Seylan Bank's new board assumes duties

The newly appointed Chairman of Seylan Bank PLC Eastman Narangoda, along with the new members of Seylan's Board comprising Nihal Jayamanne PC, Lalith Withana, and Naomal Gunawardena assumed duties in the new year by lighting the traditional oil lamp at the Ceylinco Seylan Towers.

The Chairman, addressing the staff, mentioned that he, along with the other members of the Board of Directors would provide guidance and directions to make Seylan a stronger bank and a leading player in the financial services industry and expressed his confidence that this new partnership will drive the bank to greater heights.

Nihal Jayamanne PC also addressed the staff. The Board of Directors also met with the Corporate Management and outlined the steps for the future.

Air traffic slumps

Struggling airlines hit more trouble in November, with passenger numbers down and freight plunging by a "shocking" 13.5 percent, the worst drop since the September 11 terror attacks, IATA said Tuesday.

Profits at Asia-Pacific carriers, which saw the sharpest downturn in demand as the global economic crisis deepened, are expected to be "disproportionately" affected by the plunge in cargo traffic, the aviation industry group added."The 13.5 percent drop in international cargo is shocking ... By comparison, this is the largest drop since 2001, in the aftermath of September 11," IATA chief Giovanni Bisignani said. International air passenger traffic in November was down 4.6 percent from a year earlier, marking the steepest fall in the past three months.

In October, passenger traffic was down 1.3 percent after a drop of 2.9 percent in September, the International Air Transport Association noted.

Asia-Pacific carriers were hurt most, with a 5.1 percent cut in capacity unable to offset a 9.7 percent decline in passenger numbers.North American airlines saw traffic slump 4.8 percent, hit by "the near collapse of the investment banking sector and consequent reductions in business travel."

Geneva, AFP