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‘s Mihin budget airline director wages up amid losses
July 25, 2013 (LBO) – Sri Lanka’s state-run budget carrier Mihin Lanka had doubled rewards to director in “sitting fees” to 11.2 million while making losing around a billion rupees a year since 2008, a parliamentary report said. A report by the parliament’s bipartisan Committee on Public Enterprises (COPE) said Mihin Lanka had lost 1,300 […]
Sri Lanka Allianz unit launches investment linked insurance
July 25, 2013 (LBO) – Allianz Lanka, unit of Germany’s Allianz said it had launched an investment-linked insurance product where “finance savvy” customers can select a plan that fits their risk appetite and protection needs. The consumer insights show us the way to develop products to suit their palate,” Allianz Lanka chief executive Surekha Alles […]
Sri Lanka Textured Jersey net up, says orders strong
July 25, 2013 (LBO) – Sri Lanka’s Textured Jersey Lanka (TJL), a knit fabric maker, said profits rose 40 percent to 240 million rupees in the March 2013 quarter from a year earlier, and it order book was full. Textured Jersey said revenues were up 10 percent in the March 2013 quarter to 2.9 billion […]
Sri Lanka scales back army presence in former rebel stronghold
July 24, 2013 (AFP) – Sri Lanka’s military said Wednesday it will dismantle over a dozen army camps in the former rebel stronghold of Jaffna, weeks ahead of key council elections in the embattled region.Sri Lanka adopted a de facto federal system in 1987 but never held elections in the Tamil-dominated north, which continued to […]
Petro Price
July 25, 2013 (LBO) – Cairn Lanka, a unit of India-based Cairn is in talks with Sri Lanka’s government over gas pricing and commercial terms following the discoveries made in two wells, the company said. “Monetization of the existing discoveries continues to be evaluated under various development & commercial scenarios,” the parent firm said in […]
Sri Lanka Treasuries short tenure bids rejected
July 24, 2013 (LBO) – Sri Lanka’s state debt office has rejected offers for three and 6 month bills at Wednesday’s auction accepting only tenders only for 12 month bills.Sri Lanka’s rupee has fallen around four rupees in recent weeks under pressure from excess rupee liquidity and a policy of the monetary authority not to […]
Sri Lanka stocks close flat
July 24, 2013 (LBO) – Sri Lanka’s stocks closed flat on Wednesday with large cap stocks making losses, brokers and dealers said. The benchmark Colombo All Share Index closed 05.10 points lower at 6,079.14 and the S&P SL 20 Index closed 12.02 points lower at 3,448.11 down 0.35 percent. Turnover was 291million rupees. While in […]
Refugee Disaster
CIDAUN, July 24, 2013 (AFP) – More than 100 asylum seekers who were feared dead have been rescued after their boat sank off the coast of Indonesia’s Java island, an official said Wednesday, confirming that one child had died.Indonesia’s rescue agency was alerted by Australian authorities on Tuesday evening. “We don’t know exactly how many […]
Borrowing Threat
July 24, 2013 (LBO) Sri Lanka’s state owned enterprises are a threat to the country’s banks and authorities should device system to monitor credit and prevent a collapse of the banking system, a parliamentary report has said.If money is printed (central bank credit) for subsidies it triggers inflation and currency depreciation (like in 2011 and […]
Sri Lankan Airlines to run losses for another three years: COPE report
July 24, 2013 (LBO) – SriLankan Airlines was expected to run losses for another three to four years before breaking even, a report by a parliamentary committee which has oversight over state enterprises has said.SriLankan had lost 17.1 billion rupees in 2011. According to available data the airlines had lost at least 58 billion rupees […]
Chinese firm to build $1.4 bln Sri Lanka city complex
COLOMBO, July 24, 2013 (AFP) – Sri Lanka has finalized a deal with a Chinese company to build a .4 billion city complex on reclaimed land near the harbour of the capital Colombo, an official said Wednesday.The state-run Sri Lanka Ports Authority (SLPA) will reclaim 230 hectares (568 acres) next to the new Colombo South […]
Cricket Sri Lanka defeat South Africa in the rain
COLOMBO, July 23, 2013 (AFP) – Rangana Herath took two crucial wickets as Sri Lanka defeated South Africa in the rain-affected one-dayer in Colombo on Tuesday, taking a 2-0 lead in the five-match series.South Africa, set a revised target of 176 from 29 overs, were 104-5 in 21 overs when a heavy downpour at the […]