Category: Industry
Sri Lanka Asian Alliance life-insurance profits up
Apr 27, 2009 (LBO) – Sri Lanka’s Asian Alliance Insurance Company said 2008 profits rose 20 percent to 135.4 million rupees due to higher profitability in life insurance business despite the non-life portfolio losing money. Premium income from motor insurance had increased 55 percent, marine insurance 26 percent and miscellaneous insurance 11 percent. However premium […]
Top Marks
April 27, 2009 (LBO) – Sri Lanka’s Commercial Bank of Ceylon said its Bangladesh operations have been given an ‘A’ rating by the banking regulator in that country. Last year, the Commercial Bank’s operations in Bangladesh was awarded a rating of AA+ for long term credit, an upgrade from the previous rating of AA, by […]
Asset Sale
April 27, 2009 (LBO) – Sri Lanka’s Ceylinco Finance said it has decided to sell some of its assets to raise funds to improve its liquidity position.“The company made a decision to divest certain selected businesses and assets including property in Colombo, and land and buildings in suburban areas,” the company said in a stock […]
Sri Lanka boycott call from Australian Tamil protesters
SYDNEY, April 26, 2009 (AFP) – Hundreds of Tamil protesters burned Sri Lankan-produced tea and clothes as they marched through central Sydney on Sunday calling for a boycott of goods from the island nation.About 800 demonstrators demanded the Australian government put pressure on Colombo to declare a permanent ceasefire in its campaign against Tamil Tiger […]
Text News
April 25, 2009 (LBO) – Dialog, Sri Lanka’s largest telco, has made available news from the government’s department of information through its popular short message service (SMS), the company said.“Access to information plays a key role in the development process of a country and we believe that educating and informing its people is the first […]
Fair Play
April 25, 2009 (LBO) – Bunker prices in Colombo port have fallen following a court verdict that ended an effective monopoly on ship fuel held by Sri Lanka’s biggest conglomerate and opened up the market.Shipping lines said price differences with competing ports had also narrowed sharply after the market was liberalized with more suppliers competing […]
Bidding List
April 24, 2009 (LBO) – Sri Lanka’s central bank has cleared five out of six parties who expressed interest in buying a 33.3 percent stake in Seylan Bank to look into the bank in detail and submit bids, officials said. The Central Bank took over the bank and put it under the supervision of state-run […]
Fuel Mix
April 24, 2009 (LBO) – Sri Lanka will decide on whether to call proposals for a liquefied natural gas (LNG) power plant after a study funded by Japan is completed, a senior government official said. Though much cleaner than coal, diesel or furnace oil, LNG, which is kept liquid under high pressure requires expensive infrastructure […]
Sri Lanka approves electricity improvement project
April 24, 2009 (LBO) – The Sri Lankan government said the Cabinet has approved a foreign aid funded project to expand and improve electricity services, especially to the poor, and support renewable energy. Media minister Anura Yapa said the Asian Development Bank is giving a loan of 164 million dollars for the project with the […]
Sri Lanka aviation policy mulls further opening
April 24, 2009 (LBO) – A new Sri Lankan aviation policy aims to encourage investment and open the sector up for more carriers, ground handling and caterers as the economy recovers from war and the market grows, officials said. “If there’s a big growth, with the recovery of the global economy and an end to […]
Asian View
April 24, 2009 (LBO) – Millicom International Cellular, the parent of Sri Lanka’s Tigo cellular network, says it may sell out of Asian units, despite getting new subscribers amid tough competition. Total revenues for the quarter were 846.0 million US dollars with 327 million coming from Central America, 236 million from South America and 171 […]
Golden Probe
April 24, 2009 (LBO) – Sri Lanka’s central bank has asked customers of the failed Golden Key Credit Card Company to submit details of their deposits and company officials to declare assets. Sri Lanka’s Supreme Court last month ordered the Central Bank to probe the company after a group of depositors petitioned court saying it […]