Category: Industry
Healthy Profits
State owned Sri Lanka Insurance Corporation reported healthy profits despite rising reinsurance premiums.The insurance giant reported a provisional Rs. 753 mn profit for last year, the second highest in its history.rn rnA record Rs. 1.1 bn profit in 2001 came on the back of nearly Rs. 700 mn in investment income.rn rnThe company earmarked for […]
Looking Pretty
Savings giant NSB got a top SL AAA credit rating from Fitch Ratings Lanka. The rating denotes the highest credit quality and maximum safety.rn rnThe national savings bank becomes only the second bank in the country after Citibank, to get the top credit ranking.rn rnNearly 80 percent of the deposits at the national savings bank […]
Hot Air
Government plans to make Sri Lanka an air-hub after finalising a deal with the management partner of the national carrier.State aviation officials are drawing up a cabinet paper recommending freer access for airlines to the countrys airports.rn rnThese plans come amidst ongoing discussions between the government and Emirates Airlines to renegotiate the national carriers privatisation […]
Triple Deck
National Savings Bank got top billing by becoming the first local bank to secure a SL AAA (Triple A) national rating from Fitch Ratings Lanka Ltd for its implied long-term unsecured senior debt.Citibank N.A.s Sri Lankan operation recently secured a SL AAA for its senior debt.rn rnSL AAA long-term rating denotes a very low expectation […]
Family Planning
SriLankan Airlines could add up to four new aircrafts to its fleet this year as new destinations come on line. rnSriLankan Airlines Head of Commercial G T Jayaseelan told Lanka Business Online that two long haul aircrafts could be brought in to service the proposed Rome and Beijing routes later this year.rn rnJayaseelan says that […]
On Air
The Science & Information Technology Ministry says the consultant has to write out the terms of reference or TOR for the new regulator.rn rnThe TOR will set the base for another consultant to draw up guidelines on how the cable and the broadcasting industry will be policed.rn rnThe fresh piece of legislation will replace the […]
Mark Up
Sate insurance giant Sri Lanka Insurance Corp. (SLIC) posted a provisional Rs. 753 mn profit for 2002, despite rising reinsurance premiums.Net earnings in 2001 were Rs. 1.16 bn, an unusual year when it booked heavy investment income of Rs. 700 mn. rn rnThe company earmarked for privatisation next month said its premium income grew by […]
Catch Up
The Asian Development Bank (ADB) is giving US$ 150,000 by way of technical assistance to carry out a survey on Sri Lankas business climate.ADB on Wednesday said the study would look at Sri Lankas investment climate and productivity aims to foster private sector development that contributes to long-term poverty reduction.rn rnThe survey will look at […]
Oil Clog
Airfares will go up by up to US$ 10 per sector from Wednesday, as carriers try to cover rising fuel costs. Fuel prices since January have shot up from 86 US cts to 106 US cts in March ignited by the rising tension in the Middle East.rn rnAirfares to India will only go up by […]
Cargo Business
SriLankan Cargo, the cargo arm of SriLankan Airlines, has handled the largest volume of transhipment cargo in January 2003 since July 2001.The volume of transhipment cargo handled in January totalled 1,341 metric tonnes, the airline said on Wednesday.rn rnSriLankan Cargos contributes around 14 percent to the airlines group revenues.rn rnSriLankans fleet currently comprises two Airbus […]
Varsity Basics
A World Bank project to revamp tertiary education, pegging university funding to performance for the first time, will be rolled out by May this year.The US$ 43 mn project funded by the World Bank will see the project through its implementation, spread over a five-year period.rn rnSignificant is that universities are now being held up […]
Cutting Cables
The telecom regulator on Monday lent an ear to the industries woes with Sri Lanka Telecoms (SLT) international bandwidth operations. The hearing follows the industries cries over SLTs tariffs for international bandwidth and the access restriction to its cable landing operations.rn rnThe Telecommunications Regulatory Commission (TRC) is now leading an investigation into the allegations. rn […]