Category: Industry
Another One
Dec 31, 2007 (LBO) – Fitch Ratings has downgraded the State Mortgage and Investment Bank (SMIB) by one notch to A-(lka) and lowered its rating outlook to negative from stable, just as it downgraded HDFC Bank, another mortgage lender. “The rating downgrade reflects SMIB’s deteriorating profitability brought on by its inherent interest rate risk, and […]
Canal Charge
ISMAILIYA, Egypt, Dec 30, 2007 (AFP) – Transit fees for ships using Egypt’s Suez Canal will increase in 2008 by an average of 7.1 percent, the canal authority said on Sunday. Fees will rise by 5.7 percent for container ships, by 7.3 percent for oil tankers and by 10.5 percent for natural gas ships, authority […]
Sri Lanka Cricket gets Ranatunga as new chief
Dec 30, 2007 (AFP) – Sri Lanka’s World Cup-winning captain Arjuna Ranatunga is to be formally appointed as head of the cricket administration next week, officials said Sunday.“His appointment is confirmed and he should take over next week as chairman of the cricket interim committee,” a senior presidential official, who did not want to be […]
Flirty Thief
Dec 30, 2007 (LBO) – Russian programmers have created software known as ‘CyberLover’ that can infiltrate dating sites and chatrooms and seduce victims and collect personal information to be sold to identity thieves, internet security experts said.The cyber bot solicits and collects information such as home addresses, telephone numbers, and personal photographs that are used […]
Banking Credibility
Dec 29, 2007 (LBO) – The International Monetary Fund (IMF) has raised doubts about the independence of Sri Lanka’s central bank and its ability to regulate banks fairly due to the presence of a Treasury representative which creates a conflict of interest. “¦the Monetary Board’s independence could be potentially constrained by the presence of the […]
Pension Problem
Dec 28, 2007 (LBO) – The International Monetary Fund has criticised delays in reforming Sri Lankan state sector pension schemes and urged government to regulate private pension funds. It also urged the government to allow large pension funds to expand their private securities portfolio in order to develop the securities market, and make them more […]
Mobile Auction
Dec 27, 2007 (LBO) – Sri Lankan fisherman are using mobile phones to ‘auction’ their catch before reaching shore, allowing them to get better prices, backed by better bargaining power, an official said. Once the fishermen land their catch, it has to be sold quickly before the fish starts to spoil. “As soon as they […]
Media Rumpus
Dec 27, 2007 (LBO) – A Sri Lanka minister who was held hostage by angry colleagues inside a television station after he assaulted the news chief of the broadcaster was rescued by commandos, an LBO journalist at the scene said. Chandrasekera’s colleague Lal Mawalage said this was the first time the Rupavahini Corporation had acted […]
Heavenly Alerts
Dec 27, 2007 (LBO) – A digital satellite radio disaster alert system that can be remotely activated which was field tested in Sri Lanka is now ready for use in the region to give early warning of tsunamis, officials said. The Addressable Radio for Emergency Alert (AREA) system can send disaster alerts within seconds of […]
Bridge Building
MATARA, Sri Lanka, Dec 26, 2007 (AFP) – Sri Lanka marked Wednesday the third anniversary of the devastating Asian tsunami by opening a showpiece bridge in the south of the island where 31,000 people died.President Mahinda Rajapakse formally commissioned the 116-metre (383 feet) bridge across the Nilwala river here in this southern coastal town of […]
Australia remain the team to beat
LONDON, Dec 25, 2007 (AFP) – By the end of a year where Australia continued to remain supreme as the leading Test and one-day side it was easy to think little had changed in world cricket.They won a third straight World Cup and, after a run of 14 consecutive Test wins, they were closing in […]
England fined for dawdling against Sri Lanka
LONDON, Dec 24, 2007 (AFP) – England captain Michael Vaughan was on Monday fined 40 percent of his match fee for his team’s slow over rate during the third and final Test against Sri Lanka. The tourists failed in their bid for victory in the match in Galle last week, with the drawn result meaning […]