Category: Industry
Sri Lanka state carrier adds A320 to fleet
May 25, 2012 (LBO) – State-run SriLankan Airlines said it had taken delivery of an Airbus A320 increasing the type to eight aircraft and the fleet to 21 and two floatplanes for domestic services. The airline has seven A330s and six A340s, and two De Havilland Twin Otters. The new A320 will set 20 business […]
Boat Park
May 25, 2012 (LBO) – Sri Lanka is seeking foreign investors to build its first marina on the south coast as boating enthusiasts are drawn to the island amid a post-war tourism boom, officials said. Sarath Kumara De Silva, chairman of the Cey-Nor Foundation, a state-owned boat building outfit, said a marina is planned in […]
Sri Lanka Cricket recall Mendis, Fernando for Pakistan series
May 24, 2012 (LBO) – Sri Lanka on Thursday recalled seamer Dilhara Fernando, all-rounder Jeevan Mendis and fast bowler Nuwan Pradeep to the one-day squad for next month’s home series against Pakistan. Twenty20 squad: Mahela Jayawardene, Tillakaratne Dilshan, Kumar Sangakkara, Dinesh Chandimal, Angelo Mathews, Lahiru Thirimanne, Kaushal Lokuarachchi, Thisara Perera, Nuwan Kulasekera, Sachithra Senanayake, Lasith […]
’s Aviva may exit Sri Lanka, South Korea: report
May 24, 2012 (LBO) – British insurer Aviva plc, plans to sell-off its Sri Lankan and South Korean businesses, as part of a broader retreat from sub-scale Asian markets, a report said Thursday, valuing the deal at around 150 million dollars. Aviva, Britain’s second-biggest insurer, announced plans last week to sell underperforming businesses globally, a […]
On the Mat
May 24, 2012 (LBO) – Sri Lanka’s securities watchdog has suspended the chief executive of Taprobane Securities Private Limited, pending a probe related to a controversial share transaction between a stat bank and a troubled finance company. In a directive to the chairman and board of directors of Taprobane Securities on May 23, the Securities […]
Close Tab
May 24, 2012 (LBO)- Fitch Ratings agency on Thursday cut Sri Lanka’s National Development Bank’s credit outlook to negative, from stable, but its underlying rating was confirmed at ‘AA(lka)’. NDB’s subordinated debentures were also confirmed at ‘AA-(lka)’. Fitch said the cut reflects NDB’s increased risk profile in terms of its decreasing capitalisation alongside aggressive loan […]
’s former sacked Aussie coach, takes legal action
May 23, 2012 (LBO) – Sri Lanka’s former Australian cricket coach Geoff Marsh has sent a letter of demand over his unfair dismissal, a report said Wednesday. Marsh, 53, who was given a two-year contract in September 2011, was removed in January and replaced by South African Graham Ford. Sri Lanka Cricket did not give […]
Sri Lanka Cricket gives local TV rights to Carlton Sports
May 23, 2012 (LBO) – Sri Lanka Cricket has offered the local television rights to the new Carlton Sports Network for a three-year period, after the sports channel emerged the sole bidder, a news report said Wednesday. Carlton Sports Network (CSN) was formed last February and its chief executive, Nishantha Ranatunga is also the present […]
Plugging Leaks
May 23, 2012 (LBO) — Fraudulent practices across business activities has risen over the past two-years in Sri Lanka, with billions of rupees lost each year to economic crime, a new study showed. Awareness of fraud is always the first step towards managing the issue. It’s the first step towards beginning a new era of […]
Some Headway
May 23, 2012 (LBO) – Sri Lanka’s listed Mercantile Shipping Company Plc, cut losses in the March 2012 quarter to 1.89 million rupees in the from 18.2 million a year earlier helped by stronger margins, interim accounts show. The firm reported losses of 66 cents per share for the quarter. For the year to March […]
Sri Lanka Hemas Power hit by forex losses
May 22, 2012 (LBO) – Sri Lanka’s Hemas Power, a unit of listed Hemas Holdings said profits in the March 2012 quarter fell 78 percent to 24 million rupees amid as it was hit by foreign exchange losses. The firm reported earnings of 16 cents for the quarter in interim acconts. In the year to […]
” rating confirmed
May 22, 2012 (LBO) – Fitch Ratings has confirmed an ‘AA(lka)’ rating of state-run Sri Lanka Insurance (SLIC), the island’s largest insurer by assets, with a stable outlook, saying capitalization was strong, profits high and solvency ratios have improved. The regulatory solvency ratio for its life business had improved to 11.55 times by end-December 2011 […]