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Capital Boost
Sept 20, 2007 (LBO) –Sri Lanka’s Seylan Bank said it was going ahead with a plan to raise new debt to beef up its capital base and meet Central Bank requirements. A bank statement said it plans to make a public quoted issue of unsecured subordinated redeemable five-year debentures the details of which are to […]
Sri Lanka tour operator association refreshes officers
Sept 20, 2007 (LBO) – The Sri Lanka Association of Inbound Tour Operators (SLAITO) has appointed a fresh set of officers, the Ceylon Chamber of Commerce said. SLAITO is made up of destination management companies who service tourists in Sri Lanka. Foreign travel companies and charter operators who are principals of the local members are […]
Sri Lankan senior planter warns of industry losing allure
Sept 20, 2007 (LBO) – Sri Lanka’s plantations are warning that the sector is losing its appeal to serious investors at a time when fresh capital is urgently needed to replant crops and modernise factories. “These restrictions coupled with the rapidly increasing cost of production, consequent to increases in costs of fuel, energy, fertilizer and […]
US backing makes help French candidate for IMF chief
WASHINGTON, Sept 19, 2007 (AFP) – Now backed by the United States, the socialist former French finance minister Dominique Strauss-Kahn is set to sail to victory next week in the race to become the International Monetary Fund managing director. The United States weighed into the two-man contest on Wednesday, one day ahead of Strauss-Kahn’s interview […]
Fed printing press scares bond market; equity bulls happy
WASHINGTON, Sept 19, 2007 (AFP) – A bold half-point rate cut by the Federal Reserve will give the ailing US economy a shot in the arm, but runs the risk of stoking inflation and appearing to bail out speculators, analysts say.Tuesday’s cut in the federal funds rate to 4.75 percent is seen as a pre-emptive […]
Canada to overtake US currency as Fed switch on printing press
OTTAWA, Sept 18, 2007 (AFP) – The Canadian dollar reached a 30-year high Tuesday, nearing parity with the US greenback after the US Federal Reserve cut its key interest rate. The loonie closed at 0.9864 US dollars, after touching 0.9874 US in the day’s trading, its highest level since January 1977, according to the Bank […]
Australian pace wrecks Sri Lankan batting
CAPE TOWN, Sept 20, 2007 (AFP) – Australia’s pace bowlers swept through Sri Lanka’s top order batting in their crucial World Twenty20 Super Eights match at Newlands Thursday.Sri Lanka were bowled out for 101 in 19.3 overs after being sent in. The match is effectively a knock-out encounter. The team that wins will go through […]
Sri Lanka auto firm gifts flashy wheels to sexy Malinga
Sept 20, 2007 (LBO) – Sri Lanka’s paceman Lasith Malinga, dubbed the sexist player during the World Cup, is to get a customised motorbike from Japanese manufacturer, Yamaha, an official in Colombo said Wednesday. National cricketers who are generally well-heeled and most already own luxury sports untility vehicles (SUV) and fast cars. Yamaha’s local agents, […]
South Africa thrash New Zealand by six wickets
DURBAN, South Africa, Sept 19, 2007 (AFP) – Justin Kemp blasted 89 not out off 56 balls after Morne Morkel claimed 4-17 as South Africa thrashed New Zealand by six wickets in the Twenty20 world championships here on Wednesday. Graeme Smith’s home team restricted the Kiwis to 153-8 after giving them first strike at the […]
Sri Lanka minister block queries over pension fund losses; new questions emerge
Sept 20, 2007 (LBO) – A government minister blocked reporters from questioning officials about real losses made by a pension fund of private sector workers, as disturbing new information about its management in state hands continued to emerge. The Employees’ Provident Fund (EPF), Sri Lanka’s largest pension fund, is estimated to have made a 37 […]