Category:
Postal Banking
Oct 09, 2008 (LBO) – Sri Lanka’s DFCC Vardhana Bank has struck a deal with Sri Lanka Post to use its post offices to reach more banking customers which also helps the government postal agency to cut huge losses. DFCC Vardhana Bank opened five new banking units in Sri Lanka Post offices branches in the […]
Bank Rating
Oct 09, 2008 (LBO) – Fitch Ratings Lanka has affirmed the National Long-term rating of DFCC Bank (DFCC) at ‘AA(lka)’ with a stable outlook.The rating agency has also affirmed DFCC’s senior debentures at ‘AA(lka)’ and subordinated debentures at ‘AA-(lka)’ (AA minus (lka)). Fitch said the ratings reflect DFCC’s strong capital base and sustained high profitability. […]
Sri Lanka to set up more waste disposal sites
Oct 09, 2008 (LBO) – Sri Lanka has approved two waste disposal sites with private sector participation to handle garbage generated in the densely populated western province which houses the capital, Colombo, a minister said. Yapa said the Burns would operate the waste site with two other partners. Burns, which had a concession from the […]
Sri Lankan businesses told new carbon rules mean new markets
Oct 09, 2008 (LBO) – New rules in Western markets to reduce greenhouse gas emissions offer business opportunities for Sri Lankan companies in products and carbon trading, an expert in financing environmentally-friendly projects said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Suranjan Cooray, chief executive of […]
No clear winner from landmark Maldives election
MALE, October 9, 2008 (AFP) – The first-ever democratic presidential election in the Maldives looked set to go into a second round after Asia’s longest-serving leader apparently failed to deliver a knock-out blow to his rivals. Official results based on roughly two-thirds of ballots cast showed incumbent President Maumoon Abdul Gayoom — who has run […]
Sri Lanka minister escapes suicide bomb attack
Oct 09, 2008 (LBO) – Sri Lanka’s agriculture minister Maithripala Sirisena escaped an assassination attempt Thursday when a suspected Tamil Tiger suicide bomber blew herself up near his vehicle, the defence ministry said. Police spokesman Ranjith Gunasekera said the minister was unharmed. The only fatality was the female suicide bomber. The defence ministry initially said […]
Sri Lanka fighting kills dozens: military
October 9, 2008 (AFP) – A Sri Lankan military advance on the stronghold of the rebel Tamil Tigers in the island’s northeast triggered heavy fighting that claimed casualties on both sides, the defence ministry said Thursday. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Ground troops backed […]
ADB chief says Asia to fare better than rest of world in credit crisis
TOKYO, October 9, 2008 (AFP) – The global financial crisis will have “considerable” effects on Asia but the region will fare well by world standards, Asian Development Bank president Haruhiko Kuroda said Thursday.He also downplayed concerns about the economies of Australia and South Korea, saying that the two countries were in good health considering the […]
Nervous French savers start gold rush
PARIS, October 9, 2008 (AFP) – The gold merchants of Paris may trade from shops in the shadow of the historic stock exchange building, but their business is booming even as the share market collapses.Nervous investors, who have seen house prices, equity markets and interest rates falling, are seeking shelter for their savings in what […]
” from financial crisis: IMF
WASHINGTON, October 8, 2008 (AFP) – The International Monetary Fund said Wednesday that the global economy was sinking in a maelstrom of financial turmoil and faced a painful crawl toward recovery in 2009. “The world economy is now entering a major downturn in the face of the most dangerous shock in mature financial markets since […]
Fed announces new $37.8bn cash infusion for AIG
WASHINGTON, October 8, 2008 (AFP) – The Federal Reserve said Wednesday it had authorized a new 37.8-billion-dollar cash infusion into insurance giant AIG, which is under fire over a lavish spa retreat paid for by the company after its rescue by the government. The newly nationalized company, saved from bankruptcy last month and propped up […]
Zimbabwe inflation soars to 231 million percent
HARARE, October 9, 2008 (AFP) – Zimbabwe’s annual inflation rate soared to 231 million percent in July, a state newspaper said Thursday, confirming the daily hardships of a nation driven into poverty and trapped in a political impasse.Staggering increases in the price of bread and cereals were the main reason for the jump from the […]