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SriLankan Airlines signs three-year wage deal with largest union
Dec 15, 2010 (LBO) – SriLankan Airlines has signed a three-year collective agreement with its largest employee union, the Sri Lanka Nidahas Sevaka Sangamaya (SLNSS), introducing a performance-driven work culture, a statement said. The airline is about to re-launch its domestic service SriLankan Air Taxi, and will also commence services to Guangzhou (Canton) and Kochi […]
Sri Lanka Asian Alliance Insurance upgraded
Dec 15, 2010 (LBO) – The claims paying ability of Sri Lanka’s Asian Alliance Insurance, the island’s sixth largest insurer has been upgraded to ‘BBB-‘ from ‘BB+’ following the injection of new capital, RAM Ratings Lanka said. “The corporate exercise has strengthened AAI’s capitalisation and is expected to enhance its financial performance through greater investment […]
Sri Lanka Hayleys MGT Knitting Mills rating downgraded
Dec 15, 2010 (LBO) – Fitch Ratings Lanka has downgraded Hayleys MGT Knitting Mills’ (HMGT) national long-term rating to ‘BBB(lka)’ from ‘BBB+(lka)’ with a negative outlook, a statement said. HMGT’s liquidity was adequate based on unutilised facilities of 8.3 million dollars as at end-September 2010, Fitch said. “The downgrade primarily reflects HMGT’s lower operating margins,” […]
Sri Lanka power ministry defends new tariffs
Dec 15, 2010 (LBO) – Sri Lanka’s power ministry has defended new subsidies to state entities in tariffs proposed by the regulator for 2010 and rejected concerns that the move increased the opacity of government fiscal operations. The ministry says offices such as government agents give essential services to the public and cannot afford the […]
Sri Lanka power utility cuts losses with rain
Dec 15, 2010 (LBO) – Sri Lanka’s state run Ceylon Electricity Board has turned a small profit in the three months from June to August helped by heavy rainfall, which has allowed the utility to maximize hydro generation, according to power ministry data. The utility has made profits of 772 million rupees in the three […]
Sri Lanka to protect Buddhism with low power tariffs
Dec 15, 2010 (LBO) – Sri Lanka has further cut tariffs to places of worship in proposed new rates for 2010 to protect Buddhism, which was an obligation of the state, power ministry secretary M M Ferdinando said. Under proposed tariffs for 2011 the lowest tariffs for religious establishments would go down from 2. 50 […]
Sri Lanka stocks close down 0.8-pc
Dec 14, 2010 (LBO) – Sri Lankan stocks closed down Tuesday with index heavy stocks like JKH and Dialog Axiata dragging the market down, brokers said. Turnover was 1.25 billion rupees. “Hardly any high-net-worth and institutional participation was seen in the market with some retail trading taking place,” Sahani De Silva of Bartleet Mallory Stockbrokers […]
Tax Break
Dec 14, 2010 (LBO) – Sri Lanka has approved tax cuts up to 50 percent of car import prices to senior state sector workers after nearly halving tariffs on motor vehicles a few months ago, a finance ministry circular showed. Until recently ordinary Sri Lankan’s were paying vehicles import taxes of over 300 percent, while […]
Asset Quality
Dec 14, 2010 (LBO) – RAM Ratings Lanka has given Citizens Development Business Finance (CDB) a long-term financial institution rating of BBB- with a stable outlook and rated short-term debt at P3, a statement said. “The company’s ratings are upheld by its improving performance and healthy asset quality,” the rating agency said. “Nonetheless, the ratings […]
Sri Lanka made regional hub by Thai leisure chain
Dec 14, 2010 (LBO) – Thailand-based Six Senses Resorts and Spas is planning a regional headquarters in Sri Lanka’s capital Colombo to own and manage up to 200 million dollars in leisure assets in the Indian Ocean, chairman Sonu Shivdasani said. It is also building a 40 million dollar hotel with Sri Lanka’s Aitken Spence […]
Animal Rights
Dec 14, 2010 (LBO) – Sri Lankan animal lovers and welfare organizations have raised concern over the rounding up of dogs near a popular promenade in Colombo, saying it might violate the president’s ‘no kill’ policy on strays. Just 15 of these have been won. The challenges in going to court include high costs, having […]
Data Transfer
Dec 14, 2010 (LBO) – Sri Lanka Telecom (SLT), the island’s biggest fixed line operator, has increased broadband speeds for customers after upgrading its international internet capacity and improving links with service providers, a statement said. SLT added more than 80,000 new broadband (ADSL) customers during this year, connecting people from all parts of the […]