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Trade Finance
Feb 06, 2008 (LBO) – Sri Lanka’s NDB Bank says it has linked up with US-based TradeCard Inc to provide import and export financing services that will cut transaction costs, especially in the apparel sector. “Partnering with TradeCard enables us to electronically deliver more trade financing options to our customers in Sri Lanka, NDB Bank […]
Hotel Loss
Feb 06, 2008 (LBO) – Sri Lanka’s John Keells Hotels suffered a loss of 91 million rupees in the December quarter compared with a profit of 79 million rupees in the same period of last year. The John Keells Hotels PLC share traded flat at 6.75 rupees Wednesday. Revenue for the quarter rose 20 percent […]
Super Brand
Feb 06, 2008 (LBO) – Sri Lanka’s Chartered Institute of Management Accountants (CIMA) has been awarded Superbrand status which will serve as a benchmark for other business-to-business services to reach for, branding officials said. “It is an indication that the brand has achieved a unique status in the country,” said Sharmila Cassim director marketing of […]
Sri Lanka power costs to rise 30-pct to plug Rs42bn hole
Feb 06, 2008 (LBO) – Sri Lanka’s power ministry is backing a proposal by the state-run Ceylon Electricity Board (CEB) to raise tariffs by around 30 percent to avoid a projected loss of more than 42 billion rupees in 2008. “The suggestion is something like 25 percent and there will be a fuel adjustment rate,” […]
Maldivians clear path for a woman on top, but will there be footprints?
Feb 06, 2008 (LBO) – Maldives have cleared the bar to elect a woman president, but the glass ceiling is unlikely to shatter soon as the incumbent strongman wants to rule on into a fourth decade, analysts said. Though the 50-member majlis, a representative body, has cleared the way Maumoon Abdul Gayoom, 70, has already […]
Wall Street hammered as survey points to US recession
NEW YORK, Feb 5, 2008 (AFP) – US stocks went into a tailspin Tuesday as a shockingly weak reading on service sector activity bolstered the notion that a recession is at hand in the world’s biggest economy. The Dow Jones Industrial Average sank 370.03 points (2.93 percent) to end at 12,265.13 after sharp losses on […]
French minister calls for more US consultation with G7
PARIS, Feb 5, 2008 (AFP) – Europe will press the United States to show “more cooperation” in dealing with the global financial crisis at a weekend meeting of top finance officials, France’s European minister said Tuesday. “It would have been better if there was a more cooperative attitude — exchanges between treasuries, central banks, fewer […]
‘s Coke unit in cricket talent search
Feb 6, 2008 (LBO) – Sri Lanka’s Coca Cola unit has teamed up with former cricket star Aravinda de Silva to launch ˜Cricket pathway’, a project to search for cricketing talent in rural areas in the country. “Coca Cola wants to see youngsters blossoming from school champions to world champions with guidance and support from […]
Rohit Sharma fined for dissent in Sri Lanka match
BRISBANE, Australia, Feb 5, 2008 (AFP) – Indian batsman Rohit Sharma was fined for dissent after India’s one-day international cricket wash-out against Sri Lanka at the Gabba here Tuesday. Sharma was fined 10 percent of his match fee for standing his ground after being given out by South African umpire Rudi Koertzen, caught behind off […]
Sri Lanka says 37 Tamil Tigers killed, carries out air strikes
Feb 6, 2008 (AFP) – Sri Lankan war planes Wednesday bombed targets inside Tamil Tiger-held territory in the north as ground forces clashed with the rebels, leaving 37 guerrillas and five soldiers dead, the defence ministry said.War planes hit a location near Iranamadu on Wednesday morning after government forces destroyed some 30 bunkers of the […]