Category: Industry
Finance Trend
Jan 11, 2009 (LBO) – Sri Lanka’s finance company profits would pick up in 2010 as deposit rates falls, helping offset some credit losses, but asset quality may remain until the economy strengthens, Fitch Ratings has said. A recent sharp fall in bank deposit and lending rates had now started to spread to the finance […]
Northern Links
Jan 11, 2010 (LBO) – Sri Lanka and India has inked a deal to rebuild part of a railway link to the island’s north while negotiations are under way to China to complete the balance, an official said. “India has extended a 425 million dollar concessional credit line and this is part of Indian government […]
Sri Lanka insurance sector sees skills shortage: rating agency
Jan 09, 2010 (LBO) – Sri Lanka’s insurance business is set for growth as the economy recovers from a war but is constrained by a shortage of skilled people and lack of awareness among the public, RAM Ratings Lanka said. The lack of qualified insurance personnel is a constraint on the industry’s growth, the rating […]
Sri Lanka Aviva unit to get new managing director
Jan 08, 2010 (LBO) – Sri Lanka’s Eagle Insurance Company, a unit of Aviva, said its managing director Deepal Sooriyaarachchi intends to quit in June this year and will be replaced by a nominee from the Aviva Group. William Lisle, chairman of Eagle Insurance, said in a stock exchange filing that Sooriyaarachchi has expressed his […]
Listing Pressure
HONG KONG, January 8, 2010 (AFP) – Hong Kong ports-to-retail conglomerate Hutchison Whampoa on Friday offered to take its loss-making telecoms subsidiary private in a deal valued at 545 million US dollars. The group, headed by tycoon Li Ka-shing, said the proposal to take over Hutchison Telecom would allow it to manage the troubled firm’s […]
Relief
Jan 08, 2010 (LBO) – Sri Lanka’s Central Bank said it will make another part-payment to depositors of Golden Key Credit Card Company, subject to a maximum of 100,000 rupees. A Central Bank statement said arrangements had been made to make part payment of security deposits of 2,506 Golden Key cardholders whose balances are between […]
Yard Plans
Jan 08, 2010 (LBO) – The building of new ports in Sri Lanka has given several expansion options for Colombo Dockyard, a listed ship builder which faces space constraints at Colombo port, an official said. Colombo Dockyard managing director Mangala Yapa said the firm is looking for expansion opportunities as it seeks to increase business […]
Sri Lanka December tourist arrivals up 16-pct, annual up 2-pct
Jan 07, 2010 (LBO) – Sri Lanka’s December tourist arrivals rose 16.2 percent to 56,862 from a year earlier as travel warnings were removed while annual visitors grew 2.1 percent to 447,890, tourist promotion office data showed. India retained its position as the top market for generating visitors last year, with the UK remaining in […]
Samaraweera fires Sri Lanka to victory
DHAKA, January 5, 2010 (AFP) – Thilan Samaraweera smashed a career-best 105 not out to guide Sri Lanka to a five-wicket win over India in a triangular one-day series match here on Tuesday. The middle-order batsman hit 11 fours in his 106-ball knock for his second one-day hundred as Sri Lanka surpassed India’s 279-9 with […]
Sri Lankan insurance firm offers cover for the disabled
Disabled Cover Sri Lanka Islamic insurer offers cover for deaf people Jan 06, 2009 (LBO) – Sri Lanka’a Amana Takaful Insurance, an Islamic insurer, said it has started a cover for deaf people in partnership with a disabled group in the south of the island. Amana Takaful, a 10-year old firm, is in both general […]
Sri Lanka insurance firms seen under pressure as interest rates fall
Jan 06, 2010 (LBO) – Sri Lankan insurance firms face difficulties in maintaining margins as interest rates fall with most funds in risk-free government securities, RAM Ratings Lanka said. With interest rates falling, however, companies will be challenged to maintain their margins, RAM Ratings said. Although investments are an integral part of insurance companies, investment […]
Sri Lanka tea imports fall
Jan 05, 2010 (LBO) – Tea imports for re-export by Sri Lanka, a major exporter, fell sharply last year as opposition by producers to importing teas remained strong, Tea Board and industry officials said. Tea Board officials said pressure by the producer sector on the regulator led to more stringent checks on imported teas which […]