Author: lbostgadmin
Sri Lanka’s Central Bank not unduly worried about weak exchange rate
November 02, 2006 (LBO) – Sri Lankan rupee briefly sank to a lifetime low on Wednesday, but the Central Bank says they are not worried about it, despite regularly pumping 390 million dollars to defend the currency. “Public enemy no: 1 is inflation,” says deputy governor W A Wijewardena. “Its like people have a good […]
Fitch rates Seylan Bank’s debt; says bank needs fresh capital, tight risk management
November 2, 2006 (LBO) – Fitch Ratings Lanka has given a ‘BBB+(lka)’ rating for Seyl Bank’s upcoming five year unsecured subordinated redeemable debentures, the rating agency said Thursday. Seylan’s long-term debt is rated A-(lka) by Fitch with a stable rating outlook. The ratings reflect Seylan’s market position as the fifth-largest licensed commercial bank in Sri […]
‘s military accuses Tiger rebels of breaching truce
Nov 1, 2006 (AFP) – Sri Lanka’s military Wednesday accused Tamil Tiger rebels of carrying out artillery and mortar attacks against government lines in the east of the island, despite a pledge to stick to a truce.A military spokesman said a government soldier was hurt overnight Tuesday in three hours of strikes by the Liberation […]
Bordeaux winemakers downplay impact of rise in fakes
BORDEAUX, France, Nov 1, 2006 (AFP) – Winemakers in France’s prime Bordeaux wine region have shrugged off warnings by experts over a rise in counterfeiting of top wines potentially worth millions of euros (dollars).While most top chateaux in Bordeaux, in France’s southwest, have introduced measures to protect their wines against the fakes, they insist the […]
Egypt trembles as cheap Chinese pharaohs rule the souk
CAIRO, Nov 1, 2006 (AFP) – Figurines of King Tut, Ramses and Queen Nefertiti in Cairo’s famous Khan Khalili bazaar all bear the hallmarks of pharaonic regalia, from the goat-hair beards to the golden sceptre. But the slanting eyes framed by the ancient Egypian rulers’ trademark kohl lining betrays the statuettes’ Chinese origins. While Egypt […]
Trade unions create ITUC: world labour front against globalisation
VIENNA, Nov 1, 2006 (AFP) – Trade unions from around the world set up a new labour giant, the International Trade Union Confederation (ITUC), here on Wednesday to end decades of internal feuding and strengthen their hand against globalisation. “I declare the creation of the ITUC, encompassing 306 national unions in 154 countries and representing […]
Steady Growth
November 1, 2006 (LBO) – Sri Lanka Telecom, the island’s biggest telephone company, Wednesday reported a third quarter profit gain of 42 percent after it signed up more wireless customers. The company, which controls 85 percent of Sri Lanka’s fixed-line telecommunications market, made a 1.57 billion rupee net profit over a 23 percent revenue growth […]
Unplugged
TOKYO, Nov 1, 2006 (AFP) – Times have changed since Nobutoshi Kihara sketched out designs for the revolutionary Walkman on a piece of paper.But, despite a disastrous few years for the iconic Japanese company, the ground-breaking Sony engineer believes the electronics giant still has its spirit of innovation as it marks its 60th anniversary this […]
Short Changed
Nov 01 (LBO) – Sri Lanka™s consumer watchdog is stepping up raids in shops and supermarkets to weed our creative pricing and other offences, as Sri Lanka™s cost of living soars. Consumer prices in Sri Lanka went up to 17.2 percent in October from 15.4 percent in September, driven upwards by higher prices of cigarettes, […]
Post Office Banking
Nov 1, 2006 (LBO) – Banking giant HSBC tied up with Sri Lanka’s General Post Office on Wednesday to widen customer access to general banking facilities. Hong Kong and Shanghai Bank customers will be able to access their accounts through 15 General Post Offices (GPOs) which will offer cash and cheque deposits, credit card services […]
‘ Play
KUALA LUMPUR, Nov 1, 2006 (AFP) – Piracy declined globally this year, but Chittagong in Bangladesh was now the world’s most dangerous port, with a rise in piracy there and in some other key hotspots, a watchdog said Wednesday.The International Maritime Bureau (IMB) recorded 174 attacks on the high seas in the first nine months […]
HSBC to raise US$ 100 mn syndication loan for Sri Lanka’s Bank of Ceylon
November 01, 2006 (LBO) – Global banking giant HSBC is in the process of finalizing a 100 million dollar syndicated loan for Sri Lanka’s Bank of Ceylon, its President and CEO, Michael R P Smith said Wednesday.“We have been in Sri Lanka for nearly 114 years and we are confident that you can overcome your […]