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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 […]
Bank Expansion
Oct, 21, 2011 (LBO) – India’s Axis Bank has opened a branch in Sri Lanka’s capital Colombo eying the island’s growing trade and domestic financing business, the lender said. The Colombo branch was opened by Sri Lanka’s central bank governor Nivard Cabraal, the banks said. Axis Bank had 1,456 branches across India in 953 cities […]
Cash Track
Oct 21, 2011 (LBO) – HSBC launched a cash collection and management service which is useful for for companies that have large numbers of clients who make regular payments, officials said. HSBC’s ‘virtual account’ service allows a company to collect and track receivables based on a client identity tag. “This is useful for utility companies, […]