Category: Industry
Sri Lanka’s private insurance providers exploit language barrier: Research
Jun 15, 2018 (LBO) – Sri Lanka’s top five general insurance providers which account for two-thirds of the market share, is seem to exploit the language barrier as none of them issue insurance documents for certain policies in Sinhala and Tamil, a recent research showed. The research study conducted by Verité Research has found out […]
Sri Lanka to introduce Euro 4 fuel in July, No impact on current pricing
Jun 14, 2018 (LBO) – Sri Lanka’s Ministry of Petroleum Resources Development said the Government will introduce Euro 4 fuel to the market and replace super diesel and 95 octane petrol, in July.“Euro 4 doesn’t affect petrol (Octane 92) and auto diesel to leave the market and the prices won’t also rise.Euro 4 will be sold as […]
Fitch-rated finance Cos unlikely to face immediate rating action despite new Regs
Jun 14, 2018 (LBO) – Fitch Ratings says finance companies rated by them are unlikely to face immediate rating action, as they believe all have adequate capital to meet the thresholds that will apply from 1 July 2018. Even after taking account of potential RWA changes, based on the current asset mix – and most […]
Fitch revises Sampath Bank outlook to stable from negative; affirms A+(lka)
Jun 13, 2018 (LBO) – Fitch Ratings has affirmed the National Long-Term Rating of Sampath Bank at A+(lka) and revised the outlook to stable from negative. Fitch has also affirmed Sampath Bank’s subordinated debentures at A(lka). KEY RATING DRIVERS The revision in the Outlook reflects Fitch’s expectation that the bank would be able to sustain […]
Beira Lake to be developed into Commercial hub in Colombo
Jun 13, 2018 (LBO) – Over 200 acres of land around the Baire Lake in Colombo 02 belonging to the Ports Authority, Sathosa and Transport Ministry are being developed as Commercial hub, the ministry of Megapolis and Western Development said.Speaking at the launch of a three kilometre linear park along Beira Lake Megapolis Minister Patali Ranawaka […]
Chevron Lubricants Lanka (LLUB) in Decline as CEO Kishu Gomes Exits
June 12, 2018 (LBO) – On May 22, 2018 Kishu Gomes resigned as Managing Director/CEO and as a Director of Chevron Lubricants Lanka with ‘immediate effect’ as per stock exchange disclosure. He was immediately replaced by the company’s Chairman Rochna Kaul, who has served as General Manager Chevron Lubricants in Pakistan. The abrupt resignation came […]
High Tech Swiss firm eyes Sri Lanka for investment
Jun 11, 2018 (LBO) – KUK Electronics AG, a high technology swiss electronic manufacturer are exploring the the possibility of setting up a manufacturing plant in Sri Lanka with the objective of exporting their products. KUK Electronic AG, which was established in 1990 in Appenzell, Switzerland, operates production facilities in China, Slovakia, France, The Netherlands […]
SLASSCOM to organise IT /BPM week in Galle
Jun 11, 2018 (LBO) – As part of SLASSCOM’s initiative to advocate the creation of regional cities and bring about inclusive growth to Sri Lanka, it is organising Galle IT/BPM Week on 22 June, 6th and 7th of July 2018 to build human capacity in the regional cities. Galle IT Week is the third of […]
SriLankan Airlines CEO Suren Ratwatte retires amid Commission hearings
June 08, 2018 (LBO) – SriLankan Airlines CEO Suren Ratwatte has submitted a letter announcing his early retirement, few days after Presidential Commission on SriLankan and Mihin commenced witness hearings. Ratwatte appointed as the Chief Executive Officer of SriLankan Airlines and Mihin Lanka with effect from October 2015. Presidential Commission is to investigate alleged irregularities […]
ICRA Lanka assigns [SL] A1 rating to commercial paper programme of LOLC
June 06, 2018 (LBO) – ICRA Lanka Limited, aubsidiary of ICRA Limited, group company of Moody’s Investors Service, has assigned [SL] A1 rating to the 1,000 million rupees commercial paper programme of Lanka ORIX Leasing. Full text of the rating action is reproduced below. Rating action: ICRA Lanka Limited, Subsidiary of ICRA Limited, group company of […]
How to overcome three common challenges in software outsourcing
Outsourcing is an excellent way to cut operating expenses, but it is not a perfect tool. Businesses have reported having problems with their offshore teams due to poor quality work, frustrating delays and long hours at the office. Challenges from outsourcing include lack of communication, higher than expected costs and quality not matching expectations. However, […]
Sampath Bank Marches towards Vision 2020 with Sampath Stars
Sampath Bank recommitted itself to offering technology driven, world class financial services to Sri Lankan consumers and businesses at an awe-inspiring event titled “Towards Vision 2020 with Sampath Stars” held at the Hilton Colombo, recently. Apprising over 1,000 Sampath Bank team members present of the Bank’s significant recent milestones, Mr. Nanda Fernando, Managing Director, Sampath […]