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‘s Saudi envoy denies recall move
RIYADH, Aug 8, 2007 (AFP) – Sri Lanka’s ambassador to Saudi Arabia said Wednesday his imminent reposting was not related to a report criticising his handling of a mission seeking clemency for a teenager condemned to death.A.M.J Sadiq told AFP he was scheduled to return to Columbo on Friday after having a transfer request accepted, […]
Sri Lanka credit outlook upgraded by S&P
August 8, 2007 (LBO) – Standard and Poor’s Rating Services (S&P) has upgraded the outlook on Sri Lanka’s B+ foreign currency rating from negative to stable on the eve of a maiden sovereign bond issue. S&P said it was upgrading the outlook on account of better revenue collections, the elimination of fuel and electricity subsidies […]
Sri Lanka fuel pricing framework under threat?
August 8, 2007 (LBO) – Sri Lanka’s new fuel pricing formula, seen as crucial to maintain economic stability and low inflation, is under threat barely two months after it started as opposition groups mounted pressure on the government. Subsidizing fertilizer and energy, together with the internal conflict has been identified as key factors that undermine […]
Screech
August 7, 2007 (LBO) – Sri Lanka’s auto market is slowing with new vehicles registrations slumping 30 percent in the June quarter, a top vehicle distributor has said. Associate Motorways (AMW) a listed firm which has the agency to Nissan of Japan and Suzuki Maruti of India said consolidated after tax profits of the group […]
Cargo Hub
August 06, 2007 (LBO) – Colombo port’s state-owned container terminal plans to add more berths for feeder vessels in an effort to improve productivity and reduce congestion caused by growing cargo flows and tighter security. The Sri Lanka Ports Authority (SLPA) will introduce four new feeder berths for the smaller container vessels that call at […]
3G Link
August 07, 2007 (LBO) – Sri Lanka’s top celco Dialog Telekom, a unit of Telecom Malaysia, said Tuesday it had launched a third generation (3G) international video calling service. “The convergence of the internet with mobile communication technologies has created limitless possibilities, and the 3G growth potential in Sri Lanka is immense,” Dialog’s head of […]
Virgin to form alliance with AirAsia for long-haul ops
KUALA LUMPUR, Aug 7, 2007 (AFP) – Asian low-cost airline pioneer Tony Fernandes looks set to score a major coup with British businessman Richard Branson coming on board to help get his struggling, high-risk long-haul venture off the ground, analysts said Tuesday.Branson of Virgin Group is to take a 20 percent stake in Malaysia’s AirAsia […]
Australian rates tipped to rise
SYDNEY, Aug 7, 2007 (AFP) – An Australian interest rate rise Wednesday is almost a certainty, according to economists, creating a political headache for Prime Minister John Howard’s conservative government. The Reserve Bank of Australia (RBA) will announce the results of Tuesday’s monthly monetary policy meeting early Wednesday, with most economists tipping a 0.25 point […]
Two ministers quit Maldives cabinet in protest
COLOMBO, Aug 6, 2007 (AFP) – Two senior Maldivian ministers have quit the cabinet accusing President Maumoon Abdul Gayoom of obstructing reform, officials and dissidents said Monday.Attorney General Hassan Saeed and Justice Minister Mohamed Jameel quit Sunday blaming Gayoom, Asia’s longest-serving ruler, of blocking reforms ranging from a new constitution to independence of the judiciary. […]
Sri Lanka brew at British beer fest
LONDON, Aug 7, 2007 (AFP) – The doors to the biggest pub in the world swing open Tuesday as the 30th Great British Beer Festival gets underway. The annual bash, which raises a glass to finely-crafted ales from around Britain and the globe — and hurls bland, fizzy lager straight down the sink — promises […]