Category: Industry
Undersea Links
June 12, 2008 (LBO) – Lanka Bell, a Sri Lankan wireless fixed access firm, said its link to a high speed private undersea fibre optic cable operated by India’s Reliance group had gone live, enabling it to offer unrestricted broadband services. The company said in a statement it had already set up the infrastructure for […]
Rail Loan
June 12, 2008 (LBO) – Sri Lanka’s cabinet of ministers had given the nod to borrow 100 million US dollars from India to upgrade a part of the island’s railway system, a senior government minister said. The southern track was also torn up by the 2004 December tsunami. It was quickly repaired by the cash-strapped […]
‘s torch relay becomes a mystery
BEIJING, June 11, 2008 (AFP) – China’s Olympic torch relay has become a mystery tour, with organisers refusing on Wednesday to disclose the dates of a planned journey though Tibet and other potentially sensitive legs.The torch’s trip through Tibet and other regions of western China where recent deadly unrest by Tibetans occurred was originally scheduled […]
Sri Lanka Allianz unit offers title insurance
June 11, 2008 (PBO) “ The Sri Lanka unit of Allianz Insurance said Wednesday it has begun offering title insurance cover for property transactions by individuals and the corporate sector. “Property transactions in Sri Lanka can now have a title insurance cover to fall back on, in case something is wrong with the property’s title,” […]
‘ah Leasing
June 11, 2008 (LBO) – Lanka Orix Leasing Company (LOLC), which introduced Islamic financing in Sri Lanka, says it wants to expand its portfolio to one billion rupees in one year, with growth so far relying on word-of-mouth publicity. “We are on a growth trend and we feel that the turbulence that we are seeing […]
Arbitrage
June 10, 2008 (LBO) – Laugfs Auto Gas, a Sri Lankan gas distributor that started conversion of vehicles to run on auto gas, said that it was timely for owners to covert to gas because it is now almost 50 percent cheaper than petrol.“Liquid petroleum gas has always been cheaper than petrol and we believe […]
Sri Lanka LOLC plans ethanol power plant
June 10, 2008 (LBO) – Sri Lanka’s LOLC group, which has taken over a defunct sugar firm in a public-private partnership, is planning to build an ethanol-based power plant, the company said. LOLC and Brown & Company inked deal with the government in 2007 to revive Gal Oya Plantations, a defunct state sugar firm that […]
Emirates to start first A380 services to Americas
June 10, 2008 (LBO) – Dubai-based Emirates is starting the first ever commercial Airbus A380 service to the Americas with a 14-hour non-stop flight to New York from August 01, the airline said. Air travellers will be able to experience Emirates Airline’s state-of-the-art A380 aircraft for the first time on 1st August, when the airline […]
Tight Rates
June 10, 2008 (LBO) – Sri Lanka’s Lanka Orix Leasing Company (LOLC) group said net profits for the year ended March 2008 was up 21 percent with revenue growing 50 percent though rising interest costs trimmed profits at company level. Group net profits rose to 1.26 billion rupees from 1.04 billion, while gross revenues rose […]
Debt Tool
June 10, 2008 (LBO) – The Sri Lanka Ports Authority (SLPA) plans to get a credit rating that will enable it to borrow abroad to fund harbour expansion projects and better manage debt repayments, its chairman Saliya Wickramasuriya said. “Our debt portfolio needs to be managed properly. We may need to do some debt swapping. […]
New Faces
June 9, 2008 (LBO) – Sri Lanka Telecom (SLT), the island’s top fixed access telco said its Malaysian shareholder had appointed new directors after NTT Communications sold out and its representative resigned from the board. NTT with its 35 percent stake was allowed by majority shareholder Sri Lanka government to appoint the chief executive. Sri […]
Outsourcing
June 09, 2008 (LBO) – Sri Lankan Airlines is buying database services from IBM World Trade Corporation and is looking to outsource more information technology services, the company said. “¦SriLankan Airlines is exploring the opportunities available for outsourcing certain IT functions, creating further opportunities for players in Sri Lanka’s IT industry¦” the airline’s head of […]