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Sri Lanka high rise to be managed by Hyatt: minister
Jan 25, 2012 (LBO) – State-run Sri Lanka Insurance Corporation will lead a consortium to invest and finish a half built high rise which the leisure group Hyatt has agreed to manage, economic development minister Basil Rajapaksa said. State-run Bank of Ceylon, People’s Bank and the state managed Employees Provident Fund and Employees Trust Fund […]
Sri Lanka hosts international tea meeting
Jan 25, 2012 (LBO) – Sri Lanka will host a key meeting of officials from major tea producing and consuming nations in a United Nations body next week, helping boost its image as it starts a global marketing campaign. The 20th Session of Food and Agriculture Organisation™s Inter-Governmental Group on Tea will meet in Colombo […]
Tablet Rise
TAIPEI, Jan 25 (AsiaPulse) – Tablet computers will contribute enormously to the worldwide semiconductor market by 2015 as different platforms compete to interest consumers, according to market intelligence firm Gartner Inc. Gartner forecasted that tablet semiconductor revenue will amount to US$20 billion (NT$604.5 billion) in 2015, compared with US$6 billion in 2011, ranking fourth behind […]
Sri Lanka investments sought by Maldives
Jan 25, 2012 (LBO) – The Maldives is seeking more investments from Sri Lanka and plans to set up an investment agency similar to Sri Lanka’s Board of Investment, officials said. “A lot of Sri Lankan products are coming to the Maldivian market – new brands are being introduced.” Niyaz said Sri Lankan investments in […]
Hitachi Tata J/V makes large trucks in India
TOKYO, Jan 25 (AsiaPulse) – Hitachi Construction Machinery Co. (TSE:6305) has begun Indian production of huge dump trucks used in large-scale mine development projects. Telco Construction Equipment Co. (Telcon), a joint venture with Tata Motors Ltd. (BSE:500570), is manufacturing the trucks. Hitachi Construction invested 22 billion yen (US$283 million) in the venture in 2010 to […]
Sri Lanka Nov 2011 exports up 12-pct
Jan 25, 2012 (LBO) – Sri Lanka’s export earnings in November 2011 rose 11.6 percent to 879.3 million US dollars from a year ago, driven mainly by industrial and machinery exports, the central bank said. Imports in the import-dependent island shot up 78 percent in November 2011 to 1,980.5 million dollars from the previous year […]
IMF cuts growth global forecast, Euro negative
Jan 25, 2012 (LBO) – The International Monetary Fund cut the forecast for world growth as a series of ‘stimulus’ measures by deficit spending failed, worsening debt, undermining confidence and pushing some nations to into sovereign credit trouble. Emerging economies will grow 5.4 percent in 2012 (down from an earlier forecast of 6.2 percent), with […]
Sri Lanka shares plunge 2.2-pct
Jan 24, 2012 (LBO) – Sri Lankan shares plunged again Tuesday, following Monday’s fall, amid panic selling, although recovering somewhat towards the end of trading, brokers said. Newly listed Asia Asset Finance was another heavily traded stock, closing at 6. 10 rupees, up 20 cents. “The Colombo stock market continued to end with negative returns […]
Sri Lanka city hotel deep in red
Jan 24, 2012 (LBO) – Galadari Hotels (Lanka) Plc, a hotel in Sri Lanka’s capital Colombo said it lost 199.6 million rupees in the December 2011 quarter against a profit of 35. 4 million rupees a year earlier, hit by an exchange loss. Galadari has 9.1 billion rupees in accumulated losses and 1.3 billion rupees […]
Sri Lanka bought leaf tea factory makes loss
Jan 24, 2011 (LBO) – Sri Lanka’s Tea Smallholder Factories Plc, a unit of John Keells Holdings said it lost a million rupees in the December 2012 quarter compared with a 41 million a year earlier, as revenues fell. . Revenues fell 17 percent to 510 million rupees in the quarter while cost of sales […]
Tech Leader
Jan 24, 2012 (LBO) – MillenniumIT, a securities trading technology provider said it is expanding a software development complex in Sri Lanka with business volumes growing after it became part of the London Stock Exchange group. MillenniumIT was bought by the London Stock Exchange in 2009 now has a staff of 600 in Sri Lanka. […]
Sri Lanka ExpoAir resumes Jaffna flights
Jan 24, 2012 (LBO) – ExpoAir, a domestic aviation company in Sri Lanka, has decided to resume regular flights from the capital Colombo to the former northern war zone of Jaffna, targeting mainly business travellers. The company will operate twice daily flights using a new Cessna Grand Caravan 12-seater aircraft covering the distance in one […]