Category: Industry
Text News
April 25, 2009 (LBO) – Dialog, Sri Lanka’s largest telco, has made available news from the government’s department of information through its popular short message service (SMS), the company said.“Access to information plays a key role in the development process of a country and we believe that educating and informing its people is the first […]
Fair Play
April 25, 2009 (LBO) – Bunker prices in Colombo port have fallen following a court verdict that ended an effective monopoly on ship fuel held by Sri Lanka’s biggest conglomerate and opened up the market.Shipping lines said price differences with competing ports had also narrowed sharply after the market was liberalized with more suppliers competing […]
Sri Lanka approves electricity improvement project
April 24, 2009 (LBO) – The Sri Lankan government said the Cabinet has approved a foreign aid funded project to expand and improve electricity services, especially to the poor, and support renewable energy. Media minister Anura Yapa said the Asian Development Bank is giving a loan of 164 million dollars for the project with the […]
Sri Lanka aviation policy mulls further opening
April 24, 2009 (LBO) – A new Sri Lankan aviation policy aims to encourage investment and open the sector up for more carriers, ground handling and caterers as the economy recovers from war and the market grows, officials said. “If there’s a big growth, with the recovery of the global economy and an end to […]
Asian View
April 24, 2009 (LBO) – Millicom International Cellular, the parent of Sri Lanka’s Tigo cellular network, says it may sell out of Asian units, despite getting new subscribers amid tough competition. Total revenues for the quarter were 846.0 million US dollars with 327 million coming from Central America, 236 million from South America and 171 […]
Golden Probe
April 24, 2009 (LBO) – Sri Lanka’s central bank has asked customers of the failed Golden Key Credit Card Company to submit details of their deposits and company officials to declare assets. Sri Lanka’s Supreme Court last month ordered the Central Bank to probe the company after a group of depositors petitioned court saying it […]
Bidding List
April 24, 2009 (LBO) – Sri Lanka’s central bank has cleared five out of six parties who expressed interest in buying a 33.3 percent stake in Seylan Bank to look into the bank in detail and submit bids, officials said. The Central Bank took over the bank and put it under the supervision of state-run […]
Fuel Mix
April 24, 2009 (LBO) – Sri Lanka will decide on whether to call proposals for a liquefied natural gas (LNG) power plant after a study funded by Japan is completed, a senior government official said. Though much cleaner than coal, diesel or furnace oil, LNG, which is kept liquid under high pressure requires expensive infrastructure […]
Sri Lanka Amana Takaful cuts losses, sees scope in medical insurance
April 23, 2009 (LBO) – Sri Lanka’s Amana Takaful Insurance said it made a premium income of over a billion rupees in 2008, helping to reduce losses, and that it expects medical insurance to grow this year.Gross Written Premium grew by 26.56 percent to 1,024 million rupees with life insurance growing by 44 percent to […]
Sri Lanka Trans Asia hotel to be re-branded
April 23, 2009 (LBO) – Sri Lanka’s Trans Asia hotel, part of the John Keells group, will be closed for repairs after being damaged in a Tamil Tiger air raid and be reopened under a new name.The company said in a stock exchange filing that the hotel in Colombo will be closed for three and […]
Maritime Draw
April 23, 2009 (LBO) – Sri Lanka’s ship registry, which governments have long promoted with little success, will get six brand new vessels belonging to a group with German interests with close links to the island, starting this year. Two of the ships, multi-purpose vessels being built by a Dutch yard, are owned by Mercantile […]
Policy Breaks
April 22, 2009 (LBO) – Colombo Dockyard stands to benefit from several concessions being considered in the new draft Sri Lankan government shipping policy, industry officials said.“In the absence of any other local builder capable of meeting local demand, removing such a ceiling will be considered by government as otherwise it would only open the […]