Category:
Bharti founder hopes to be third time lucky with Africa bid
NEW DELHI, February 17, 2010 (AFP) – Indian telecom tycoon Sunil Bharti Mittal is hoping to make it third time lucky as he seeks to gain a presence in Africa, one of the world’s least developed mobile phone markets. After two failed attempts to tie up with South African flagship MTN, the founder-chairman of cellular […]
Sri Lanka Airlines upgrades product to boost margins
Feb 17, 2010 (LBO) – SriLankan Airlines, Sri Lanka’s state-run national career, is upgrading its product to boost margins following a revival in tourism traffic and is expecting to turnaround later in 2010, an official said. In the financial year ending March 2009 Sri Lankan lost 9.99 billion rupees as global air travel slumped and […]
Sri Lanka negotiating with Emirates to buy national carrier stake
Feb 17, 2010 (LBO) – Sri Lanka’s government is negotiating with Dubai-based Emirates to buy its stake in Sri Lankan Airlines, the island’s state-run national carrier, chairman Nishanta Wickremasinghe said. But with a revival in tourist arrivals to Sri Lanka after the end of a 30-year war, the airline is expecting a turnaround later in […]
Sri Lanka gets ADB, Japan help to improve electricity services
Feb 17, 2010 (LBO) – The Asian Development Bank (ADB) and Japan will provide support to Sri Lanka to improve its power transmission system and expand rural electrification, an ADB statement said. It is also expected to reduce poverty by improving access to electricity in rural areas, and enhance energy efficiency and renewable energy development, […]
Fuel Fortunes
Feb 17, 2010 (LBO) – The Sri Lanka unit of Indian Oil Corporation said it made a ˜nominal’ profit in the December quarter compared with a loss a year ago on higher petrol prices and other products like marine fuel and lubricants. Government-mandated retail petrol prices were cut by 15 rupees a litre on December […]
Sri Lanka draws Chinese investors
Feb 17, 2010 (LBO) – A Chinese economic delegation from its Yunnan province is visiting Sri Lanka to study the economic and investment climate in Sri Lanka, the Board of Investment said. The island’s investment promotion agency said in a statement the 15-member delegation consists of senior Chinese economists and researchers. The BOI statement quoted […]
Sri Lanka foreign reserves lower at US$5.0bn in December
Feb 16, 2010 (LBO) – Sri Lanka foreign reserves eased to 5,067 million US dollars in December 2009, from 5,228 million US dollar in November which was equal to about 6. 2 months of imports, the Central Bank said. From October the central bank started injecting domestic liquidity which halted the foreign reserves collection process. […]
Sri Lanka stocks 0.71-pct down
Feb 16, 2010 (LBO) – Sri Lankan stocks closed lower Tuesday dragged down by the fall in prices of shares which had rallied on speculation, while selected blue chip stocks made gains, brokers said. The All Share Price Index closed at 3,691.04, down 26.47 points while the Milanka index of more liquid shares fell 0. […]
Bank Profits
Feb 16, 2010 (LBO) – Sri Lanka’s DFCC Bank group December quarter profits dipped 11.1 percent to 566.6 million rupees from a year earlier due to higher taxes, while interest rate spreads have grown. In the December quarter interest income fell 10.8 percent to 2.77 billion rupees, while interest expenses dipped 21.6 percent to 1.6 […]
Fund Use
Feb 16, 2010 (LBO) – The World Bank said money given for Sri Lanka’s telecom regulator cannot be used for net censorship activities following reports that Chinese expertise would be hired to clamp down on web news portals. World Bank said it has giving a grant from its Institutional Development Fund for the Telecommunications Regulatory […]
Sri Lanka apparel costs seen rising with loss of EU access
Feb 16, 2010 (LBO) – Sri Lankan exporters of apparel, the island’s main industrial export, said the withdrawal of European Union trade benefits would increase costs and erode their competitiveness. European Union nations decided Monday to withdraw the ˜GSP Plus’ preferential trade benefits from Sri Lanka because of what the EU Commission called “significant shortcomings” […]
Sri Lanka to start e-commerce trials
Feb 16, 2010 (LBO) – Sri Lanka is to start test runs on extending to several government agencies a long-delayed automated documentation system for trade that allows cargo to be cleared electronically, officials said. We appeal to all other government departments to follow the Tea Board, said Athukorala. Tea exporters are saving 2.50 dollars per […]