Category: Industry
Steady Beat
Sri Lanka Insurance Corp., clinched a AA-(sri) (AA minus) national insurer financial strength rating from Fitch Ratings Lanka, becoming the first insurer to do so.An AA-(sri) national insurer financial strength rating is given for SLICs ability to meet its policyholders obligations and benefits. rn rnFitch also gave the insurance giant an A+(sri) (A plus) national […]
Different Route
An action plan to clean up the local transport mess is lined up for Cabinet approval but private bus owners, currently paying up over million rupees a month as kickbacks to alleged gangsters that control bus routes, are not convinced of a change.The new Minister of Transport Felix Perera will present an action plan to […]
Smart Hutchison
Hutchison telecom says their local operation will connect an additional one hundred thousand customers to their GSM network when its commercially launched later this month.But the company says they dont plan to eat in to market share of other GSM mobile operators but would go after over 90 percent of people who do not own […]
The Big Two
Banking giant HSBC says emerging markets like India and China could change the way banking is done in Asia. A top regional CEO from the bank said the influence by these countries would be felt as they absorb an increasing amount of financial resources available in Asia.rn rnldblquote The influence of these two economies is […]
Back To Work
Striking flight attendants at Sri Lankas national carrier SriLankan Airlines announced they had ended a work stoppage that forced the airline to ground flights for more than 24 hours.The Flight Attendants Union said its 600 members would return to work from 2:00 pm (0800 GMT Saturday) after securing a meeting with their chief executive officer […]
Scoring Points
Sri Lanka has made it to a list of 15 countries eligible for aid this year from the newly formed US Millennium Challenge Corporation (MCC). “Sri Lanka was selected for eligibility because of its demonstrated commitment to just and democratic governance, to economic freedom, and to the determination to invest in its people,” US Ambassador […]
Spring Cleaning
Fitch Ratings Lanka Limited has revised symbols used to communicate its national ratings in Sri Lanka, in order to achieve greater consistency with the rating symbols used by Fitch in other markets where it assigns national ratings. rnrn rnThe new symbol replaces the earlier used prefix of lquote SL rnwith the suffix lquote (sri). rn […]
Wings Clipped
A strike by flight attendants over a pay row delayed several SriLankan Airlines flights and stranded passengers Friday, airport officials said.rnThere was no immediate word from the airline about the delays, but the Flight Attendants Union said 600 crew members were taking part in the trade union action.rn rn The strikers are demanding talks over […]
Whats In A Name?
Work is expected to start this year, and SLT hopes to include its brand valuation into its 2004/5 financial statements.rn rnThe consultant will first have to take stock of the present brand, make changes and discuss with stakeholders as to where they would like to position their brand.rn rnldblquote It will be a year long […]
Losing Weight
Carsons is exploring alternate uses for its loss-making Pegasus Reef Hotel, from an urban housing project to up-scale entertainment. The hotel has been struggling under a string of accumulated losses of about Rs.100 mn, laying off staff and scaling back on operations last year.rn rnIt curtailed operations to about 50 rooms in 2003, with occupancy […]
Second Wicket
Lanka Rating, Sri Lankas second credit rating agency, opens shop later this month, after securing regulatory approval.Local capital markets are in a nascent stage, but Lanka Ratings is confident of securing work, as credit ratings gains acceptance.rn rnThe Ceylinco Group, has a controlling 51 percent stake in the firm through Key Ratings, while Rating Agency […]
Cost of Life
Twenty five per cent of Sri Lankan households now have some form of motorized transport up from 15 per cent in 1996. 28 percent have refrigerators, up from 16 per cent.Television usage had gone up to 68 per cent.The latest consumer finance survey by the Central Bank shows a big jump in living standards around […]