Category: Industry
Sri Lanka Ceylinco to create insurance awareness
Jan 31, 2008 (LBO) – Sri Lanka’s Ceylinco Insurance says it is launching a life insurance week in February to increase awareness of life products and expand the life insurance market in the country. Ceylinco says market penetration for life insurance is 8.7 percent in Sri Lanka despite marketing initiatives by a competitive industry. “We […]
Lost Packets
Jan 31, 2008 (LBO) – Internet users in Sri Lanka and other South Asian countries may see their internet connections slowing, as a submarine cable in the Mediterranean sea has been damaged, a report said. “It is a problem off the coast of Alexandria in Egypt. For some reason ships were asked to anchor in […]
Small Industry
Jan 31, 2008 (LBO) – Fitch Sri Lanka has confirmed the ‘BB+(lka)’ rating of Trade Finance and Investments, a company that has a strong focus on three wheeler vehicle finance, with a stable outlook. “TFI’s rating takes into consideration its high capitalisation and good profitability. However, the rating is constrained by TFI’s small asset base, […]
‘s cricket XI
CANBERRA, Jan 30, 2008 (AFP) – Sri Lanka kicked off their limited overs tour of Australia in good style, beating the Prime Minister’s XI by four wickets here Wednesday. Some quality fast bowling by the tourists helped them dismiss the PM’s XI, which featured some of Australia’s best young players, for just 152 after they […]
High Rises
Jan 30, 2008 (LBO) – Sri Lanka™s condominium regulator has issued over 200 certificates for high rises that are coming up in and around the capital, a top official said. “We have issued 183 full and complete certificates, and several semi-condominium certificates, Condominium Management Authority chief Abul Kalam said A semi-condominium certificate is issued to […]
Growth Numbers
Jan 30, 2008 (LBO) — Sri Lanka’s Nations Trust Bank profits surged 56 percent to 504 million in 2007 as revenues grew 54 percent to 9.1 billion rupees, the company said.In the December quarter its profits grew 64 percent to 151 million rupees as revenues grew 109 percent to 2.7 billion rupees. “Despite loans and […]
Asset Backed
Jan 30, 2008 (LBO) – Fitch Sri Lanka has confirmed an ‘A-(lka)’ rating on lease backed trust certificates (LBTCs) issued by Peoples’ Leasing Company, the rating agency said, as it kept close watch to ensure that delinquent and prepaying loans were replaced. Peoples’ Leasing Company (PLC) is also rated ‘A-(lka)’ with a ‘stable’ outlook. The […]
Rate Hike
Jan 29, 2008 (LBO) – A grouping of shipping lines calling at Colombo port have given notice of a sharp increase in freight rates to Europe, citing rising fuel prices and port delays in the region. But exporters have raised doubts whether the 19 container shipping firms, known as the India, Pakistan, Bangladesh, Ceylon (IPBCC) […]
Airport Link
Jan 29, 2008 (LBO) – India’s Cochin International Airport Limited (CIAL) says it is interested in building an airport in southern Sri Lanka and a delegation is visiting the island this week for talks. Sri Lanka has proposed a second international airport in the southern town of Weerawila in the Hambantota district. CIAL said its […]
‘s Harbhajan cleared of racial abuse charge
ADELAIDE, Australia, Jan 29, 2008 (AFP) – Indian off-spinner Harbhajan Singh was cleared Tuesday of racially abusing Australia’s Andrew Symonds, the International Cricket Council said. Harbhajan pleaded guilty to a lesser charge of using abusive language and was fined 50 percent of his match fee by appeals commissioner John Hansen, ICC spokesman Sami-ul-Hasan told reporters […]
Sri Lanka Brandix in organic apparels
Jan 29, 2007 (LBO) — Sri Lanka’s top apparel maker Brandix has penetrated the ‘organic’ garment market with a number of top international labels placing orders, the company said. It supplies Gap, Marks & Spencer, Victoria’s Secret, NEXT, Lands End, Ann Taylor, Abercrombie & Fitch and Tommy Hilfiger. Brandix has already supplied more than 10,000 […]
Education Venture
Jan 29, 2008 (LBO) – A top apparel group in Sri Lanka has started an education institute to boost soft skills in English, information technology and apparel manufacture to the bridge gap in the island’s education system. “My vision is to see Sri Lanka recognized as a destination for knowledge and innovation within the next […]