Category: Industry
Piracy Warning
BEIJING, May 6, 2011 (AFP) – A Panama-registered cargo ship seized by pirates in the Arabian Sea has been rescued along with the 24 Chinese sailors aboard, the transport ministry in Beijing said Friday. US and Turkish teams freed the vessel, Full City, late Thursday, several hours after it had been hijacked about 800 kilometres […]
Sri Lanka coach calls for IPL window
May 6, 2011 (AFP) – Sri Lanka’s interim coach Stuart Law on Friday said cricket administrators should schedule a window for Indian Premier League fixtures to stop players choosing club over country. Law, who has stepped in to fill the job left by outgoing coach Trevor Bayliss, has a tough assignment ahead as Sri Lanka […]
European Union to reduce GSP beneficiary countries
BRUSSELS, May 5, 2011 (AFP) – European Union trade chiefs are planning to strip away special export advantages granted to China, India, Indonesia and scores of other fast-growing economies, an EU source said Thursday. In total, more than 80 emerging economic players also including the likes of Morocco would lose from 2014 benefits gained under […]
Sri Lanka goes solar for rural lighting
May 06, 2011 (LBO) – Sri Lanka is to provide solar power for the 10 percent of homes that cannot be reached by extending the national electricity grid in its bid to ensure 100 percent electrification by 2012. The Cabinet of ministers has approved a proposal by the power and energy ministerPatali Ranawaka to introduce […]
Sri Lanka Aviva unit March net Rs147.6mn
May 06, 2010 (LBO) – Sri Lanka’s Aviva NDB Insurance made a net profit 147.6 million rupees in the March 2011 quarter compared with a loss of 80 million rupees the year before, a stock exchange filing said. Total revenues rose 33 percent to 3.6 billion rupees. Aviva NDB Insurance group’s gross written premium income […]
” rating confirmed
May 06, 2011 (LBO) – Fitch Ratings Lanka has affirmed HNB Assurance’s (HNBA) National Long-Term rating and its National Insurer Financial Strength (IFS) rating at ‘A(lka)’ with stable outlooks. The ratings reflect HNBA’s adequate risk-based capital position, conservative investment strategy and stable profitability progression, a statement said. The ratings also factor in Fitch’s expectations of […]
Broadband Battle
May 06, 2011 (LBO) – The Sri Lanka unit of UAE-based Etisalat has commissioned a high-speed 3. 75G wireless network enabling mobile broadband customers very fast Internet access, video calls and games, and mobile television. Etisalat chief executive Dumindra Ratnayaka said potential to grow was wide with the island’s Internet penetration being only about 8. […]
Raising Funds
May 06, 2011 (LBO) – Sri Lanka’s Hatton National Bank said it plans to raise at least 15.07 billion rupees through a rights issue and private placement to strengthen its capital and balance sheet and to support growth. It intends to raise 10.5 billion rupees from the rights issue of one share for every six […]
Sri Lanka Islamic insurer hit by lack of compliant investments, bad weather
May 05, 2011 (LBO) – Amana Takaful, a Sri Lanka based insurer operating on Islamic Shariah principles said it lost less money in 2010 despite higher claims, but was hamstrung by the lack of compliant instruments to generate higher investment income. In 2010 gross written premium was flat at 1.17 billion rupees. The group had […]
SriLankan Airlines to get new chief executive
May 05, 2011 (LBO) – Kapila Chandrasena, current chief executive of Sri Lanka’s state-run budget carrier Mihin Lanka, is to be the new chief executive of the national carrier SriLankan Airlines. He will assume the role of chief executive from August 01, 2011 after the term of office of the current chief executive Manoj Gunawardena […]
Software Channel
May 05, 2011 (LBO) – E-Channelling, a listed Sri Lankan dotcom that enables patients to make appointments with doctors over the internet, has formed a joint venture with a British firm to diversify into BPO work. The new joint venture company, called ECL Soft, will have equal shareholdings between E-Channelling and its partner Software Distributions […]
Sri Lanka gets Indian cruise liner
May 05, 2011 (LBO) – An Indian cruise ship owned and operated by a Chennai-based AMET Shipping India will start calling at Sri Lankan ports in May offering cruises starting at 10,000 Sri Lankan rupees a night, officials said. The cruise service is being launched not only to cater to tourists but also to train […]