Category: Industry
Wet grounds delay play in England-Sri Lanka Test
GALLE, Sri Lanka, Dec 18, 2007 (AFP) – Wet ground conditions prevented play before lunch on the opening day of the third and final cricket Test between England and Sri Lanka here on Tuesday.England are seeking a series-levelling win after losing the first Test in Kandy.The second Test in Colombo was drawn last week. Match […]
England opt to field in final Sri Lanka Test
GALLE, Sri Lanka, Dec 18, 2007 (AFP) – England captain Michael Vaughan won the toss and sent Sri Lanka in to bat in the third and final cricket Test at the Galle International Stadium here on Tuesday. The tourists, trailing 1-0 in the series, left out off-spinner Graeme Swann from the 12 announced on Monday […]
Sri Lanka Insurance rating outlook lifted by Fitch
Dec 18, 2007 (LBO) – Fitch Ratings has lifted the outlooks on the AA-(lka) national insurer financial strength rating and A+(lka) credit rating of Sri Lanka Insurance Corporation (SLIC) to positive from stable. “The Positive Outlooks reflect SLIC’s progress in reforming the company since privatisation in 2003,” the rating agency said. “Fitch believes that the […]
Fitch Sri Lanka gives HNB Assurance A(lka) insurance rating
Dec 18, 2007 (LBO) – Fitch Ratings Sri Lanka has given HNB Assurance a national insurer financial strength rating of ‘A(lka)’ and a national long-term rating of ‘A-(lka)’ with stable outlooks. HNB Assurance is 60 percent-owned by Hatton National Bank Ltd (HNB), the second-largest private bank in Sri Lanka, rated ‘AA-‘. Fitch says HNB Assurance’s […]
Independent Management
Dec 18, 2007 (LBO) – The International Monetary Fund has called for an independent governance structure for Sri Lanka’s Employees Provident Fund (EPF) amidst growing concern about real losses to the fund and its management at the hands of the Central Bank. In a Financial Sector Stability Assessment the IMF said a “sound, robust, and […]
No Conflict
Dec 18, 2007 (LBO) – Sri Lanka’s capital markets watchdog should be made more transparent and its officials more independent, the International Monetary Fund (IMF) has said. The island’s Securities and Exchange Commission (SEC) is “well-resourced”, but its capacity needs to be further strengthened, the IMF said in a comprehensive financial sector assessment report on […]
Crisp Tender
Dec 18, 2007 (LBO) – Sri Lanka is issuing its first currency note under the signature of Governor Nivard Cabraal with added security features to battle a rising threat of counterfeiting, the Central Bank said. The note is dated 2006.07.03. The one thousand rupee note will have upgraded security features to battle an “increasing threat” […]
Consumer Slowdown
Dec 18, 2007 (LBO) – Fitch Ratings Lanka has lowered the outlook on the ‘A+(lka)’ long-term ratings on Singer Sri Lanka’s senior unsecured notes to negative, the rating agency said Tuesday. Singer is the Sri Lanka’s largest retailer of consumer electronics and household appliances, in terms of revenue and points of presence. It is 84 […]
Better Outlook
Dec 18, 2007 (LBO) – Fitch Sri Lanka has lifted the outlook on Edirisinghe Trust Investment’s ‘B+(lka)’ rating to ‘positive’ from stable citing substantial improvements in the in the firm’s operational risk management. . “The company concluded the automation of its systems across all business lines in the six month period ending September 2007,” Fitch […]
Turbulence Strategy
Dec 17, 2007 (LBO) – Sri Lanka’s companies can make money in even the most turbulent times by redefining marketing strategies to get the best results, a senior official of top celco Dialog Telekom’s told a forum of marketers. “Even during a turbulent time, there is an opportunity in brand building,” said Nushad Perera, Dialog […]
Visa Inflation
Dec 17, 2007 (LBO) – Visa fees for Sri Lankans traveling to the United States has increased from 100 US dollars to 131 US dollar, the US embassy in Colombo said. Applicants who have paid the 100 dollar fee before January 01 would be processed until January 31, but if the interview is after that […]
Sri Lanka tourism to lure Indians on a legendary trail
Dec 17, 2007(LBO) – Sri Lanka plans to attract more Indian tourists next year on the trail of a legendary tale where an Indian prince was said to have come to the island to rescue his kidnapped wife, officials said. Sri Lanka’s Tourism Promotion Bureau says Sri Lanka has 34 sites related to the ancient […]