Author: lbostgadmin
German subprime victim IKB warns of heavy losses
FRANKFURT, Sept 3, 2007 (AFP) – German bank IKB, badly hit by its exposure to bad housing loans in the United States, said on Monday it expected losses of between 600 and 700 million euros (818 million dollars and 955 million dollars) in its fiscal year 2007-2008. IKB, whose financial year runs from April to […]
Not Yet
Sept 03, 2007 (LBO) – No decision has yet been made to close the UK visa office in Colombo, though a review is underway, the British High Commission in Colombo said Monday. Press reports had said the visa office may be closed and moved to India. “There is an ongoing review into British visa services […]
Unilever suggests two-tier tea market instead of supply controls
Sept 03, 2007 (LBO) – Tea producing countries should aim to produce better quality, certified tea and not try artificial supply controls to raise prices, an official from the multinational Unilever said. Ian Neathercoat, Senior Resident Manager, Supply Chain Compliance Controller, Unilever Supply Chain Company, Europe, advocates the creation of a two-tier tea market producers […]
Sri Lanka to tender exploration blocks in October; estimated one billion barrel deposit
September 03, 2007 (LBO) – Sri Lanka is tendering three off-shore oil exploration blocks in October and exploration firms are expected to begin work in 2008, petroleum minister A H M Fowzie said. Sri Lanka has identified eight off-shore exploration blocks in the north eastern Mannar basin of which two had been reserved for China […]
Asset Backed
Sept 03, 2007 (LBO) – Fitch Sri Lanka has affirmed the ‘A (lka) national rating given to lease-backed securities of Senkadagala Finance Company, which has a ‘BBB+ (lka)’ rating with a stable outlook. The Lease Backed Trust Certificates (LBTCs) were issued by the special purpose vehicle Senkadagala Finance Trust Three (SFT3) with its credit enhanced […]
Sri Lanka takes northeast Tamil Tiger area
Sept 2, 2007 (AFP) – Sri Lanka said Sunday that troops have consolidated a hold on territory seized from Tamil rebels during intense weekend fighting that the guerrillas said killed nine civilians.Security forces seized territory that had been held by the Liberation Tigers of Tamil Eelam (LTTE) just south of Mannar in the northwest of […]
Sri Lanka troops seize Tamil Tiger naval base
Sept 2, 2007 (AFP) – Sri Lanka said Sunday that troops captured a Tamil Tiger naval base during a weekend advance into rebel-held territory the guerrillas said nine civilians died.The two sides have been locked in combat since 1972, with the Tigers fighting for a separate state for minority Tamils. The 35-year-old ethnic conflict has […]
Twenty20 cricket opens new international era
NEW DELHI, Sept 2, 2007 (AFP) – International cricket enters a new era of short, sharp entertainment from September 11 when the inaugural Twenty20 World Championship takes place in South Africa. Innovative strokeplay and a flurry of sixes and boundaries is the name of the 20-overs-a-side game designed for those looking for excitement, but don’t […]
Macau jackpot winner may lose multi-million dollar prize
HONG KONG, Sept 2, 2007 (AFP) – A Hong Kong woman who won 43 million dollars in a Macau casino may not get her money because the slot machine was not working properly, the territory’s gaming inspector said Sunday. The machine showed the woman had won the equivalent of 5.5 million US dollars after putting […]
Not Criminal
September 02, 2007 (LBO) – Prosecutors in the Philippines have sought to withdraw a criminal prosecution against Goldquest directors following appeals to higher courts, media reports from the country said. The case stemmed from a criminal complaint by former associates of Goldquest directors. Goldquest chief Vijayeswaran Vijayaratnam and several others were arrested in Jakarta but […]
Worker Relations
September 02, 2007 (LBO) – Sri Lanka’s employers and labour unions have set up a dispute settlement mechanism funded by the International Labour Organisation (ILO) with the aim of improving industrial relations. The Association for Dialogue and Conflict Resolution (ADCOR) is tasked with resolving employment related conflicts, making representations to authorities and conducting regular dialogue […]
Sri Lanka tea firms urged to grow own energy
Sept 1, 2007 (LBO) – Sri Lanka’s tea plantations companies have been urged to grow their own fuel as a means of reducing costs at a time when fossil fuel prices are escalating. Growing crops like gliricidia would not only provide a cheap source of firewood to meet energy requirements but also nutrients for the […]