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Zimbabwe earns second place in hyperinflation history: economist
Feb 14, 2009 (LBO) – As Zimbabwe allowed full ‘dollarization’ of its economy and legalized foreign currencies, a top monetary economist has placed the now worthless Zimbabwe dollar at the second place in hyperinflation history. Having different currencies competing against each other is also a superior monetary regime to central banking, where a state mandated […]
Sri Lankan shares becalmed
Feb 13, 2009 (LBO) – Sri Lankan shares barely budged Friday with the Lanka Indian Oil Corp., the local unit of Indian Oil, and forestry firm Touchwood among the most actively traded, brokers said. The All Share Price Index ended down 0.07 percent (1.25 points) at 1,748.14 while the more liquid Milanka gained 0.48 percent […]
Bangla Buy
Feb 13, 2009 (LBO) – Sri Lanka’s NDB Bank said it has acquired a controlling interest of Capital Market Services Limited, a licensed merchant bank in Bangladesh. The acquisition was made after it fulfilled pre-investment conditions, National Development Bank said in a stock exchange filing. The announcement did not give the value of the investment […]
Sri Lanka coconut plantation profit up
Feb 13, 2009 (LBO) – Sri Lanka’s state-owned Chilaw Plantations, which grows coconut, has increased profit by 47 percent to 153.68 million rupees under state management in 2008, a year when commodity prices shot to record highs. The Strategic Enterprise Management Agency (SEMA), a government agency charged with ensuring state enterprises are run profitably, said […]
Sri Lanka ratifies South Asian development fund
Feb 13, 2009 (LBO) – Sri Lanka has ratified a proposal to set up a South Asian development fund mooted at a summit of regional leaders last year, a senior government minister said. Sri Lanka will make a contribution of 3,563.6 million rupees for the fund of which 500 million would be paid this year, […]
Sri Lanka CEB pressured by poor rainfall
Feb 13, 2009 (LBO) – Sri Lanka’s state-run power utility is under pressure from poor rainfall, but it is hoping to weather the dry season in the first quarter with higher reliance on thermal energy, an official said. The Ceylon Electricity Board (CEB), which has hydro storage of 1,200 GigaWatt hours (1,200 million units) started […]
Sri Lanka conflict-trapped civilians only 65,000: minister
Feb 13, 2009 (LBO) – Contrary to claims that several hundred thousand civilians are trapped in a conflict area in the northeast of Sri Lanka, the latest official estimate is that only 65,000 people remain, a government minister said.Disaster relief services minister Rishad Badurdeen said 34,430 people have escaped from remaining Tamil Tiger controlled areas […]
Sri Lankan peace activist kidnapped in Philippines
ZAMBOANGA, February 13, 2009 (AFP) – Gunmen kidnapped a Sri Lankan Muslim working as a peace advocate in the southern Philippines on Friday, officials said. Jalil Omar, a Muslim preacher, was seized from his boarding house in Lamitan City, capital of Basilan island before dawn and taken to a nearby mountain area, said police commander […]
Sri Lanka rejects British special envoy
February 12, 2009 (AFP) – Sri Lanka on Thursday rejected Britain’s appointment of a special envoy to the island, accusing London of interfering in its internal affairs as security forces battled to defeat Tamil Tiger rebels. The diplomatic row between Colombo and London blew up amid mounting international concerns for the tens of thousands of […]
Sri Lankan stocks close down 0.7-pct
Feb 12, 2009 (LBO) – Sri Lankan stocks closed down 0.7 percent with institutional investors still waiting in the sidelines awaiting lower interest rates, though some foreign buying was seen, brokers said. Aitkin Spence Hotels gained two rupees to close at 100.Touchwood Investment gained 1.25 rupees to close at 64.50. The Colombo All Share Price […]