Category:
‘s Reliance launches giant retail rollout
HYDERABAD, India, Nov 3, 2006 (AFP) – Indian corporate giant Reliance Industries began a multi-billion dollar superstore rollout Friday with promises to the nation’s small traders that it would not drive them out of business.The 11 slick, air-conditioned stores which opened in this southern city are a novelty in the country of 1.1 billion people, […]
Sri Lankan rebels accused of strike plan, as Tiger targets hit
Nov 3, 2006 (AFP) – Sri Lankan war planes pounded suspected Tamil Tiger targets for a third straight day Friday after the defence ministry charged that the guerrillas were preparing for a major offensive Sri Lanka’s defence ministry said supersonic jets hit two locations of the Liberation Tigers of Tamil Eelam (LTTE) in the eastern […]
Sri Lanka says Tamil Tigers preparing offensive
Nov 3, 2006 (AFP) – Sri Lanka’s defence ministry said Friday the Tamil Tiger rebels were gearing up for a major offensive following the latest peace talks failure and ahead of their leader’s birthday later this month.The ministry said the Liberation Tigers of Tamil Eelam (LTTE) had stepped up artillery and mortar attacks against security […]
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 […]
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 […]
Bigger Load
Nov 01 (LBO) – SriLankan Airlines said Thursday that it would launch a regional charter service carrying cargo to South Asia, even reaching destinations not connected by scheduled flights. SriLankan Cargo currently offers scheduled services to 50 destinations in 28 countries, serviced by dedicated freighters and 14 mainline Airbus Aircraft. With the new service, businesses […]
Scam Trail
November 2, 2006 (LBO) – Authorities who are probing the Seagullsoftware Ponzi scam have found that the firm had accounts in at least two commercial banks, while its participants say cheques have cleared through yet another bank. Seagullsoftware ran a pyramid scam variant, which masqueraded as a business process outsourcing company. Banking sources say about […]
Aye, Aye
November 02, 2006 (LBO) – Sri Lanka’s Sampath Bank Ltd’s shareholders Thursday voted in favour of raising the bank’s authorised share capital and lifting the maximum shareholder limit to be on par with Central Bank guidelines. Sampath Bank may also be a possible takeover target once again, with a single shareholder making moves to own […]
Estate worker unions expect quick close to wage talks; tea production hits new highs
Nov 02 (LBO) – Sri Lanka posted record tea production in September, as estate worker trade unions thrash out a wage increase for over 250,000 plantation workers. Wage Talks Meanwhile, estate worker trade unions say they expect a quick closure in wage talks, with union officials downplaying strike action on some estates in Hatton over the […]
New Cap
November 2, 2006 (LBO) – Manju Hathotuwa former head of Sri Lanka’s ICT Agency has secured a posting with the World Bank for 18 months. An engineer by profession, he has worked across many local organizations serving industries such as IT and property development. .
Wider Footprint
November 2, 2006 (LBO) – Sri Lanka’s number two mobile operator Celltel said on Thursday it has built 200 new towers in six months, to virtually double its coverage in key towns. Celltel, which launched an analogue network in 1989 to become the first phone company in South Asia to go cellular, is splashing out […]
Euro bills in Germany mysteriously disintegrating: report
BERLIN, Nov 2, 2006 (AFP) – Euro bills in Germany have begun mysteriously disintegrating, leading police to suspect a prank using sulfuric acid, the top-selling daily Bild reported Thursday.The state crime offices in Berlin and the southwestern state of Rhineland-Palatinate have opened investigations after a number of bills began self-destructing across the country. The first […]