Category: Industry
China Parley
More than 50 senior executives of Chinese firms are participating in a business forum in Colombo, as commercial ties between the two countries continue to strengthen. The two day China-Sri Lanka CEO Summit, to be held on May 08th and 09th has been organized with the Asian Capital Forum, a CEO club and conference organizer. […]
Commercial Gain
Foreign exchange profits and book gains in investments has boosted profits of Commercial Bank in the first quarter of 2005.Undaudited Group post-tax profit of 943.1 million ruees for the first quarter of 2006 was a 170 percent increase over the Rs 348.5 million reported in the first quarter of last year, the bank said. Of […]
John Keells eyes new hotel properties in Maldives, bookings down in Trinco
May 05 (LBO) – John Keells Holdings eyes the Maldives for hotel expansion as city hotels see a slight drop in bookings and its resort on the East coast suffers from current political instability. We have seen a slight drop in bookings in our city hotels, but the effect on our resort hotels is minimal.Our […]
Text Box
May 4 (LBO) – Sri Lanka plans to test the limits of smart digital mesh boxes to connect 30 rural homes onto the World Wide Web, officials said. Costing just under 30,000 dollars, this pilot project is initiated by the ICTA the government’s key IT agency is due to kick off in July, giving free […]
Forward Bookings
May 4 (Dow Jones)–Sri Lanka’s Colombo Dockyard Ltd.expects net profit to more than triple this year helped by growth in the company’s shipbuilding division, the company’s chief executive said. “We have already secured a couple of foreign contracts, which will help boost profits,” Mangala Yapa told Dow Jones Newswires in an interview. ¶ He expects […]
Limit Less
May 4 (LBO) – Sri Lanka’s state-owned railway is trying to find money to make urgent repairs to dilapidated tracks, which is forcing trains to run slow. “Trains are getting delayed because of the bad rail track conditions,” General Manager of Railways, K A Pemasiri said. “We need to replace sleepers and carry out urgent […]
Going Upstream
May 2 (LBO) – Sri Lanka is setting up an upstream oil company as the country gets ready to auction several off-shore oil exploration blocks, Petroleum Minister A H M Fowzie said. An upstream petroleum company engages in exploration and production of oil. At present Sri Lanka imports crude oil and the state-owned Ceylon Petroleum […]
Checking Numbers
May 3 (LBO) – A Chinese construction firm selected to design and build the Colombo-Katunayake expressway submitted their financial proposal last week after a two-month delay. A government appointed technical evaluation committee is now going through the proposal and hopes to have their report out as early as next week, secretary to the Highways Ministry, […]
Flying Easy
May 3 (LBO) — A new ticketing system for Sri Lanka that cuts the paper trail between airlines and travel agents took off Wednesday, with Emirates issuing the first tickets. Instead of individual ticket formats issued by airlines, travel agents are given a stock of Standard Traffic Documents (STD) to issue tickets for all airlines […]
Low Value
May 2 (LBO) — A lower than expected valuation of prime commercial property belonging to Sathosa may delay its sale to a state bank, a top official said.The chief government valuer has assessed the 225 perches property at Union Place at a much lower price than originally expected by the trade ministry, an official said. […]
Cut Down
May 02 (LBO) – Fitch Ratings revised the outlook on Sri Lanka Telecom’s foreign currency debt to negative from stable, but said the rating of BB- remains unchanged. The revision followed a similar change in the outlook of the Sri Lanka’s sovereign rating. Both Fitch and S & P changed the outlook on Sri Lanka’s […]
Mixed Results
May 02 (LBO) – Indo-Lanka trade talks hit a roadblock last week with dialogue on trade in goods shelved for later this month, though talks on services made headway. “We could not complete the talks on the Comprehensive Economic Partnership Agreement (CEPA) as scheduled. We were able to hold discussions on financial services and other […]