Author: lbostgadmin
Sri Lanka troops record first fatality after ending war
July 5, 2009 (AFP) – A Sri Lankan soldier was shot dead by a Tamil rebel in the island’s east, the first military fatality after the crushing of the guerrilla leadership in May, the army said on Sunday.A Tiger rebel grabbed the gun of a soldier and opened fire as he tried to search a […]
Indian budget faces tough balancing act: economists
MUMBAI, July 5, 2009 (AFP) – India’s new Congress-led government will have to balance conflicting objectives of spurring growth and reining in a soaring fiscal deficit when it presents its first budget on Monday.Economists and analysts predict the budget will focus on regulatory and structural reform to stimulate growth, rather than announcing large government stimulus […]
India looks to cut out the middlemen on gold
MUMBAI, July 5, 2009 (AFP) – Gold has long had a special attraction for Indians.Loaded with cultural and religious significance, it is considered an auspicious metal and a visible sign of wealth and prosperity.Four refineries — two in Mumbai and two in Ahmedabad, in nearby Gujarat state — have already been approved.It is hoped to […]
Media Muzzle
July 05, 2009 (LBO) – Fresh attempts by Sri Lanka’s government to muzzle the press and block the freedom speech of the people through a draconian law will hurt the economy and corporate sector, a senior lawmaker and commentators have warned. “This archaic law’s provisions effectively ban the reporting of matters as sweeping as those […]
Lease Rating
July 05, 2009 (LBO) – Fitch Ratings Lanka said it has confirmed the Commercial Leasing Company (CLC) national rating at ‘A-(lka)’, with a stable outlook. Ficth said in a statement CLC’s rating reflects its fairly strong financial profile, good asset quality and implied support assumed to be available from its parent, Lanka ORIX Leasing Company […]
Keel Laying
July 05, 2009 (LBO) – Sri Lankan shipyard Colombo Dockyard said it has laid the keel for construction of the third Multipurpose Platform Supply Vessel for Greatship India.The vessels can undertake multi-purpose roles such as transportation of pipes, fresh water, diesel oil, bulk cement, stores, equipment, moving men and materials between platforms and shore, and […]
‘s need for IMF wanes: Central Bank
July 4, 2009 (AFP) – Sri Lanka’s central bank chief said Saturday that the island could live without a major IMF bailout that had been delayed by the final stages of the government’s fight with Tamil Tiger rebels.The government had requested the 1.9-billion-dollar loan in March to help stave off its first balance of payments […]
Oil Drain
July 4, 2009 (LBO) – The Sri Lanka unit of the Indian Oil Corporation is running out of cash and may not be able to import the next consignment of oil as crude prices rise and taxes bite into revenue, an official said. Based on yesterday’s Singapore wholesale refined product prices released by the Central […]
‘s young brigade rattles Sri Lanka
GALLE, July 4, 2009 (AFP) – Teenage fast bowler Mohammad Aamer led Pakistan’s spirited new-look attack to bowl out Sri Lanka for 292 on the opening day of the first cricket Test here on Saturday. Rauf had Paranavitana caught by Misbah-ul Haq at first slip midway through the post-lunch session, before Younus dismissed Samaraweera through […]
Public Service
July 4, 2009 (LBO) – W A Wijewardena, widely regarded as one of the top economists the country has ever produced, retired from his post as deputy governor of Sri Lanka’s central bank Friday, after a 36 year career in public service. He has also chaired other task forces including one on the adoption of […]
Sri Lanka buys 450 million US dollars since float
July 4, 2009 (LBO) – Sri Lanka’s central bank has bought 290 million US dollars from forex markets in June to boost its foreign reserves, bringing the total purchases since a float of its currency in March to 450 million US dollars. The vicious cycle quickly gathers pace, and uncertainty about the currency results in […]
Sri Lanka IMF loan depends on Executive Board: official
July 3, 2009 (LBO) – The award of a stand by loan for Sri Lanka by the International Monetary Fund (IMF) is awaiting approval of its executive board, which is yet to set a date to consider the application, an official said. “But discussions are continuing, and the finalization of the program, as with any […]