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‘s ex-army chief in court on new charge
May 12, 2010 (AFP) – Sri Lanka’s ex-army chief and defeated presidential candidate Sarath Fonseka was for the first time hauled before a civilian court Wednesday and accused of inciting violence. Fonseka, who is in military custody and faces separate court martial charges of dabbling in politics while in uniform and corrupt procurements, was brought […]
Sri Lanka sees US$500mn coming in to leisure
May 12, 2010 (LBO) – Sri Lanka’s state investment promotion agency is processing almost 500 million dollars of new deals mainly into leisure and is planning two investments zones in the former war-torn north of the island, officials said. Kulasekara said the end of the war had opened up two-thirds of the country’s beach areas […]
Sri Lanka shares becalmed
May 11, 2010 (LBO) – Sri Lankan stocks closed flat Tuesday with the market around all-time high levels and investors searching for shares with low prices compared with earnings, brokers said. The All Share Price Index closed at 4,215. 22, down 0.16 percent (6.82 points) while the more liquid Milanka index rose 0.02 percent (0.83 […]
Keel Laying
May 11, 2010 (LBO) – Sri Lanka’s Colombo Dockyard, a listed ship builder, has laid the keel for the construction of an Anchor Handling Tug Supply Vessel for the Pacific island state of Samoa, a statement said. The yard, which is majority owned by Japan’s Onomichi Dockyard, said the tug was the first of two […]
Loan Growth
May 11, 2010 (LBO ) – Sri Lanka’s PABC Bank’s net profit for the March 2010 quarter fell 27 percent to 67.5 million rupees from a year earlier, on weaker fee income despite maintaining margins and loan growth while rates fell, interim accounts showed. PABC’s gross assets grew to 22.1 billion rupees from 21.5 billion […]
Bootleg Programmes
SINGAPORE, May 11, 2010 (AFP) – Software piracy cost technology companies more than 50 billion dollars around the world last year, with Asia accounting for the largest share of losses, an industry report said Tuesday. Despite successes in the fight to protect intellectual property rights, on average 43 percent of software used in computers worldwide […]
‘s waste disposal failures
NEW DELHI, May 11, 2010 (AFP) – The death from radiation poisoning of a scrapyard worker in New Delhi has highlighted the lax enforcement of waste disposal laws in India, leading to calls for urgent action. In early April, a machine from Delhi University containing cobalt-60, a radioactive metal used for radiotherapy in hospitals, ended […]
Sri Lanka Insurance Corporation rating raised to AAA by RAM
May 11, 2010 (LBO) – RAM Ratings Lanka has upgraded Sri Lanka Insurance Corporation’s claims-paying ability rating, from AA- to AAA, with the outlook on the long-term rating revised from positive to stable, a statement said. Sri Lanka Insurance Corporation’s (SLIC’s) rating had been placed on a positive outlook in June 2009, after it came […]
‘s big spenders on the backfoot after trillion dollar rescue
BRUSSELS, May 10, 2010 (AFP) – Europe and the IMF gave a major boost to world markets Monday with a trillion-dollar war chest to ease fears of a new recession, but governments faced pressure to clean up their fiscal houses. Some 440 billion euros would come from eurozone nations and 60 billion euros from the […]
Sri Lanka forex reserves lower in February
May 10, 2010 (LBO) – Sri Lanka’s foreign reserves fell to 5,032 million US dollars in February 2010 from 5,135 million US dollars in January, which was equal to about 5. 5 months of past imports, the Central Bank said. Reserves with balances at the Asian Clearing Union (ACU), a regional arrangement of non-convertible currencies, […]