Category: Technology

Oct 14, 2009 (LBO) – Fitch Ratings has lifted the outlook on Sri Lanka Telecom’s ‘B+’ foreign currency rating to ‘stable’ from ‘negative’ following the upgrade of the outlook of the sovereign rating. “Despite pressure on profitability due to intense competition and weak macroeconomic conditions in Sri Lanka, SLT’s cash generation continues to be strong.” […]

Oct 07, 2009 (LBO) – Sri Lanka’s wireless access provider Lanka Bell said it has reduced call rates to India. The company pays them 50 cents for every minute of incoming IDD calls regardless of the duration, country of origin or the number of calls received for a day. Lanka Bell is the largest CDMA […]

Oct 06, 2009 (LBO) – Control of IsmartTimex, a Sri Lanka based outsourcing firm has been acquired by India’s Aegis Limited, a unit of the Essar group, but a minority 20 percent stake will be held by local partners, the company said. Aegis says it has operations in India, Philippines, the US, Costa Rica, Kenya, […]

Oct 02, 2009 (LBO) – Sri Lanka’s rural economy can take a slice of India’s 12 billion dollar Business Process Outsourcing (BPO) industry by catering to the bottom of the pyramid customers who look at costs over optimum service, a foreign investor said. “India does about 12 billion dollars of knowledge base process work; 10 […]

LONDON, October 1, 2009 (AFP) – Britain’s London Stock Exchange announced Thursday that it is in exclusive talks to buy pan-European electronic trading platform Turquoise.“London Stock Exchange Group plc announces that it has entered into exclusive discussions with Turquoise Trading Limited, which may lead to a transaction,” the LSE said in a brief statement. “A […]

Sept 23, 2009 (LBO) – A South Asian broadband communication conference and expo to be held in Sri Lanka in October with speakers from the global industry will focus on investing, and cost and revenue models in the fast growing region.It will also cover how Next Generation Technology fits into the region, home to large […]

NEW DELHI, Sept 18 (Asia Pulse) – Luxembourg-based Millicom has rejected Indian telecom PSU BSNL’s bid to acquire its operations in Sri Lanka, but India’s largest private mobile operator Bharti Airtel has entered the ring. Bharti Airtel, which is in talks with South African telecom firm MTN for a possible deal to create a US$23 […]

Sept 16, 2009 (LBO) – The London Stock Exchange (LSE) said it will acquire Sri Lanka’s MillenniumIT for 30 million US dollars (sterling 18 million), with the deal to be completed by mid-October.MillenniumIT, a technology firm which develops securities trading software will replace LSE’s existing trading platform and continue to service its exiting clients. MilleniumIT […]

Sept 15, 2009 (LBO) – Sri Lanka’s Millennium IT will be acquired by London Stock Exchange and its faster trading software would replace the British bourse’s existing platform, a media report said. The report said LSE could pay around 50 million sterling pounds (about 9.4 billion rupees) to buy the technology firm. Britain’s Financial Times […]

Sept 15, 2009 (LBO) – A travel advisory on Sri Lanka has been further relaxed with a reduced level of terrorist threat, in the island, the British High Commission in Colombo said. The UK relaxed its travel advisory to parts of the Eastern province after Tamil Tiger separatists were defeated in May, though British travelers […]

Sept 14, 2009 (LBO) – Emirates Telecommunications Corporation or Etisalat has confirmed it has bid for the celco Tigo, the Sri Lankan unit of Luxembourg-based telecom operator Millicom. The UAE telecom giant made the announcement in a filing with the Abu Dhabi Securities Exchange. Millicom International Cellular is selling its assets in Sri Lanka, Laos […]

Sept 10, 2009 (LBO) – A write-off of old equipment will help Sri Lanka’s Dialog Telekom, a unit of Malaysia’s Axiata, lower costs, support higher call volumes in a turnaround strategy after positing a record quarterly loss, an official said. A six billion rupee network equipment write-off drove up losses to a record 7.6 billion […]