Category: Industry
Last Resort
Feb 27, 2009 (LBO) – Sri Lanka’s central bank may open a liquidity facility as a last resort, in a bailout package for troubled finance and leasing companies which has a 4.2 billion rupee fiscal component, officials said.In recent times the Reserve Bank of Zimbabwe has used such tactics to finance agricultural sector credit and […]
Economic Lubricant
Feb 26, 2009 (LBO) – Sri Lanka’s cabinet of ministers has approved a bailout package for finance and leasing firms in a move to release assets seized from defaulting borrowers back into productive commercial use. “Equally, people who have bought lorries and lands will be able to once more use these assets for the purpose […]
In Remand
Feb 26, 2009 (LBO) – Lalith Kotelawala, chairman of Sri Lanka’s Ceylinco group, has been arrested and remanded over an alleged fraud that caused the collapse of group firm Golden Key Credit Card Company. The magistrate court order to remand Kotelawala was given when the case on an alleged fraud at Golden Key was taken […]
Big Guys
Feb 26, 2009 (LBO) – A call for bids to build a new container terminal in Colombo port has drawn the interest of some of the world’s top port operators and shipping lines as well Sri Lankan conglomerates.The SLPA official would not name the latest bidders except to say that all the companies which had […]
Younus falls for 313 as Pakistan steered to safety
KARACHI, February 25, 2009 (AFP) – Younus Khan fell for 313, agonisingly short of the national and world Test records, after steering Pakistan to safety in the first Test against Sri Lanka on Wednesday.Younus, who resumed at 306, played on to Sri Lanka’s Dilhara Fernando in the ninth over of the final day, disappointing the […]
First Pakistan-Sri Lanka Test ends in draw
KARACHI, February 25, 2009 (AFP) – The first Test between Pakistan and Sri Lanka ended in a draw after some late excitement when the tourists lost quick wickets briefly raising hopes of an unlikely result here on Wednesday.The tourists averted defeat after losing five wickets for just 120 runs, finishing the match with the score […]
Loan Slowdown
Feb 25, 2009 (LBO) – Sri Lanka’s DFCC Bank said group net profit for the December 2008 quarter rose 25 percent to 638 million rupees from a year ago but that earnings growth was slowing because of reduced lending and capital gains.Total group income for the December quarter rose 23 percent to 3.5 billion rupees […]
Younus smashes double century as Test heads for draw
KARACHI, February 24, 2009 (AFP) – Younus Khan notched a spectacular double hundred to help Pakistan avoid following on against Sri Lanka as the first Test headed towards a draw here on Tuesday. The new captain was unbeaten on 243 for his second Test double hundred which helped Pakistan move to 453-4 at tea on […]
Quick Links
Feb 24, 2009 (LBO) – The disaster management capabilities of Sri Lanka’s regional government offices have been boosted with broadband services which will improve communications and decision-making, a United Nations agency said. “Before we had to physically meet and that was a costly and time consuming exercise,” said Mellawathanthri. “The ADSL connection and the webcam […]
Ton-up Younus keeps Pakistan afloat
KARACHI, February 23, 2009 (AFP) – Debutant captain Younus Khan completed a fighting hundred as Pakistan kept Sri Lanka at bay on the third day of the opening Test here on Monday.Younus was unbeaten on 101 as the home team, replying to Sri Lanka’s mammoth first innings total of 644-7, reached 213-2 at tea.The other […]
Sri Lanka seen as China marketing hub
Feb 23, 2009 (LBO) – Chinese businesses are eying Sri Lanka’s regional and international trade concessions and strategic geographical location as a window into European Union and other Asian markets, a visiting Chinese trade official said. “The geographical location of Sri Lanka is good. It can be used as a window into other Asian and […]
Sri Lanka exporters to get incentives as downturn worsens
Feb 23, 2009 (LBO) – Sri Lanka has unveiled an export incentive program based on maintaining revenues and employment, while emerging data shows contracting nominal values with manufacturers planning to trim workforces. Sri Lanka’s government is giving a 5 percent incentive payment in domestic currency to any exporter who can show 5.0 percent more export […]