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Rights diplomats struggle to find Sri Lanka compromise
GENEVA, May 27, 2009 (AFP) – The UN Human Rights Council reconvened its special session on Sri Lanka Wednesday with diplomats struggling to bridge an Asian-Western divide over the rights situation and a probe into abuses. Sri Lanka, backed by Asian countries including China, India and Pakistan, tabled a revised draft resolution late Monday which […]
Sri Lanka Janashakthi Insurance suspension lifted
May 27, 2009 (LBO) – Sri Lanka’s insurance regulator said it had lifted a suspension on the registration of Janashakthi Insurance from today, after the firm showed “sufficient cause”. Janashakthi said it last week it was making fresh proposals to meet the regulator’s concerns. “The Insurance Board of Sri Lanka has accepted the Company’s explanations […]
Sri Lanka confident of avoiding war crimes probe
May 27, 2009 (AFP) – Sri Lanka said Wednesday it was confident of averting an international probe into alleged war crimes committed during its offensive against the Tamil Tigers. At the council meeting, two draft resolutions have been put forward — each one at odds in their approach to the aftermath of the conflict. The […]
UN rights council divided over Sri Lanka probe
GENEVA, May 26, 2009 (AFP) – UN human rights chief Navi Pillay on Tuesday called for an international investigation into attacks on civilians during the final stages of the civil war in Sri Lanka.“There are strong reasons to believe that both sides have grossly disregarded the fundamental principle of the inviolability of civilians,” Pillay told […]
Sri Lanka planning credit scheme for the war-affected: CB Governor
May 27, 2009 (LBO) – Sri Lanka is planning a central bank re-financed credit scheme for people in former war-affected areas to allow people to rebuild their lives, Central Bank Governor Nivard Cabraal said. However Cabraal says re-financing would be within reserve money and inflation targets. “These people need help and society will have to […]
Sri Lanka may relax forex trading curbs from June: CB Governor
May 27, 2009 (LBO) – Sri Lanka may expand forex trading limits of banks from next month, Central Bank Governor Nivard Cabraal said, as the country emerged from a balance of payments crisis with the monetary authority becoming net dollar buyer. “If we did not buy the rupee would appreciate further,” Cabraal said. The rupee […]
Sri Lankan shares recover, rupee flat
May 26, 2009 (LBO) – Sri Lankan stocks ended up Tuesday, as investors were bullish on blue chips and hotel stocks, while the rupee was flat against the greenback and traded at 114.90/95 levels, broker and traders said. Dialog Telekom, Sri Lanka’s largest celco is a fully owned subsidiary of Telekom Malaysia. Development Finance Corporation […]
Tight Quarter
May 26, 2009 (LBO) – Sri Lanka’s Commercial Bank said group profits fell 12.9 percent to 892 million rupees in the March 2009 quarter, as its loan book shrank and the firm also changed the way it accounted for a troubled oil derivative sale. “In the future provisions will be provided after making an assessment […]
Bank Trade
May 26, 2009 (LBO) – Profits of HSBC’s Sri Lanka unit grew 40 percent to 628.1 million rupees in the March 2009 quarter on strong foreign exchange income, despite rising interest expenses, its published accounts showed. The bank’s gross assets from December to March had grown by 8.2 percent to 161,544.4 million rupees, while net […]
Mobile Growth
May 26, 2009 (LBO) – Mobitel, a unit of Sri Lanka Telecom (SLT), has increased subscribers by 73 percent to 2.8 million in the year to March 2009, while revenues climbed 48 percent to 3.6 billion rupees in the first quarter, the group said. In the year to March 2009, Millicom International Cellular said its […]