Category: Industry
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 […]
Asian Award
Apr 19, 2012 (LBO) – Vajira Kulatilaka, chief executive of NDB Group Investment Banking Cluster, was recently awarded the Asian Institute of Technology Alumni Association Distinguished Alumni Award for business and professional achievements. He is a Fellow Member of the Chartered Institute of Management Accountants UK (FCMA) and a CFA Charter holder. “He was awarded […]
Sri Lanka gets radio network for new international airport
April 18, 2012 (LBO) – A Chinese company building a new international airport in southern Sri Lanka has selected a radio network from Cassidian, a unit of the European Aeronautic Defence and Space Company (EADS). Known as Claricor, the radio system includes an Automatic Vehicle Locating function and is Cassidian’s product for small to medium-sized […]
Foreign Rating
Apr 18, 2012 (LBO) – Sri Lanka’s state-run Bank of Ceylon (BOC) has been given a ‘B1’ rating by Moody’s Investors services ahead of planned bond sale in international capital markets with a ‘stable’ outlook. The agency rated the bank’s local currency deposits ‘B1/NP’, foreign currency deposits: ‘B2/NP’ and foreign currency senior unsecured debt ‘B1’. […]
Rate Signs
April 18, 2012 (LBO) – Sri Lankan shippers have had to pay higher freight rates after loss-making shipping lines succeeded in pushing through rate hikes but say rates might fall after the end of a cargo rush. “They have increased rates in March and April,” Gehan Kuruppu, president, Sri Lanka Shippers’ Council told LBO. Rates […]