Category: Industry
Shanghai Profits
April 03, 2008 (LBO) –Hong Kong Shanghai Bank Corporation’s Sri Lanka branch reported sharply lower profits for 2007 largely owing to losses from foreign exchange transactions while bad loans are on the rise. The bank’s profit for 2007 fell 36.63 percent to 1.57 billion rupees, according to published annual accounts. Interest income, however, increased by […]
Life Market
April 03, 2008 (LBO) – Sri Lanka’s Sampath Bank launched a life insurance policy scheme for its customers Thursday in a tie-up with Eagle Insurance, saying it wants to further diversify its financial services. The bank, which has already diversified into leasing and stock brokering and general insurance, said its entry into life insurance will […]
Sri Lanka eye record-setting win over Windies
PORT-OF-SPAIN, Trinidad, April 2, 2008 (AFP) – Sri Lanka can kill the proverbial two birds with one stone when they face West Indies in the second and final Test, starting on Thursday at Queen’s Park Oval. When Sri Lanka flew into the region a fortnight ago, they had a single objective on their mind – […]
Sri Lanka life insurance market eyed by German insurer
April 02, 2008 (LBO) – German insurance company Allianz says its Sri Lankan insurance business has become very profitable and the company aims to extend from general insurance into the bigger life market. The company’s subsidiary, Allianz Insurance Co. Lanka, plans to hire more sales staff and open branches outside the capital Colombo as it […]
Tele Talk
April 02, 2008 (LBO) – Malaysia’s Usaha Tegas (UT) group, which bought a 35.2 percent stake in Sri Lanka Telecom, is likely to make changes at the telecom operator only after a minority shareholder buyout is completed, officials said. The UT group which paid 299 million dollars to NTT Communications through Global Telecommunications Holdings (GTH), […]
Sri Lanka expert panel urges action on community-based tourism
April 01, 2008 (LBO) – A growing demand for community-based tourism services from global travelers is creating new opportunities to boost incomes of poorer communities provided their inputs are bought at good prices. “Tourism has undeniable potential for pro-poor economic development in Sri Lanka,” Sri Lanka’s tourism ministry said in a statement. “Community heritage and […]
New Faces
April 01, 2008 (LBO) – RAM Ratings (Lanka) Tuesday announced Siti Norma Yaakob has been elected as the new chairman of the firm and its parent company, RAM Holdings Berhad. It also announced the appointment of three new directors: Zainal Aznam, Syed Md Amin and Yeah Kim Leng. Siti Norma is the former Chief Judge […]
Windies looking to put positive spin on test team after Sri Lanka defeat
PORT OF SPAIN, Trinidad, April 1, 2008 (AFP) – Stories of the ill-treatment of spin bowlers at the hands of the West Indies selectors over the years are notorious.Since Lance Gibbs ended his distinguished career on February 5, 1976, West Indies cricket history is littered with several bowlers plying the slow stuff that have been […]
Emirates airlines hits 100 destinations with Dubai-Cape town service
April 01, 2008 (LBO) – Emirates airlines said it had non-stop services to Cape Town in South Africa from its hub in Dubai, cutting travel time for travellers from the Indian sub-continent and Europe. . “The new service will provide its customers in Europe, Middle East, the Indian-sub continent and Asia-Pacific with direct access to […]
Biggest Deal
April 01, 2008 (LBO) – Malaysia’s Usaha Tegas group bought a 35.2 percent stake in Sri Lanka Telecom for 300 million dollars making it the biggest deal in Sri Lanka’s capital market history and driving valuations to new heights. Usaha Tegas paid 50.50 rupees for 635 million shares of SLT from Japan’s NTT Communications valuing […]
New Partner
April 01, 2008 (LBO) – Malaysia’s Usaha Tegas (UT) group said it was looking to provide management input to Sri Lanka Telecom (SLT) and work with its major shareholder, Sri Lanka’s government, after buying a third stake in the telco. The UT group bought a 35.19 percent stake in SLT through Global Telecommunication Holdings (GTH), […]
Media Trend
April 01, 2008 (LBO) – Fragmented audiences in traditional media like television and radio have made commercial inserts in programs less effective especially to reach urban consumers, marketers in Sri Lanka have said. This was pushing advertisers into emerging new media such as the internet, mobile and to sales points. Conventional advertising on television, radio […]