Category: Industry
Card Credit
August 17, 2007 (LBO) – Sri Lanka’s HSBC bank, the top credit card issuer in the island has tightened credit card based lending in the face of a spike in defaults, officials said.“We have seen an increase in non-performing advances,” HSBC’s head of personal banking Simon Williams told LBO. “When inflation picks up and expenses […]
Kenya beat Sri Lanka A by two wickets
NAIROBI, Aug 16, 2007 (AFP) – A brilliant 62 from opener Morris Ouma coupled with a patient innings of 24 from captain Thomas Odoyo handed Kenya a thrilling two-wicket win over Sri Lanka A in their tri-series match at the Nairobi Gymkhana on Thursday.Medium pacer Peter Ongondo had earlier restricted the Sri Lankans to 194 […]
Crack Spread
August 16, 2007 (LBO) – The Ceylon Petroleum Corporation which runs Sri Lanka’s only refinery has hedged the crack margin of a portion of its diesel and kerosene output in a deal with the Standard Chartered Bank, an official said. CPC is also planning to expand its refinery capacity by going for an 800 million […]
‘s record
SYDNEY, Aug 16, 2007 (AFP) – Muttiah Muralitharan has warned any abuse from Australian crowds will only spur him to break Shane Warne’s world record in Sri Lanka’s cricket tour here later this year.The heavily-scrutinised Sri Lankan spinner has dared Australian fans to heckle him as he chases the nine wickets he needs to pass […]
‘s legal threat
NEW DELHI, Aug 16, 2007 (AFP) – Former India captain Bishan Bedi has rubbished Muttiah Muralitharan’s demand for monetary damages for suggesting the Sri Lankan off-spinner was a cheat, reports said on Thursday.“I am a free man and I have a right to express my opinion,” Bedi, 60, was quoted as saying by the Times […]
Bring it on
Aug 16, 2007 (LBO) – Sri Lanka’s top celco Dialog Telekom said it was not worried by the entry of Indian mobile giant Bharti Airtel which is set to start commercial operations early next year. Dialog has also launched low cost insurance schemes. “We have operated in a very competitive market place alongside three competitors […]
Sri Lanka pushes sports events to revive tourism
August 16, 2007 (LBO) – Sri Lanka wants to use sports events like a forthcoming marathon to entice more tourists to the island and rebuild an image tarnished by war and allegations of human rights abuses, officials said. The number of tourists to Sri Lanka fell 20 percent to 44,142 in July and arrivals in […]
Insurance Value
Aug 16, 2007 (LBO) – Net profits of Union Assurance surged 84 percent to 30 million rupees in the June quarter, interim accounts released by the insurer showed. General and life insurance premiums for the quarter grew by 23 percent, to 1.1 billon rupees in 2007 from 924 million in 2006. The firm paid 711 […]
Double Deal
August 16, 2007 (LBO) – Sri Lanka’s Eagle Insurance, a unit of Aviva, has reported sharply higher net profit for the June quarter of 50 million rupees up 203 percent, with higher investment income boosting the bottomline. “Eagle’s bancassurance partnerships with NDB bank and Standard Chartered Bank have continued to contribute positively to results in […]
Chinese Connection
August 16, 2007 (LBO) – Colombo port has sent dock worker union leaders to study practices in a modern Chinese port and has now won their support for better work norms, a top official said. Sri Lanka Ports Authority (SLPA) chairman Saliya Wickramasuriya said relations between port management and workers was now better than last […]
Mobile Action
August 15, 2007 (LBO) – Bharti Airtel was aiming to launch commercial operations in Sri Lanka early next year investing 200 million dollars in the island, the Indian telecom giant said Wednesday. About 60 percent of Sri Lanka’s mobile market is controlled by Dialog Telekom, a unit of Telekom Malaysia. The rest is shared between […]
Sri Lanka tourist arrivals down 20% in July
August 15, 2007 (LBO) – Foreign visitors to Sri Lanka have fallen 20 percent in July with arrivals in the first seven months falling 24 percent, the country’s tourist promotion office said. Sri Lanka has been slapped by travel advisories while a worsening conflict and reports of human rights violations and killings of aid workers […]