its balance sheet contracted. Group net assets were up 1.6 percent to 9,519 million rupees. Gross assets shrank 7.5 percent to 151.7 […]
Box Trade
June 08, 2009 (LBO) – A container terminal in Colombo port in which Sri Lanka’s John Keells Holdings (JKH) group has a big stake said volumes have recovered after five consecutive months of falls.South Asia Gateway Terminals (SAGT), a key source of profit for JKH which has a 42.2 percent stake in the facility, handled […]
Safety Net
June 06, 2009 (LBO) – Sri Lanka’s Commercial Bank of Ceylon (CBC) has inked a deal with the International Finance Corporation (IFC) to underwrite 50 percent of the investment risk in the volatile renewable energy business, a senior bank official said. IFC is sharing the risk in renewable energy projects with us, said Amitha Gooneratne, […]