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Sri Lanka slammed by rights group over Fonseka court martial
February 11, 2010 (AFP) – A regional human rights group sharply criticised Sri Lanka Thursday over plans to court martial the island’s former army chief on charges of conspiring against the government. “The case is being pursued in military courts, thus avoiding the country’s ordinary courts and depriving him of due process,” the Hong Kong-based […]
Sri Lanka IMF program to depend on budget: resident rep
Feb 11, 2010 (LBO) – The International Monetary Fund is looking at the direction of fiscal reforms to be set by a budget in April to continue its program in Sri Lanka, an official said ahead of a mission due in the island this month. Sri Lanka went for a program with the IMF in […]
Sri Lanka 3-month bill yield up
Feb 10, 2010 (LBO) – Sri Lanka’s 3-month Treasury bill yield moved up 08 basis points to 8. 07 percent at Wednesday’s auction while 6 and 12-month bill were steadier, the government’s debt office said. In recent weeks, interest rates have been high enough to roll-over the entire bill stock to real buyers. The 6-month […]
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Feb 10, 2010 (LBO) – Sri Lanka’s central bank has become a net seller in foreign exchange markets as monetization of the government’s cash deficit has increased amid private credit expansion, the latest data shows. The currency was later re-pegged at around 114. 50 to the US dollar with the help of liquidity withdrawals. Sri […]
Sri Lankan shares close 0.29-pct down
Feb 10, 2010 (LBO) – Sri Lankan shares slid Wednesday as foreign investors continued to take profits after a rally that drove prices to new highs while interest on mid-cap stocks like Kshatriya Holdings sent turnover past 2.3 billion rupees, brokers said. Nawaloka Hospitals closed at 3. 30 rupees, down 20 cents, Ceylon Hospitals closed […]
Bank Health
Feb 10, 2010 (LBO) – Sri Lanka’s banks have been hit by bad loans in 2009, but have maintained required capital levels and asset quality is improving with the help of low inflation and interest rates, a report by the regulator said. Sri Lanka’s licensed commercial banks have maintained Tier one capital at 11.4 percent […]
Easy Financials
Feb 10, 2010 (LBO) – An accounting control software which only needs a web browser to access and operate an organization’s financial system has been developed jointly by UK-based Proteus Software and Kingslake of Sri Lanka. Kingslake Sri Lanka in partnership with IBM and a leading local telecommunications company would provide the software for a […]
Sri Lanka rural businesswomen helped by Gap
Feb 10, 2010 (LBO) – Sri Lankan women entrepreneurs in two rural districts are getting soft loans and technical help under a program support by an international apparel firm, the island’s largest business chamber said. The Ceylon Chamber of Commerce through its ‘Youth Business Sri Lanka’ program offers a concessionary credit facility for business start-ups […]
’ 30-pct: expert
Feb 10, 2010 (LBO) – Sri Lanka’s loss-making state power utility, whose rates have been held below cost by successive governments for political reasons, is running a ˜tariff deficit’ of 30 percent, an expert said. Breakeven is not the end of the story but another stage in the process of a more comprehensive tariff reform […]
Sri Lanka war returnees get US support
Feb 10, 2010 (LBO) – The United States government has given more aid to help Sri Lankans returning to their homes in the former northern war zone and speed up their resettlement, the US embassy said. It said in a statement the aid agency United States Agency for International Development has given 343 million rupees […]