All Blogs
Credit Lift
June 03, 2009 (LBO) – Sri Lanka’s Pan Asia Bank said it had slashed its interest rate on credit cards to 30 percent a year from 42 percent to ease repayment difficulties and the burden on consumers whose spending has declined.The bank also noted how other countries like the USA, are taking action to reform […]
Economics of War (and also peace)
June 3, 2009 (LBO) – Wars have always been fought with one objective. That is to take forced possession of economically valuable assets belonging to the enemy. The list may vary from time to time, but a typical set of such coveted assets goes on as follows: land including right to water; young women including […]
Sri Lanka needs new phase in international diplomacy: President
June 3, 2009 (LBO) – Sri Lanka needs a new diplomatic drive to win in the international arena, after defeating terrorism in the country, President Mahinda Rajapaksa said in a nationally televised address. “Many countries have helped us,” President Rajapaksa said. “We appreciate it very much. “The hearts of our people will remember it.” Government […]
Sri Lankan minister seeks Japanese aid, rejects rights probe
TOKYO, June 3, 2009 (AFP) – Sri Lanka’s trade minister on Wednesday sought Japan’s help for its recovery from ethnic conflict, while reiterating his government’s rejection of any probe into alleged human rights violations.Colombo has faced allegations that thousands of civilians perished in the final battle last month against Tamil Tiger separatists, as the island […]
Sri Lanka offered investment by Canadian business council
June 03, 2009 (LBO) – Two bilateral business councils promoting trade and investment between Sri Lanka and Canada have offered their support to revive the island’s economy with the end of the ethnic war.The Ceylon Chamber of Commerce, which represents the Sri Lanka-Canada business councils, said they had written to President Mahinda Rajapaksa offering support […]
Sri Lanka should drop popular politics to boost economy: President
June 3, 2009 (LBO) – Sri Lanka should cut the budget deficit, drop popular politics and ideologies in meeting the challenge of developing the country, President Mahinda Rajapaksa said.“Reducing the budget deficit, investment promotion and economic development is possible after defeating terrorism,” President Rajapaksa said in a nationally televised speech at a ceremony in Colombo. […]
High inflation increases hunger in South Asia: UNICEF
NEW DELHI, June 2, 2009 (AFP) – The global financial crisis and a spike in fuel and food prices have left 100 million more people without adequate food in South Asia compared to two years ago, according to a UNICEF report Tuesday. More than 400 million people face hunger in a region where over 75 […]
Sri Lankan stocks down as investors pause
June 02, 2009 (LBO) – Sri Lankan stocks fell 1.1 percent Tuesday as investors took a breathe, halting a two-week bull run, while the rupee remained firmly fixed to the greenback, brokers and dealers said. The spot dollar was trading at 114.80/90 in late afternoon trade, after expansionary central bank interventions ended, dealers said. The […]
Rough Seas
June 02, 2009 (LBO) – Sri Lanka’s Mercantile Shipping Company said it made a loss in the 2008-09 financial year during which it sold off old ships and firmed up orders for new ones. The company said a voluntary retirement was offered in the March quarter and that based on the number of applications and […]
Audit Query
June 02, 2009 (LBO) – The auditors of Sri Lanka’s Seylan Bank have qualified its 2008 accounts over related party transactions and flagged overdue loans as the regulator looks for a strategic partner to bring in new capital. KPMG Ford, Rhodes, Thornton & Company said they could not confirm the completeness of the related party […]