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‘s battle with Tigers forces it to seek bailout
April 5, 2009 (AFP) – Sri Lanka appears to be on the verge of crushing Tamil Tiger rebels after decades of fighting but its success has blown a hole in the nation’s finances and forced it to seek an IMF bailout. Negotiations are underway with the International Monetary Fund for a 2.4 billion-dollar rescue package […]
Sri Lanka forex interventions reduce in March
April 04, 2009 (LBO) – Sri Lanka has spent only 54 million US dollars defending a rupee peg in March with the island’s central bank selling 127.5 million US dollars in forex markets but also buying back 73.5 million US dollars, the latest official data show. Sri Lanka originally asked for 1.9 billion US dollars […]
Sri Lanka Tigers urged to free civilians
UNITED NATIONS, April 3, 2009 (AFP) – UN chief Ban Ki-moon on Friday urged Tamil rebel leaders to allow trapped civilians to move freely out of the conflict area of northern Sri Lanka.Earlier Friday, Sri Lankan troops captured a key village from the Tamil Tigers after heavy fighting that left at least 44 guerrillas dead […]
Hedging Claim
April 04, 2009 (LBO) – Deutsche Bank has filed arbitration proceedings against the government of Sri Lanka over non-payment in oil derivatives deals with state refiner Ceylon Petroleum Corporation (CPC).Citibank has already gone into arbitration against the CPC. CPC did the derivatives deals to protect itself when oil prices were surging and the contracts were […]
Sri Lanka relaxes export support criteria
April 03, 2009 (LBO) – The Sri Lankan government is ready to be flexible on export earnings criteria in a support package for exporters to help them weather the economic recession, a senior finance ministry official said.S R Attygalle, director-general of fiscal policy of the finance ministry, said the government is ready to be flexible […]
Sri Lankan stocks close up on slim turnover
Apr 03, 2009 (LBO) – Sri Lankan shares closed marginally up Friday due to low volume price gains on Hatton National Bank (HNB) and renewed retail interest on Chevron Lubricants Lanka, brokers said. The All Share Price Index was up 0.05 percent (0.86 points) to end at 1,637.19 while the more liquid Milanka gained 0.19 […]
Annual Picture
Apr 03, 2009 (LBO) – Sri Lanka’s People’s Bank group has reported net profits of 3,427 million rupees in 2008, 2.2 percent lower, while interest income grew 23.4 percent to 64.3 billion rupees, according to the annual report. At stand alone bank level net profits were up 13.9 percent to 2,704 million rupees, with group […]
India blames IMF for not checking developed countries
LONDON, April 2, 2009 (AFP) – Indian Prime Minister Manmohan Singh said Thursday the International Monetary Fund was partly to blame for the global financial crisis, highlighting a lack of regulation of developed economies. India did not need to ask the IMF for financial assistance, he said.“We have no intention of going to the IMF… […]
Sri Lanka troops take key village, kill 44 Tigers: military
April 3, 2009 (AFP) – Sri Lankan security forces captured a key village from Tamil Tiger rebels on Friday after heavy fighting that left at least 44 guerrillas dead, a military spokesman said. At the height of their power in the mid-1990s, the Tigers controlled more than a third of the total land mass of […]
Sri Lanka state textile firm to be revived
April 03, 2009 (LBO) – Lanka Salusala, a partly operational Sri Lankan state textile firm which is overstaffed and debt ridden, is to be closed down and re-started as a new business entity. Textile development minister Mahinda Rathnathilaka said the firm will be revived as there are many legal issues relating to its liquidation. “We […]