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Scandalous Truth
Mar 15, 2009 (LBO) – India’s Satyam collapsed due to the company pouring millions of dollars into undisclosed real estate assets that delivered inflated profits, but crashed soon after the property bubble burst, a visiting financial expert said. On January 09, 2009, the Bombay stocks plunged more than seven percent when Ramalinga Raju, chairman of […]
Maldives leader vows to make country carbon neutral
LONDON, March 14, 2009 (AFP) – The Maldives will become the world’s first carbon neutral country by fully switching to the use of renewable energy within a decade, President Mohamed Nasheed said in an article to be published Sunday.“People often tell me caring for the environment is too difficult, too expensive or too much bother.I […]
Sri Lanka troops kill another 32 rebels: military
March 15, 2009 (AFP) – Government forces shot dead at least 32 Tamil Tiger rebels in north-eastern Sri Lanka, the defence ministry said on Sunday, as troops moved closer to finally defeating the separatist guerrillas.About 30 rebels were killed on Friday in the Puthukkudiriruppu area, the last stronghold of the Tigers, while another two were […]
Sri Lanka senior players want better security
March 15, 2009 (AFP) – Sri Lanka’s new cricket captain Kumar Sangakkara and star spinner Muttiah Muralitharan say they want security guarantees on future tours after their team survived an attack in Pakistan.The Sri Lankan team bus was ambushed by armed militants in Lahore on March 3 as it drove towards the Gaddafi stadium during […]
Takeover Track
March 14, 2009 (LBO) – Fitch Ratings Lanka has confirmed the ‘A-(lka)’ rating of People’s Leasing Company (PLC) with a stable outlook following its announcement of a possible takeover of a rival leasing firm, Seylan Merchant Leasing (SML). Fitch said it believes the firm’s stronger financial profile should be able to comfortably absorb SML, which […]
Credit Watch
Mar 14, 2009 (LBO) – Fitch Ratings has put the ‘BBB-(lka)’ rating of Sri Lanka’s People’s Merchant Bank (PMB) on a negative watch after the firm said it was taking over an unlisted financial firm whose financial profile was uncertain, the rating agency said.PMB, a listed firm which is 39 percent owned by Sri Lanka’s […]
UN charges of civilian killings unsubstantiated: Sri Lanka minister
March 14, 2009 (AFP) – Charges by the United Nations that 2,800 civilians had been killed in Sri Lanka in recent weeks were “unsubstantiated,” Human Rights Minister Mahinda Samarasinghe said on Saturday.The minister denied that government forces were firing into a demarcated “safe zone” for civilians and accused UN human rights chief Navi Pillay of […]
” deaths
WASHINGTON, March 13, 2009 (AFP) – US Secretary of State Hillary Clinton called Sri Lankan President Mahinda Rajapaksa on Friday to express her “deep concern” over mounting deaths in a government safe zone, a US official said.With the exception of the International Committee of the Red Cross, aid agencies face many restrictions in their efforts […]
Sri Lanka stocks becalmed as market awaits IMF support
Mar 13, 2009 (LBO) – Sri Lankan shares closed almost flat Friday with a fall in the local unit of Nestle pulling down the main index in thin trade as investors stayed out of the market owing to uncertainty. Brokers said investors were disappointed by the slowdown in the war against Tamil Tigers after government […]
Supply Chain
March 13, 2009 (LBO) – Global logistics firm DHL said it will invest eight million dollars in Sri Lanka to set up a joint venture for supply chain services, including those tailored for the island’s apparel export industry.The investment of just over 800 million rupees in three years will go towards the joint venture, employee […]