Category: Industry
Big and Small
May 7, 2007 (LBO) – A local bank and an international micro-finance specialist have tied up with the world’s largest bank to widen banking access to local micro enterprises, officials said Monday. Citigroup Foundation with the Foundation for Development Co-operation (FDC) and Banking with a Poor Network (BWTP) is helping micro-finance organizations build links with […]
Bailout Probe
May 08, 2007 (LBO) — Sri Lanka has appointed a special presidential commission to probe finance companies that went bust in the past, after the country’s top whistle-blower found fault with monetary authorities for not recovering large amounts due to the state. Sri Lankan President Mahinda Rajapakse has picked justice Priyantha Perera to head the […]
Hatton Profits
May 08, 2007 (LBO) – Hatton National Bank’s group net profit grew 33 percent to 344 million rupees with a strong 46 percent growth in foreign exchange earnings bringing in 246 million rupees, its March quarter accounts released Tuesday showed. The interest income grew to 5.7 billion rupees from 4.2 billion. At bank level, net […]
‘s ball-in-glove ploy
May 7, 2007 (AFP) – Sri Lanka believes Adam Gilchrist’s use of a squash ball as a batting aid in the World Cup final was “unethical” and may take the matter up with world cricket chiefs, officials said Monday Gilchrist, whose record-breaking 149 led Australia to their fourth title, said later that he had a […]
India seek World Cup revenge in Bangladesh
DHAKA, May 7, 2007 (AFP) – New-look India flew into Bangladesh on Monday hoping to revive the team’s shattered cricketing fortunes and avenge the disastrous defeat that sent them tumbling out of the World Cup.No other result has caused such upheaval in Indian cricket as Bangladesh’s stunning five-wicket World Cup win that knocked Rahul Dravid’s […]
Friendly Fire
May 7, 2007 (AFP) – Sri Lanka has restricted domestic flights and banned amphibious aircraft from using irrigation reservoirs following Tamil Tiger air attacks, officials said Monday.The military banned Sri Lanka’s national carrier, Sri Lankan Airlines, from operating a lucrative domestic service of Single Otter aircraft using reservoirs for take-off and landing, a defence ministry […]
Sri Lanka minus stars for Pakistan encounter
May 6, 2007 (AFP) – Sri Lanka will be without some of its star players for the three-match one-day series with Pakistan in Abu Dhabi later this month, a senior official said here Sunday. The 2007 World Cup runners-up team which will play matches with Pakistan from May 18-22 in Abu Dhabi will be without […]
More Protection
May 6, 2007 (AFP) – Sri Lanka is to tax film producers who use foreign stars in a move to protect its own movie market and combat cheaper imported labour from India, an industry official said Sunday. Domestic film makers who use foreign actors in a lead role will have to pay 250,000 rupees (2,400 […]
Profit Warning
May 05, 2007 (LBO) – Emirates, which owns 40 percent of SriLankan Airlines has warned its main shareholder, the Dubai government, that profits of the South Asian associate will fall in 2007. “SriLankan faces another difficult year ahead and unless a solution is found to the ongoing security situation, there may not be a significant […]
Wireless Chase
May 04, 2007 (LBO) – The race to buy the fixed wireless operator Suntel has narrowed down to four contenders, with an Indian telecom firm expecting to conduct due diligence on the Sri Lankan operator soon. Originally seven firms were in the running to buy Suntel, a unit of Sweden’s Telia. “In the short-list there […]
New Sked
May 04, 2007 (LBO) – SriLankan Airlines is re-scheduling all its flights ahead of the closure of Colombo airport during the night, the airline said Friday. “Following discussions with the Ministry of Ports and Aviation and the Department of Civil Aviation, SriLankan Airlines will be rescheduling its flights to operate between 5.00 am and 9.00 […]
Watery Depression
May 04, 2007 (LBO) – Heavy rains lashed Sri Lanka’s capital for the second day, putting large areas under water, while the authorities closed part of the main road from Colombo to the south when a section caved in. Weather officials say rain caused by a depression in the Bay of Bengal may continue for […]