Category: Industry
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 […]
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 […]
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 […]
Fund Alerts
May 05, 2011 (LBO) – Sri Lanka’s Commercial Bank said recipients of remittances through its e-Exchange facility will get SMS alerts when their accounts are credited. All recipients who have mobile connections from any mobile operator in Sri Lanka will be eligible to receive these alerts as and when a remittance is received, 24-hours-a-day, seven […]
Harbour Help
May 05, 2011 (LBO) – Sri Lanka is to develop the northern Kankesanturai port with Indian aid in a project that will deepen the harbour basin and build a breakwater, a government spokesman said. The Cabinet of ministers of approved a proposal by President Mahinda Rajapaksa as minister of ports to “rehabilitate” the Kankesanturai port […]
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 […]
Sri Lanka national carrier boosts fleet
May 04, 2011 (LBO) – SriLankan Airlines, the island’s state-run national carrier is boosting its short haul fleet to more closely fit the needs of its regional routes, with four new Airbus A320 aircraft ordered on operating leases, an official said. “There is an imbalance in the requirement for narrow body aircraft,” chief executive officer […]