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Oil Negotiations
Feb 18, 2009 (LBO) – Sri Lanka is starting a round of talks with several banks to re-negotiate oil derivatives sold to a state-run petroleum firm which had gone against the utility, a government minister said. Sri Lanka’s central bank said the deals were ‘tainted’ and advised banks not to proceed with the deals. State-run […]
Sri Lankan gets tough with eco-labels
Feb 18, 2009 (LBO) – Sri Lankan businesses that want to market their products and services as eco-friendly would have to get approval from the central environmental authority (CEA) in future.CEA chairman Udaya Gammanpila said new rules will be introduced to prevent misuse of the label which many firms were using as an advertising gimmick. […]
Sri Lanka rejects truce call as fighting escalates
February 18, 2009 (AFP) – Sri Lanka’s government on Wednesday rejected fresh calls for a truce with Tamil Tigers as troops took another village from rebel control and concern mounted for civilians trapped in the war zone. Defence spokesman Keheliya Rambukwella said the government was firmly committed to wiping out “terrorism” and described the demand […]
‘s war zone: running the gauntlet
TRINCOMALEE, February 18, 2009 (AFP) – Shopkeeper Subramaniam Sudaharan says he is lucky to be alive after his two teenage sons were shot dead as the family fled Sri Lanka’s increasingly brutal war zone.What was left of the devastated family — he, his wife and a younger boy — were among 440 war-wounded evacuated from […]
Sri Lankan Airlines wins IndiGo maintenance deal
Feb 18, 2009 (LBO) – Sri Lankan Airlines said its engineering arm has been awarded a major contract by IndiGo to carry out a series of important maintenance checks on the fast-growing Indian carrier’s aircraft fleet.The work will be done by Sri Lankan Engineering, the aircraft maintenance arm of Sri Lanka’s national airline, at it […]
India ready to help evacuation of Sri Lankan Tamil civillians
NEW DELHI, February 18, 2009 (AFP) – India said Wednesday it was ready to help evacuate tens of thousands of Tamil civilians caught in the crossfire between Sri Lankan troops and Tiger rebels in the northeast of the island.Indian troops, sent in by ex-Congress premier Rajiv Gandhi to enforce a peace deal on the island, […]
Sri Lanka to trim own contribution to push multilateral projects: minister
Feb 18, 2009 (LBO) – Sri Lanka is hoping to push through foreign funded projects which have been held up due to lack of ‘counterparty funds’, with a lower contribution from the government, a senior minister said. Deputy finance minister Sarath Amunugama said there were “a lot of projects” awaiting a 15 percent government contribution, […]
Sri Lanka JKH, Dialog in big trades
Feb 17, 2009 (LBO) – Sri Lankan shares ended weaker Tuesday but large trades in John Keells Holdings, Dialog Telekom and National Development Bank boosted turnover, although institutions were still inactive, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index eased […]
Slowing Trade
Feb 17, 2009 (LBO) – A container terminal that is one of the main money-spinners for Sri Lanka’s John Keells Holdings (JKH) has seen a fall in volumes owing to the global economic crisis, brokers and shipping analysts said.But LMS lost a tank farm and an effective monopoly in fuel supply in Colombo port last […]
Pakistan to seek 4.5 billion dollars from IMF
KARACHI, February 17, 2009 (AFP) – Pakistan is to ask for an additional loan of 4.5 billion dollars from the International Monetary Fund to patch up an economy wilting under a widening trade deficit, an official said Tuesday.Among other tight demands, the IMF wants a reduction in Pakistan’s deficit and huge borrowing from the central […]