Category: Industry
Bank Trends
May 13, 2009 (LBO) – Sri Lanka’s Hatton National Bank (HNB) said its group net profit for the March quarter fell four percent to 712 million rupees from a year ago. Total assets of the HNB group were 268 billion rupees, up two percent from a year ago. Total group income rose 13 percent to […]
Sri Lanka Janashakthi Insurance licence suspended for three weeks
May 12, 2009 (LBO) – Sri Lanka’s Insurance Board said it has suspended Janashakthi Insurance’s licence for three weeks from Tuesday and prohibited it from issuing new insurance policies. The suspension is in respect of Janashakthi’s Long Term Insurance Business and General Insurance Business, the Insurance Board of Sri Lanka (IBSL) said in a statement. […]
Sri Lanka Janashakthi appeals against suspension of insurance licence
May 12, 2009 (LBO) – Janashakthi Insurance said it had appealed against the suspension of its licence by the Insurance Board of Sri Lanka which was due to non-compliance with the solvency ratio as the regulator had not accepted previously accepted assets.. “The company is in the process of appealing against this sudden and unexpected […]
Mobile Football
May 12, 2009 (LBO) – Sri Lankan football fans now have the option to have interactive gaming sessions, download content and view English premiership football club Manchester United (MU) matches on the go with Bharti Airtel connections. An agreement signed between Bharti Airtel and MU would give Bharti users in India, Sri Lanka and Seychelles […]
Bootleg Ware
May 12, 2009 (LBO) – Software piracy in the Asia-Pacific region continued to grow last year with Sri Lanka the second worst offender, a study said Tuesday, AFP news agency reported. The piracy was driven by the rapid growth in computer sales and the availability of bootleg programmes online. AFP said the annual survey by […]
Intact Core
May 12, 2009 (LBO) – Fitch Ratings Lanka said it has confirmed the ‘AA+(lka) national long-term rating of Commercial Bank, Sri Lanka’s largest private bank, with a stable outlook. It said in a statement the rating reflects the bank’s sustained strong financial profile amongst local commercial banks. Fitch has also confirmed Commercial Bank’s individual rating […]
Sri Lanka apparel exports holding up
May 11, 09 (LBO) – Sri Lankan apparel exports are slowing as demand slumps with recession but a weaker rupee and continuing duty free access to Europe enable exporters to remain competitive, a senior official said.Rohan Masakorala, secretary general of the Joint Apparel Association Forum, an industry body, said the industry would have been in […]
Profit Outlook
LONDON, May 11, 2009 (AFP) – Global banking giant HSBC said on Monday that profits were rising strongly on the basis of first-quarter data and it saw “robust” growth in China and India, while remaining cautious for the year. First-quarter pre-tax profits were “well ahead” of the figure for the same period of last year, […]
Learning Centre
May 09, 2009 (LBO) – Sri Lanka’s Institute of Technological Studies (ITS) which has formed a partnership with a foreign partnership to start a medical college says its output will be readily absorbed in to healthcare sector.ITS head E M S Edirisinghe, who is also the president of the Oasis, a private hospital says there […]
Bank Chase
May 9, 2009 (LBO) – Two Sri Lankan financial firms, Lanka Orix Leasing Company and Sampath Bank are most likely to have submitted bids for a one-third stake in Seylan Bank, market sources said. The successful bidder would have to inject at least 5.7 billion rupees to the bank in return for a 33 percent […]
Sri Lanka gambling on monsoon onset to avoid power cuts
May 8, 2009 (LBO) – Sri Lanka has not yet discussed power cuts, a senior government minister said as hydro storage at the country’s state run power utility ran towards a critical level which may trigger compulsory load shedding. CEB now has an installed thermal capacity of 1250MW and 1,100MW of hydro capacity. However the […]
Labour Rights
May 08, 2009 (LBO) – Sri Lankan labour unions have signed co-operation agreements with unions in Bahrain, Jordan and Kuwait to protect migrant workers™ rights, the International Labour Organisation (ILO) said.The agreements, based on an ILO model, are the first of their kind covering Asian migrant workers active in Arab states. The ILO said it […]