Author: lbostgadmin
Takeover Track
March 14, 2009 (LBO) – Fitch Ratings Lanka has confirmed the ‘A-(lka)’ rating of People’s Leasing Company (PLC) with a stable outlook following its announcement of a possible takeover of a rival leasing firm, Seylan Merchant Leasing (SML). Fitch said it believes the firm’s stronger financial profile should be able to comfortably absorb SML, which […]
New economics column on LBO, by top economist
March 13, 2009 (LBO) – Today Lanka Business Online is starting a new column by one of Sri Lanka’s most senior and well-known economists, who has practiced, taught and written on economics for more than 35 years. The column is published in the Sinhala language under the title Balumgala in www.vimasuma.com The column ‘WatchTower’ by […]
ECB to review investor strategy after Stanford fiasco
LONDON, March 13, 2009 (AFP) – The England and Wales Cricket Board are to review the manner in which they assess potential investors following the collapse of their deal with controversial financier Allen Stanford.The ECB came in for heavy criticism after Stanford was implicated by the US Securities and Exchange Commission in a multi-billion dollar […]
Economic stimulus package for recessions
Mar 13, 2009 (LBO) – The economic recession that began to plague the entire globe was the salient feature of the world economy during the period from 2007. Almost all the developed countries responded to the wide-spread recession by offering numerous stimulus packages funded by governments or the central banks. The recovery of the economy […]
Sri Lanka HNB Assurance profit up
March 13, 2009 (LBO) – Sri Lanka’s HNB Assurance said after tax profit rose 33 percent to 164.5 million rupees in 2008 from a year ago in what was a difficult period for business, helped by investment income from government bonds.Premium rates continued to fall in General Insurance, eroding margins to an unacceptable level, managing […]
Sri Lanka troops claim 32 Tigers killed
March 13, 2009 (AFP) – At least 32 Tamil Tiger rebels have died in the latest push by Sri Lankan government troops into the rebels’ shrinking fiefdom, the island’s defence ministry said Friday.It has rejected calls for another truce, saying troops now have the upper hand in the decades-old conflict and are close to crushing […]
Sri Lanka conflict: UN chief fears war crimes on both sides
GENEVA, March 13, 2009 (AFP) – United Nations’ human rights chief Navi Pillay said Friday she feared both sides could be guilty of war crimes in the Sri Lanka conflict and that more than 2,800 civilians could have been killed since late January. “Certain actions being undertaken by the Sri Lankan military and by the […]
Tech Ideas
March 13, 2009 (LBO) – Sri Lanka’s software industry has teamed up with the British Council to promote technology entrepreneurship among university students. The “Graduate Enterprise Challenge 09” is a contest aimed at grooming the next generation of ‘technology entrepreneurs’, the British Council and Sri Lanka Association of Software and Service Companies (SLASSCOM) said in […]
Bucket Pricing
Mar 13, 2009 (LBO) – Sri Lankan fixed access telco, Lanka Bell has started two packages with batches of free outgoing minutes, intensifying competition in the fixed telephony sector, with market oriented pricing strategies, officials said. It has started a 1,000-minutes-free package for 999 rupees branded ‘Infinity Plus’, where the customer can call any time […]
Sri Lanka tea prices up as crop plunges
March 13, 2009 (LBO) – Sri Lankan tea prices rose again at this week’s Colombo auction mainly because volumes had fallen sharply owing to drought but crops are expected to revive with the onset of some rains. Forbes and Walker Tea Brokers said Sri Lanka’s tea production in January 2009 was the lowest in 15 […]
Overseas Outlook
Mar 13, 2009 (LBO) – Sri Lanka’s Hatton National Bank (HNB) said it is going ahead with overseas expansion in South Asia and the Middle East despite a global economic crunch and political turmoil. HNB had gone into Oman to push remittances through Majan Exchange LLC, which is 40 percent owned by the bank. “We […]
Supply Chain
March 13, 2009 (LBO) – Global logistics firm DHL said it will invest eight million dollars in Sri Lanka to set up a joint venture for supply chain services, including those tailored for the island’s apparel export industry.The investment of just over 800 million rupees in three years will go towards the joint venture, employee […]