Category: Industry
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 […]
‘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 […]
Foreign Flavour
Mar. 03 (LBO) – Sri Lanka is looking at the possibility of getting into a partnership with foreign governments to explore oil off the island’s western coast, a senior official said Friday. Two rounds of seismic surveys conducted by Norway’s TGS-NOPEC have shown that Sri Lanka may have oil and natural gas reserves in the […]
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 […]
Off Duty
Mar02. (LBO) — Sri Lanka’s second wireless local loop operator says it has lobbied the authorities to scrap a tax on CDMA handset imports.“We have written to the Board on Investment and the regulator.We are expecting a positive response soon,” Lanka Bell Managing Director Suren Goonawardene told LBO. The government last week wrote to the […]
Tourists flock to Sri Lanka in Jan
Mar. 02 (LBO) — Sri Lanka’s tsunami-hit hospitality industry made a comeback in January, as holidaymakers flocked to the island. However, internal battles to revamp marketing efforts and restructure the industry remain. Arrivals to Sri Lanka, famed for its beaches and eco-tourism, in January this year were up 36.8 percent over 2005 to 52,231 travellers. […]
Island Call
Mar. 01 (LBO) — Fixed line giant Sri Lanka Telecom (SLT) will add the Maldivian incumbent telco operator to its list of regional clients, commissioning an undersea cable by late 2006. Tenders for the 10 gigabit undersea cable project are now being evaluated, SLT Deputy Chief Operating Office C B R Perera told LBO on […]
Big Bills
Mar. 01 (LBO) — Swedish telco operator Telia AB’s Sri Lankan subsidiary on Wednesday reported a 66 percent drop in six months to December profits, on higher CDMA related administrative, distribution and depreciation costs. The private wireless local loop operator (WLL) has seen its subscriber growth soar to 188,000 customers after securing a license to […]
Short Leash
Feb. 28 (LBO) – Swedish owned telecom operator Suntel, plans to tap local banks this year to raise US$80 million, despite a government directive to slap import duties on handsets with immediate effect, a top official said Tuesday. The private wireless local loop operator (WLL) has seen its subscriber growth soar to 188,000 customers after […]
Line Extension
Feb 28. (LBO) — Sri Lanka’s cellular service pioneer Celltel picked up a ten year license extension to 2018, a company statement said on Tuesday. The Millicom International Cellular S.A subsidiary paid approximately US$ 5 million for the ten year extension, the statement said. The license extension is also tied to a spectrum swap, where […]
Looking Abroad
Feb. 28 (LBO) – Sri Lanka’s Sanasa Development Bank is looking for foreign money to bring its capital up to the new Central Bank core capital requirements. Corrected: accounting period -LBO Newsdesk: LBOEmail@ General Manager T A Gajaba says they are hoping to raise around Rs700 million from a consortium of foreign investors. Sanasa, a […]