Author: lbostgadmin
Key Bail
Jan 17, 2010 (LBO) – Sri Lanka’s Supreme Court has granted bail to the chief executive and a director of the failed Golden Key Credit Card Company and ordered more asset seizers to repay depositors, a media report said. The Sunday Island newspaper said Kavan Perera, chief executive of Golden Key and Saradha Sumanasekera, director […]
Opposition says Sri Lanka lied to UN over heavy weapons
January 15, 2010 (AFP) – Sri Lanka’s opposition Friday accused the government of misleading the UN over the use of heavy weapons during the final stages of fighting against Tamil rebels last year. Sri Lanka’s Tamil community, numbering 12.5 percent of the population, has close cultural and religious links with India’s Tamil Nadu state, which […]
US, Norway deny funding ouster of Sri Lanka president
January 16, 2010 (AFP) – The United States and Norway on Saturday denied funding Sri Lanka’s main opposition to defeat President Mahinda Rajapakse’s re-election bid later this month. Norway, which was the peace broker until the Rajapakse administration withdrew from a faltering truce and escalated a military campaign against the Tigers early last year, denied […]
Sri Lanka central bank created high inflation and reduced wealth: economist
Jan 16, 2010 (LBO) – Sri Lanka’s central bank has created average inflation of 11. 0 percent and must take the blame for impoverishing the people, a senior monetary economist and former central banker has said. After Sri Lanka got independence from Britain, the country had registered growth slightly over that of India, but had […]
Sri Lanka to pay extra interest to senior citizens
Jan 15, 2010 (LBO) – Sri Lanka’s government will pay an extra 20 percent ‘bonus interest’ for rupee deposits maintained at licensed commercial banks by senior citizens, the Central Bank said. The extra interest will be 20 percent of the interest earned after January 01, subject to a limit of 120,000 per person per year. […]
Sri Lanka presidential hopeful to play policy referee
Jan 15, 2010 (LBO) – Sri Lanka’s opposition presidential hopeful retired general Sarath Fonseka has said he may have to play referee between pro free market United National Party and Marxist Janatha Vimukthi Peramuna. JVP is credited with key initiatives of the post-2004 economic program which proposed expanding state employment, subsidizing fuel and pushing state […]
Sri Lanka power generation, diesel sales up in October
Jan 15, 2010 (LBO) – Sri Lanka’s power generation rose 3.9 percent in August 2009 to 856 GigaWatt hours from a year earlier, with hydro power increasing its share, and diesel sales were also up the latest official data showed. Sri Lanka’s power generation contracted in the first half of the year in line with […]
No Sale
Jan 15, 2010 (LBO) – Hutchison Telecom International’s Sri Lanka unit will stay with the group, with new investments planned to increase coverage, while the parent is being de-listed from the Hong Kong stock exchange, an official said. Sri Lanka’s mobile market is shared between Dialog Telekom, a unit of Malaysia’s Axiata, Mobitel a unit […]
Cyber Attack
WASHINGTON, January 15, 2010 (AFP) – Microsoft said Thursday that a security vulnerability in its Internet Explorer browser was used in cyberattacks which prompted Google to threaten to shut down its operations in China. Reavey stressed that Microsoft “has not seen widespread customer impact, rather only targeted and limited attacks exploiting (Internet Explorer 6).” Changing […]
Best Practice
Jan 15, 2010 (LBO) – Sri Lanka’s human resource (HR) practitioners will battle for ‘HRM Awards 2010’ which acknowledges and rewards best practices in the profession, to be held in May, an official said. HRM Awards is organized by the Association of Human Resource Professionals (HRP), Sri Lanka and will be held for the fourth […]
Under Fire
WASHINGTON (AFP) – Federal Reserve chairman Ben Bernanke said Thursday the US central bank should keep its role as a regulator of the banking system as a way to promote financial market stability. Bernanke added that the Fed “cannot and should not” be responsible for regulating the entire financial system, which including nonbanking firms such […]
Sri Lankan stocks close 0.7-pct up, hotels gain
Jan 15, 2010 (LBO) – Sri Lankan shares closed up Friday as investors chased after mid cap stock, especially hotels sector, while high interest on conglomerate John Keells (JKH) pushed turnover past 1.5 billion rupees, brokers said. The All Share Price Index closed at 3,563.14, up 0.75 percent (26.43 points) while the Milanka index of […]