Category: Industry
Trend Setter
Feb. 16 (LBO) – Sri Lanka’s Ceylinco Insurance Co. Ltd. said Thursday that they retained their market leadership in the insurance sector last year, with consolidated premium income of Rs 12.8 billion and a 32 percent market share in both Life and General insurance segments. Ceylinco Life saw premium income rise 21 percent to Rs. […]
Climbing Up
Feb. 16 (LBO) – State owned People’s Bank is hoping for a credit upgrade in the near future, a top official said. General Manager Asoka de Silva says a recent capital injection has strengthened its balance sheet, and profitability remains on track. “We are hoping that our rating would go up by at least one […]
Road Runner
Feb. 16 (LBO) – Transport experts say more private vehicles are coming into Colombo despite a drop in the number of people traveling to the city. Fewer bus runs and appalling service levels on public transport contributed to the rise in private vehicles entering Colombo, former National Transport Commission chief Prof. Amal Kumarage said Thursday. […]
Re-birth
Jan 16 (LBO) – Sri Lanka™s Registrar General™s Department will computerise its database of birth certificates issued since 1864, for easier access to public records. The country has no proper computerized birth certificate, death certificate and land deed database, with paper certificates still clogging up the system. The Registrar General of Sri Lanka Mr. L.K. […]
Betting Big
Feb. 15 (LBO) – Smaller lubricant players are asking the Sri Lankan government to scrap a five-year license fee and instead opt for a 0.5 percent tax on each firm’s turnover, an industry official said Wednesday. Last month, Sri Lanka doubled licence fees for lubricant operators fixing it at Rs. 10 million (US$ 100,000) for […]
Lead Runner
Feb. 15 (LBO) – Deutsche Bank’s Colombo branch has retained the top spot for custodian services among four key foreign banks operating in Sri Lanka, according to a global custodian review of emerging markets -LBO Newsdesk: LBOEmail@ The seventeenth global custodian survey, which covered 61 emerging markets, ranks agent banks based on client responses. Respondents […]
Healthy Eagle
Jan 15 (LBO) – Eagle Insurance notched up a 103 percent growth in net profits to Rs. 515 million for 2005, buoyed by rapid growth in its life and non-life businesses. Consolidated revenue growth for the insurance firm was up 15 percent from Rs. 3,728 million in 2004 to Rs. 4,277 million last year, the […]
Green Fingers
Feb. 13 (LBO) – Sri Lanka’s Richard Pieris Group, owners of the ‘Arpico’ brand, are ploughing Rs. 150 million to generate energy off trees, a top official said. The Group’s core strengths lie in rubber and rubber products, tyres, plastics, retailing and plantations, which includes tea. Richard Pieris recently extended their reach into the real […]
Capital Gains
Feb 13 (LBO) – Sri Lanka’s NDB Bank Monday said group net profit for the fourth quarter ended Dec. 31, 2005 was Rs. 462.8 million over Rs. 30.7 million the previous year. NDB Bank 4Q – ’05 4Q – ’04 Income
Just Cruising
Feb13 (LBO) – Luxury car importers DIMO Lanka says a hefty 214 percent tax on high engine capacity vehicle imports has not slowed down sales significantly.Since October 2004 the government has repeatedly increased import duties on motor vehicles, now totalling to 214 percent on a new car with an engine capacity above 1800 CC. Duties […]
Number Tangle
Feb 10 (LBO) – Lanka IOC, a unit of Indian Oil Corporation, may have to re-state their published accounts if the Sri Lankan government does not pay the full amount of the money claimed as subsidies, a top official said. The company is claiming sales of Rs.17.5 billion for the six months ended September 2005, […]
Public Pension
Feb 10 (LBO) – The Social Services Ministry is targeting self-employed and others currently not covered by pensions, to subscribe to a little known state-run pension scheme, a top official said. Run by the Social Security Board, the pension scheme was set up as an Act of Parliament in 1996. The scheme has around 126,000 […]