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Wider Spectrum
July 1, 2007 (LBO) – Sri Lanka’s pioneer leasing firm, Lanka Orix Leasing Company (LOLC), is looking to spread its wings under a new brand, officials said. “I feel we should do business as usual and not worry too much about what is happening in the country as long as we concentrate on our risk […]
‘s boutique hotels suffer the ravages of war
SIGIRIYA, Sri Lanka, July 1, 2007 (AFP) – Britney Spears, Paul McCartney, Sting and Paul Simon have all travelled to Sri Lanka for a big-bucks taste of tropical luxury.“The rich will not want to come if Sri Lanka has an image of a cheap destination,” Jinasena said. But an escalating war with Tamil Tiger rebels […]
Light Touch
July 01, 2007 (LBO) – Sri Lanka’s rule book and compliance based financial regulatory system needs to be changed to one of principle based risk focused system, a top central banker has said. A rule-based intrusive supervision system doesn’t work always, Deputy Governor of the Central Bank of Sri Lanka Ranee Jayamaha, told a forum […]
Hundreds of Bangladesh factories fail to pay minimum wage
DHAKA, July 1, 2007 (AFP) – Hundreds of textile factories in Bangladesh have failed to meet a government deadline to pay their workers even a paltry minimum wage of 25 dollars a month, an industry body said Sunday.Of the country’s more than 2400 garment factories, over 400 were still ignoring the rule on June 30, […]
Asia recalls crisis that brought region to its knees
HONG KONG, July 1, 2007 (AFP) – When Thailand floated its currency on July 2, 1997, it meant to ease the immediate pressure on its faltering economy.Instead, it set off a chain reaction which destroyed many of the gains of Asia’s ‘economic miracle’ years as currencies, stocks, commodities and property prices went into free-fall and […]
Unfazed Bangladesh plan campaign against Sri Lanka
July 1, 2007 (AFP) – Under-performing Bangladesh go into Tuesday’s second Test against mighty Sri Lanka determined to lift their game and prove they deserve to play at the highest level.The third and final Test will be played in Kandy from July 11-15, followed by three one-day internationals.The knives were out after Bangladesh crashed to […]
Sri Lanka government, Tigers trade allegations over new killings
July 1, 2007 (AFP) – Gunmen have shot dead two civilians in Sri Lanka’s northern Jaffna peninsula, officials said Sunday as the government and Tamil Tigers blamed each other for the latest in a string of such killings.The men were murdered Saturday in two separate incidents on the government-controlled peninsula, situated at the northern tip […]
Sri Lanka asks Norway to revive peace bid: report
July 1, 2007 (AFP) – Sri Lanka’s government has asked Norway to help revive a moribund peace process amid an escalation of fighting between troops and Tamil Tiger rebels, a press report said Sunday.More than 5,000 people have been killed in the new wave of fighting since December 2005 despite a truce in place since […]
Subsurface Threat
June 30, 2007 (LBO) – Sri Lankan security authorities plan to install underwater surveillance systems in Colombo harbour to enhance the defences of the port which handles most of the island’s trade. London’s Metropolitan Police said Chrishanthakumar is accused of receiving literature and manuals allegedly included information about underwater warfare and naval weapons systems and […]
Sri Lanka to focus on niche tourism to bring more foreign exchange
June 30, 2007 (LBO) – Sri Lanka’s Ministry of Tourism is kicking off a new drew to promote high spending niche tourism to the country with the appointment of a new advisory council led by the private sector. At the moment approximately 300,000 people in Sri Lanka depend on the tourism industry the ministry officials […]