Category: Industry
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 […]
Risky Waters
ATHENS, November 22, 2008 (AFP) – A Greek-owned chemical tanker freed by Somali pirates was heading for Saudi Arabia Saturday, Greece’s merchant shipping ministry said. To receive instant alerts from LBO on your Dialog mobile type ‘act (space) lbo’ and send to 678 The pirates had released the Liberian-flagged MV Genius on Friday after holding […]
Gravy Train
Nov 21, 2008 (LBO) – The Sri Lankan government has increased the customs duty on imported petrol by 10 rupees per litre to 35 rupees from yesterday, a senior Treasury official says. We are increasing the taxes to trim the extra profits the two petroleum companies are making with the sudden drop in world energy […]
Sri Lanka export earnings fall in September
Nov 21, 2008 (LBO) – Sri Lanka’s exports earnings in September fell 9.4 percent to 652 million US dollars from a year ago on lower demand from the US and other big markets, the central bank said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Industrial exports […]
Global news agencies boycott Australian cricket
SYDNEY, November 20, 2008 (AFP) – Global news agencies have boycotted coverage of the first cricket Test between Australia and New Zealand starting Thursday because of conditions imposed by organisers.The agencies — Agence France-Presse, Associated Press, Reuters and Getty Images — have also suspended coverage of all Australian cricket news until further notice over demands […]
Financial Turmoil
Nov 20, 2008 (LBO) – A senior Sri Lankan central banker says the collapse of the global financial sector has underlined the value of real output and resources but that it could dampen consumption. Central Bank Deputy Governor W A Wijewardena said that the entire financial market is now going through turmoil. He was speaking […]