Category: Industry
Strikes that hit Sri Lanka managed resorts in Maldives end
Dec 04, 2008 (LBO) – A series of strikes that hit Maldivian resorts, including several managed by Sri Lanka’s Aitken Spence group are ending, after the strikes were called off following presidential intervention, officials said.Maldives has a new coalition government, which was brought to power by pro-democracy activists. The strikes were partly triggered by a […]
Private Issue
Dec 04, 2008 (LBO) – Sri Lanka’s Nations Trust Bank (NTB) has raised one billion rupees through a 5-year private placement, an official said. The unsecured subordinated redeemable debenture would boost its tier two capital adequacy ratio. The bank issued 100 million debentures with a face value of 100 rupees paying 21 percent a year. […]
Outlook Cut
Dec 04, 2008 (LBO) – Fitch Ratings has cut the outlook of Sri Lanka’s The Finance Company (TFC) from ‘stable’ to ‘negative’ but confirmed its investment grade ‘BBB(lka)’ long term national rating. As a result, TFC’s portfolio growth was just 9 percent in the 2008 financial year from 33 percent the year before while cash […]
Black Market
Nov 03, 2008 (LBO) – Sri Lanka’s state is operating a black market taking an estimated 54 billion rupees a year in profits and discriminatory taxes from petrol users, an opposition parliamentarian has said. Ravi Karunanayake, a member of the opposition United National Party told reporters the landed cost of petrol in Colombo, including freight […]
Sri Lankan Airlines cut fuel surcharges; gets new aircraft
Dec 03, 2008 (LBO) – Sri Lankan Airlines will remove fuel surcharges to South Asia, Middle East and East Asia, and reduce surcharges on long haul flights from January 01, the national carrier said. SriLankan introduced a fuel surcharge in July 2008 throughout its network. Crude prices have collapsed since then. The airline says it […]
Bunker Compensation
Dec 03, 2008 (LBO) – Sri Lanka’s John Keells Holdings group said that the Supreme Court had ruled that former employees of its bunker fuel unit be paid 153 million rupees it had kept as a deposit for compensation.To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 JKH […]
Sri Lanka evacuates nationals from Thailand through military base
December 3, 2008 (AFP) – Sri Lanka operated special flights to a Thai military base to evacuate all its 378 nationals stranded in Thailand due to political protests, acting foreign minister Hussein Bhaila said Wednesday. The country’s national carrier, Sri Lankan airlines, operated flights to Thailand’s U-Tapoa airbase and completed the evacuation of all its […]
Sri Lanka GSP+ extended till probe over
Dec 02, 2008 (LBO) – Trade concessions from the European Union have been extended till about the middle of next year until a probe on Sri Lanka’s eligibility is completed, an official said. International Trade Ministry Secretary S. Ranugge said the EU had informed the government of the decision. The probe which began in October […]
Labour unrest hits Sri Lankan-managed Maldivian resort
Dec 2, 2008 (LBO) – Over 100 people attached to Sri Lankan Aitken Spence Group’s Meedhuparu Island resort in the Maldives, have struck work demanding better working conditions, joining colleagues in three other resorts, reports said. The strike, which began over the weekend, is initiated by Maldivian employees who want the management to implement the […]
Secure Plastic
Dec 02, 2008 (LBO) – Sri Lanka’s Sampath Bank has launched chip-embedded credit cards in a bid to outsmart credit card fraudsters who are increasingly targeting the country, officials said. Countries like Malaysia which had become credit card ‘hot spots’ had managed to fight off fraud with computer chip-embedded ‘smart’ cards. “Due to chip technology […]
Tele Rate
Dec 01, 2008 (LBO) – Fitch Ratings has confirmed Sri Lanka Telecom’s ‘B+’ long term foreign currency credit rating, with a stable outlook, and says it is increasing market share in the mobile market, though margins are narrowing. “The company also enjoys a dominant share of the international long-distance and IP and data-related services.” In […]
State Facts
Dec 01, 2008 (LBO) – Net profits of state-run Bank of Ceylon fell 5.6 percent in the 9-months to September while revenues grew 20.6 percent to 43.9 billion rupees, interim accounts published by the bank showed. Deposits grew to 325.6 billion rupees from 310.4 billion rupees in the nine months. Savings accounts grew to 141.3 […]