Category: Industry
Finance Probe
July 05, 2007 (LBO) – A presidential commission of inquiry probing the collapse of a string of finance companies in Sri Lanka has begun questioning Central Bank officials. The four-member commission comprising of senior legal and finance experts commenced sittings on July 2 and will hold its next sessions on July 6 and 13. The […]
Retail Collection
July 05, 2007 (LBO) – HSBC has tied up with Singer Sri Lanka, a household durables firm, to use its network of outlets to collects payments for credit card bill payments for cardholders outside the capital. HSBC customers can use 162 Singer outlets throughout the island to pay settle their bills. “Our intention was to […]
Passing Bucks
July 04, 2007 (LBO) — Sri Lanka’s state-run oil firm Ceylon Petroleum Corporation has asked the treasury to pick up a six billion rupee subsidy tab for selling fuel to the Ceylon Electricity Board at a steep discount, officials said Wednesday. The Ceylon Electricity Board (CEB), currently buys fuel at 55 rupees a litre from […]
Sri Lanka stretches the lead with flourishing strokeplay
July 4, 2007 (AFP) – Kumar Sangakkara hit an unbeaten 170 as Sri Lanka continued to flay Bangladesh on the second day of the second cricket Test against Bangladesh here on Wednesday. The hosts, who bowled out Bangladesh for a meagre 62 on the first day, moved from their lunch score of 267-2 to 385-5 […]
High Standards
July 04, 2007 (LBO) – Sri Lanka’s freight forwarders are seeking new rules to improve standards in the trade after winning a court order that quashed a set of regulations proposed by government. “We did not see much policing in the proposed law,” Kadawatharatchie said. “There’s a need to punish rule breakers.” Niral Kadawatharatchie, chairman […]
BOT BPO
July 04, 2007 (LBO) – Aviva, one of the world’s biggest insurance firms, has hired over 300 Sri Lankan accounting and finance professionals into its business process outsourcing unit in Colombo. The professionals were trained on a build and transfer contract between Aviva Global Services (AGS) and Sri Lanka’s WNS, a third-party service provider for […]
Crawl Speed
July 04 (LBO) – Lengthy delays in automating Sri Lanka’s cargo clearing system were hurting the island’s chances of becoming a trading hub and making trading inefficient, a top freight forwarder said. “The automation of Sri Lanka’s cargo clearing system has not happened yet although it has been talked about for about five years,” said […]
Debt Capital
July 04, 2007 (LBO) – Sampath Bank has completed a debenture issue to raise 250 million rupees, the bank told the Colombo Stock Exchange. The money will strengthen the bank’s tier II capital base. The bank has a double AA- (lka) national long term rating from Fitch Ratings Lanka. Its debentures have previously been rated […]
Skills Export
July 03, 2007 (LBO) – Aitken Spence, one of Sri Lanka’s conglomerates with interests in several areas of the shipping industry, wants to develop a new business in managing ports abroad. The company already has a deal with South Africa’s Durban Port under which is sent 125 skilled Sri Lankans to provide training and port […]
Big Bucks
July 03, 2007 (LBO) – HSBC Bank in Sri Lanka is looking to finance two large transport sector projects with private sector involvement which will spawn new opportunities for local and international banks, a top official said. Three of Sri Lanka’s largest conglomerates, John Keells, Hayleys and Aitken Spence have put in bids to build […]
Bangladesh out for 62 domintaed by Sri Lankan attack
July 3, 2007 (AFP) – Bangladesh were shot out for their lowest Test score of 62 by Sri Lanka on the opening day of the second cricket Test at the P.Sara stadium here on Tuesday. Lasith Malinga and Muttiah Muralitharan claimed four wickets each as Bangladesh fell below their previous low of 86, also against […]
Bangladesh hit new low after Malinga-Murali burst
COLOMBO, July 3, 2007 (AFP) – Sri Lanka’s Lasith Malinga and Muttiah Muralitharan combined to humiliate Bangladesh for their lowest score of 62 on the opening day of the second cricket Test here on Tuesday. The trio replaced Khaled Mashud, Shakib-Al Hasan and Abdur Razzak. Fast bowler Malinga and off-spinner Muralitharan grabbed four wickets each […]