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Sri Lanka changes exchange rate index base
May 30, 2007 (LBO) – Sri Lanka has changed the base year of two indexes that track the performance of the rupee against the country’s trading partners to reflect the changing structure of trade in recent years, the Central Bank said. However since January 2007, the central bank has embarked on an aggressive stabilization effort […]
Sri Lanka gilt rates up amidst heavy government borrowing
May 29, 2007 (LBO) – Sri Lanka’s three-month Treasury bill average yield edged up 22 basis points to 16.91 percent as the government raised 11.9 billion rupees from Tuesday’s gilt auction. Analysts warn that interest rates would be high unless the government takes steps to cut the budget deficit and bring fiscal discipline back. Dealers […]
Sri Lankan listed oil palm firm mulls expansion; warns of drought impact on crop
May 28, 2007 (LBO) – A subsidiary of Sri Lanka’s Carsons group with oil palm estates in south east Asia is considering expansion and downstream ventures but warns that recent drought could affect future crop. “Here again, planting was delayed owing to drought conditions,” Selvanathan said. The Shalimar (Malay) Estate Company Ltd., a unit of […]
Caught
JAKARTA, May 29, 2007 (AFP) – Two Sri Lankans and an Indonesian have been arrested in Jakarta for allegedly running a people smuggling operation to Australia, a senior police officer said Tuesday.The three are suspected of organising an operation earlier this year that saw the Australian navy intercept a boat with 83 Sri Lankans in […]
Insurance Reload
May 29, 2007 (LBO) – Ceylinco Insurance is tapping into Sri Lanka largest mobile subscriber base with a pre-paid card insurance scheme with Dialog Telekom, officials said. Sri Lanka’s insurance penetration remains poor at three percent for an island of 20 million people. The accident insurance cover package premiums are priced between five and 20 […]
‘s former food and drug regulator sentenced to death
BEIJING, May 29, 2007 (AFP) – A Beijing court sentenced the former head of China’s food and drug administration to death Tuesday on corruption charges, state media reported.Zheng Xiaoyu, the former director of China’s State Food and Drug Administration, was convicted for taking bribes and dereliction of duty, the Xinhua news agency said.The sentence was […]
Sri Lanka aid donors get security guarantees for workers
May 29, 2007 (AFP) – Key Sri Lankan aid donors Tuesday announced the government had offered security guarantees for their workers who have been accused by state media and ministers of supporting Tamil Tiger rebels.The 10-point “guiding principles” for security followed talks with the government after the killing of 17 workers from a French aid […]
Sri Lankan capital on alert after bomb kills seven civillians
May 29, 2007 (AFP) – Security forces and police stepped up security in the Sri Lankan capital on Tuesday after suspected Tamil Tiger rebels set off a roadside bomb killing seven civilians, officials said. All vehicles entering Colombo were subjected to individual searches by heavily armed troops and police, a police spokesman said. The move, […]
Deal Flow
May 29, 2007 (LBO) – Globeleq, a unit of CDC investment group which is raising a billion dollars by selling power sector assets in Sri Lanka and other countries, says it is looking for new projects. “This is excellent news for emerging markets. Greater access to reliable energy continues to be a high priority for […]
Some 30,000 Sri Lankans return home in east: UNHCR
GENEVA, May 29, 2007 (AFP) – Some 30,000 Sri Lankans who had fled fighting in the east of the country have returned to their homes over the past two weeks under a government resettlement plan, the UN refugee agency said Tuesday.The office of the UN High Commissioner for Refugees, which is monitoring the process, said […]