Category:
Smooth Landing
Mar. 07 (LBO) – Sri Lanka’s Distilleries Group said Tuesday that they have picked up the controlling stake in the island’s pioneering unit trust management company, National Asset Management Ltd or NAMAL from DFCC Bank. The Distilleries Group, controlled by business tycoon Harry Jayawardena currently runs its own fund management unit called Aegis which largely […]
Redial
Sri Lanka Telecom’s mobile subsidiary is vying to double its subscriber base by end 2006, launching a new low tariff prepaid package this week. Mobitel Lanka Private Limited on Monday launched a new prepaid service, which along with its new GSM network, is expected to double its 45,000 customer base by year end. Mobitel chief […]
Picking Crumbs
Mar 07 (LBO) – The Treasury has settled Rs. 500 million in unpaid subsidy bills due to Lanka Indian Oil Corp., weeks after the company’s accounts took a hit to make provision for the unpaid claims. “We received a part payment of Rs. 500 million on March 01 from the Treasury,” K Ramakrishnan, Managing Director […]
Sri Lanka’s John Keells scouts new Maldivian property
Mar. 06 (LBO) – Sri Lanka’s largest hotel operator, John Keells Holdings, is in the process of picking up another Maldivian resort to add to their growing hospitality chain, a top official said Monday. JKH, which is splashing billions of rupees to re-brand key properties, has been scouting for a new Maldivian property to replace […]
Hedging Risks
Mar. 06 (LBO) – Commercial Bank of Ceylon has sought expertise of a foreign actuarial to structure a pension buyback scheme for employees, officials said Monday. Sri Lanka’s most profitable local commercial bank has taken this option to hedge risks against a future rise in interest rates. “Most pension plans in Sri Lanka are structured […]
High Jump
Mar.06 (LBO) – Sri Lanka’s Hatton National Bank said Monday that it posted a 134 percent growth in post tax profits for the full-year ended December 2005. Group net profit for the full-year was Rs. 1.77 billion over Rs. 755 million reported in 2004 below market expectations of Rs. 2.0 billion. Net profits for the […]
‘s John Keells scouts new Maldivian property
Mar. 06 (LBO) – Sri Lanka’s largest hotel operator, John Keells Holdings, is in the process of picking up another Maldivian resort to add to their growing hospitality chain, a top official said Monday. JKH, which is splashing billions of rupees to re-brand key properties, has been scouting for a new Maldivian property to replace […]
Slow Take-off
Mar. 05 (LBO) – Two of the three airlines that were given provisional approval to start international services out of Sri Lanka have so far submitted detailed business plans, authorities said. The government gave provisional approval to three out of nine applicants that asked permission to start international commercial passenger services. Expo Aviation, Holiday Air […]
Sri Lanka puts the clock back after 10 years
Mar 04 (AFP) – Sri Lanka will put the clock back by half an hour and revert to its original time after a 10 year experiment that failed to save energy through marginal day light saving, state radio announced Saturday. President Mahinda Rajapakse ordered that Sri Lanka reverts to its original standard time which was […]
Stock punters unaware of full gains in recent peace talks: peace advocate
Mar. 04 (LBO) – Punters in Sri Lanka’s stock markets have not yet priced in the full benefits of the re-started peace talks between the government and the Tamil Tiger rebels, a peace advocate has said. The benchmark All Share Price Index, dipped 29 percent from November 16 till January 18 this year, when a […]
Joint Deal
Mar. 03 (LBO) – Sri Lanka’s Hemas Holdings said Friday it added local courier firm ACX International pte Ltd, to their growing portfolio of business. ACX, Sri Lanka’s pioneering courier operation commands around four percent of the island’s annual 1,000-metric tonne or million kilos courier market. “We roughly estimate the market is worth about two […]
Fortune Hunters
Mar. 03 (LBO) — About 35 percent of local trademark applications are thrown out, as fortune hunters try to strike gold by piggybacking on an already famous name, top officials said Friday.“At least 35 percent of the trademarks that come to our office for protection should not have reached our office at all.These are all […]