Category: Industry
Sri Lanka CEB needs overhaul, says chairman
Mar 04, 2008 (LBO) — Sri Lanka’s state-run power utility needs a management overhaul with input from finance, legal and information technology disciplines and tariff reforms to shift demand, its chairman has said in a detailed report.If tariffs could be used to shift demand, the CEB’s overall capital costs would come down and industry would […]
Gold Standard
Mar 03, 2008 (LBO) — A top Sri Lankan advertising agency that stirred up the industry after the Chilies 2008 ad awards has chosen not to go public with its grievances, but the row has raised new questions.Leo Burnet Solutions which bagged 30 percent of the awards, and clinched the second slot created a controversy […]
Construction Consortia
Mar 03, 2008 (LBO) – Sri Lankan construction companies which visited the Middle East to bid for a share of the building boom there are forming consortia to pool their resources, an industry official said. The firms will form joint stock companies which will be managed by the Chamber of Construction Industries (CCI), its secretary […]
Hatton Number
Mar 03, 2008 (LBO) – Hatton National Bank group net profits went up 40 percent to 3.2 billion rupees in 2007, as revenues increased 37.6 percent, results filed with the Colombo Stock Exchange showed. HNB’s stand alone profits went up to 3.0 billion rupees from 2.2 billion. Chairman Rienzie Wijetilleke told shareholders the profit would […]
Outside Aspirations
Mar 03, 2008 (LBO) – Sri Lanka’s Hatton National Bank is keen to get into Bangladesh though its first attempt to buy into a bank in that country was not completed, an official said. HNB was short listed to buy over Orient Bank which was being re-structured but in the final stage the bank gave […]
Sri Lankans fined for slow over rates
MELBOURNE, March 2, 2008 (AFP) – Sri Lanka paid the price for its thrilling win over Australia at the MCG on Friday, fined by the International Cricket Council (ICC) on Sunday for slow over rates. ICC match referee Jeff Crowe ruled the Sri Lankans were one over short when time allowances were taken into consideration […]
‘s Asian Alliance net up 60-pct
Mar 02, 2008 (LBO) – Sri Lanka’s Asian Alliance Insurance (AAIC) profits were up 60 percent to 113 million rupees with investment income more than doubling during 2007, audited accounts of the company showed. Assets in the life business went up to 1.1 billion rupees from 738 million and total assets were up to 1.9 […]
Lease Savings
Mar 01, 2008 (LBO) – Seylan Merchant Leasing, a unit of Sri Lanka’s Ceylinco group said it has raised 1.3 billion rupees in deposits after it was licensed as a finance company by regulators last year, the company said. It has a service which allows clients to view lease transaction details and payment history on […]
Bunker Race
Mar 01, 2008 (LBO) – Sri Lanka’s state-owned Ceylon Petroleum Corporation plans to tie up with global ship supply firm GAC Ships to supply bunkers or ship fuel, officials said. The move is expected to bring down bunker prices in Colombo port, now among the highest in the world, as well as improve availability. The […]
Mobile Eye
Feb 29, 2008 (LBO) – Sri Lanka’s Kay Jay Security has tied with Dialog Telekom to provide a closed circuit television (CCTV) monitoring through third generation mobile technology, the company said. “Under the new joint-venture, customers in Sri Lanka will be able to subscribe to a package that includes the installation of CCTV at their […]
Tough Chats
Feb 29, 2008 (LBO) – Higher inflation which reduced the spending power of subscribers and declining security was hurting Sri Lanka’s telecom firms, Fitch Ratings said in an Asia Pacific regional report. . Though the Sri Lankan telecom sector was expected to show “reasonable growth” in 2008, fixed wireless expansion was expected slow with increasing […]
Banking Trend
Feb 29, 2008 (LBO) – Sri Lanka’s Seylan Bank group full year profits grew four percent to 911 million but December quarter profits dipped amid lower loan growth, results released to the Colombo Stock Exchange showed. Fourth quarter net profit was down 58 percent to 89 million rupees compared with the same period last year. […]