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SriLankan Airlines says bookings up, to increase flights
Oct 21, 2009 (LBO) – SriLankan Airlines said it will increase flights this winter season to a dozen cities throughout Europe, the Middle East, the Indian subcontinent, and Far East as bookings were on the rise. The move is based on its projection that passenger numbers will “definitely increase” following the end of the island’s […]
Sri Lanka hydro power producer gets more generating licenses
Oct 21, 2009 (LBO) – Sri Lankan mini hydro power company Vallibel Power Erathna said it has bought a firm that has approvals for two power plants and deals to sell electricity to the state utility. Vallibel Power, which is being eyed by a US investor, said in a stock exchange filing that it has […]
Hearings begin for migrants arrested off Canadian coast
VANCOUVER, October 21, 2009 (AFP) – Detention hearings began Tuesday for two of 76 migrants who were arrested Saturday on a mystery ship off Canada’s coast and are believed to be Tamils fleeing Sri Lanka, Immigration adjudicator Leeann King of Canada’s Immigration and Refugee Board ruled late Tuesday that the first two of the migrants […]
Sri Lanka exports picking up: Central Bank
Oct 21, 2009 (LBO) – Sri Lanka’s exports, which down 6.7 percent in August from a year earlier were showing a steady month on month rise with a recovery seen in the key apparel sector, the Central Bank said. Mineral exports recorded a decline of 30.1 per cent, largely due to lower gem exports. In […]
Sri Lankan shares end down 3.24-pct
Oct 20, 2009 (LBO) – Sri Lankan shares ended sharply lower Tuesday, sinking below 3,000 points, on panic selling on fears about losing market access to Europe and fraud charges against a US fund manager with stakes in the island’s firms. The All Share Price Index closed down 3.24 percent (99.74 points) to end at […]
Transport Trends
Oct 20, 2009 (LBO) – Vehicle imports to Sri Lanka fell 26.4 percent in July from a year ago with motor cars down 74.7 percent, trucks and other goods transport vehicle falling 47.3 percent and three wheelers 35.3 percent, the latest official data shows.In the seven months to July total vehicles imports were down 32.3 […]
Court Action
Oct 20, 2009 (LBO) – The Securities and Exchange Commission (SEC) said one of the accused in its case against senior executives of Singalanka Standard Chemicals charged with falsifying accounts and forging auditors’ signatures has pleaded guilty. The SEC said the court re-issued summons against the first accused, the former chairman of Singalanka Standard Chemicals, […]
Arabian Link
Oct 20, 2009 (LBO) – Sri Lanka’s Tigo celco said it will expand its services and coverage following its acquisition by Etisalat, the United Arab Emirates-based telecom firm. Tigo Sri Lanka chief executive Dumindra Ratnayaka said Etisalat had acquired 100 percent of the Tigo Sri Lanka operation from Millicom International. “We have been seeking this […]
Trading Technology
Oct 20, 2009 (LBO) – Sri lanka’s MillenniumIT software firm said its acquisition by the London Stock Exchange Group would help boost global sales of its trading technology business. Tony Weeresinghe, chief executive of MillenniumIT, said the deal would help the company expand into other markets and invest for the future. “We intend to leverage […]
Chinese ship seized as Somali piracy drifts East
NAIROBI, October 19, 2009 (AFP) – Somali pirates hijacked a Chinese bulk carrier Monday northeast of the Seychelles in the Indian Ocean, as the marauding sea bandits hunted their prey ever further from base to wrong-foot naval patrols.According to the European Union’s anti-piracy naval mission (EU NAVFOR), the unnamed ship was seized 550 nautical miles […]
Sri Lanka hydro power producer gets offer from US firm
Oct 20, 2009 (LBO) – Asia Energy Management Systems Inc., a US-based firm, said it has offered to buy 160million shares or a 21.4 percent stake in Vallibel Power Erathna at five rupees a share.Vallibel Power Erathna shares were up 10 cents at 4.60 rupees a share in early morning trade Tuesday with 5.5 million […]
Sri Lanka says to study EU report on trade deal
Oct 20, 2009 (LBO) – The Sri Lankan government said it will study a report by the European Union that said it was in breach of commitments on human rights that might cause it to lose a trade deal. The EC report said the Commission will now decide whether to propose a temporary withdrawal of […]