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Sri Lanka state carrier adds A320 to fleet
May 25, 2012 (LBO) – State-run SriLankan Airlines said it had taken delivery of an Airbus A320 increasing the type to eight aircraft and the fleet to 21 and two floatplanes for domestic services. The airline has seven A330s and six A340s, and two De Havilland Twin Otters. The new A320 will set 20 business […]
Malaysia budget carrier Air Asia profits up 4-pct, demand strong
May 25, 2012 (LBO) – Makaysia’s AirAsia, a low cost carrier said profits for the March 2012 rose 4 percent to 167.97 million Ringgit, with revenues growing 11 percent to 1.17 billion rigging. “We have defied industry trends again by achieving a 4 percent growth in net operating profit,” chief executive Tony Fernandes said in […]
Sri Lanka textile maker eyes acquisition, new energy sources
May 25, 2012 (LBO) – Sri Lanka’s Textured Jersey Plc, said it wants aquire another plant in South Asia to expand production and is looking to move away from furnace oil after a tariff increase, though operating profits increased with falling cotton prices. “Acquisition of operational facilities, which may now be available at a reasonable […]
UN faces funding shortfall for Sri Lanka humanitarian work
May 25, 2012 (LBO) – United Nation’s effort to raise 147 million dollars to fund humanitarian assistance in the former conflict-hit northern region this year, is facing a severe funding shortfall, official data showed Friday. The UN said 6,063 people continue to live in the Menik Farm displaced centre, three-years after security forces crushed the […]
Sri Lanka to grow 7.0-pct in 2012, drought may hit growth: Treasury Secy
May 25, 2012 (LBO) – Sri Lanka’s economy will expand around 7. 0 percent in 2012, but a drought can hit agricultural output which may undermine growth, Treasury Secretary P B Jayasundera said. “We think the economy will grow around 7. 0 percent,” Treasury secretary P B Jayasundera said. “Nobody should under-estimate the prevailing drought […]
Sri Lanka stocks down 0.57 percent
May 24, 2012 (LBO) – Sri Lanka’s tiny bourse extended losses on Thursday on sustained selling pressure, despite buying interest in selected counters, brokers said. The broader All Share Price Index lost 28.99 points or 0.57 percent to end at 5,019.12, while the liquid Milanka Price Index fell 22. 83 points or 0.49 percent to […]
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May 24, 2012 (LBO)- Fitch Ratings agency on Thursday cut Sri Lanka’s National Development Bank’s credit outlook to negative, from stable, but its underlying rating was confirmed at ‘AA(lka)’. NDB’s subordinated debentures were also confirmed at ‘AA-(lka)’. Fitch said the cut reflects NDB’s increased risk profile in terms of its decreasing capitalisation alongside aggressive loan […]
On the Mat
May 24, 2012 (LBO) – Sri Lanka’s securities watchdog has suspended the chief executive of Taprobane Securities Private Limited, pending a probe related to a controversial share transaction between a stat bank and a troubled finance company. In a directive to the chairman and board of directors of Taprobane Securities on May 23, the Securities […]
Sri Lanka ships, plucks less tea in April
May 24, 2012 (LBO) – Sri Lanka, one of the world™s biggest tea exporters, produced and shipped less of the brew for the four months to April this year, due to poor weather and unrest in key markets, official figures showed. Tea, which grows across the island™s central hillside regions and in the south, saw […]
’s Aviva may exit Sri Lanka, South Korea: report
May 24, 2012 (LBO) – British insurer Aviva plc, plans to sell-off its Sri Lankan and South Korean businesses, as part of a broader retreat from sub-scale Asian markets, a report said Thursday, valuing the deal at around 150 million dollars. Aviva, Britain’s second-biggest insurer, announced plans last week to sell underperforming businesses globally, a […]
Sri Lanka Cricket recall Mendis, Fernando for Pakistan series
May 24, 2012 (LBO) – Sri Lanka on Thursday recalled seamer Dilhara Fernando, all-rounder Jeevan Mendis and fast bowler Nuwan Pradeep to the one-day squad for next month’s home series against Pakistan. Twenty20 squad: Mahela Jayawardene, Tillakaratne Dilshan, Kumar Sangakkara, Dinesh Chandimal, Angelo Mathews, Lahiru Thirimanne, Kaushal Lokuarachchi, Thisara Perera, Nuwan Kulasekera, Sachithra Senanayake, Lasith […]
Sri Lanka commercial banks to finance road
May 24, 2012 (LBO) – Sri Lanka will build a 24. 14 kilometre road in the island’s south for 1. 98 billion rupees with credit from Commercial Bank and DFCC Bank, minister Lakshman Abeywardene said. Both loans will be covered by Treasury guarantees. The road from Matara to Hakmana will connect to a planned expressway […]