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Oil Deal
Dec 15, 2008 (LBO) – Sri Lanka’s Supreme Court barred a senior official from a state-run petroleum retailer over a case involving derivative deals and said the country’s central bank has to probe and solve the case. Supreme Court asked the central bank to file a preliminary probe report brought to court Monday, with the […]
Sri Lanka troops take another village from Tigers
December 15, 2008 (AFP) – Sri Lankan security forces captured another key village from Tamil Tiger rebels on Monday after heavy fighting as the air force kept up bombing more guerrilla targets, the defence ministry said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Troops took control […]
Sri Lanka Tigers slammed by rights group
December 15, 2008 (AFP) – Sri Lanka’s Tamil Tiger rebels, losing territory in a major military offensive, have stepped up forced conscription of soldiers, including children, a rights group said on Monday. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The Liberation Tigers of Tamil Eelam (LTTE) […]
Sri Lanka Asian Alliance Insurance BB+ rating confirmed by RAM
Dec 15, 2008 (LBO) – RAM Ratings has confirmed the BB+ claims-paying ability rating of Sri Lanka’s Asian Alliance Insurance (AAI) with a stable outlook. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 RAM Ratings said the rating is premised on the firm’s growing franchise in the […]
Court Formula
Dec 15, 2008 (LBO) – Sri Lanka’s Supreme Court said the island’s taxation of petroleum products was irrational and asked the Treasury not to tax petrol more than 100 percent of cost and margins. He rejected suggestions that diesel was sold at a loss, saying the government was charging 21 rupee of taxes a litre. […]
Sri Lanka sovereign rating downgraded by S&P to B
Dec 15, 2008 (LBO) – Rating agency Standard & Poor’s (S&P) said it has downgraded Sri Lanka’s long term foreign currency sovereign credit rating to B from B+ with a stable outlook due to its deteriorating external liquidity position. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 […]
Sri Lanka rupee pressured as IMF praises Hong Kong currency board
Dec 15, 2008 (LBO) – The International Monetary Fund has praised the robust ‘hard peg’ (currency board) of Hong Kong with the US dollar even as Sri Lanka rupee’s ‘soft peg’ is under severe pressure from central bank liquidity injections. The Hong Kong Monetary Authority (HKMA) has maintained a fixed exchange rate system or currency […]
Sri Lanka prints money to buy tea in Zimbabwe-style move
Dec 14, 2008 (LBO) – State-run Sri Lanka Tea Board has spent over 200 million rupees to buy tea, using printed money from the Central Bank, in a Zimbabwe-style inflationary quasi-fiscal move, the latest information reveals. Tea Board chairman Lalith Hettiarachchi said last week that it had bought almost a million kilograms of tea worth […]
India denies violating Pakistani airspace
NEW DELHI, December 14, 2008 (AFP) – India on Sunday denied any of its aircraft had intruded into Pakistani air space, as tensions ran high between the nuclear-armed South Asian neighbours over the Mumbai attacks.Pakistan’s air force said Indian jets flew over the Pakistani-administered part of Kashmir and the eastern city of Lahore, both places […]
Sri Lanka mounts air strikes as troops move to take Tiger HQ
December 14, 2008 (AFP) – Sri Lanka’s military carried out an intense aerial bombardment as ground troops were poised to overrun the Tamil Tiger rebels’ political headquarters, the defence ministry said Sunday. Air force planes carried out nine bombing sorties against positions of the Liberation Tigers of Tamil Eelam (LTTE) in the district of Kilinochchi […]