Category: Industry
Gassing Up
Jan 04, 2007 (LBO) – Sri Lanka’s second cooking gas retailer raised prices by 17 percent Thursday on a formula approved by the consumer authority while the minister in charge said advance notice of price increases should not be given. The Ceylon Petroleum Corporation has not raised prices since July. After fuel prices were fixed, […]
Century!
SINGAPORE, Jan 3, 2008 (AFP) – World oil prices eased in Asian trading on Thursday after briefly hitting 100 dollars a barrel for the first time, jolting oil-dependent economies.In morning trade, New York’s main contract, light sweet crude for February delivery, was 43 cents lower at 99.19 dollars a barrel. The contract closed 3.64 dollars […]
Record Highs
NEW YORK, Jan 2, 2008 (AFP) – Oil prices spiked to record closing highs within striking distance of 100 dollars a barrel Wednesday, triggering inflation jitters that weighed on the US stock market. “Crude prices are drawing some support from (expectations of) a further decline in crude stocks in a weekly US inventories report,” said […]
Ranatunga seeks to clean up Sri Lankan cricket
Jan 2, 2008 (AFP) – Sri Lanka’s new cricket chief Arjuna Ranatunga took up his post Wednesday, vowing to stamp out corruption in the running of the sport. The 1996 World Cup winning captain said an independent audit group would scrutinise the accounts of the cash-rich Sri Lanka Cricket (SLC) body before he took responsibility […]
Sri Lanka raises hotel rates amid bomb attacks: officials
Jan 2, 2008 (AFP) – Sri Lanka’s luxury hotels raised their rates on Wednesday despite an escalating ethnic civil war that triggered a 20 percent drop in tourists. The Yala National Park was shut for 10 weeks after seven soldiers were killed in a rebel attack on the popular tourist destination, home to leopards, elephants […]
Old Guard
Jan 01, 2008 (LBO) – New corporate governance rules for Sri Lankan banks would force long-standing directors to retire, prevent banks giving favoured treatment to related parties and ensure separation of power between the board and executive management. The new rules by the Central Bank, meant to promote the safety and soundness of the banking […]
Sri Lanka Cricket chief resigns
Dec 31, 2007 (AFP) – Sri Lanka’s cricket chief Jayantha Dharmadasa on Monday stepped down, clearing the way for former captain Arjuna Ranatunga to take over in the top job. “He has offered his resignation in writing to the Sports Ministry secretary and will cease to be in office with effect from this evening,” Sri […]
Housing Woes
Dec 31, 2007 (LBO) – Fitch Ratings has downgraded the long-term rating of Housing Development Finance Corporation (HDFC) by one notch to ‘A-(lka)’ from ‘A (lka)’ and also lowered its outlook to negative from stable. “The rating downgrades reflect HDFC’s deteriorating profitability brought on by its inherent interest rate risk, and the escalation of such […]
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 […]