Category: Industry
Health Growth
Nov 05, 2008 (LBO) – Sri Lanka™s Nawaloka Hospital’s new eight floor complex developed at a cost of 1.5 billion rupees would increase the hospital’s capacity by 85 rooms to 405 with competition in the sector ratcheting up, officials said. The expansion would widen the total floor area of Nawaloka by 80,000 to 300,000 square […]
Sri Lanka HNB Assurance Sept quarter earnings boosted by tax rebate
Nov 04, 2008 (LBO) – Sri Lanka’s HNB Assurance said net profit for the September quarter rose 90 percent to 23.6 million rupees helped by a 9.7 million rupee tax rebate. Revenue growth for the quarter was up 17 percent to 443 million rupees. Profit before taxation for the September quarter was 13.8 million rupees […]
Bailout Firm
LONDON, November 3, 2008 (AFP) – Finance minister Alistair Darling announced the creation of a new arms-length body Monday that would manage the British government’s investments in three high street banks bailed out last month. Speaking to a Treasury department committee hearing earlier, the finance minister also made clear he expected all British banks — […]
Merchant Look
Nov 04, 2008 (LBO) – The Merchant Bank of Sri Lanka (MBSL) group net profit for the September quarter fell by 26.5 percent to 42.8 million rupees from a year ago as it was affected by sharply higher interest and other costs. Total group income for the September quarter rose 13.9 percent to 409 million […]
Bank Trends
Nov 03, 2008 (LBO) – Sri Lanka’s Nations Trust Bank (NTB) said September quarter net profit fell 15 percent to 136 million rupees from a year ago despite strong growth in net interest income and non-interest income.NTB’s non-interest expenses in the September quarter also rose sharply amid high inflation and rising staff numbers. Personnel costs […]
Maritime Deal
Nov 03, 2008 (LBO) – Sri Lanka’s Hemas group has bought a stake in ship owner and operator Mercantile Shipping Company as part of a strategic thrust into the shipping business. Hemas Holdings said in a stock exchange filing that it invested in a 17 percent stake in Mercantile Shipping Co., which represents 426,223 ordinary […]
Scary Food
Nov 02, 2008 (LBO) – Sri Lanka’s health ministry has released a list products whose import and sale were banned because of fears of contamination by the harmful chemical melamine.The ministry of health care and nutrition officials said they are advising consumers not to consume food items which have tested positive for melamine internationality. These […]
Nut Cracker
Oct 31, 2008 (LBO) – Profits of Lanka IOC, a unit of India’s IOC fell 83 percent in the September quarter to 109 million rupees amidst high taxes and hedging costs, while six months profits were flat at 1.1 billion rupees, an official said. Lanka IOC managing director R Ramakrishnan said his firm was losing […]
Comrade Paulson
WASHINGTON, October 30, 2008 (AFP) – A banking industry trade group Thursday voiced concern about government pressure on banks to accept public capital injections “they did not seek and do not need.” The American Bankers Association (ABA), the largest industry group, said its members were growing increasingly concerned about the Treasury’s Capital Purchase Program, which […]
Delta-Northwest merger creates huge US airline
WASHINGTON, October 29, 2008 (AFP) – Delta Air Lines said Wednesday it had merged with Northwest Airlines to create one of the world’s biggest carriers after winning approval from US antitrust authorities. Delta announced late Wednesday that the merger was completed, “creating a premier global airline with service to nearly all of the world’s major […]
Air Raid
Oct 28, 2008 (LBO) – A fire broke out in a key power station in Sri Lanka’s capital Colombo soon after lights were doused on warnings of a Tamil Tiger guerrilla air raid, officials and the military said. A lubrication oil cooler connected to the gas turbine plant GT7 in Kelanitissa was burning, officials of […]
Sri Lanka Tiger aircraft hit power station
Oct 29, 2008 (LBO) – Sri Lanka’s Tamil Tiger guerrilla aircraft struck a key power station in the capital Colombo in a night raid, and bombed a military camp in the northeastern Mannar area, in two attacks Tuesday, officials said. Anti-aircraft fire lit up the night sky soon after power was cut to the capital. […]