Category: Industry
Aitken Spence on the brink of picking up their fourth Maldivian resort
May 18 (LBO) – Sri Lanka’s Aitken Spence & Company is currently wrapping up a deal to pick up their fourth Maldivian resort, a top company official said Thursday. “We are at the final stages of signing an agreement to sub lease the Lohifushi in Maldives from their current owners,” Malin Hapugoda, Managing Director of […]
Disappointing Year
May 17, 2006 (LBO) – Sri Lanka’s Hayleys Ltd Wednesday reported a 24 percent drop in net profits for the financial year ended March 31, due to higher input costs in its various subsidiaries. Hayleys, which has diversified interest in power, rubber products, coir, transport, agriculture, resorts and consumer durables, said group net profits were […]
Tough Call
May 17 (LBO) – Expensive telephone calls and tough labour laws could scare off multinational companies eyeing Sri Lanka as a possible destination to outsource business. South Asia has some of the highest firing costs in the region and Sri Lanka stays on top for rigid labour laws and high severance pay, a World Bank […]
Quantum Leap
May 17, 2006 (LBO) – Runaway global oil prices is expected to cost Sri Lanka 2,250 million dollars this year, the government said Wednesday, in a broad hint that a retail fuel price revision was around the corner. Sri Lanka is a net oil importer, with last year’s fuel bill climbing up to 1.64 billion […]
Lame Excuse
May 16 (LBO) – A top economist tells Sri Lanka not to delay petroleum pricing reforms by taking cover behind potential oil reserves. Sri Lanka is a net oil importer, with a fuel bill in the region of 1.6 billion dollars (160 billion rupees) last year, over 800 million dollars the year before, driven upwards […]
John Keells pays US$ 21 mn for new Maldivian resort
May 16, 2006 (LBO) – Sri Lanka’s John Keells Holdings said Tuesday that they have paid 21.8 million dollars to secure Maldivian based Dhonveli Beach & Spa on a 15-year lease. However, the absence of peace talks since April 2003, the two sides have been drifting apart and leading to more violence in a country […]
Delayed Flight
May 16 (LBO) – The Sri Lankan government is to hold a fresh round of talks with Emirates Airlines next month, on extending the management contract with SriLankan Airlines. The two sides are yet to set a date and detailed agenda for talks. Preliminary discussions on the way forward were cordial, though the meeting was […]
Cricket Board wins Premadasa Stadium on a 30-year lease
May 15 (LBO) – A proposed lease of the state owned R. Premadasa Stadium to the Sri Lanka Cricket Board (SLCB) for maintenance, has got Cabinet approval. -Anupa Perera- “The Cabinet has approved the lease of the Premadasa Stadium to the Cricket Board for a 30 year period for an annual lease rental of two […]
Solid Innings
May 15, 2006 (LBO) – Sri Lanka Telecom (SLT) said Monday, group net profits for the first quarter of 2006 topped 1.3 billion rupees, despite continued losses from its mobile subsidiary and a levy on international calls. At the close of Monday’s trading SLT’s shares dipped 0.25 rupees or 1.9 percent to 13.00 rupees. -by […]
Jayasuriya denies President behind Test return
LONDON, May 13, 2006 (AFP) – Sanath Jayasuriya has insisted the President of Sri Lanka played no role in his decision to end his retirement from Test cricket.The 36-year-old former Sri Lanka captain, who arrived in England on Saturday, could only watch from beyond the boundary at Lord’s while his erstwhile team-mates followed-on in the […]
Moody guarded over Jayasuriya return
LONDON, May 12, 2006 (AFP) – Sri Lanka coach Tom Moody gave a cautious welcome to the prospect of veteran opener Sanath Jayasuriya coming out of Test retirement to join the squad ahead of this month’s second Test against England. soon as possible,” Sri Lanka’s chief selector Asantha de Mel said in Colombo on Thursday. […]
New Wing
May 11 (LBO) – The government has given state oil giant Ceylon Petroleum Corporation the go ahead for a feasibility study to double capacity at its Sapugaskanda refinery. “We have got Cabinet approval for a feasibility study as well as a million dollars to fund the study,” M H M Fowzie, Minister for Petroleum Resources […]