Category: Industry
Sri Lanka Allianz unit launches investment linked insurance
July 25, 2013 (LBO) – Allianz Lanka, unit of Germany’s Allianz said it had launched an investment-linked insurance product where “finance savvy” customers can select a plan that fits their risk appetite and protection needs. The consumer insights show us the way to develop products to suit their palate,” Allianz Lanka chief executive Surekha Alles […]
Cricket Sri Lanka defeat South Africa in the rain
COLOMBO, July 23, 2013 (AFP) – Rangana Herath took two crucial wickets as Sri Lanka defeated South Africa in the rain-affected one-dayer in Colombo on Tuesday, taking a 2-0 lead in the five-match series.South Africa, set a revised target of 176 from 29 overs, were 104-5 in 21 overs when a heavy downpour at the […]
Chinese firm to build $1.4 bln Sri Lanka city complex
COLOMBO, July 24, 2013 (AFP) – Sri Lanka has finalized a deal with a Chinese company to build a .4 billion city complex on reclaimed land near the harbour of the capital Colombo, an official said Wednesday.The state-run Sri Lanka Ports Authority (SLPA) will reclaim 230 hectares (568 acres) next to the new Colombo South […]
Sri Lankan Airlines to run losses for another three years: COPE report
July 24, 2013 (LBO) – SriLankan Airlines was expected to run losses for another three to four years before breaking even, a report by a parliamentary committee which has oversight over state enterprises has said.SriLankan had lost 17.1 billion rupees in 2011. According to available data the airlines had lost at least 58 billion rupees […]
Borrowing Threat
July 24, 2013 (LBO) Sri Lanka’s state owned enterprises are a threat to the country’s banks and authorities should device system to monitor credit and prevent a collapse of the banking system, a parliamentary report has said.If money is printed (central bank credit) for subsidies it triggers inflation and currency depreciation (like in 2011 and […]
Refugee Disaster
CIDAUN, July 24, 2013 (AFP) – More than 100 asylum seekers who were feared dead have been rescued after their boat sank off the coast of Indonesia’s Java island, an official said Wednesday, confirming that one child had died.Indonesia’s rescue agency was alerted by Australian authorities on Tuesday evening. “We don’t know exactly how many […]
‘s property projects to match demand: report
July 23, 2013 (LBO) – Despite several large luxury apartment blocks, hotel and retail space being planned in Sri Lanka’s capital Colombo there may not be a glut in the medium term due to delayed starts, a research report has said.“We believe Colombo is not yet ready to take up this many apartment units and […]
Tech Provider
July 23, 2013 (LBO) – London Stock Exchange group said its technology services revenues rose 28 percent reflecting the performance of MillenniumIT, a Sri Lanka-based securities exchange software developer it owns. Revenues in the March 2013 quarter from the firm rose to 7.4 million sterling pound from 4.9 million as overall technology services revenues rose […]
Sovereign Quality
July 23, 2013 (LBO) – Sri Lanka’s state-run National Savings Bank has been rated ‘B+’, the same as the sovereign rating by Standard & Poor’s Ratings Services with a ‘stable’ outlook. “We believe the Sri Lankan government is almost certain to provide extraordinary support to the bank, if needed,” Standard & Poor’s credit analyst Amit […]
Internet powers international trade: PayPal
SAN FRANCISCO, July 22, 2013 (AFP) – A study released on Monday showed that Internet-powered shopping across national borders has created “modern spice routes” holding wealth for local merchants who tap into the booming trend. Hong Kong, Canada, Australia, Germany, China, Britain and the United States will see a combined total of $105 billion in […]
Grim Tale
NAIROBI, July 22, 2013 (AFP) – On Somalia’s pirate coast, more than 50 sailors are being held for ransom in grim conditions, many abandoned by their ship’s owner whose willingness to pay to free them sank with their boat.“The pirates have shown violence… the worst case is that they become agitated and open fire.” Last […]
Cricket: Sangakkara leads Sri Lanka to 320-5
July 20, 2013 (AFP) – Kumar Sangakkara smashed his highest one-day score of 169 off 137 balls as Sri Lanka piled up 320-5 against South Africa at the Premadasa stadium in Colombo on Saturday. But the inexperience of the depleted touring squad told in the end as the Sri Lankans batted fluently on the slow […]