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‘s Dreamliner completes first flight outside US
FARNBOROUGH, July 18, 2010 (AFP) – Boeing’s 787 Dreamliner jet, whose delivery to clients faces fresh delays, landed here Sunday after its first flight outside of the US ahead of the Farnborough International Airshow. The test plane landed at Farnborough airport at 9:08am (0808 GMT), watched by journalists from around the world, ahead of the […]
Paranavitana, Sangakkara flay India in first Test
GALLE, July 18, 2010 (AFP) – Tharanga Paranavitana and skipper Kumar Sangakkara hit centuries as Sri Lanka dominated the rain-hit opening day of the first Test against India on Sunday. The left-handed duo put on 181 for the second wicket to lead Sri Lanka to 256 for two in their first innings before heavy rain […]
‘s Test finale in Sri Lanka
GALLE, July 17, 2010 (AFP) – Sri Lanka’s world record holder Muttiah Muralitharan was geared up to bowl for the last time in the first Test against India from Sunday, but bad weather threatened to disrupt his swansong. The prolific off-spinner, 38, will retire from Test cricket after the opening contest of the three-match series […]
Sri Lanka tea trade sees strong demand
July 17, 2010 (LBO) – Sri Lankan tea prices are likely to stay strong on good demand from consuming countries and possible shortages caused by disruption of production at key origins like India, officials said. Tea Exporters Association chairman Jayantha Keragala said Sri Lankan tea prices were attractive right now. “At the moment we’re enjoying […]
US urges Maldives to accept foreign mediation
July 17, 2010 (AFP) – The United States on Saturday urged the Maldives to accept international offers of mediation to resolve a political crisis that has led to angry street demonstrations. Their intervention prompted Nasheed to reappoint his 13-member cabinet last Tuesday, a week after they resigned en masse. But the mediation has done little […]
Sri Lankan central banker writes pro-poor book
July 17, 2010 (LBO) – A former Sri Lankan central banker has written a book that can open the eyes of third world policy makers and impoverished citizens helping them escape state-induced poverty caused by high inflation. “Money does not raise economic growth, but it is the fundamental cause of high rate of inflation that […]
Sri Lanka appoints rating advisors
July 16, 2010 (LBO) – Sri Lanka has appointed Hongkong and Shanghai Banking Corporation Ltd, Bank of America Merrill Lynch and The Royal Bank of Scotland as rating advisors for four years, the Central Bank said. Sri Lanka wants to push its speculative sovereign rating to investment grade by 2014. The Central Bank has also […]
Rail Deals
July 16, 2010 (LBO) – Indian and Chinese companies have been awarded two deals to modernise and rebuild parts of Sri Lanka’s railway network damaged by war and extend tracks, a government statement said. Indian and Chinese firms have already been given contracts to rebuild or modernise other parts of the rail network in the […]
Liquidity Status
July 16, 2010 (LBO) – A credit guarantee scheme introduced by Sri Lanka’s central bank has become operational with a finance company making use of the first liquidity facility this week, a statement said. “The Central Bank is actively encouraging the speedy utilization of the scheme by the RFCs and the respective banks,” it said. […]
Bank Merger
July 16, 2010 (LBO) – Sri Lanka’s state-run Regional Development Banks (RDBs) are to merge, getting access to foreign funds, and diversify from agriculture into other areas like tourism and lend in the former north-east war zone, officials said. The single entity created from the merger will help reduce costs and improve operating efficiency. “Operating […]