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Ship Arrest
April 17, 2008 9LBO) Sri Lankan shipping authorities have detained a cargo ship in Colombo port for non-compliance with regulations and submission of false documentation, officials said. “The vessel has been detained after our inspectors found certain deficiencies,” said a port official. The authorities had found faulty machinery on board the vessel and that some […]
Sri Lanka gets Chinese funds for infrastructure development
April 17, 2008 (LBO) – The Chinese government has already allocated over 700 million dollars to build infrastructure in Sri Lanka with talks on for more money to fund expressways, a port and coal power plants, a government official said Thursday. A government delegation that visited China in April was able to secure more funding […]
Sri Lankan rice traders protest price controls
April 17, 2008 (LBO) – Sri Lankan traders have protested against a government decision to impose price controls on rice, saying they cannot sell at a loss stocks bought at higher price. K Palaniyandi, chairman of the Pettah Traders Association, representing traders in the capital Colombo, said they hope to have talks with the government […]
Societe Generale eyes purges over trading scandal: report
PARIS, April 17, 2008 (AFP) – The head of Societe Generale’s corporate and investment banking is to step down along with about a dozen other managers following the rogue trading scandal at the French bank, the Mediapart online newspaper reported Thursday.Jean-Pierre Mustier, a close ally of Societe Generale chairman Daniel Bouton, is expected to leave […]
Oil and gas stockpiling key to energy security: officials
SINGAPORE, April 17, 2008 (AFP) – Asia’s top security forum should consider building strategic oil and gas stockpiles as part of efforts to ensure steady supplies in emergencies, officials recommended after a meeting ended Thursday.Senior officials of the ASEAN Regional Forum (ARF) held two days of talks in Singapore devoted to the issue of energy […]
Oil price crosses 115 dollars for first time on supply jitters
NEW YORK, April 16, 2008 (AFP) – Oil prices streaked into new record territory for the second straight day Wednesday, boosted by a decline in US energy reserves and as the weakening dollar drew investments in commodities.New York’s main oil futures contract, light sweet crude for delivery in May, crossed 115 dollars a barrel for […]
‘s massive new cabinet risks ineptitude: analysts
NAIROBI, April 17, 2008 (AFP) – Kenya’s massive 42-member power-sharing cabinet, named to help restore stability after a bloody post-poll dispute, risks becoming crippled by inefficiency, analysts said.President Mwai Kibaki on Sunday appointed political rival Raila Odinga as his prime minister under a February 28 power-sharing deal that ended months of political violence sparked by […]
Sri Lanka opposition, govt trade charges over sanctions threat
April 17, 2008 (LBO) – Sri Lanka’s main opposition political party says the island is facing international isolation and economic sanctions, a charge rejected by the government. The opposition United National Party accused the government of being unable to effectively address international concerns over human rights abuses by the military. But a government spokesman dismissed […]
Sri Lanka war zone hospitals short of medical staff, aid: ICRC
April 17, 2008 (AFP) – Hospitals in Sri Lanka’s Tamil rebel-held territory are running low on basic medicines and medical staff, the International Committee of the Red Cross said Thursday.Fighting between security forces and Tamil Tiger rebels has escalated since January, when the government withdrew from a 2002 truce arranged by peace broker Norway and […]
Sri Lanka govt subsidies fuelling inflation: central bank
April 17, 2008 (LBO) – Sri Lanka’s Central Bank has said heavy government spending to subsidise fuel, electricity and fertiliser destabilises the economy, leads to waste and hurts the poor by eventually fuelling inflation. Regular domestic fuel price hikes in keeping with rises in global oil prices are needed, the bank said in its 2007 […]