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Diaspora Business
Sept 02, 2008 (LBO) – Sri Lanka’s HSBC will chase expatriate Sri Lankan customers through its overseas network banking on newly liberalized foreign deposit rules, a top official said.“We want to attract Sri Lanka diaspora in countries where we have branches and get deposits and remittances,” Nick Nicolaou, head of HSBC in Sri Lanka and […]
Leasing Risks
Sept 02, 2008 (LBO) – Fitch Ratings says the underlying risks of Sri Lanka’s specialised leasing company sector have increased owing to high inflation and rising interest rates. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 While the larger firms are relatively more resilient to a continued […]
Sri Lanka, India in tea import deal
Sept 02, 2008 (LBO) – Two of the world’s biggest tea exporters, Sri Lanka and India, have signed an agreement on tea imports into each other’s countries, news reports said. Sri Lanka tea industry officials also said exports of Ceylon tea to India had for long been held up by red tape and other restrictions […]
Google Browser
WASHINGTON, September 2, 2008 (AFP) – Google plans to launch Tuesday its own Internet browser, opening up a new challenge in cyberspace to Microsoft and its dominant Internet Explorer. The California-based Web search leader said the new browser, called Google Chrome, would “add value for users and, at the same time, help drive innovation on […]
Sri Lanka jails 305 military deserters
September 2, 2008 (AFP) – Sri Lanka’s military on Tuesday ordered the jailing of 305 army deserters who failed to return to their units during an amnesty period, the defence ministry said.The men were sentenced to jail terms ranging from three months to one year following court martial proceedings, the ministry said. “Those deserters have […]
Sri Lankan troops capture key Tamil Tiger town: ministry
September 2, 2008 (AFP) – Sri Lankan forces have captured the key town and Tamil Tiger bastion of Mallavi in the north of the island following heavy fighting that killed 37 people, the defence ministry said Tuesday. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Security forces […]
Philippine corporate profits fall: study
MANILA, September 2, 2008 (AFP) – Soaring inflation contributed to a 4.3-percent fall in profits at listed Philippine firms over the three months to March, a stock exchange study said Tuesday.The fall against the same quarter last year pushed profits among the 221 companies down to 66.68 billion pesos (1.46 billion dollars), according to the […]
GM opens second plant in western India
MUMBAI, September 2, 2008 (AFP) – US-based auto giant General Motors opened its second plant in western India on Tuesday that will nearly triple annual production capacity to 225,000 vehicles a year. The company said it had invested 300 million dollars in the new factory in Talegaon, near Pune city, 160 kilometers (100 miles) southeast […]
Oil prices at 105 dollars, as commodity and credit bubble deflates
LONDON, September 2, 2008 (AFP) – Oil prices dived under 105 dollars on Tuesday, reaching four-month lows, after Hurricane Gustav spared key energy facilities in the Gulf of Mexico and the US currency strengthened, analysts said. “Hurricane Gustav weakened once it reached the US Gulf Coast, putting pressure on the energy market,” said Andrey Kryuchenkov, […]
Brazil starts to tap deepwater oil field
RIO DE JANEIRO, September 1, 2008 (AFP) – Brazil will on Tuesday start to tap a deepwater offshore oil field that could presage how difficult it will be to pump reserves in vast new fields located even farther out to sea. To receive instant alerts from LBO on your Dialog mobile type ‘act (space) lbo’ […]