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Sri Lanka power sector facing bankruptcy: minister
Oct 24, 2011 (LBO) – Sri Lanka’s power utility has lost 167 million rupees a day in August amid dry weather and power sector faces bankruptcy unless tariffs are adjusted, power minister Champika Ranawaka has said. The daily numbers points to a monthly loss of about five billion rupees. Sri Lanka has two state run […]
Sri Lanka exports, trade gap up in August
Oct 24, 2011 (LBO) – Sri Lanka’s exports rose 19.1 percent to 951.7 million US dollars in August, while imports rose 66. 5 percent to 1.83 billion US dollars expanding the trade gap 191 percent to 885 million US dollars. “The exports growth in August was mainly driven by industrial exports where significant contributions came […]
Still There
Oct 23, 2011 (LBO) – The head of Sri Lanka’s Securities and Exchange Commission said she had not received instructions to sack its director general, following strong speculation that he would be dismissed for probing securities fraud. Asked by reporters whether the SEC would continue its investigations, Sugathadasa said before a formal investigation is started, […]
India set for 13th rate hike despite growth worries
NEW DELHI, October 22, 2011 (AFP) – India’s central bank is set to raise interest rates for the 13th consecutive time this week in a bid to tame near double-digit inflation, even as “dark clouds” gather over Asia’s third-largest economy. The Reserve Bank of India has increased interest rates 12 times since March 2010 — […]
Sri Lanka rice gifted to Somalia
Oct 23, 2011 (LBO) – Sri Lanka has gifted 250 metric tonnes of rice to Somalia as domestic production increased, economic development minister Basil Rajapaksa said. This year no rice has been imported to the country, Rajapaksa told an ‘investor’s day’ in Colombo Saturday. “Our paddy stores are now full,” Rajapasksa said. “We have three […]
Sri Lanka GSP benefits extended by US
Oct 22, 2011 (LBO) – President Barak Obama has signed a law extending temporarily halted generalized system of preferences (GSP) trade concessions to Sri Lanka till July 31, 2013 the US embassy said. More information could be found at the Customs and Border Patrol website, the embassy said. The concessions will become effective from November […]
First Pakistan-Sri Lanka Test drawn
ABU DHABI, October 22, 2011 (AFP) – The first cricket Test between Pakistan and Sri Lanka ended in a draw at Abu Dhabi stadium on Saturday after Kumar Sangakkara hit a match-saving 211 in his team’s total of 483. Prasanna Jayawardene scored 120. The second of three Tests starts in Dubai on October 26. Scores: […]
Ton-up Sangakkara keeps Pakistan on bay in first Test
ABU DHABI, October 21, 2011 (AFP) – Kumar Sangakkara put his wealth of experience on show with a pugnacious unbeaten hundred to keep Pakistan’s victory bids on hold in the first Test here on Friday. Walking into bat after Sri Lanka lost opener Tharanga Paranavitana off the very first ball of their second innings on […]
Sri Lanka Tamil Tigers jailed by Dutch court
THE HAGUE, October 21, 2011 (AFP) – Five members of Sri Lanka’s Tamil Tigers were on Friday jailed for between two and six years for having sent millions of euros gathered illegally in the Netherlands to the rebel group. The men, all of them Dutch nationals, were convicted of having raised money mainly through illegal […]
Sri Lanka stocks end up 1.2-pct
Oct 21, 2011 (LBO) – Sri Lankan stocks closed higher in thin trade Friday, ending a slide of several days, amid speculation over the removal of a senior official in the markets regulator which has cracked down on manipulators, brokers said. The sole crossing or off-market private deal was 300,000 Commercial Bank non-voting shares at […]