Author: lbostgadmin
Boat People
SYDNEY, October 29, 2009 (AFP) – Australia told a group of rescued Sri Lankan asylum-seekers they could not choose their destination and refused to rule out using force after they refused to disembark in Indonesia. Foreign Minister Stephen Smith insisted the group of 78, currently on an Australian ship, would be processed in Indonesia under […]
Bailed
Oct 29, 2009 (LBO) – Chairman of Sri Lanka’s troubled Ceylinco group, Lalith Kotelawala was released on bail by the island’s Supreme Court after nine months after he was remanded over the collapse of an unregulated financial firm, a media report said.He had also undertaken to fully disclose his assets including Ceysands Hotel and any […]
Fresh Threats
October 29, 2009 (AFP) – Sri Lanka’s president ordered police to probe death threats against journalists of a newspaper whose founding editor was murdered earlier this year, a spokesman said Thursday.The Sunday Leader has been critical of the government and its handling of the internally displaced people following the military’s crushing of Tamil rebels earlier […]
Rate Impact
Oct 29, 2009 (LBO) – State banks were scrambling to give effect to an order to cut lending rates, but their balance sheets of state banks are likely to be hurt despite depositors taking some of the cost, officials said. Peoples’ Bank has a high proportion of pawning or gold backed loans. Savings depositors in […]
Rate Cut
Oct 29, 2009 (LBO) – Sri Lanka’s state-run People’s Bank said it was cutting lending rates for a range of sectors following a presidential directive to give loans at rates between 8.0 to 12.0 percent. The bank said in a statement Wednesday that it will cut lending rates with “immediate effect” following President Mahinda Rajapaksa’s […]
Sri Lanka shares close 0.95-pct lower
Oct 29, 2009 (LBO) – Sri Lankan shares closed down 0.9 percent Thursday as investors took defensive positions and opted to stay out of the market, while the banking and hotel sector stocks took a hit, brokers said. The All Share Index closed at 2,977.16 points down 28.56 points while the Milanka Index of more […]
Sri Lanka central bank in massive liquidity mop up
Oct 28, 2009 (LBO) – Sri Lanka’s central bank is engaged in a record mop up of excess liquidity in the banking sector generated foreign from dollar borrowings, surpassing a previous high in 2007.Sri Lanka raised 500 million US dollars through a sovereign bond earlier this month. Inflows from an October 2007 sovereign bond pushed […]
EU pressures Sri Lanka over human rights
LUXEMBOURG, October 27, 2009 (AFP) – The European Union boosted pressure on Sri Lanka Tuesday over human rights and called for those committing abuses on the island to be investigated. Sri Lanka has said it needs to screen the civilians for former fighters. The EU statement comes a week after the bloc threatened to withdraw […]
Refugee Crisis
TANJUNG PINANG, October 28, 2009 (AFP) – Seventy eight Sri Lankan asylum-seekers are refusing to disembark an Australian customs vessel anchored off Indonesia’s Bintan island, officials said Wednesday.The migrants were rescued by the Australian navy in Indonesian waters 11 days ago but were refusing to speak to Indonesian immigration officials, insisting they want to be […]
Northwest Sri Lanka running out of groundwater: official
Oct 28, 2009 (LBO) – Puttalam in Sri Lanka’s northwest is rapidly running out of groundwater due to paddy farming, with the water table falling alarmingly and facing the threat of sea water contamination, an official has warned.“Ground water levels have dropped in the Puttalam district as ground water is being used extensively for paddy […]
Debt Prowess
Oct 28, 2009 (LBO) – HSBC, an international bank, which said it had helped raise two billion dollars for Sri Lankan infrastructure has been named the best international debt house in Asia in awards given by Euromoney, a financial magazine.The bank said so far this year date, the HSBC Group has done 22 deals in […]
Settlement
Oct 28, 2009 (LBO) – Commercial Bank of Ceylon said it had been appointed as the second bank to settle payments for securities trades in the Colombo Stock Exchange, following a decision by the bourse to expand the number of banks offering the service.The stock exchange has an automated trading and a central depository system […]