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Merchant Bank of Sri Lanka diversifies into property, personal loans
May 16, 2007 (LBO) – Merchant Bank of Sri Lanka, a subsidiary of Bank of Ceylon, is considering diversifying into property development to boost its profitability and revenue composition.MBSL also commenced granting personal loans apart from its leasing and hire purchase portfolio, the bank said in a statement on its debenture issue that opened last […]
Daylight Premium
May 16, 2007 (LBO) — Sri Lanka closed its only international airport for night flights at the request of national carrier SriLankan Airlines, who would have otherwise been slapped a high insurance premium, the president’s office said in a statement Wednesday.London-Heathrow another top global hub also closes in the night to minimise disturbing city dwellers. […]
Step Up
May 16, 2007 (LBO) – Fitch Ratings has upgraded Hatton National Bank’s long term rating by one notch to AA- (lka) and the rating outlook also changed to stable from positive, the rating agency said Wednesday. HNB is listed, with two main shareholders: Stassen’s group and Brown & Co. Ltd group holding 32.5 percent and […]
High Bill
May 16, 2007 (LBO) – Eagle Insurance consolidated revenue rose 24 percent to 1.35 billion for first quarter of March 2007, but a higher claims bill dragged profits down 13 percent to 31 million rupees, the firm’s latest results showed. Gross written premium also increased 26 percent to 1.3 billion rupees. Eagle Insurance Chairman Grant […]
Beware
May 16, 2007 (LBO) – An international anti-pyramiding activist has called on Sri Lanka to be vigilant against multi-level marketing schemes that can invade the country following the arrest of top Goldquest operatives in Indonesia. “Treasure Traders International and, more recently, Canadian Diamond Traders, are similar scams that are recruiting victims worldwide,” Robert Fitzpatrick, head […]
Large Deal
May 16, 2007 (LBO) – Telekom Malaysia is planning to sell about seven percent of its share in its Sri Lankan subsidiary but would be buying into a rights issue of Dialog Telekom, irrespective of whether a sell down happens or not, an official said. “We are looking at the possibility of selling down seven […]
World Bank board to continue Wolfowitz debate Wedneday
WASHINGTON, May 15, 2007 (AFP) – World Bank executive directors said late Tuesday they would continue deliberations about the fate of the embattled bank president, Paul Wolfowitz. In a terse, two-sentence statement, the board said it had met Tuesday to discuss a report by an investigatory bank panel that concluded Wolfowitz had broken rules in […]
Sri Lanka police questioning of editor over Goldquest expose deplorable: rights body
May 16, 2007 (LBO) – Police has questioned a newspaper editor over reporting of the activities of the Goldquest scheme in Sri Lanka, and a subsequent controversial investigation by the country’s Central Bank. “Ms. Samarasinghe’s right to publish information as she sees fit in her capacity as a professional journalist, is no exception to the […]
Sri Lanka will not depend on aid: president
May 16, 2007 (AFP) – Sri Lanka’s president vowed on Wednesday not to depend on foreign aid after Britain said it would suspend debt relief to its former colony until Colombo improves its human rights record. President Mahinda Rajapakse said he would accept “genuine aid,” but will not depend on it, his office quoted him […]
Sri Lanka appoints new minister for ports and aviation
May 16, 2007 (LBO) — Sri Lanka Wednesday appointed Chamal Rajapakse, brother of President Mahinda Rajapakse, as the new minister of ports and aviation filling a post held by sacked minister Mangala Samaraweera, officials said.President Rajapakse had sworn in the new minister early Wednesday, prior to meeting the heads of newspaper editors at his heavily […]