Category: Industry
‘s Kingfisher Airlines
Jan 20, 2009 (LBO) – In the wake of global airline bankruptcies and route cuts, India’s Kingfisher Airlines has expanded its international presence with flights to Sri Lanka, and plans for daily connections from Bangalore and Chennai to Colombo. “We have plans to expand quite considerably this year, and choose Colombo as it’s our nearest […]
Hedge Exposure
Jan 19, 2008 (LBO) – Sri Lanka’s Commercial Bank said its exposure to an oil derivative sold through People’s Bank would be 21.6 million dollars with oil at 35 dollars a barrel, which the state-run bank has so far not honoured. The contract is one of several arranged for state-run Ceylon Petroleum Corporation (CPC) by […]
Jayawardene plays down Mendis hype in Pakistan series
KARACHI, January 18, 2009 (AFP) – Sri Lankan skipper Mahela Jayawardene Sunday refused to single out spin sensation Ajantha Mendis as the major threat for Pakistan in the one-day series.The 23-year-old Mendis and his more illustrious partner Muttiah Muralitharan are tipped to hold the aces against the home team in the three-match series which starts […]
Sri Lanka cricket feels squeeze as sponsors take flight
January 19, 2009 (AFP) – Sri Lanka’s economic slowdown has taken its toll on the island’s hugely popular sport of cricket as long-term sponsor disappear, sports minister Gamini Lokuge said on Monday.During the three-month trial that ends on March 31, Sri Lanka will play two Tests and three one-day internationals in Pakistan and host India […]
Travel Ban
Jan 19, 2009 (LBO) – Sri Lanka’s central bank said it had won a court order impounding the passports of several officials of Okanda Finance Limited, an unlicensed finance company, to prevent them leaving the country. A bank statement said four of six organisations and individuals carrying on finance business without authority had failed to […]
Box Rates
Jan 17, 2009 (LBO) – A sharp fall in freight rates owing to the global recession and oversupply of tonnage is helping Sri Lankan exporters cope with slowing demand in overseas markets and high domestic costs, trade officials said.Randolph Perera, chairman of the Sri Lanka Shippers’ Council representing exporters and importers, said the drop in […]
‘s Kulasekara, Mendis restrict Bangladesh
DHAKA, January 16, 2009 (AFP) – Nuwan Kulasekara and Ajantha Mendis grabbed three wickets apiece as Sri Lanka dismissed Bangladesh for 152 in the triangular one-day series final here on Friday. Fast bowler Kulasekara picked three of the first five wickets in a lively opening spell to send Bangladesh reeling at 54-5 in the 19th […]
Singapore Airlines cuts more than 200 flights
SINGAPORE, January 16, 2009 (AFP) – Singapore Airlines (SIA) is cutting more than 200 flights to Australia, China, Europe and India in response to falling passenger numbers, the company and travel agents said on Friday.Alicia Seah, a senior vice president at CTC Holidays travel agency, said many Singaporeans were opting for closer and cheaper holiday […]
Port Performance
Jan 16, 2009 (LBO) – All Sri Lankan regional ports are loss-making and supported by earnings from Colombo harbour, Sri Lanka Ports Authority chairman Priyath Wickrema said.Sri Lankan ports are hugely overstaffed after successive governments stuffed them with supporters in order to win votes under the system of patronage politics practiced in the island. Ports […]
Counter Measures
Jan 15, 2009 (LBO) – People’s Leasing Company, Sri Lanka’s largest leasing firm, is slowing new lending and focusing on recoveries as a prudential measure as economic conditions weaken, a top official said. “About six to seven months back we expected that there might be a problem in the industry,” says D P Kumarage, the […]
Indian Signal
Jan 15, 2009 (LBO) – India’s state-run Oil and Natural Gas Corporation (ONGC) which has been given an off-shore oil block in Sri Lanka, will inform the island whether it will start exploration within a month, a media report said.India’s Economic Times newspaper said Sri Lanka’s oil minister A H M Fowzie had met Indian […]
Sri Lanka tourist arrivals fall 18-pct in Nov 2008
Jan 15, 2008 (LBO) – Sri Lanka’s tourist arrivals fell 18.2 percent in November to 36,091 with key generating markets of Western Europe down 28.2 percent and South Asia down 12.6 percent, the tourist promotion office said. In the 11 months to November arrivals were down 10 percent to 389,550. November 2008, Western European arrivals […]