Category: Industry
Musical Chairs
May 17, 2007 (LBO) – Sri Lanka’s Bank of Ceylon, Peoples’ Bank and Ceylon Electricity Board is to get new chairmen, a senior presidential aide told LBO. Gamini Wickremesinghe, the current Chairman of the Securities and Exchange Commission would head the Bank of Ceylon, replacing Udayasri Kariyawasam who would be appointed as chairman of the […]
No Risk
May 17, 2007 (AFP) – Insurance rates for airlines operating to Sri Lanka are expected to remain unchanged after the government’s decision to shut the airport here for night flights following rebel air raids, officials said Thursday.Sri Lanka’s only international airport halted night flights last Thursday in line with new security measures following several night-time […]
Large Deal
May 16, 2007 (LBO) – Telekom Malaysia is planning to sell about seven percent of its share in its Sri Lankan subsidiary but would be buying into a rights issue of Dialog Telekom, irrespective of whether a sell down happens or not, an official said. “We are looking at the possibility of selling down seven […]
Beware
May 16, 2007 (LBO) – An international anti-pyramiding activist has called on Sri Lanka to be vigilant against multi-level marketing schemes that can invade the country following the arrest of top Goldquest operatives in Indonesia. “Treasure Traders International and, more recently, Canadian Diamond Traders, are similar scams that are recruiting victims worldwide,” Robert Fitzpatrick, head […]
High Bill
May 16, 2007 (LBO) – Eagle Insurance consolidated revenue rose 24 percent to 1.35 billion for first quarter of March 2007, but a higher claims bill dragged profits down 13 percent to 31 million rupees, the firm’s latest results showed. Gross written premium also increased 26 percent to 1.3 billion rupees. Eagle Insurance Chairman Grant […]
Step Up
May 16, 2007 (LBO) – Fitch Ratings has upgraded Hatton National Bank’s long term rating by one notch to AA- (lka) and the rating outlook also changed to stable from positive, the rating agency said Wednesday. HNB is listed, with two main shareholders: Stassen’s group and Brown & Co. Ltd group holding 32.5 percent and […]
Daylight Premium
May 16, 2007 (LBO) — Sri Lanka closed its only international airport for night flights at the request of national carrier SriLankan Airlines, who would have otherwise been slapped a high insurance premium, the president’s office said in a statement Wednesday.London-Heathrow another top global hub also closes in the night to minimise disturbing city dwellers. […]
Connections
May 15, 2007 (LBO) – Sri Lanka’s Road Development Authority (RDA) is considering building an elevated or underground road to connect the fast growing Malabe suburb with Colombo city. It has extensive experience in building highways and bridges, and their maintenance, and has won contracts in India, the Philippines, and Australia. Road Development Authority (RDA) […]
High Status
May 15, 2007 (LBO) – Sri Lanka Telecom (SLT) said Tuesday it has received BOI status from the Board of Investment that would enable it to import and buy locally project-related items free of customs duty. However, the company would not be exempt from income tax like other firms with BOI tax concessions. SLT Chief […]
New Player
May 15, 2007 (LBO) – Sri Lanka’s Board of Investment Tuesday said it had given approval for India’s largest publicly-listed telecom firm, Bharti Airtel, to be the island’s fifth mobile phone operator with an investment of 150 million dollars. Airtel is subsidiary of Bharti Enterprises which has interests in telecom services, equipment manufacture and export, […]
Insurance Cover
May 15, 2007 (LBO) – HNB Assurance net profit for the first quarter ended March 31, 2007 rose seven percent to 12.9 million rupees, according to provisional results released to the Colombo Stock Exchange. Total revenue rose 24 percent to 269.7 million rupees while Gross Written Premium rose 24 percent to 324 million rupees and […]
Moody leaves Sri Lanka to coach Western Australia
PERTH, Australia, May 14, 2007 (AFP) – Tom Moody has quit as coach of Sri Lanka’s cricket squad to take over at Western Australia next season, the WA Cricket Association said here Monday.WACA president Dennis Lillee said Moody, a former Australian international cricketer, will take over coaching Western Australia on July 1. Moody, who led […]