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Pakistan rebuild after early shocks in final Test
July 20, 2009 (AFP) – Khurram Manzoor and Mohammad Yousuf lifted Pakistan with an unbeaten 67-run stand after Sri Lanka’s Thilan Thushara struck quick blows at the start of the third Test here on Monday. Pakistan, sent in to bat in overcast conditions by Sri Lankan captain Kumar Sangakkara, recovered from a shaky 34-2 to […]
ICRC cuts back Sri Lanka operations after government order
July 20, 2009 (AFP) – The Red Cross on Monday announced the closure of four offices in Sri Lanka following a government order to foreign aid agencies to scale down operations.The International Committee of the Red Cross (ICRC) said its four offices in the embattled eastern province were closed at the weekend. “The ICRC reaffirms […]
Lube Fortunes
July 20, 2009 (LBO) – Sri Lanka’s Chevron unit said net profit for the June 2009 quarter shot up 45 percent to 400 million rupees from a year ago mainly because of higher margins. Chevron Lubricants Lanka said in a stock exchange filing that sales for the three months rose two percent to 2.1 billion […]
Sri Lanka signs IMF loan deal; awaits board nod
July 20, 2009 (LBO) – Sri Lanka has signed a formal document setting out an agreed program with International Monetary Fund staff that is now awaiting approval from its top decision making body, a top official said.On Monday 2013 bonds were offered at 12.95/13.00 percent, down 05 basis points from Friday.A 3-year bond maturing in […]
Sri Lanka higher education needs quality upgrade, more investment
July 20, 2009 (LBO) – Sri Lanka’s higher education system needs to be revamped with more investment to produce graduates with information technology and English skills, while private providers need regulation, a World Bank study has said.Higher education minister Wiswa Warnapala says expansion of the arts and humanities stream, low quality external degree programs, and […]
Sri Lanka Commercial Bank promotes dollar bonds
July 19, 2009 (LBO) – Sri Lankans living overseas and foreigners can earn a higher interest by investing in US dollar denominated Sri Lanka Development Bonds (SLDBs) through the Commercial Bank of Ceylon, a statement by the bank said. Commercial Bank’s Head of Global Treasury Dula Weeratunga said that under the scheme, the Income Tax […]
Sri Lanka troops find Tiger submarine: military
July 19, 2009 (AFP) – Sri Lankan troops have recovered a submarine-type craft built by Tamil Tiger guerrillas in an area where they fought their final battle two months ago, the military said Sunday.The craft was found on Saturday submerged about 500 metres (yards) off the coast of Vellamullivaikal in the district of Mullaittivu, the […]
Recommendation
July 18, 2009 (LBO) – Court appointed accountants probing a failed financial firm in Sri Lanka’s Ceylinco group have recommended that its chairman directors “bring in” an additional 13 billion rupees to start repaying depositors. The Golden Key Credit Card Company collapsed with debts of 26 billion of which 12.7 billion is capital and 13.2 […]
Broader Probe
July 18, 2009 (AFP) – French charity Action Against Hunger (ACF) on Saturday demanded an international probe into the massacre of 17 of its Sri Lankan employees after a government investigation failed to identify suspects. The ACF in a statement accused the Sri Lankan authorities of lacking the will to find those responsible for the […]
Sri Lanka says milk prices to fall a little
July 18, 2009 (LBO) – Sri Lanka which taxes imported milk powder at very high levels, has asked importers to bring the price of a one kilogram pack to fall by 37 rupees and 400 gram pack by 15 rupees, official reports said.According to official data a kilogram of imported milk powders was taxed at […]