Category: Industry
Fresh Start
May 08, 2008 (LBO) – The Asian Development Bank has agreed to change conditions on a loan to the Sri Lankan government to build a new deep-water harbour next to Colombo port, dredging on which is already underway, ADB and government officials said. These include Maersk, the world’s biggest shipping line, which has a stake […]
Sri Lanka chamber promotes links with Trinidad and Tobago
May 08, 2008 (LBO) – The embassy of the Caribbean island of Trinidad and Tobago is organizing a trade mission through its High Commission (embassy) in India and is looking for Sri Lankan firms to participate, the Ceylon Chamber of Commerce said. The trade and investment promotion mission is being organized to Trinidad and Tobago […]
Brand Value
May 07, 2008 (LBO) – Dialog Telekom, Sri Lanka’s top celco has been named the most valuable brand in Sri Lanka in a ranking by Brand Finance, the company said Wednesday. The Dialog brand has been valued at 12.4 billion Sri Lanka rupees, retaining its place from last year. The ranking uses publicly available data […]
Profit Growth
May 07, 2008 (LBO) – Sri Lanka’s Nations Trust Bank (NTB) group profits grew 41 percent to 144.2 million rupees in the March quarter with total revenue growing by half, interim results filed with the stock exchange showed. Group revenue was up 50 percent to 2,991 million rupees and interest expense grew 58 percent to […]
Sri Lanka Eagle claims handled round-the-clock
May 06, 2008 (LBO) – Sri Lanka’s Eagle Insurance has upgraded its customer care call centre with a single hot line for easy access and motor related calls handled round-the-clock, the company said in a statement. “In case a policyholder meets with an accident he or she can contact the call centre any time of […]
Quarterly Profit
May 06, 2008 (LBO) – Sri Lanka’s Commercial Bank’s group profits grew 11.4 percent to 1,024 million rupees in the March quarter with revenue growing 37.7 percent, accounts filed with the stock exchange showed. Group revenue was up 37.7 percent to 10.2 billion rupees and interest expense grew 49.7 percent to 5.89 billion while net […]
Eastern Anchorage
May 05, 2008 (LBO) – Construction work on a new port in Oluvil on Sri Lanka’s east coast is to start on Tuesday as part of government efforts to revive the region’s economy, the Port Ministry said in a statement Monday. The main objective of the project is to develop a harbour with appropriate shore […]
Mainland China leg of Olympic torch relay begins in Sanya
SANYA, China, May 4, 2008 (AFP) – The Olympic torch began the mainland China leg of its relay here Sunday in front of thousands of flag-waving supporters, after a global journey marred by protests over Tibet and other controversies.Amid heavy security, winter Olympic speed skating champion Yang Yang was the first to carry the torch, […]
‘s budget airline grounded by lack of planes
May 4, 2008 (AFP) – Sri Lanka’s state-run budget carrier has suspended operations indefinitely because of a lack of planes, an aviation official said Sunday.The budget airline, Mihin Lanka, has been dogged with financial trouble since it began commercial operations last April. “They (Mihin) don’t have an aircraft to fly passengers since the beginning of […]
Emirates profits rise by half despite high fuel costs
May 02, 2008 (LBO) – Dubai’s Emirates Airlines, which owns a big stake in Sri Lanka’s national carrier, has reported group net profits increased 54.1 percent to 1.45 billion dollars for the financial year ended March 31, 2008. Group revenues rose 32.3 percent to 10.8 billion dollars during the period, the airline said in a […]
Ship Building
May 02, 2008 (LBO) – Colombo Dockyard, Sri Lanka’s sole listed ship builder, said it plans to invest 473 million rupees this year to upgrade yard infrastructure to meet growing demand for ship building and repair work. The yard, a subsidiary of Japan’s Onomichi Dockyard Co., which provides management. and technical expertise, anticipates it will […]
Port Race
May 02, 2008 (LBO) – The Asian Development Bank (ADB) said Friday it has reached agreement with the Sri Lankan government on a 300 million dollar loan to go ahead with a long-delayed project to expand Colombo port. Although the new south port project was approved by ADB early last year, changes in government bidding […]