Category:
Steady Beat
Sri Lanka Insurance Corp., clinched a AA-(sri) (AA minus) national insurer financial strength rating from Fitch Ratings Lanka, becoming the first insurer to do so.An AA-(sri) national insurer financial strength rating is given for SLICs ability to meet its policyholders obligations and benefits. rn rnFitch also gave the insurance giant an A+(sri) (A plus) national […]
Bitter Teas
Misty Mountains Holdings bid to buy into the Lankan tea sector fell apart with John Keells Holdings and HVA Lanka calling off their deals with the US firm.John Keells said on Monday it called off its sale and share purchase agreement as Misty Mountain had failed to satisfy pre-sale conditions. The deal, which was struck […]
Spadework
Prime Minister Mahinda Rajapakse, has told the BBC that peace talks with Tamil Tigers rebels will resume before the end of July.Rajapakse told the BBC Sinhala service that the opposition United National Party has already said that it will support the negotiations. rn rnRajapakse was speaking after meeting the Norwegian Foreign Minister Jan Petersen in […]
Closing The Gap
Sri Lankas trade deficit for February contracted marginally, on the back of a lower import bill and a drop in apparel sector revenues, the Central Bank said Monday.Trade deficit for February fell to US$ 90 mn from US$ 119 mn in 2003, bringing the cumulative deficit for Jan-Feb down to US$ 242 mn.rn rnEXPORTS rn […]
The Big Two
Banking giant HSBC says emerging markets like India and China could change the way banking is done in Asia. A top regional CEO from the bank said the influence by these countries would be felt as they absorb an increasing amount of financial resources available in Asia.rn rnldblquote The influence of these two economies is […]
Picked by an Angel
Developed economies spend the equivalent of two to three percent of their GDP on Research and Development (R&D).rnBut the figure is much lower for emerging markets including Sri Lanka.rnrnExperts say without prosperity there wont be enough for R&D expenditure and without R&D spending growth will always be below par.rn rnWithout prosperity there wont be enough […]
Smart Hutchison
Hutchison telecom says their local operation will connect an additional one hundred thousand customers to their GSM network when its commercially launched later this month.But the company says they dont plan to eat in to market share of other GSM mobile operators but would go after over 90 percent of people who do not own […]
At Your Service
The services sector made the biggest contribution to economic growth last year.The sector that accounted for a little over forty percent of economic activity when the country adopted a market economy, today accounts for nearly 55 percent of the countrys GDP.rn rnOver 54 percent of the countrys GDP is accounted for by the service sector. […]
Dim View
Suspected Tamil Tigers shot dead a soldier in eastern Sri Lanka after the rebels warned that Norways renewed efforts to broker peace in the island were in jeopardy, a local official saidThe victim, a member of an intelligence unit, was taken off of a bus and killed in broad daylight near the town of Batticaloa, […]
U Too
Top donors like the World Bank and the IMF say Constitutional reforms without a two-third majority in the parliament will not affect their lending program to the country. However, analysts pointed out that any attempt at tinkering with the Constitution without a two-thirds majority in parliament could lead to political uncertainty, which will directly affect […]
Back To Work
Striking flight attendants at Sri Lankas national carrier SriLankan Airlines announced they had ended a work stoppage that forced the airline to ground flights for more than 24 hours.The Flight Attendants Union said its 600 members would return to work from 2:00 pm (0800 GMT Saturday) after securing a meeting with their chief executive officer […]
Wings Clipped
A strike by flight attendants over a pay row delayed several SriLankan Airlines flights and stranded passengers Friday, airport officials said.rnThere was no immediate word from the airline about the delays, but the Flight Attendants Union said 600 crew members were taking part in the trade union action.rn rn The strikers are demanding talks over […]