Category: Industry
Thin Margins
May 25, 2009 (LBO) – Sri Lanka Telecom group said profits fell 42 percent to 974 million rupees in the March 2009 quarter with fixed access revenues falling while the mobile sector showed growth. Chairperson Leisha De Silva Chandresena said the firm’s performance came amid adverse economic conditions worldwide. The firm said broadband and data […]
Tele Merger
May 25, 2009 (LBO) – India’s Bharti Airtel said it was talking with MTN group, a firm operating in Africa and the Middle East, to buy 49 percent of its in return for a 36 percent stake in the Indian firm. Bharti Airtel has a unit in Sri Lanka. The Bharti shares would be split […]
Safe Harbour
May 25, 2009 (LBO) – Sri Lanka is to lobby Lloyd’s of London to remove a war risk tag on the country which kept insurance premiums high, following defeat of Tamil Tigers by the military last week, a media report said. The Island newspaper said Sri Lanka is classified as a ‘region of war’ by […]
Guardian Change
May 23, 2009 (LBO) – The Merchant Bank of Sri Lanka (MBSL) has been appointed as managing agents of the troubled The Finance Company (TFC), taking over from another state-owned entity, Lankaputhra Development Bank (LDB), the Central Bank said. It said in a statement that Lankaputhra Bank had stabilized the situation at TFC and brought […]
Double Profits
May 23, 2009 (LBO) – Sri Lanka’s state-run Bank of Ceylon’s profits for March 2009 quarter rose 106 percent to 957 million rupees, with foreign exchange gains and interest income from high yielding government securities. Bank of Ceylon’s deposits grew 5.1 percent to 332 million from December 2008 to March 2009. Group gross assets grew […]
Deck Hands
May 23, 2009 (LBO) –Sri Lanka’s ministry of port’s and aviation has signed an agreement with the government of Japan to recognize the certification of the island’s seafarers. The move will provide opportunities for Sri Lankan to work on Japanese flagged ships in future, the government’s Cabinet office said. At the signing of the agreement, […]
Tele Rating
May 22, 2009 (LBO) – Standard & Poor’s Ratings Services said it has lowered its outlook on Sri Lanka Telecom’s (SLT) rating to negative from stable while confirming its ‘B+’ corporate credit rating and long-term senior unsecured debt rating. The rating action was made in step with S&P’s lowering of Sri Lanka’s sovereign rating to […]
Sri Lankan April tourist arrivals slide
May 22, 2009 (LBO) – The number of tourists visiting Sri Lanka in April 2009 slid 12.4 percent to 26,054 from a year ago, with sharp falls from key markets in Europe and India, the island’s tourism promotion office said. Maldivian arrivals dipped marginally by 2.7 percent to 9,160, while Pakistani arrivals almost halved to […]
Fairer Chance
May 22, 2009 (LBO) – Sri Lanka’s central bank said it has relaxed the criteria for bids for a one-third stake in the troubled Seylan Bank after a poor response from prospective investors to its original call for proposals.It said in a statement the Monetary Board of the Central Bank has decided to invite fresh […]
Cyber Security
May 21, 2009 (LBO) – Sri Lankan companies are concerned over data security with most still not having adequate protection, opening up opportunities for network security players, business research and consulting firm Frost & Sullivan said. A survey done by Frost & Sullivan of chief information officers in Sri Lanka, revealed that major threats for […]
Safe Custody
May 21, 2009 (LBO) – Sri Lanka’s state-run Bank of Ceylon had provided deposit and gold related services of more than 500 million rupees as displaced people in camps in northern Sri Lanka sought the safety of the bank, a top official said. Bank of Ceylon (BoC) chairman Gamini Wickramasinghe, said more than 10,000 people […]
No Watch
May 21, 2009 (LBO) – RAM Ratings Lanka said a rating watch on Arpico Finance Company has been lifted after the company met a Central Bank requirement for minimum capital of 200 million rupees by March 2009. RAM Ratings Lanka said the regulator would assess the company’s core capital after financial were audited, but RAM […]