Author: lbostgadmin
Sri Lanka Insurance Corp sale reversed by court- Update
June 4, 2009 (LBO) – Sri Lanka’s Supreme Court said a 2003 privatization of Sri Lanka Insurance Corporation (SLIC) to listed Distilleries group was illegal and ordered the firm to be returned to the government and the purchase price refunded.Court ordered the government to repay more than six billion rupees originally paid by the private […]
Sri Lanka seizes ship with supplies for war-hit civilians
June 4, 2009 (AFP) – Sri Lanka’s navy Thursday seized a foreign-owned ship loaded with medical, food and other supplies for war-hit civilians, saying the vessel had entered its territorial waters illegally.The supplies, arranged by supporters of the Tamil rebel cause, were loaded onto a ship in the English port of Ipswich in April — […]
Search King
WASHINGTON, June 3, 2009 (AFP) – Google, already the king of Internet search, rolled out an experimental new search product on Wednesday called “Google Squared.” Google Squared does not provide a list of links to Web pages, like with a traditional Google search, but presents information derived from a query in a spreadsheet-like grid called […]
Hostage Crisis
ZAMBOANGA, June 4, 2009 (AFP) – A Sri Lankan peace activist kidnapped by Islamic militants in the southern Philippines almost four months ago has been safely rescued, police said Thursday. Umar Jaleel was rescued late Wednesday from his Abu Sayyaf captors in the town of Tipo-Tipo on Basilan island, regional police spokesman Superintendent Danilo Bacas […]
No Deal
June 4, 2009 (LBO) – Sri Lanka’s Supreme Court said a 2003 privatization of Sri Lanka Insurance Corporation (SLIC) to listed Distilleries group was illegal and ordered the shares to be returned to the government and the purchase price refunded. Court also said Ernst & Young, the auditors of the firm should be removed. Court […]
Sri Lanka gets $25mn Indian hotel investment
June 04, 2009 (LBO) – The Sri Lankan government said it had approved a proposal by an Indian company to set up a four-star hotel and convention centre with an investment of 25 million US dollars.Media minister Anura Yapa said the unsolicited proposal had been received from Suchirindia Hotel and Resorts in Hyderabad, India. The […]
Banking Conduit
June 04, 2009 (LBO) – Sri Lanka’s state-run Bank of Ceylon is providing banking services for refugees in several camps in the north of the island to get financial help from their relatives, a top official said.Nearly 300,000 people held as a human shield by the Tamil Tigers before they were defeated last month are […]
Sri Lankan stocks hit by Distilleries verdict
June 04, 2009 (LBO) – Sri Lankan shares dived on Thursday after courts reversed the privatization of an insurer controlled by a listed firm, saying it was illegal, while the rupee held steady against the greenback. The spot dollar was trading at 114.90/95 levels in late afternoon trade, dealers said. Distilleries Company of Sri Lanka […]
High inflation increases hunger in South Asia: UNICEF
NEW DELHI, June 2, 2009 (AFP) – The global financial crisis and a spike in fuel and food prices have left 100 million more people without adequate food in South Asia compared to two years ago, according to a UNICEF report Tuesday. More than 400 million people face hunger in a region where over 75 […]
Sri Lanka should drop popular politics to boost economy: President
June 3, 2009 (LBO) – Sri Lanka should cut the budget deficit, drop popular politics and ideologies in meeting the challenge of developing the country, President Mahinda Rajapaksa said.“Reducing the budget deficit, investment promotion and economic development is possible after defeating terrorism,” President Rajapaksa said in a nationally televised speech at a ceremony in Colombo. […]
Sri Lanka offered investment by Canadian business council
June 03, 2009 (LBO) – Two bilateral business councils promoting trade and investment between Sri Lanka and Canada have offered their support to revive the island’s economy with the end of the ethnic war.The Ceylon Chamber of Commerce, which represents the Sri Lanka-Canada business councils, said they had written to President Mahinda Rajapaksa offering support […]
Sri Lankan minister seeks Japanese aid, rejects rights probe
TOKYO, June 3, 2009 (AFP) – Sri Lanka’s trade minister on Wednesday sought Japan’s help for its recovery from ethnic conflict, while reiterating his government’s rejection of any probe into alleged human rights violations.Colombo has faced allegations that thousands of civilians perished in the final battle last month against Tamil Tiger separatists, as the island […]