Category: Industry
Fiscal Fiasco
November 14, 2006 (LBO) – The massive fiscal cost and the subsequent body blow delivered to the economy of Sri Lanka by indiscriminate fuel subsidies from early 2004 had received the attention of international economic researchers. A study by researchers at the International Monetary Fund has found that 74.9 percent of the money spent on […]
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MUMBAI, India, Nov 4 (AFP) – The International Cricket Council confirmed on Saturday it had removed controversial Australian umpire Darrell Hair from the elite world panel following a ball-tampering row with Pakistan.Hair, a veteran of 76 Tests, first stood in first-class cricket in 1988-1989, having previously been a fast bowler for North Sydney and Mosman […]
Intellipedia
WASHINGTON, Nov 3, 2006 (AFP) – US officials say they have created their own version of the Wikipedia online encyclopedia for intelligence agents, in a bid to encourage US spy agencies to share information and transcend bureaucratic rivalries.Launched in April, Intellipedia allows analysts and officials from a range of agencies to add and edit content […]
Promised Land
Nov 03 (LBO) – An Indo-Lanka economic partnership agreement to free up services like banking and insurance, professional services and aviation, has been delayed to early next year. India and Sri Lanka have had about seven rounds of technical level talks on a Comprehensive Economic Partnership Agreement (CEPA), since 2003. The agreement hopes to deepen […]
Aye, Aye
November 02, 2006 (LBO) – Sri Lanka’s Sampath Bank Ltd’s shareholders Thursday voted in favour of raising the bank’s authorised share capital and lifting the maximum shareholder limit to be on par with Central Bank guidelines. Sampath Bank may also be a possible takeover target once again, with a single shareholder making moves to own […]
Scam Trail
November 2, 2006 (LBO) – Authorities who are probing the Seagullsoftware Ponzi scam have found that the firm had accounts in at least two commercial banks, while its participants say cheques have cleared through yet another bank. Seagullsoftware ran a pyramid scam variant, which masqueraded as a business process outsourcing company. Banking sources say about […]
Bigger Load
Nov 01 (LBO) – SriLankan Airlines said Thursday that it would launch a regional charter service carrying cargo to South Asia, even reaching destinations not connected by scheduled flights. SriLankan Cargo currently offers scheduled services to 50 destinations in 28 countries, serviced by dedicated freighters and 14 mainline Airbus Aircraft. With the new service, businesses […]
Wider Footprint
November 2, 2006 (LBO) – Sri Lanka’s number two mobile operator Celltel said on Thursday it has built 200 new towers in six months, to virtually double its coverage in key towns. Celltel, which launched an analogue network in 1989 to become the first phone company in South Asia to go cellular, is splashing out […]
New Cap
November 2, 2006 (LBO) – Manju Hathotuwa former head of Sri Lanka’s ICT Agency has secured a posting with the World Bank for 18 months. An engineer by profession, he has worked across many local organizations serving industries such as IT and property development. .
Post Office Banking
Nov 1, 2006 (LBO) – Banking giant HSBC tied up with Sri Lanka’s General Post Office on Wednesday to widen customer access to general banking facilities. Hong Kong and Shanghai Bank customers will be able to access their accounts through 15 General Post Offices (GPOs) which will offer cash and cheque deposits, credit card services […]
‘ Play
KUALA LUMPUR, Nov 1, 2006 (AFP) – Piracy declined globally this year, but Chittagong in Bangladesh was now the world’s most dangerous port, with a rise in piracy there and in some other key hotspots, a watchdog said Wednesday.The International Maritime Bureau (IMB) recorded 174 attacks on the high seas in the first nine months […]
Steady Growth
November 1, 2006 (LBO) – Sri Lanka Telecom, the island’s biggest telephone company, Wednesday reported a third quarter profit gain of 42 percent after it signed up more wireless customers. The company, which controls 85 percent of Sri Lanka’s fixed-line telecommunications market, made a 1.57 billion rupee net profit over a 23 percent revenue growth […]