Category: Industry
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 […]
Red Ink
May 20, 2009 (LBO) – Sri Lanka’s Dialog Telekom said its broadband and pay TV units continued to lose money in the March quarter, contributing to a group loss of 1.86 billion rupees but that a turnaround in the group’s fortune’s was visible as overall revenue stabilised. Dialog, the island’s dominant mobile phone operator, said […]
Second Chance
May 19, 2009 (LBO) – Sri Lanka’s central bank said it was giving a second chance for five qualified investors to buy a 33 percent stake in Seylan Bank because bids it received were not fully compliant with the conditions set by the regulator. The central bank’s governing body, the monetary board, said it would […]
Sri Lanka exports fall in March, but tea, garments up
May 18, 2009 (LBO) – Sri Lanka’s export earnings in March 2009 fell 7.8 percent to 627 million US dollars from a year-ago although the main exports of garments and tea went up, the central bank said. Exports of textiles and garment rose six percent to 310 million dollars despite recession in key Western markets […]
Sri Lanka Eagle Insurance profits up 552-pct
May 16, 2009 (LBO) – Profits of Sri Lanka’s Eagle Insurance, a unit of Aviva, increased 552.2 percent to 98.3 million rupees in the March 2009 quarter on strong investment income growth, accounts released to the stock exchange show. Gross written premium increased 2.0 percent to 1,547 million rupees, re-insurance premiums fell 7.0 percent to […]
Sri Lanka Janashakthi continues to pay claims; talking to regulator
May 16, 2009 (LBO) – Sri Lanka’s Janashakthi Insurance said it had made submissions to the regulator to end a three week suspension of its license and the firm would continue to pay claims, while it awaited a response. Janashakthi said the Insurance Board of Sri Lanka (IBSL) had “responded positively” to proposals given by […]
‘s 2008-09 profit slumps
May 15, 2009 (LBO) – Sri Lanka’s Hayleys MGT Knitting Mills said net profit slumped 45 percent to 3.2 million US dollars in the 2008-09 financial year from a year ago as orders and profit margins fell. The firm, the cotton and synthetic fabric manufacturing unit of the Hayeys group, said in a statement that […]
Cost Savings
May 15, 2009 (LBO) – Sri Lanka’s Dialog Telekom said it expects to make an annual cost saving of 500 million rupees by shedding staff through a voluntary retirement scheme in an effort to stem losses. Nushad Perera, Dialog’s Chief Marketing Officer, told ETV’s Lanka Business Report programme in a recent interview that the VRS […]