Category: Industry
Sri Lanka cricketers get pay hike
May 05, 2009 (LBO) – Sri Lanka has raised salaries of cricketers and doubled the number of players under contract, an official said. Sri Lanka A Squad: Muthumudalige Pushpakumara, Tharanga Paranavithana, Malinga Bandara, Rangana Herath, Dammika Prasad, Chamara Silva, Mahela Udawatte, Gihan Rupasinghe, Suranga Lakmal, Kaushal Silva, Chanaka Welegedara, Isuru Udana, Chaminda Vidanapathirana, Dinesh Deshapriya […]
Sri Lanka JKH ups stake in Union Assurance to 80-pct
May 05, 2009 (LBO) – Sri Lanka’s John Keells Holdings (JKH) said it had increased its stake in insurer Union Assurance by a further 2.52 percent after an offer to buy out remaining shareholders which ended Monday.JKH deputy chairman Ajit Gunewardena said at the time the move was aimed at consolidating the conglomerate’s position in […]
Moribund Merchant
May 05, 2009 (LBO) – Merchant Bank of Sri Lanka (MBSL) said its March quarter group net profit fell 5.8 percent to 29.8 million rupees from a year ago, with net interest income flat.MBSL is also acquiring control of Ceylinco Savings Bank (CSB), part of the troubled Ceylinco group, which suffered a run after another […]
Jayawardene leads Punjab to last-over win over Kolkata
PORT ELIZABETH, May 3, 2009 (AFP) – Mahela Jayawardene struck an unbeaten 52 to guide Kings XI Punjab to a nail-biting six-wicket victory over Kolkata Knight Riders in the Indian Premier League here on Sunday. The Sri Lankan batsman hit seven fours in his 41-ball knock as Punjab surpassed Kolkata’s competitive 153-3 in a last-ball […]
Sri Lanka HNB Assurance March profit up 12-pct
May 04, 2009 (LBO) – Sri Lanka’s HNB Assurance said March quarter after tax profit rose 12 percent to 15.9 million rupees from a year ago helped by a sharp increase in earnings from investments. Gross written premium rose 12 percent to 457 million rupees, the company said in a stock exchange filing of its […]
Shorter Deadline
May 04, 2009 (LBO) – Sri Lanka’s central bank which is collecting information on assets of Golden Key Credit Card, a collapsed financial firm, said its officials and past officials should declare assets by May 05. The Central Bank brought forward the deadline following a court order on April 27 which required information to be […]
Derivative Probe
May 3, 2009 (LBO) – Sri Lanka’s anti-bribery office is probing allegations that foreign trips were given to key officials to sweeten the sale of oil derivatives by international banks to a state-run oil firm which later went against it, a media report said. The exotic oil derivatives were sold to CPC by Standard Chartered, […]
Sri Lankan insurer Ceylinco cleans up balance sheet
Apr 29, 2009 (LBO) – Sri Lanka’s Ceylinco Insurance Company has reported profits of 486.7 million for 2008, down 52.0 percent as the firm cleaned up its balance sheet by writing off more than 300 million rupees injected to related companies. Ceylinco Insurance revenues climbed 21 percent to 20.0 billion rupees and the firm paid […]
Turntable
May 02, 2009 (LBO) – Sri Lanka’s state-run railway needs to charge higher fares and compete with road transport on a level playing field in order to avoid losses, its general manager Lalithasiri Gunaruwan said.He said he was trying to turnaround Sri Lanka Railways through changes in fares and better management. The department has recommended […]
Sri Lanka Union Assurance March profit up 24-pct
May 01, 2009 (LBO) – Sri Lanka’s Union Assurance said group net profit for the March quarter went up 24 percent to 51 million rupees from a year ago. Revenues for the three months ending March 31, 2009 rose 16 percent to 1.5 billion rupees, the company said in a stock exchange filing. Gross written […]
Volatile Prices
April 30, 2009 (LBO) – Sri Lanka’s two liquid petroleum gas suppliers, a unit of multinational Shell Gas, and the locally owned Laugfs Gas, said they will raise prices from midnight Thursday.It said prices were cut in November 2008 and January 2009 because of lower import costs. “Import costs for February and March 2009 have […]
Lucrative Fees
April 30, 2009 (LBO) – Sri Lanka’s Pan Asia Bank said March quarter net profit rose 39 percent to 92 million rupees from a year ago, helped by a sharp rise non-interest income and steady growth in net interest income.The profit growth came despite sharply higher provisions for bad loans and a contraction in the […]