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Sri Lanka drafts new rules for marine tourism
June 26, 2009 (LBO) – Sri Lanka is drafting new rules to protect the marine environment with tourist ventures such as whale and dolphin watching expected to become big business with the end of the war, a senior official said.Michael noted how unregulated tourism had spoilt some of the island’s best beaches such as in […]
Software Support
June 26, 2009 (LBO) – A microfinance software application developed by two Sri Lankan university students has been selected as one of the six finalists to compete in the ‘MashUP’ category at a world information technology competition.The MashUp application ‘Hope for poor – Sasrutha’ developed by the University of Moratuwa students will help both parties […]
Indian forces get chilli bombs for crowd control
NEW DELHI, June 26, 2009 (AFP) – Indian soldiers will hurl hand grenades containing red chilli powder to dispel rioters instead of the potentially lethal explosives currently used, an official said Friday.Paramilitary forces have been known to break up protests and conduct counter-insurgency operations using explosives that can cause serious injury and even death. “The […]
Maldives planning US150mn bunker, crude terminal
June 26, 2009 (LBO) – The Indian Ocean archipelago of Maldive Islands is planning a 150 million US dollar crude and bunker facility that can store six million cubic feet of oil, which will be leased to global fuel oil traders, a media report said. The Maldives National Oil Company (MNOC) is considering five possible […]
Sri Lanka Insurance Corp gets new board
June 26, 2009 (LBO) – Sri Lanka’s Supreme Court has approved eight people drawn from the private and public sectors as directors of Sri Lanka Insurance Corporation which it recently ordered returned to state ownership.Lawyers said the eight directors named by court are Pradeepa Kariawasam, Anura Meddegoda, R A Jayatissa, Chithral Amaratunga, Nalaka Godahewa, Ravi […]
Sri Lanka arrests astrologer for gloomy predictions
June 26, 2009 (AFP) – Sri Lankan police say they have arrested an astrologer after he predicted serious political and economic problems for the government of President Mahinda Rajapakse.Chandrasiri Bandara, who writes an astrology column for a pro-opposition weekly, was taken in on Thursday, police spokesman Ranjith Gunasekara said. “The CID (Criminal Investigations Department) is […]
Sri Lanka to extend services of sovereign rating agencies
June 26, 2009 (LBO) – Sri Lanka will extend the contracts of Standard and Poor’s (S&P) and Fitch Rating, the two agencies that are issuing the country’s sovereign rating, the government’s information office has said. The cabinet of ministers had empowered the central bank to sign fresh agreements with the two rating agencies for three […]
Sri Lanka to buy back debt
June 25, 2009 (LBO) – Sri Lanka’s public debt office has announced a ‘reverse auction’ to retire a part of the bonds maturing in August, which would help reduce bunching up of maturities, dealers said. The banking system is also flushed with liquidly from central bank dollar purchases.The government is offering to buy back 7.6 […]
Sri Lanka to plans high yield forex securities for expat workers
June 25, 2009 (LBO) – Sri Lanka’s government is planning a new high yield retail foreign exchange denominated security that will pay an attractive premium over London benchmark rates, targeting expatriate workers.“India did a successful issue of that nature some time ago, and we are studying it,” Central Bank governor Nivard Cabraal said. “We want […]
Sri Lanka Treasuries yields fall across the board
June 25, 2009 (LBO) – Sri Lanka’s Treasuries yields fell across the board at an Auction Wednesday and the government raised 11.6 billion from an original offer to sell only 9.0 billion rupees of bills, the debt office said.The 3-month yield fell 15 basis points to 11.41 percent; the 6-month yield fell 53 basis points […]