Category:
Lending Expectations
Sept 04, 2013 (LBO) – Sri Lanka’s Sampath Bank is planning a branch in Myanmar and is expecting 20 percent credit growth this year despite tighter economic conditions, a top official said. “Our intention is to have a presence overseas,” managing director Aravinda Perera said. “We are looking at Myanmar.” The bank already has a […]
”s Minor
Sept 04, 2013 (LBO) – Sri Lanka’s Hemans Holding said it is building a 40 million US dollar luxury hotel with Thailand’s minor group.The group through its Serendib Leisure Management Ltd has manages AVANI Bentota Resort and Spa, AVANI Kalutara Resort, Club Hotel Dolphin and Hotel Sigiriya. The 154 room 5-star rated hotel will be […]
‘s central bank amid storm
MUMBAI, September 4, 2013 (AFP) – Top economist Raghuram Rajan, renowned for predicting the 2008 global financial crisis, took over as India’s central bank chief on Wednesday as the country faces its worst financial storm in years. Rajan, a former IMF chief economist, replaced Duvvuri Subbarao as governor of the Reserve Bank of India (RBI), […]
”s love of gold
KATHMANDU, September 4, 2013 (AFP) – After a long drive from across the border in China, the white truck arrived in Nepal’s capital at dawn with a seemingly innocuous cargo of Chinese-made clothes. But hidden in a cylinder inside the vehicle’s front bumper was the latest haul of gold smuggled from Tibet — bars weighing […]
Sri Lanka faces terror threat after war: defence official
COLOMBO, September 3, 2013 (AFP) – Sri Lanka risks a “re-emergence of terrorism” as Tamil Tiger rebels and their sympathisers living abroad revive a campaign for a separate state, the country’s top defence official said Tuesday.“Sri Lanka had enough divisions in the past that ultimately led to conflict,” Rajapakse added.“We must learn the lessons from […]
Sri Lanka Vietnam trade up 20-pct in first half
Sept 04, 2013 (LBO) – Trade between Sri Lanka and Vietnam has risen 20 percent in the first half of 2013, Hanoi’s envoy to Colombo Ton Sinh Thanh said.Sri Lanka’s minister of justice Rauf Hakeem and Petroleum Industries minister Anura Yapa had also visited Vietnam. “Trade volume between the two countries in the first six […]
Sri Lanka Forex Association gets new head
Sept 03, 2013 (LBO) – Sri Lanka Forex Association, made up members engaging in dealing Treasury related products in the island’s interbank markets covering 22 banks has elected P A Lionel, as its President. Lionel, a senior deputy general manager at state-run Bank of Ceylon, counts 30 years of experience in banking where 25 years […]
Driving Experience
Sept 03, 2013 (LBO) – German automaker Porsche is expecting to boost sales in Sri Lanka which have been hurt due to tax hikes with its newly launched Cayman model and a hybrid to be introduced soon, officials said.“The market in Sri Lanka is maturing nowadays and we have seen lot of interests in the […]
4G Entrant
Sept 03, 2013 (LBO) – Lanka Bell, a fixed access telephony unit of Distilleries Corporation of Sri Lanka group is to launch fourth generation services.“Lanka Bell will launch a 4G-LTE Network in the next financial year, which will position Lanka Bell amongst the other next generation telecommunication service providers in the country,” chairman Harry Jayawardene […]
Phone Deal
HELSINKI, September 3, 2013 (AFP) – Beleaguered Finnish mobile phone maker Nokia will sell its mobile phone unit to US group Microsoft for 5.44 billion euros ($7.17 billion), it said on Tuesday. NSN, which is specialised in high-speed mobile broadband, was set up as a joint venture between the two companies in 2007, a partnership […]
‘s rupee falls sharply, shares slump almost 3.5-pct
MUMBAI, September 3, 2013 (AFP) – India’s currency fell sharply Tuesday and stocks tumbled nearly 3.5 percent in another major sell-off caused by uncertainty in the Middle East and a new gloomy economic forecast by Goldman Sachs. On Monday, an HSBC survey showed that India’s manufacturing shrank in August for the first time in over […]
Bollywood cuts costs as rupee crisis bites: study
MUMBAI, September 2, 2013 (AFP) – Bollywood producers have long been fond of filming in exotic foreign locations, but the spiralling Indian currency has seen spending on movie sets abroad drop by one third, according to a study released Monday.The Associated Chamber of Commerce and Industry of India (ASSOCHAM) says that the amount spent on […]