Author: lbostgadmin
Asia remembers day ocean unleashed its fury
BANDA ACEH, December 26, 2009 (AFP) – People across Asia paused Saturday to remember the day five years ago when an undersea earthquake unleashed a devastating wave that killed more than 220,000 people. A solemn day of prayers and remembrance to mark one of the world’s worst natural disasters was held in Indonesia’s Aceh province, […]
Graft Wave
December 26, 2009 (AFP) – Nearly half a billion dollars in tsunami aid for Sri Lanka is unaccounted for and over 600 million dollars has been spent on projects unrelated to the disaster, an anti-corruption watchdog said Saturday.Berlin-based Transparency International demanded an audit of the money received by the Sri Lankan government to help victims […]
Sri Lanka gets Chinese funds to build international airport
Dec 25, 2009 (LBO) – Sri Lanka has signed up 410 million US dollars of funding from China including money to build an international airport in the south of the island, a foreign ministry statement said.Sri Lanka’s finance ministry secretary P B Jayasundera and China’s vice minister of commerce, Chen Jian had signed thee deals […]
Arms Allegation
SINGAPORE, December 25, 2009 (AFP) – A Singapore opposition party member has been extradited to the United States where he stands accused of trying to supply arms to Sri Lanka’s defeated Tamil Tiger rebels, according to a report Friday.Balldev Naidu, 47, a businessman and co-founder of the Reform Party, was extradited on December 18, the […]
Steady State
Dec 24, 2009 (LBO) – Rating agency Fitch confirmed Union Bank of Colombo Limited’s long term rating of ‘BB+(lka), reflecting the bank’s moderate asset quality and lack of a broad deposit base. Several equity infusions occurred between 2003 and 2007 from both existing and new shareholders, which increased equity to 1.5 billion rupees as at […]
Port Industries
Dec 25, 2009 (LBO) – Sri Lanka’s cabinet of ministers has kicked off the process to bring private enterprises to a new industrial port in Hambantota in the south of the island, the government’s information office said.The first phase of the port, which is being financed and built by China also includes a bunker terminal […]
Sri Lanka opposition state salary hike promise a big burden on people: minister
Dec 24, 2009 (LBO) – A steep state worker salary hike promised by opposition presidential candidate Sarath Fonseka would require 132 billion rupees to be extracted from the people through taxes each year, a government minister has warned.State revenue minister Ranjith Siyambalapitiya told reporters that the monthly salary bill of state workers was now 28 […]
Sri Lanka Distilleries group insurance unit approved by regulator
Dec 24, 2009 (LBO) – Distilleries group said in a stock exchange filing the Insurance Board of Sri Lanka had approved its application to set up an insurance subsidiary called Continental Insurance Lanka.The Insurance Board said in a separate statement it had given registration to Continental Insurance Lanka to do General Insurance Business with effect […]
Sri Lankan Airlines launches second service to Italy
Dec 24, 2009 (LBO) – SriLankan Airlines has twice weekly to the second Italian city from Colombo, which is expected to boost tourist traffic between the countries, the carrier said. An estimated 12,000 visitors from Italy travel to Sri Lanka each year now. SriLankan Airlines already operates twice weekly flights to Italian capital Rome. The […]
Sri Lanka tea earnings seen holding up despite lower crop
Dec 24, 2009 (LBO) – Sri Lanka’s tea production this year will be lower than in 2008 because of drought and a strike but earnings should match last year’s as prices have been good, a senior official said. “Prices have been good – at least 10-12 percent more than last year.” Sri Lankan tea prices […]
Steady Outlook
Dec 24, 2009 (LBO) – Pan Asia Bank had its long term national rating of BBB-(lka), which carries a stable outlook, confirmed by Fitch Ratings Lanka. PABC, is a small licensed commercial bank established in 1995, and is 35.3 percent owned by Mr. K.D.D. Perera and related parties. It operates through a branch network of […]
Sri Lanka stocks edge higher
Dec 24, 2009 (LBO) – Sri Lankan shares closed slightly firmer Thursday ahead of the Christmas break, brokers said. Dankotuwa Porcelain, a tableware exporter that has been making losses after exports were hit by recession, was the most actively traded stock, and closed at 11.75, up 50 cents. The Colombo all share price index ended […]