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Sri Lanka draws Al-Futtaim insurance unit
Apr 29, 2011 (LBO) – Dubai’s Al-Futtaim group is setting up an insurance company through a subsidiary in Sri Lanka, which is recovering from a war, and is looking to hire staff including a chief executive. Arab Orient Insurance Company, part of the Al-Futtaim group, said it is setting up a company in Sri Lanka […]
‘s Tillakaratne alleges rampant match fixing
April 29, 2011 (AFP) – Sri Lanka’s former cricket captain Hashan Tillakaratne has claimed that his country had been fixing games since 1992, once again raising the spectre of corruption in the sport. The left-handed batsman, who played 83 Tests and 200 one-dayers for Sri Lanka during his 15-year career, said he was prepared to […]
Sri Lanka inflation accelerates to 9.8-pct in April
Apr 29, 2011 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 9. 8 percent in April from a year earlier, accelerating from 8.6 percent in March, data from the government’s statistics office data showed. But excess liquidity remains close to 100 billion rupees, or about a third of the money officially defined monetary […]
Sri Lanka stocks end up 0.2-pct
Apr 28, 2011 (LBO) – Sri Lankan shares closed higher Thursday with heavy trading in two banks which reported sharply higher March 2011 quarter profits, brokers said. The main All Share Price Index closed at 7,377.65, up 0.19 percent (13.87 points) while the more liquid Milanka index rose 0.29 percent (19.96 points) to close at […]
New Bank
Apr 28, 2011 (LBO) – India’s Axis Bank has been given preliminary approval to set up a unit in Sri Lanka, with a formal license to be given after the bank meets regulatory requirements, an official said. State Bank of India and Indian Bank already have branches in Sri Lanka. Indian Bank has been expanding […]
Bank Numbers
Apr 28, 2011 (LBO) – Sri Lanka’s Pan Asia Bank said March 2011 quarter net profit shot up 190 percent to 196 million rupees from a year ago with sharp gains in both interest and non-interest income. Earnings per share for the quarter went up to 1.33 rupees from 0.61 rupees, according to interim results […]
Sri Lanka gets Indian aid to revive fish net factory
Apr 28, 2011 (LBO) – Sri Lanka is to get Indian aid to revive and expand a fish net factory in the northern Jaffna peninsula where fishing is a key economic activity under efforts to help fishermen resume their livelihood. The Northsea factory at Gurunagar was damaged during the island’s 30-year ethnic war which ended […]
Sri Lanka gets Korean loan for solid waste disposal
Apr 28, 2011 (LBO) – Sri Lanka is to get a loan equivalent to 33,536 million US dollars (41,886 million rupees) from South Korea to build four facilities for disposal of solid waste which is a growing problem in the island. The Korea Economic Development Fund of the Export – Import Bank of Korea is […]
SriLankan Airlines gets second floatplane
Apr 28, 2011 (LBO) – SriLankan Air Taxi, the domestic arm of SriLankan Airlines, has acquired its second floatplane as island-wide operations expand and it plans to start daily flights to another town. The twin-engined aircraft De Havilland Twin Otter aircraft was flown in to Bandaranaike International Airport, north of Colombo, from Canada on April […]
Sri Lanka insurers in campaign to raise awareness
Apr 28, 2011 (LBO) – Sri Lankan insurance companies are to launch a campaign to raise public awareness of their products, saying they were not understood properly by people and penetration was far too low. The industry comprises of 18 insurance companies offering either life insurance, non life of general insurance or both classes together […]