Category: Industry
Tele Rating
April 04, 2008 (LBO) – Fitch Ratings has cut Sri Lanka Telecom’s foreign currency credit rating by one notch to ‘B+’ after the country’s sovereign rating was slashed a day earlier, saying the exit of Japan’s NTT from the firm was not a reason for the downgrade. SLT’s local ratings were based on its own […]
Oil Deal
April 04, 2008 (LBO) –Sri Lanka is seeking to renew its long-term crude oil supply contract with Iran and wrap up financing to expand its refinery during a visit this week by senior government officials to Teheran. Treasury Secretary P B Jayasundera and Ashantha de Mel, chairman of the state-oil refiner Ceylon Petroleum Corporation, are […]
Sri Lanka rescued by Dilshan and Silva century stand
PORT OF SPAIN, Trinidad, April 3, 2008 (AFP) – An unbroken stand of 100 for the sixth wicket between Tillakeratne Dilshan and Chamara Silva helped Sri Lanka recover on the rain-marred opening day of the second and final Test against West Indies on Thursday.Dilshan was unbeaten on 58 and Silva was not out on 37, […]
West Indies win toss, field against Sri Lanka
PORT OF SPAIN, Trinidad, April 3, 2008 (AFP) – West Indies won the toss and chose to field on the opening day of the second and final Test against Sri Lanka on Thursday at Queen’s Park Oval.West Indies have made two changes to their line-up, bringing in left-handed opener Sewnarine Chattergoon and fast bowler Fidel […]
Sri Lanka pushes Myanmar, Pakistan, India to crack rice export curbs
April 03, 2008 (LBO) – Sri Lanka is in talks to relax rice export curbs in at least three countries so that cheaper imports could lower the price of the staple commodity ahead of a local festival, a senior minister said. Trade minister Bandula Gunewardene said Sri Lanka has had discussions with Myanmar, Pakistan and […]
‘s MAS fabric park signs up renewable power
April 03, 2008 (LBO) – Sri Lankan apparel exporter MAS Holdings has signed up with a hydro power firm to buy electricity for an eco-friendly plant in a bid to reduce fossil fuel based energy use, an official said. . Under a five year deal, Nilwalabase Hydro Power Limited will supply between 2.5 to 4.0 […]
Emirates starts flying first class to Sri Lanka
April 03, 2008 (LBO) – Emirates airlines said it had started first class services to Sri Lanka on selected flights after it started operating new Boeing 777 aircraft on the Dubai-Colombo run from March 31. On Mondays and Thursdays the airline will make available up to 14 first class seats. “The return of First Class […]
Shanghai Profits
April 03, 2008 (LBO) –Hong Kong Shanghai Bank Corporation’s Sri Lanka branch reported sharply lower profits for 2007 largely owing to losses from foreign exchange transactions while bad loans are on the rise. The bank’s profit for 2007 fell 36.63 percent to 1.57 billion rupees, according to published annual accounts. Interest income, however, increased by […]
Life Market
April 03, 2008 (LBO) – Sri Lanka’s Sampath Bank launched a life insurance policy scheme for its customers Thursday in a tie-up with Eagle Insurance, saying it wants to further diversify its financial services. The bank, which has already diversified into leasing and stock brokering and general insurance, said its entry into life insurance will […]
Sri Lanka eye record-setting win over Windies
PORT-OF-SPAIN, Trinidad, April 2, 2008 (AFP) – Sri Lanka can kill the proverbial two birds with one stone when they face West Indies in the second and final Test, starting on Thursday at Queen’s Park Oval. When Sri Lanka flew into the region a fortnight ago, they had a single objective on their mind – […]
Sri Lanka life insurance market eyed by German insurer
April 02, 2008 (LBO) – German insurance company Allianz says its Sri Lankan insurance business has become very profitable and the company aims to extend from general insurance into the bigger life market. The company’s subsidiary, Allianz Insurance Co. Lanka, plans to hire more sales staff and open branches outside the capital Colombo as it […]
Tele Talk
April 02, 2008 (LBO) – Malaysia’s Usaha Tegas (UT) group, which bought a 35.2 percent stake in Sri Lanka Telecom, is likely to make changes at the telecom operator only after a minority shareholder buyout is completed, officials said. The UT group which paid 299 million dollars to NTT Communications through Global Telecommunications Holdings (GTH), […]