Category: Industry
Sri Lanka Janashakthi Insurance gets selective to protect margins: official
Mar 03, 2010 (LBO) – Sri Lanka’s Janashakthi Insurance wants to walk-away from unprofitable clients to protect fast-eroding profit margins and reduce underwriting costs, while looking to expand in the former northern war zone, a senior official said. “If you have the right management information system you can pick and chose clients and that is […]
Joint Action
Mar 03, 2010 (LBO) – Sri Lanka will host the 46th conference of governors of South East Asian Central Banks (SEACEN) and 30th meeting of the SEACEN Board of Governors in February 2011, the Central bank said. It said in a statement that at the last meeting held in February 2010 in Cambodia, governors discussed […]
Offshore Prospects
Mar 03, 2010 (LBO) – Sri Lanka’s Colombo Dockyard, a listed ship builder, said it will deliver six vessels this year and will focus more on offshore work with the search for oil off the island’s north-west coast. More than half the yard’s business comes from India. Nakauchi also said exploration for oil and gas […]
Sri Lanka Ceylinco Insurance Dec net up 137-pct, full year up 42-pct
Mar 01, 2010 (LBO) – Sri Lanka’s Ceylinco Insurance said net profits for the December 2009 quarter rose 137 percent to 356 million rupees from a year earlier while full year profits rose 42 percent to 691. 8 million rupees despite weaker premiums. For the full year revenues fell 3.0 percent to 19.50 billion rupees. […]
Sri Lanka Janashakthi Insurance 2009 net up 46.3-pct
Mar 01, 2010 (LBO) – Sri Lanka’s Janashakthi Insurance’s net profits rose 46. 3 percent to 657 million rupees in 2009, helped by stronger underwriting results while investment income was flat, the firm’s annual accounts showed. Revenues rose 7.7 percent to 5.98 billion rupees. Gross written premium rose 6.6 percent to 5.70 billion rupees and […]
Third Source
WASHINGTON, March 1, 2010 (AFP) – The Internet has become the third most popular news platform for American adults, trailing only local and national television stations, according to a survey released on Monday. Seventy-eight percent of the 2,259 adults surveyed for the Pew Research Center’s Internet & American Life Project and the Project for Excellence […]
Name Change
Mar 01, 2010 (LBO) – Sri Lanka’s listed Seylan Merchant Bank said it was changing its name to SMB Holdings and splitting each existing share in to ten new shares, the firm said in a stock exchange filing. SMB was a subsidiary of listed Seylan Bank, which is under regulatory supervision following a run. On […]
Ship Building
March 01, 2010 (LBO) – Sri Lankan ship builder Colombo Dockyard said net profit for the 2009 financial year rose by almost half although they fell in the December quarter as ship repair revenue came down. The yard, which is majority owned by Japan’s Onomichi Dockyard, said in a stock exchange filing that net profit […]
War Council
SAN FRANCISCO, February 28, 2010 (AFP) – US national security leaders and top cyber warriors from around the world are gathering here to plot defenses against criminals and spies that increasingly plague the Internet. Homeland Security Secretary Janet Napolitano and White House Cyber Security Coordinator Howard Schmidt will take part in this week’s RSA conference […]
Bank Numbers
Feb 28, 2010 (LBO) – Sampath Bank said its 2009 net group profits rose 36.8 percent to 2.0 billion rupees, while December quarter net was up 72.4 percent to 689 million rupees with higher interest rate spreads and fee income. The banking group said in a stock exchange filing December quarter interest income fell 6.2 […]
Sri Lanka part of larger Oman Air Asian strategy: official
Feb 27, 2010 (LBO) – Oman Air’s new service to Sri Lanka and the Maldives is the first of a series of new routes to South Asia and part of the Middle Eastern carrier’s strategy to become a bigger player in the Asian air travel market, a top official said. Oman Air four operates weekly […]
Bank Return
Feb 26, 2010 (LBO) – Sri Lanka’s Hatton National Bank (HNB) said group net profits for the 2009 financial year rose 58 percent to 4.5 billion rupees with gains from investments in government securities while the loan book shrank. The bank said in a stock exchange filing that group December quarter profits shot up 156 […]