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Sri Lanka Tiger leader appeals for Indian Tamil support
Nov 27, 2008 (LBO) – Sri Lankan Tamil Tiger leader Velupillai Prabhakaran has sought the sympathy of Tamils in south India in an apparent effort to get a ceasefire with Indian intervention and ward off an army onslaught on his stronghold. In his annual ‘Heroes’ Day’ speech to commemorate rebel war dead, Prabhakaran acknowledged his […]
Hedge Probe
Nov 27, 2008 (LBO) – A team of Sri Lankan ministers is probing an oil hedge that could lose hundreds of millions of dollars to a state-run oil retailer amidst claims that the oil retailer had not informed the cabinet clearly about risks of derivatives trading. To receive instant alerts from LBO on your Dialog […]
Sri Lanka shares slide, trading thin
Nov 26, 2008 (LBO) – The slide in Sri Lankan stocks picked up momentum slightly Wednesday, although volumes remained thin with the indices dragged down by losses in high value shares, brokers said. The market has also been affected by lower corporate profitability which is seen continuing given the current economic downturn. Fears of currency […]
James Bond
Nov 26, 2008 (LBO) – An Aston Martin car, believed to be one of few such vehicles in Sri Lanka has been seized following action filed by HSBC Bank, lawyers said. Sri Lanka’s banking sector has seen a spike in non-performing loans, after interest rates rose. The car had been seized Wednesday under an order […]
Sri Lanka tea farmers demand govt support
Nov 26, 2008 (LBO) – Sri Lanka’s tea small holders are pressing for government support to save the industry from ruin after demand dropped and prices crashed at auctions in Colombo.To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Chandrasena Wijesinghe, convenor of the Joint Federation of Tea […]
” to self-rule
NUUK, November 26, 2008 (AFP) – More than 75 percent of Greenlanders voted Tuesday in favour of self-rule in a referendum that paves the way for independence from Denmark, final results showed. A total of 75.54 percent voted “yes” to greater autonomy, while 23.57 percent said “no,” the local government said. A self-rule proposal hammered […]
Sri Lanka clamps down on last minute spending
Nov 26, 2008 (LBO) – Sri Lanka has clamped down on new spending, with the Treasury asking government departments to freeze new capital projects and current spending till next year, amidst tight revenues.The government has also been finding it difficult to borrow abroad. A Treasury circular said the government had decided to “manage public expenditure […]
Sri Lanka shares slide, Dialog actively traded
Nov 25, 2008 (LBO) – Sri Lankan stocks sank further Tuesday on thin volumes with active trading in Dialog Telekom, a market heavyweight which recently posted its first quarterly loss. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index fell 1.81 percent (29.94 […]
Hub Threats
Nov 25, 2008 (LBO) – Sri Lanka’s Colombo harbour needs to reduce dependence on the Indian sub-continent and expand its coverage to get cargo from elsewhere in order to emerge as a true global hub port, a senior port professional says. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send […]
Banking Profits
Nov 25, 2008 (LBO) – Profits at HSBC Sri Lanka has increased 94 percent to 1,664 million rupees in the first 9-months of 2008 despite large loan write-offs and rising interest expenses, published interim accounts showed. Interest income grew 22 percent to 14.1 billion rupees, interest expenses grew 31 percent to 6,450 million rupees while […]