All Blogs
Sri Lankan Airlines Indian flights grounded as pilots go sick
April 25, 2008 (LBO) – Sri Lankan Airlines has canceled several flights to the Indian subcontinent as more than a dozen pilots reported sick, officials said. Sri Lankan airline spokespersons were not available for comment, but the airline had individually informed passengers of flights that had been canceled. The affected destinations are said to include […]
Sri Lanka plant blazes green trail for Marks & Spencer
April 25, 2008 (LBO) – UK retailer, Marks & Spencer says a newly re-built eco-friendly apparel factory in Sri Lanka is part of a plan that will see all operations being ‘greened’ by 2012, in response to growing environmental consciousness in its markets. M&S, commissioned a completely re-built ‘green’ casual wear manufacturing plant run by […]
Swiss central banker urges pay reform after subprime losses
GENEVA, April 25, 2008 (AFP) – Banks should reform their pay structure in the wake of the subprime crisis to avoid encouraging traders to take reckless risks, a top Swiss central banker said on Friday.Jean-Pierre Roth, chairman of the Swiss National Bank’s governing board, said a rethink of corporate governance and strengthening of rules was […]
Rate hike expected with inflation at 7.3-pct in India
NEW DELHI, April 25, 2008 (AFP) – India’s inflation jumped again to a more than three-year high, according to data on Friday, days ahead of a key meeting of central bankers who are expected to tighten monetary policy further.Annual inflation accelerated nearly two-tenths of a percentage point to 7.33 percent for the week ended April […]
Travellers to be screened by facial technology at British airports
LONDON, April 25, 2008 (AFP) – European air travellers to Britain will be screened with automatic facial recognition technology from this summer in a bid to tighten security and ease congestion, the government said Friday. Citizens of Britain and all European Economic Area countries will pass through unmanned clearance gates which will scan passengers’ faces […]
US March new home sales fall to more than 16-year low
WASHINGTON, April 24, 2008 (AFP) – Sales of new US homes plunged to their lowest level in over 16 years in March despite hefty price declines in response to a glut of unsold homes, Commerce Department data showed Thursday. The grim monthly report follows a key industry survey this week showing sales of existing homes, […]
Sri Lanka blast kills 12 and injures 30
April 25, 2008 (LBO) – A blast near a crowded bus station South of Sri Lanka’s capital Colombo has left at least 12 dead and more than a 40 injured, police and eyewitnesses said. The explosion went off in the suburb of Piliyandala during the evening rush hour at around 6.45 pm authorities aid. An […]
Domino Effect
April 24, 2008 (LBO) – Sri Lanka’s financial regulator Thursday told finance companies to carefully monitor liquidity and be more aware of risks to ensure they survive the current financial markets turmoil. This was because the collapse of one firm could have a domino effect on the whole system, Central Bank governor Ajit Nivard Cabraal […]
Confirmed Credit
April 24, 2008 (LBO) – Sri Lanka’s Fitch Ratings has confirmed Commercial Bank of Ceylon’s ‘AA+(lka)’ rating with a stable outlook, citing the bank’s good profitability, asset quality, strong solvency, high capitalization and its standing among local banks. Fitch also confirmed the banks ‘individual rating at ‘D’ and support rating at ‘5’. The ‘AA(lka)’ rating […]
More Time
April 24, 2008 (LBO) – Sri Lanka’s central bank has given more time for founding directors and chairmen of banks to serve on the boards beyond the original nine years specified by the regulator. “These additional transitional provisions give special consideration to the role and contribution of Founding Directors and Incumbent Chairmen to the promotion […]