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‘s power utility in profits, cashflow positive: minister
Mar 10, 2011 (LBO) – Sri Lanka’s Ceylon Electricity Board, the island’s state-run power utility ended 2010 in profits and is also cash positive being able to settle is payments on time, power minister Patali Ranawaka said. The CEB had sold 121.86 billion rupees of power including 2.6 billion rupees worth energy for street lighting […]
Buck Stops
Mar 10, 2011 (LBO) – Most of the loss of Ceylon Petroleum Corporation, Sri Lanka’s state-run petroleum retailer is due to subsidized sale of furnace oil to a state power utility, the island’s oil minister has said. Furnace oil which cost the CPC 81 rupees a liter is sold to the Ceylon Electricity Board (CEB) […]
Sri Lanka Hilton building firm disclose leased land with state
Mar 10, 2011 (LBO) – Sri Lanka’s Hotel Developers, a listed firm which owns the building on which Colombo Hilton is operated said a land sub-leased from a private party had been taken over by the state. The state land on which the building was put up has been sub-leased from Cornel and Company, a […]
Sri Lanka Hilton to hold talks on management deal
Mar 10, 2011 (LBO) – Hilton Hotels and Resorts says it will continue to manage Sri Lanka’s Colombo Hilton until discussions start with owners following a government move to take over the land on which the hotel is located. Hotel Developers is a majority state controlled firm, which has not filed accounts with the stock […]
Sri Lanka Hilton Hotel state grip tightened
Mar 10, 2011 (LBO) – Sri Lanka’s economic development minister Basil Rajapaksa had told parliament that the state had ‘fully taken over’ a city hotel that is now managed by Hilton, an international chain. The Colombo Hilton is operated on a building owned by Hotel Developers Lanka, a state-controlled firm in which a majority stake, […]
Sri Lanka Treasuries yields steady
Mar 09, 2011 (LBO) – Sri Lanka’s Treasuries yields stayed flat at the weekly auction with the government rolling over 11 billion rupees in maturing bills, a statement said. The government’s debt office, which is a unit of the Central Bank, said the three-month yields remained at 6.97 percent, six-month yields at 7. 05 percent […]
Sri Lanka shares fall for third straight day
Mar 09, 2011 (LBO) – Sri Lankan shares fell for the third straight day Wednesday as investors raised cash for new issues and settled broker credit with a correction expected after the market hit record highs, brokers said. The All Share Price Index closed at 7,343.45, down 1.38 percent (102.45 points) while the more liquid […]
Sri Lanka tea exporter presses for imports for blending
Mar 09, 2011 (LBO) – Finlays Colombo has urged Sri Lankan authorities to allow more tea imports for blending saying it could lose market share by not catering to growing consumer demand for multi-origin blended teas. Chairman Kumar Jayasuriya said the firm, part of the UK’s Swire group, has been lobbying along with other tea […]
Galleon Trial
NEW YORK, March 8, 2011 (AFP) – The trial of former hedge fund tycoon Raj Rajaratnam began Tuesday in New York with the painstaking selection of a jury in a case prosecutors see as an example of Wall Street corruption and greed. Sri Lankan-born Rajaratnam, 53, used insider information at his Galleon Group fund to […]
Connectivity Cost
Mar 09, 2011 (LBO) – Sri Lanka’s new information and communication technology plan for 2011-1016 advocates further cuts in high-speed broadband communication costs with the aim of increasing ICT business and creating more jobs. Present broadband charges which are higher than competitor countries are deterring foreign ICT and business process outsourcing (BPO) firms from setting […]
India car sales jump 23%
MUMBAI, March 9, 2011 (AFP) – Car sales in India jumped nearly 23 percent in February from a year earlier, industry data showed Wednesday, as customers snapped up new models in a booming auto market where loans are cheap. The Indian market, Asia’s third-largest, is projected to triple over the next decade to six million […]
Lofty Monitor
Mar 09, 2011 (LBO) – Sri Lanka plans to use satellite technology to monitor distribution of petroleum products to fuel retail stations from storage terminals to prevent theft and contamination, a statement said. Petroleum industries ministry secretary Titus Jayawardena said the bowser drivers will not be allowed to deviate from official routes during distribution nor […]