Category: Industry
Bank Score
July 29, 2009 (LBO) – Fitch Ratings Lanka said it has confirmed Hatton National Bank’s (HNB) National Long-term rating at ‘AA-(lka)’ with a stable outlook. The rating reflects the bank’s good profitability, asset quality and capitalisation among local commercial banks, Fitch said in a statement. Fitch also confirmed the bank’s subordinated debentures at ‘A+(lka)’. HNB’s […]
Sri Lanka insurance sector grows in tight conditions
July 28, 2009 (LBO) – Sri Lanka’s life insurance sector grew 13.9 percent taking in gross written premiums of 23.6 billion rupees in 2008, a year that saw high inflation, a report by the industry regulator, Insurance Board of Sri Lanka (IBSL) said. The life insurance sector grew 21.2 percent in 2007, the annual report […]
Million Mark
July 28, 2009 (LBO) – Sri Lanka’s Bharti Airtel has exceeded one million customers and the firm is rolling out its network in the east of the island, following the end of a 30-year war in the island, a top official said.“We have exceeded one million customers in Sri Lanka in 171 days of operations,” […]
Sri Lanka in ADB south Asia tourism project
July 28, 2009 (LBO) – Sri Lanka has been included in an Asian Development Bank funded project to link and promote tourist sites in south Asian countries, especially for eco-tourism and pilgrimage tourism. A report by the ADB said the project was conceived as a linked series of sub-regional tourism investments in the five countries […]
Bank Numbers
July 28, 2009 (LBO) – Sri Lanka’s Seylan Bank said net profit for the June 2009 quarter fell 39 percent to 188 million rupees from a year ago with both interest income and fee income falling and bad loans rising.The bank, part of the Ceylinco group, said in a stock exchange filing that interest income […]
Chinese Deal
July 28, 2009 (LBO) – Sri Lanka’s Central Bank said it has signed an Investment Facilitation Agreement with China Development Bank, considered one of China’s three policy banks that also funds the country’s large infrastructure projects.“Under this agreement, China Development Bank will initially place a US dollar deposit with the Central Bank of Sri Lanka, […]
Capital Education
July 27, 2009 (LBO) – Management and finance students of Jaffna University will get easy access to Colombo Stock Exchange data, market regulator Securities and Exchange Commission (SEC) said. The qualification starts with a certificate and leads up to a degree. The SEC said the Jaffna University would get a fully equipped capital market information […]
Train Trouble
July 27, 2009 (LBO) – Sri Lanka’s railway needs to raise fares and train travellers must be prepared to pay more to reduce losses and make the state-owned service viable, experts said.This would ensure enough traffic so the train services could be run profitably, perhaps with private sector investment. The same approach could be followed […]
Slow Lane
July 26, 2009 (LBO) – Too many transport ministries and agencies which do not co-ordinate effectively has resulted in poor transport service in Sri Lanka and delayed its aim of becoming a hub, an expert said. There were also high levels of exclusion between different modes – land, water, air – with three ministries involved. […]
Tech Venture
July 25, 2009 (LBO) – Sri Lanka’s Aitken Spence had formed a company to develop hotel sector software, California Software Company Limited (Calsoft), a Bombay listed Indian information technology firm has said. The company will develop software targeting businesses operating in the hospitality industry at first. The joint venture firm named ‘CalSpence’ will have its […]
Knowledge Work
July 24, 2009 (LBO) – Sri Lanka’s software industry said a survey of export earnings indicates it had grown rapidly in a short period and had high levels of revenue per employee and return on capital employed. “The industry is based on knowledge workers and creates high paying jobs for educated youth. IT/BPO industry is […]
Sea Links
July 24, 2009 (LBO) – Sri Lanka plans to propose reviving ferry services and a railway link with India, across the Palk Straits, at a conference of south Asian transport ministers in Colombo, the island’s transport ministry said.The two proposals will be put forward by the government during a meeting of transport ministers of the […]