All Blogs
Sri Lanka nature reserve threatened by politicians, business say activists
July 06, 2008 (LBO) – One of the three top nature reserves in Sri Lanka, a biodiversity hotspot, is being threatened by encroachment and commercial cultivation involving corrupt politicians, bureaucrats and business, a new report says.“Once title is given, the land soon passes to the politically powerful or their cronies,” says Environmental Foundation Ltd., which […]
Sri Lanka tea exporters bemoan lack of funds for promotion
July 04, 2008 (LBO) – Sri Lankan exporters of tea, the island’s top export commodity, say they not getting enough funds for marketing even though the government charges a tax on shipments which is meant for tea promotion.But the government subsequently decided to consolidate at the Treasury all cess funds collected on exports of tea, […]
World oil markets to remain tight until 2013: IEA chief
BERLIN, July 5, 2008 (AFP) – International Energy Agency chief Nobuo Tanaka has predicted that world oil markets will remain tight until 2013, according to an interview with the German economic daily Handelsblatt.The market will initially relax from now until 2009/2010 due to a foreseeable increase in supply brought about by new production sites, said […]
EU airline pollution plan could spark trade wars: industry officials
GENEVA, July 5, 2008 (AFP) – A plan by the European Union to impose a carbon dioxide emissions quota for all airlines flying into and out of the bloc could spark trade wars, aviation industry officials warned.The so-called emissions trading scheme, which is to be voted on by the EU lawmakers next week, aims at […]
Southern Africa coastal states get tough on illegal fishing
WINDHOEK, July 5, 2008 (AFP) – Eight southern African coastal states have agreed to set up a regional task force to deal with illegal fishing in their waters and save dwindling fish stocks, fisheries ministers said.A three-day ministerial conference held in Namibia decided to implement the plan which would ban trans-shipment of catches at sea […]
Sri Lanka pin Cup final hopes on Mendis
KARACHI, July 5, 2008 (AFP) – Sri Lanka will look to their new spinning sensation Ajantha Mendis to defend their Asia Cup title against batting juggernauts India when the two teams meet in the final here on Sunday. The 23-year-old from Moratuwa has bowled impressively in a tournament dominated by batsmen, and after going wicketless […]
‘s Sangakkara bats for Asian supremacy in cricket
KARACHI, July 5, 2008 (AFP) – Sri Lanka’s wicket-keeper batsman Kumar Sangakkara Saturday said Asia leads international cricket as the financial hub and custodian of the game which has pioneered unprecedented globalisation.“Asia have produced teams that have impacted the game in profound ways and cricketers who have individually shaped the way cricket is played and […]
Sri Lanka exchange rate policy under fire
July 05, 2008 (LBO) – Sri Lanka’s central bank which has debauched the rupee since its creation in 1950, has made a strong case for a stable national currency, but a top industrialist warned that high inflation was making the policy backfire on industry. Sri Lanka lost exchange rate stability shortly after 1950, when a […]
Sri Lanka DIMO price drops after share buy-back
July 04, 2008 (LBO) – The share price of Diesel and Motor Engineering (DIMO) dropped below 100 rupees Friday amidst investor concern that last month’s share buyback at 160 rupees would push up debt and trim profits. The overall market ended lower, continuing the weak trend as investors believe high inflation and interest rates could […]
Bank Rating
July 4, 2008 (LBO) – Fitch Sri Lanka has today confirmed the BB+(lka) rating of Union Bank of Colombo (UB) saying its asset quality has improved, but more capital was needed to meet minimum requirements. UB’s existing loan book has concentrations to the export-import and wholesale trader segments through overdraft facilities which were 39 percent […]