Category: Industry
James Bond
Nov 26, 2008 (LBO) – An Aston Martin car, believed to be one of few such vehicles in Sri Lanka has been seized following action filed by HSBC Bank, lawyers said. Sri Lanka’s banking sector has seen a spike in non-performing loans, after interest rates rose. The car had been seized Wednesday under an order […]
Zimbabwe batsmen recover but Sri Lanka take series
HARARE, November 24, 2008 (AFP) – A transformation in Zimbabwe’s batting almost earned them a shock victory over Sri Lanka here Monday in the third of five internationals. They followed the Sri Lanka score of 171 for seven in the allocated 28 overs following morning rain with 166 for seven to lose by only five […]
Sri Lanka Cricket hunts for new sponsors
Nov 25, 2008 (LBO) – Sri Lanka Cricket has sought new commercial deals to sponsor the national team during their local and foreign tours, which include a visit to India. SLC’s main source of revenue comes from selling television rights.
Banking Profits
Nov 25, 2008 (LBO) – Profits at HSBC Sri Lanka has increased 94 percent to 1,664 million rupees in the first 9-months of 2008 despite large loan write-offs and rising interest expenses, published interim accounts showed. Interest income grew 22 percent to 14.1 billion rupees, interest expenses grew 31 percent to 6,450 million rupees while […]
Hub Threats
Nov 25, 2008 (LBO) – Sri Lanka’s Colombo harbour needs to reduce dependence on the Indian sub-continent and expand its coverage to get cargo from elsewhere in order to emerge as a true global hub port, a senior port professional says. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send […]
Sri Lankan Airlines resumes flights to Rome
Nov 24, 2008 (LBO) – Sri Lankan Airlines said it will resume flights to Rome from December 3, 2008, its first new destination since the management of the national carrier returned to the government in April. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The airline said […]
Bailout
WASHINGTON, November 24, 2008 (AFP) – The US government late Sunday vowed to protect struggling banking giant Citigroup against “unusually large losses” and give it 20 billion dollars from a financial rescue package approved by Congress. The announcement came after the Treasury Department, Federal Reserve and Federal Deposit Insurance Corporation reached an agreement with Citigroup […]
Capital Raising
SINGAPORE, November 24, 2008 (AFP) – British-based Standard Chartered bank said Monday it plans to raise 1.78 billion pounds (2.66 billion US dollars) in a rights issue to better position itself during the global financial turmoil. Standard Chartered, which is listed in Hong Kong and London, says more than 90 percent of its operating income […]
LBR-LBO CEO Forum
Nov 24, 2008 (LBO) – Sri Lanka’s Hatton National Banks (HNB) micro finance default rate is lower than the bank average default rates due to the shame factor and peer pressure for villagers, says managing director Rajendra Theagarajah. He says there’s a myth that if the business is from the bottom of the pyramid, the […]
CEO forum
Nov 24, 2008 (LBO) – Sri Lanka’s Hatton National Banks (HNB) micro finance default rate is lower than the bank average default rates due to the shame factor and peer pressure from villagers, says managing director Rajendra Theagarajah. He says there’s a myth that if the business is from the bottom of the pyramid, the […]
Street Fight
Nov 23, 2008 (LBO) – Top Sri Lankan celcos are slashing prices ahead of the entry of a fifth operator to the market, in a street fight that analysts say is set to haemorrhage bottom lines of the entire sector. In the last quarter Mobitel, a unit of fixed access provider Sri Lanka Telecom, and […]
Sri Lanka overpower dismal Zimbabwe
HARARE, November 22, 2008 (AFP) – Two days after a senior ICC delegation turned up to assess Zimbabwe’s suitability for a return to Test cricket the country’s batsmen ruined everything by cobbling together only 67 runs in a backs-to-the-wall 31 overs against Sri Lanka here Saturday.Their dismal nine wicket defeat followed one that was barely […]