Author: lbostgadmin
Weight Watching
Sept 24, 2008 (LBO) – Sri Lanka’s cooking gas retailers will have to weigh gas cylinders on a certified on-site weighing machine in the presence of customers to combat the sale of underweight cylinders, officials said. If such dealers are not allowed to sell gas, rural customers in particular may face immense difficulties by being […]
Sri Lanka Tamils resent surveillance in capital
September 24, 2008 (AFP) – Luxmi Wellamma fled her home in Sri Lanka’s war-torn north for what she hoped would be a safer life in Colombo. To receive instant alerts from LBO on your Dialog mobile type ‘act (space) lbo’ and send to 678 But the relative calm of the capital comes at a cost: […]
Ex-banker Paulson faces snag in using public money to bailout banks
WASHINGTON, September 24, 2008 (AFP) – A battle over the US government’s financial rescue package heated up in Congress Tuesday, with top finance officials urging its swift passage and lawmakers digging in their heels. Federal Reserve chairman Ben Bernanke and Treasury Secretary Henry Paulson, testifying to Congress after proposing the 700-billion-dollar bailout just days ago, […]
FBI probes finance giants for fraud: report
WASHINGTON, September 24, 2008 (AFP) – The US Federal Bureau of Investigation is probing allegations of fraud by 26 Wall Street firms including several investment giants whose collapse sent world markets into turmoil, US media said Tuesday. The FBI has set its sights on investment titan Lehman Brothers, mortgage giants Fannie Mae and Freddie Mac […]
Malaysia cuts fuel prices again
KUALA LUMPUR, September 24, 2008 (AFP) – Malaysia Wednesday announced another 3.9 percent cut in petrol prices, following recent declines in world oil prices. Prime Minister Abdullah Ahmad Badawi said the price of petrol will be cut by 10 sen to 2.45 ringgit (0.72 dollars) while diesel prices will be cut by the same amount […]
Sri Lanka opposes EU human rights probe to renew GSP+ benefits
Sept 24, 2008 (LBO) – Sri Lanka has opposed a European Union probe into human rights in the island to see if it meets conditions required to renew a trade deal giving duty free access to European markets. Bogollagama sought the meeting with Ferrero-Waldner after learning of European Commission plans to conduct an investigation on […]
Soft License
Sept 24, 2008 (LBO) – The Sri Lanka unit of Toroid, a Scandinavian transformer maker has licensed Microsoft software for its factories in an export processing zone in the island, Microsoft said.The software firm said its ‘Microsoft Enterprise Agreement’, which is tailored for use by firms that have more than 250 workstations, could bring savings […]
Sri Lanka tourist trade to boost local travel as foreign arrivals fall
Sept 24, 2008 (LBO) – Sri Lanka’s tourism promotion agency has launched a campaign to encourage local travel as part of efforts to revive the industry, hit hard by escalating conflict that has reduced foreign arrivals. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 “We see untapped […]
‘s Move
NEW YORK, September 23, 2008 (AFP) – Tycoon Warren Buffet’s Berkshire Hathaway has agreed to buy five billion dollars of stock in Goldman Sachs, and could double its stake within five years, the Wall Street bank said late Tuesday. Under the terms of the agreement, Berkshire Hathaway is buying five billion dollars of perpetual preferred […]
Legal Promise
Sept 24, 2008 (LBO) – Sri Lanka will bring in tighter laws to nab fraudsters who run fraudulent deposit scams, a government minister said, after the collapse of the latest Ponzi-style high yield scheme. Minister Ranjith Siyambalapitiya was responding to a question from parliamentarian Wimal Weerawansa. A person calling himself Sakvithi Ranasinghe had collected hundreds […]
Finance Merger
Sept 24, 2008 (LBO) – Sri Lanka’s Ceylinco Finance said it plans to merge with its subsidiary Asian Finance in a seven for two share swap. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The company said in a stock exchange filing that the merger and share […]
Chinese Partners
Set 24, 2008 (LBO) – HSBC Sri Lanka said it had arranged a 45 million US dollar loan backed by Sinosure, China’s export credit agency, to fund an expansion of Sri Lanka Telecom’s cellular unit Mobitel. Leisha De Silva Chandrasena, chairperson of Sri Lanka Telecom, says the expansion project will provide high speed internet, mobile […]