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Bailout Program
Feb 19, 2009 (LBO) – Sri Lanka’s government will make a final decision on a bailout package to deal with toxic assets of banks and finance companies next week, government minister said. He said the first round of negotiations was held Wednesday. State-run People’s Bank has also stopped payments on hedges to counterparty banks, opening […]
Banking Numbers
Feb 19, 2009 (LBO) – Sri Lanka’s NDB Bank said group net profit rose sharply in the December quarter, although annual profit was up only five percent to 1.6 billion rupees from a year ago.NDB group total income for the December quarter rose almost 30 percent to 3.2 billion rupees and net profit increased almost […]
Sri Lanka to protect Ceylon Tea intellectual property
Feb 19, 2009 (LBO) – Sri Lanka is seeking protection for the Ceylon Tea brand and seven growing areas under international intellectual property laws that cover products under ‘geographical indicators’, a government minister said. Sri Lanka Tea Board, a state regulatory body, has been authorized to seek protection under the provisions of the agreement on […]
Inter Connection
Feb 19, 2009 (LBO) – Sri Lanka’s Telecommunication Regulatory Commission (TRC) will ask mobile phone operators to give adequate connections to calls from customers of new entrant Bharti Airtel, an official said. “I think what would have happened is Airtel is overwhelmed with more traffic than they had originally estimated, and now they are crying […]
Sri Lanka December 2008 exports fall sharply
Feb 19, 2009 (LBO) – Sri Lanka’s total exports in December 2008 fell 19.1 percent to 681 million dollars from a year ago, dragged down by a sharp fall in its main product tea, as well as garments, the central bank said.“The performance of agricultural and industrial exports appears to have been affected by the […]
UN envoy in Sri Lanka expresses fears for civilians
February 19, 2009 (AFP) – The United Nations humanitarian chief John Holmes held talks with leaders in Sri Lanka on Thursday and said he was gravely concerned for thousands of civilians trapped in the island’s war zone. Holmes met Foreign Minister Rohitha Bogollagama after the Tamil Tiger rebels suffered a series of defeats that have […]
Sri Lanka ex-warlord says Tamils want development, warns of continued guerrilla strife: interview
February 19, 2009 (AFP) – Sri Lankan troops face another 18 months of fighting even after they have all Tamil Tiger territory under their control, a former rebel has warned.The man known as “Colonel Karuna,” who led an unprecedented split in the movement in 2004, says the Tigers will revert to guerrilla warfare after they […]
Top UN official to visit restive Sri Lanka
UNITED NATIONS, February 18, 2009 (AFP) – UN humanitarian chief John Holmes is to pay a three-day visit to strife-torn Sri Lanka later this week to review the humanitarian situation, the world body said Wednesday. During his previous visit to Sri Lanka in August 2007, Holmes described the island as one of the world’s most […]
Sri Lanka official reserves US$1.7 billion in December
Feb 19, 2009 (LBO) – Sri Lanka’s foreign reserves fell to 1,753 million US dollars in December from 2,030 million US dollars in November which was enough to finance 1.5 months of imports, the Central Bank said. Gross official reserves with Asian Clearing Union (ACU) funds was 2,561 million US dollars which was enough to […]
Sri Lankan shares draw foreign interest
Feb 18, 2009 (LBO) – Sri Lanka shares lost early gains on Wednesday despite high volume trading due to foreigners taking strategic positions on high liquid shares such as Dialog Telekom and Lanka Cement, brokers said.A crossings of 200,000 shares of conglomerate John Keells Holdings changed hands at 65 rupees. JKH closed at 59 rupees […]