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Double Deal
August 16, 2007 (LBO) – Sri Lanka’s Eagle Insurance, a unit of Aviva, has reported sharply higher net profit for the June quarter of 50 million rupees up 203 percent, with higher investment income boosting the bottomline. “Eagle’s bancassurance partnerships with NDB bank and Standard Chartered Bank have continued to contribute positively to results in […]
Insurance Value
Aug 16, 2007 (LBO) – Net profits of Union Assurance surged 84 percent to 30 million rupees in the June quarter, interim accounts released by the insurer showed. General and life insurance premiums for the quarter grew by 23 percent, to 1.1 billon rupees in 2007 from 924 million in 2006. The firm paid 711 […]
Sri Lanka pushes sports events to revive tourism
August 16, 2007 (LBO) – Sri Lanka wants to use sports events like a forthcoming marathon to entice more tourists to the island and rebuild an image tarnished by war and allegations of human rights abuses, officials said. The number of tourists to Sri Lanka fell 20 percent to 44,142 in July and arrivals in […]
Bring it on
Aug 16, 2007 (LBO) – Sri Lanka’s top celco Dialog Telekom said it was not worried by the entry of Indian mobile giant Bharti Airtel which is set to start commercial operations early next year. Dialog has also launched low cost insurance schemes. “We have operated in a very competitive market place alongside three competitors […]
World leaders urge calm amid fresh market turmoil
PARIS, Aug 16, 2007 (AFP) – World leaders on Thursday insisted that the US credit crunch would not cause an economic crisis but stock markets across the world plummeted yet again as investors remained unconvinced. Prime Minister Howard said Australia had a much smaller percentage of the sort of risky subprime mortgage loans that caused […]
Dollar, euro fall sharply against yen amid market turmoil
TOKYO, Aug 16, 2007 (AFP) – The dollar and euro fell sharply in Asian trade Thursday against the yen, sliding to four-month lows as investors ran for cover from turmoil on equity markets over US housing woes, dealers said. The stock market rout made investors shun risk and unwind their “carry trades” — borrowings in […]
Rating agencies on the mat in EU after subprime crisis: report
LONDON, Aug 16, 2007 (AFP) – The European Commission will investigate the role played by credit rating agencies in the recent crisis over subprime US home loans, the Financial Times reported on Thursday. “If the rating agencies believe this is going to be business as usual, they are very wrong,” an unnamed Commission official told […]
‘s legal threat
NEW DELHI, Aug 16, 2007 (AFP) – Former India captain Bishan Bedi has rubbished Muttiah Muralitharan’s demand for monetary damages for suggesting the Sri Lankan off-spinner was a cheat, reports said on Thursday.“I am a free man and I have a right to express my opinion,” Bedi, 60, was quoted as saying by the Times […]
‘s record
SYDNEY, Aug 16, 2007 (AFP) – Muttiah Muralitharan has warned any abuse from Australian crowds will only spur him to break Shane Warne’s world record in Sri Lanka’s cricket tour here later this year.The heavily-scrutinised Sri Lankan spinner has dared Australian fans to heckle him as he chases the nine wickets he needs to pass […]
Sri Lanka FM disowns “terrorist” accusation against UN official
August 16, 2007 (LBO) – Sri Lanka’s foreign minister, Rohitha Bogollagama, Thursday disowned a Cabinet colleague’s accusation that a UN official who visited the island recently was a terrorist. He said he was œ¦simply referring factually to the terrible incidents that had taken place and the need to step up even further all our efforts […]