Category: Industry
Last Week
Sept 25, 2007 (LBO) – The deadline for the repatriation of Sri Lankans working illegally in Oman without being fined ends on September 30, the Foreign Affairs Ministry said Tuesday. It said in a statement that relatives of workers in Oman without valid visas have been asked to inform their family members without delay of […]
Apples and Oranges
Sept 25, 2007 (LBO) – The International Monetary Fund which has warned of further fallouts from the sub-prime crisis has called on credit evaluators to use a new rating scale to describe default risks of asset-backed securities. Now asset-backed debt products or securitized instruments use the same rating scale that is used from straightforward bonds […]
India win Twenty20 title after rousing finale
JOHANNESBURG, Sept 24, 2007 (AFP) – Mahendra Singh Dhoni’s young Indian team snatched the inaugural Twenty20 world title after defeating arch-rivals Pakistan by five runs in a thrilling final on Monday.Pakistan all-rounder Shahid Afridi was declared the player of the tournament despite falling for zero in the final. The Indians, restricted to 157-5 after electing […]
Cell Finance
Sept 24, 2007 (LBO) – International Finance Corporation, the private sector financing arm of the World Bank inked a 100 million financing deal Monday with Sri Lanka’s biggest mobile phone operator, Dialog Telekom.Washington-based IFC will lend 70 million dollars in debt, while the balance will be used to buy shares from Dialog’s parent company, Telekom […]
Biometric Banking
Sept 24, 2007 (LBO) – ICICI Bank, India’s second-largest bank, is planning to demonstrate in Sri Lanka its smart card technology that helped create innovative products and take banking to rural India, even to illiterate farmers, a top official said. Chanda Kochhar, Deputy Managing Director of ICICI Bank, said its technology partner Financial Information Network […]
Reach Out
Sept 23, 2007 (LBO) – Sri Lanka’s Central Bank governor Ajith Nivard Cabraal has urged the banking community to reach out to the rural poor saying the move would not only help impoverished farmers but enrich the banks themselves. The government and the banking community should aim to improve financial inclusion for vulnerable sections and […]
Cell Record
NEW DELHI, Sept 22, 2007 (AFP) – The number of Indian mobile phone subscribers has passed the 200 million mark after the country added another eight million customers last month, industry figures show. India’s wireless market, the world’s fastest growing, attracted a further 8.31 million wireless subscribers in August to touch 201.29 million users, according […]
LBR-LBO CFO Forum
Sept 22, 2007 (LBO) – The Sri Lankan chief financial officer’s job has become more challenging but the position retains its strategic importance and provides the best stepping stone to the top in the corporate sector, a senior executive said. “It is the same old role which most of our finance professionals are not playing […]
Sri Lanka chases Indian MICE
Sept 21, 2007 (LBO) – Sri Lanka is targeting Indian firms to persuade them to hold their business meetings in the island in a bid to boost its flagging leisure industry which has been hit by an internal conflict, officials said. Sri Lanka Convention Bureau, an agency that promotes the Meetings, Incentive travel, Conventions and […]
Sri Lanka tour operator association refreshes officers
Sept 20, 2007 (LBO) – The Sri Lanka Association of Inbound Tour Operators (SLAITO) has appointed a fresh set of officers, the Ceylon Chamber of Commerce said. SLAITO is made up of destination management companies who service tourists in Sri Lanka. Foreign travel companies and charter operators who are principals of the local members are […]
Capital Boost
Sept 20, 2007 (LBO) –Sri Lanka’s Seylan Bank said it was going ahead with a plan to raise new debt to beef up its capital base and meet Central Bank requirements. A bank statement said it plans to make a public quoted issue of unsecured subordinated redeemable five-year debentures the details of which are to […]
Ship Imports
Sept 20, 2007 (LBO) – Sri Lanka’s ship owners have warned that an unresolved dispute with Customs over a tax on vessels could force them to leave the Sri Lanka flag of registry. This could hurt the island’s prospects of building up its merchant fleet and encouraging foreign owners to register their vessels in the […]