SriLankan to fly Seoul thrice a week
SriLankan Airlines will launch flights to South
Korea from November this year. UL plans to operate three flights a
week. Minister of Civil Aviation, Piyankara Jayaratne said that
these flights would have a stop over in Bangkok. “The airline is on
a mammoth expansion plan and we are looking at adding new
destinations and increasing frequencies,” he said.
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‘Doha ‘12 highlights SL’s improving trade profile in ME’
Qatar, Sri Lanka trade and bilateral relations
are further boosted by the on-going Doha Forum 2012. “Our
participation in this event is a sign of Sri Lanka’s improving
profile in international trade, specially, in the Middle East trade”
said Rishad Bathiudeen, Minister of Industry and Commerce of Sri
Lanka.
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EPF rejects MP’s fraud allegations
The Employees’ Provident Fund (EPF)
categorically rejects the statement allegedly made by an Opposition
Member of Parliament as reported in several newspapers on May, 15
2012, where the EPF has been accused of fraudulent transactions in
the stock market. Such statement, read in conjunction with several
past statements of a similar nature made by the same MP, seems to be
designed to systematically discredit the EPF, discourage its
investment activities, and precipitate a collapse of the stock
market.
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Fitch affirms Sri Lanka Insurance at ‘AA(lka)’/stable
Fitch Ratings Lanka has affirmed Sri Lanka
Insurance Corporation Limited’s (SLIC) National Insurer Financial
Strength Rating and National Long-Term rating at ‘AA(lka)’. The
outlook is stable. SLIC’s ratings reflect its strong franchise and
sound capitalization levels, supported by ongoing high profitability
and capital retention. Regulatory solvency ratios for life and
non-life insurance segments improved to 11.55x and 2.21x,
respectively, at end-December 2011 from 7.73x and 2.11x in 2010, and
compare well with peers. However, Fitch notes that SLIC’s risk-based
capitalisation is weakened by its high equity exposure due to the
associated market volatility.
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