Author: lbostgadmin
UN heads for rights confrontation with Sri Lanka
UNITED NATIONS, April 22, 2011 (AFP) – The United Nations hurtled toward a high-profile confrontation with the Sri Lankan government Friday over international action on alleged war crimes during a military offensive against Tamil separatists. Rejecting a Sri Lankan demand to keep a report by a panel of experts secret, the United Nations said the […]
Galleon Trial
NEW YORK, April 21, 2011 (AFP) – The jury in Wall Street’s biggest insider trading court case in a generation was due to start deliberating Monday after the conclusion of a seven-week trial. The defense for Galleon hedge fund founder Raj Rajaratnam completed its case in New York federal court Thursday by saying the government […]
Trade Indicator
Apr 22, 2011 (LBO) – Container volumes through Sri Lanka’s main port have maintained rapid growth so far this year with government data showing increasing domestic as well as transhipment cargo as local and regional trade rebounds. The number of ships calling at Colombo port has also increased after falling in 2010 compared with the […]
Sri Lanka industrial productivity up 10.9-pct in 2010
Apr 21, 2011 (LBO) – Labour productivity in Sri Lanka’s industry rose 10.6 percent in 2010 racing ahead of economy-wide gains which were dragged down slower increases in agriculture and services, according to official data. Overall labour productivity in all three sectors rose 6.6 percent from a year earlier to 343,000 rupees. Labour productivity is […]
Sri Lanka asks UN not to publish war crimes report
April 21, 2011 (AFP) – Sri Lanka asked the United Nations on Thursday not to publish a forthcoming report on alleged war crimes during the island’s ethnic war, saying it could set back reconciliation efforts. President Mahinda Rajapakse has asked his supporters to turn this year’s May Day rally into a demonstration against any UN […]
Closing Argument
NEW YORK, April 20, 2011 (AFP) – Federal prosecutors cited “devastating” evidence Wednesday against hedge fund tycoon Raj Rajaratnam at the close of the biggest Wall Street insider trading trial in a generation. In the government’s closing statement against Sri Lankan-born Rajaratnam, Assistant US Attorney Reed Brodsky said secret tape recordings of phone conversations with […]
Sri Lanka tea auction sees return of Libya
Apr 21, 2011 (LBO) – Sri Lankan tea prices were firm at this week’s auction with brokers saying Libya had resumed buying and global prices seen staying high this year owing to lower production and growing demand. Despite the large volume of teas from plantation company estates on offer and “somewhat lower” quality prices were […]
Sub Prime
Apr 21, 2011 (LBO) – Sri Lanka’s finance companies who lend to smaller sub-prime customers have grown their loan book 37. 6 percent in 2010 to 156.2 billion rupees as the sector recovered from runs in earlier years, official data showed. Sri Lanka’s commercial banks which had loans of 1. 5 billion to businesses and […]
Cargo Flows
Apr 21, 2011 (LBO) – Sri Lanka Ports Authority (SLPA), which runs the island’s ports, increased revenue and operating profit in 2010 on the back of the global economic recovery which generated double-digit growth in cargo flows. The SLPA’s operating profit increased by 126 percent to 4. 4 billion rupees in 2010 from the previous […]
Sri Lanka shares edge down
Apr 21, 2011 (LBO) – Sri Lankan shares closed weaker for the fourth day Thursday with active trading in newly listed firms and private deals in the dominant mobile operator which is said to be eyeing another phone company, brokers said.The All Share Price Index closed at 7,456. 82, down 0.24 percent (17.68 points) while […]
Sri Lanka watchful; US dollar weakness pushes gold higher
Apr 20, 2011 (LBO) – Gold futures hit a new high of 1,500 US dollars an ounce amid concerns about the US currency and budget deficits, with one state passing a law to make gold and silver legal tender. Modern fully paper fiat money, which a central bank can pass to the population in unlimited […]
Sri Lanka opposition demands probe over UN report
April 20, 2011 (AFP) – Sri Lanka’s main opposition party on Wednesday urged the government to respond to United Nations allegations of war crimes by launching an immediate official investigation. Fonseka quit the army and challenged Rajapakse at January 2010 presidential elections, but after losing the election he was arrested and jailed for 30 months. […]