Category: Industry
Bows Out
Oct 02, 2008 (LBO) – Sri Lanka’s former finance ministry secretary P B Jayasundera, who resigned as chairman from national carrier Sri Lankan Airlines, says he will be taking a break before taking up any new assignments. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Jayasundera told […]
Digital Identity
Oct 01, 2008 (LBO) – E-Wis, a Sri Lankan information technology firm which has been picked to automate a pension fund of a state-managed private sector workers’ fund, says the new system will trim frauds and delays in processing member information. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send […]
Reaching Out
Oct 01, 2008 (LBO) – The International Finance Corporation (IFC) is organizing a banking road show in Ratnapura, in southern Sri Lanka, to help small and medium enterprises get access to finance.“There will also be sessions on handling complex loan applications, preparing business plans and project proposals, and establishing new banking products for small and […]
Fair Value
BRUSSELS, September 30, 2008 (AFP) – The European Union is considering a shake-up in accounting rules as part of measures aimed being drafted in response to the global financial crisis, an EU official said Tuesday.The idea is one among a series that are being looked into ahead of a high-level European economic meeting expected to […]
Hedge Profits
Oct 01, 2008 (LBO) – Sri Lanka’s Citibank unit has reported sharply higher profits from hedging deals, Fitch Ratings said, confirming its ‘AAA(lka)’ long term credit rating with a ‘Stable’ outlook.In the first half of 2008 85 percent of loans were to large corporates and 14.5 percent to the government of Sri Lanka and state […]
Slim Prices
Sept 30, 2008 (LBO) – Sri Lanka’s Dialog Telekom, a unit of Telekom Malaysia said it had bagged five million subscribers, started per second billing and cut tariffs for calls within the network. A new post-paid package give 1,000 free minutes withing the network and per-second billing. Prepaid customers would also get per-second billing and […]
Paper Issue
Sept 30, 2008 (LBO) – Sri Lanka’s Mercantile Investment Limited (MIL), a registered finance company, is raising 100 million rupees through a commercial paper which has been given a rating of ‘P1’, RAM Ratings said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 RAM Ratings said MIL […]
Fertile Service
Sept 29, 2008 (LBO) – Sri Lanka™s Apollo Hospitals is seeing interest for fertility treatment services from the Middle East, Maldives, Canada and USA in addition to Sri Lanka, where an ageing population is stimulating demand, officials said. Lanka Hospital Services has a management deal with India’s Apollo. Ajith Jayaratna, chairman of Lanka Hospitals Corporation […]
Deutsche Slam
FRANKFURT, September 29, 2008 (AFP) – Shares in German banks posted steep losses Monday as a distressed real-estate lender said it had been thrown a lifeline by a bank consortium while also issuing a profit warning. Chronic financial market turmoil, meanwhile, was met with fresh refinancing operations by the European Central Bank. Shares in Hypo […]
European Crisis
NEW YORK, September 29, 2008 (AFP) – US lawmakers agreed a 700-billion-dollar bailout of financial groups, but the financial hurricane slammed into European banks and global markets Monday amid doubts over whether the deal would get through Congress.Motomi Hiratsuka, a trader at BNP Paribas, said: “We know that we are most likely to avoid a […]
Judicial Ire
Sept 29, 2008 (LBO) – Sri Lanka’s Supreme Court has slammed police and bribery authorities and summoned the country’s former finance secretary to court over a judgment involving the privatization of a bunker firm, an official said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The latest […]
Lube Trends
Sept 28, 2008 (LBO) – The Sri Lanka unit of Indian Oil Corporation has temporarily cut prices on its lubricants, aiming to capture a bigger share of the market in which competition is growing. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Lanka Indian Oil Corp is […]