Category: Industry
Reduced Sentence
Sept 26, 2008 (LBO) – Despite Sri Lanka™s high primary school enrollment rate, large numbers drop out owing to weaknesses in the system, with many taking to crime, organizers of an education exhibition said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The island’s primary school net […]
Another One
WASHINGTON, September 26, 2008 (AFP) – US bank JPMorgan Chase took over struggling Washington Mutual for 1.9 billion dollars, the US Federal Deposit Insurance Agency (FDIC) announced late Thursday.The acquisition creates the largest US depository institution with more than 900 billion dollars in customer deposits, the FDIC said in a statement. In the deal, JPMorgan […]
Rural Finance
Sept 26, 2008 (LBO) – Fitch Ratings Lanka said it is maintaining the Rating Watch on the National Long-term ratings of six Sri Lankan state-owned Regional Development Banks (RDBs) which are being merged. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The required amendments to the RDB […]
Safe Bet
Sept 26, 2008 (LBO) – The United States has guaranteed 540 million rupees of conflict area credit in Sri Lanka by a domestic leasing firm to bring finance into the island’s eastern province which had seen intense fighting until recently.The USAID guarantee will be effective for three years from October 1, 2008, to September 30, […]
Savings Promotion
Sept 25, 2008 (LBO) – Sri Lanka’s state-run National Savings Bank (NSB) is starting a three-month savings drive from October 01, to coincide with World Thrift Day, officials said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The bank was also offering gifts ranging from bicycles and […]
Rising Risk
Sept 25, 2008 (LBO) – Sri Lanka’s finance companies, especially smaller ones, could face difficulties in raising funds to maintain liquidity if the present high inflation and interest rate scenario continues, Fitch Ratings has warned. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The rating agency said […]
Soft License
Sept 24, 2008 (LBO) – The Sri Lanka unit of Toroid, a Scandinavian transformer maker has licensed Microsoft software for its factories in an export processing zone in the island, Microsoft said.The software firm said its ‘Microsoft Enterprise Agreement’, which is tailored for use by firms that have more than 250 workstations, could bring savings […]
Sri Lanka tourist trade to boost local travel as foreign arrivals fall
Sept 24, 2008 (LBO) – Sri Lanka’s tourism promotion agency has launched a campaign to encourage local travel as part of efforts to revive the industry, hit hard by escalating conflict that has reduced foreign arrivals. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 “We see untapped […]
‘s Move
NEW YORK, September 23, 2008 (AFP) – Tycoon Warren Buffet’s Berkshire Hathaway has agreed to buy five billion dollars of stock in Goldman Sachs, and could double its stake within five years, the Wall Street bank said late Tuesday. Under the terms of the agreement, Berkshire Hathaway is buying five billion dollars of perpetual preferred […]
Legal Promise
Sept 24, 2008 (LBO) – Sri Lanka will bring in tighter laws to nab fraudsters who run fraudulent deposit scams, a government minister said, after the collapse of the latest Ponzi-style high yield scheme. Minister Ranjith Siyambalapitiya was responding to a question from parliamentarian Wimal Weerawansa. A person calling himself Sakvithi Ranasinghe had collected hundreds […]
Finance Merger
Sept 24, 2008 (LBO) – Sri Lanka’s Ceylinco Finance said it plans to merge with its subsidiary Asian Finance in a seven for two share swap. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The company said in a stock exchange filing that the merger and share […]
Chinese Partners
Set 24, 2008 (LBO) – HSBC Sri Lanka said it had arranged a 45 million US dollar loan backed by Sinosure, China’s export credit agency, to fund an expansion of Sri Lanka Telecom’s cellular unit Mobitel. Leisha De Silva Chandrasena, chairperson of Sri Lanka Telecom, says the expansion project will provide high speed internet, mobile […]