Category: Other
Fraud Warning
April 24, 2007 (LBO) – The Central Bank of Sri Lanka is warning the public against payment card fraud following the discovery of a massive fraud in the United Kingdom which has been linked with Sri Lanka’s Tamil Tigers. “This scam which has been said to be running for several years has involved in cloning […]
Tougher Rules
April 24, 2007 (LBO) – Tough new corporate governance rules were being made mandatory to make the markets more attractive to foreign and local investors, Sri Lanka’s capital market regulators said. The SEC has also put in rules on money laundering, but so far no prosecutions have been made. We firmly believe it to be […]
‘s founding leader dismisses gripes over pay hike
SINGAPORE, April 23, 2007 (AFP) – The debate over the million-dollar paychecks of Singapore’s cabinet ministers is “rubbish” because the city-state needs to attract extraordinary people to run it, founding leader Lee Kuan Yew said in remarks published Monday.“The biggest mistake any Singaporean can make is to believe that Singapore is an ordinary country and […]
Indian outsourcing sector sets up watchdog to stamp out data theft
NEW DELHI, April 23, 2007 (AFP) – India’s booming services and software industry Monday announced that an independent watchdog has been setup to create a “global safe-deposit vault” to halt data theft such as credit card details. Shyamal Ghosh, a former Indian bureaucrat, was named chairman of the Self Regulatory Organisation and said the watchdog […]
Plastic Probe
LONDON, April 21, 2007 (AFP) – British police are investigating a global credit card scam, allegedly linked to Sri Lanka’s Tamil Tiger rebels, which has conned thousands of British motorists out of cash, the BBC reported Saturday. BBC television said that the Sri Lankan government has claimed that its opponents, the Tamil Tigers, are behind […]
Sri Lanka petroleum retailer to look again at hedging after May
April 21, 2007 (LBO) – Sri Lanka’s largest petroleum retailer, the state-owned Ceylon Petroleum Corporation (CPC), is setting its sights on crude oil hedging after ending up on the right side of its maiden gas-oil options position, an official said. During those periods Ceylon Petroleum had run losses around 200 million US dollars. CPC received a […]
‘s Sri Lanka unit reveals interest in offshore oil exploration
April 20, 2007 (LBO) – US oil giant Chevron-Texaco is interested in bidding for offshore oil exploration blocks in Sri Lankan waters, a top official of its local unit, Caltex Lubricants said. “Chevron is interested in the exploration opportunity,” Kishu Gomes, Managing Director Caltex in Sri Lanka told reporters. “There is a delegation going to Houston, […]
Caltex Sri Lanka unit eyes Maldivian lubricant market
April 20, 2007 (LBO) – Chevron Texaco’s Sri Lanka unit, Caltex Lubricants, Friday signed a five-year deal with a Maldivian firm to expand in to the lubricant market in the archipelago. The agreement will let Caltex enhance its market position in the Maldivian lubricant market which is growing at 12 percent a year.“Currently we have approximately […]
Ailing dollar sees no relief; sterling hits 26-year high
NEW YORK, April 18, 2007 (AFP) – The struggling dollar faced renewed selling pressure Wednesday as sterling jumped to a 26-year high and the euro topped 1.36 dollars amid fresh concerns about US economic prospects. The euro reached as high as 1.3616 dollars before falling back to 1.3607 at 2100 GMT against 1.3564 late Tuesday […]
Sri Lankan February tea output lowest in decade
April 19, 2007 (LBO) – Sri Lanka’s tea production in February fell to its lowest monthly level in 10 years because a strike by labour unions and bad weather affected the crop late last year, brokers said. Among the worst hit were top high grown tea growing areas like Bogawantalawa and Talawakelle. The February tea production […]
New Zealand dollar hits highest level for quarter century
WELLINGTON , April 18, 2007 (AFP) – The New Zealand dollar hit its highest level against the US currency for 25 years on Wednesday after inflation data reinforced expectations of further interest rate increases. High interest rates have made the New Zealand currency attractive to foreign investors while weakness in the US dollar has also […]
Dollar on the ropes against European currencies
TOKYO, April 18, 2007 (AFP) – The dollar languished at a near 15-year low against the British pound and a two-year trough versus the euro in Asian trade Wednesday as the market bet on further hikes in European interest rates, dealers said.The pound sterling firmed to 2.0074 dollars in Tokyo morning trade from 2.0063 in […]