Category: Industry
Asset Class
Mar 05, 2008 (LBO) – Borrowing for day to day government spending has increased the cost of money for Sri Lankan companies and families struggling to get their first mortgage. A Malaysian economist says experience from his country suggests that the government could start a specialist infrastructure bonds, and create a market among pension funds, […]
Sri Lanka Eagle Insurance 2007 profits flat
Mar 04, 2008 (LBO) – Sri Lanka’s Eagle Insurance group net profit for the 2007 financial year was flat at 527 million rupees although revenue went up 23 percent to 5.9 billion from 4.8 billion rupees. Total assets of the group grew to almost 17 billion from 14.9 billion rupees while net assets grew 16 […]
Sri Lankan Airlines to launch own loyalty program
Mar 04, 2008 (LBO) – SriLankan Airlines will launch its own frequent flyer program after the Emirates ‘Skywards’ program ends with the termination of their management contract in March, the airline said. “All SriLankan Airlines’ Skywards members will continue their membership and rewards will continue to be available on Emirates flights and from other leisure […]
Chief Shuffle
Mar 04, 2008 (LBO) – HSBC’s Sri Lanka and Maldives operations would be headed by Nick A Nicolaou, a senior banker who had been with the group from 1977, the bank said in a statement. David J H Griffiths who headed the Sri Lanka-based HSBC unit will be taking over HSBC New Zealand on April […]
Commercial Profits
March 4, 2008 (LBO) – Sri Lanka’s Commercial Bank group reported net profits of 4.1 billion rupees double that of last year, while revenues grew 44 percent to 35.2 billion rupees in 2007. The bank’s deputy chairman B R L Fernando said last year’s profits were depressed by a one-off pension buy back and ‘normalised’ […]
Oil Skills
Mar 04, 2008 (LBO) – Sri Lanka’s petroleum exploration unit has started to build up its staff as the island waits for offshore exploration work to get underway, a senior official said. . The petroleum resources development secretariat (PRDS), set up under the petroleum ministry to search for oil, has begun to look for oil […]
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 […]