Category: Industry
‘s EAP group enters insurance broking with Omani firm
Apr 24, 2012 (LBO) – Sri Lanka’s EAP Group and Oman-based Risk Management Services LLC is teaming up to form an insurance broking firm amid prospects for strong growth in the island, officials said. “With the war over there is a lot of opportunities for growth,” RMS assistant general manager K Krisha Murthi said. “There […]
Time Please
Apr 24, 2012 (LBO) – Two shareholders of Sri Lanka’s listed Nations Trust Bank have asked for more time to sell down their stakes to comply with a regulatory requirement, the firm said. Sri Lankan conglomerate John Keells Holdings holds 29.9 percent of the company and Central Finance hold 20 percent of the company. Sri […]
State Expansion
Apr 24, 2012 (LBO) – Sri Lanka’s state workers rose 1. 1 percent to 1.232 million after falling 7.2 percent a year earlier, with central and local government employees climbing 16,812 to 986,386 though state agency workers fell, official data showed. Analysts say trimming the public sector and paying better wages would reduce the burden […]
Mid-sea Drama
Apr 24, 2012 (LBO) – An European Union warship has rescued six Sri Lankan fishermen from Somali pirates off the coast of Tanzania, who would be flown home, the EU delegation in Colombo said. A Spanish warship Infanta Elena, which is part of an EU Naval force had boarded the fishing vessel which had been […]
Chairman
Apr 23, 2012 (LBO) – Mohan Pieris, a former attorney general of Sri Lanka has been appointed chairman of Seylan Bank, a listed bank which was put under a state management following a run. Seylan Bank said he has 37 years of experience as lawyer. In 1978 he qualified as a solicitor of the supreme […]
Port Gains
April 23, 2012 (LBO0 – The state-owned authority which runs Sri Lanka’s ports increased operating profits last year as its spending fell and ship traffic and cargo volumes grew despite the global economic slowdown. The total cargo handled by the SLPA increased by 6.2 percent to 65.1 million metric tons in 2011 from the year […]
Sri Lanka state airline loses Rs19.1bn in 2011
Apr 22, 2012 (LBO) – State-run SriLankan Airlines has made an operating loss of 19. 1 billion rupees in 2011, up from a group net loss of 6.03 billion rupees in 2010, a budget carrier has lost 455 million rupees, official data shows. SriLankan Airlines’ revenues had grown 16.3 percent to 78.9 billion rupees in […]
Branch Benefit
April 21, 2012 (LBO) – Sri Lanka’s biggest lender, state-owned Bank of Ceylon, has reported a sharp increase in the profits of its two overseas branches in neighbouring south India and the Maldives last year. Bank of Ceylon group after tax profit in 2011 was 11. 5 billion rupees, up 66 percent from 2010. Deposits […]
Sri Lanka, Seychelles joint holiday packages mooted
Apr 20, 2012 (LBO) – Tour operators in the Seychelles want to promote joint holiday packages for tourists with Sri Lanka and establish direct air links between the two Indian Ocean islands. Visiting foreign minister of Seychelles Jean Paul Adams said in Colombo they expect 350,000 tourists in the coming year. “Most tour operators in […]
Ferry Builder
Apr 20, 2012 (LBO) – Sri Lankan shipbuilder Colombo Dockyard has laid the keel for the first of a pair of passenger vessels for the government of India to be deployed to connect its Lakshadweep islands with the mainland. The vessel will have a crew of 69. Colombo Dockyard earlier built two passenger vessels for […]
Felicitation
Apr 19, 2012 (LBO) – Vajira Kulatilaka, head of investment banking at Sri Lanka’s NDB group has been given an award by the Asian Institute of Technology Alumni Association (AITAA), the bank said. NDB said Kulatilaka has led teams that completed breaking deals, which propelled NDB Investment Bank to a top position and he also […]
Cash Torrent
Apr 19, 2012 (LBO) – Commercial Bank said Sri Lankans planning to celebrate the traditional new year last week had withdrawn a record amount of cash from its automated teller machines. Its ATMs dispensed 7.6 billion rupees in the week preceding the new year on April 14 with an all-time single-day high of 1.6 billion […]