Author: lbostgadmin
Emirates adds 22 weekly flights to India
May 29, 2009 (LBO) – Emirates airline said it will add 22 weekly flights to India in an expansion encouraged by liberalization of its skies that made the sub-continent one of the world’s fastest-growing aviation markets. The Dubai-based carrier said in a statement the move will support for the Indian government’s ambitious growth plan to […]
Wal-Mart set to make first foray into India
NEW DELHI, May 29, 2009 (AFP) – The world’s number one retailer Wal-Mart is set to open its first sales venture in India Saturday as part of an ambitious plan to establish a foothold in the country’s vast consumer market.The US discount chain has teamed up with Bharti Enterprises, parent of India’s biggest mobile firm […]
Mobile Spin
May 29, 2009 (LBO) – Sri Lankan celco Mobitel will spend 557 million rupees (4.85 million US dollars) in a four year sponsorship of the island’s cricket team, the company’s parent, Sri Lanka Telecom (SLT) said. SLT said in a stock exchange filing that the deal, one of the largest announced by a Sri Lankan […]
Weak Judiciary
May 29, 2009 (LBO) – Sri Lanka’s justice system, legal profession and media are all under grave threat, said a report published by the International Bar Association’s Human Rights Institute (IBAHRI). Public confidence in the judiciary has got eroded and the Chief Justice is seen as biased, said the report on the independence of the […]
Sri Lankan tea prices weaken further
May 29, 2009 (LBO) – Sri Lankan tea prices sagged further this week, pushed down by larger volumes, lower quality and a stronger rupee, brokers said. The rupee weakened sharply against the dollar earlier this year but steadied and even strengthened in recent weeks. The better teas were “readily absorbed”, while the poor leaf sorts […]
Housing Woes
May 29, 2008 (LBO) – Sri Lanka’s Housing Development and Finance Corporation (HDFC) said it made a loss in the March 2009 quarter amid rising interest expenses and sharp falls in interest and fee-based income. The bank made a loss of 52 million rupees in the three months ending March 31, 2009 compared with a […]
Good Credit
May 29, 2009 (LBO) – A central bank supported credit scheme to help war-affected Sri Lankans will not use printed money, but cash from a revolving credit facility separately managed by the monetary authority, a top official said. Sri Lanka’s central bank is planning a re-finance to jump-start lending to the war-affected so that they […]
Fleet Fortunes
May 29, 2009 (LBO) – Sri Lanka could make use of the global slump in shipping to rebuild its national merchant fleet as ships without work are now going cheap, the island’s navy chief Wasantha Karannagoda has said. The end of the 25-year-old ethnic war gives the country an opportunity to revive its merchant navy, […]
Sri Lankan stocks up 3.22 pct during week, rupee steady
May 29, 2009 (LBO) – Sri Lankan shares made slight gains Friday as investors were concentrating more on solid small and mid cap stocks, while the rupee was rock steady against greenback, brokers and dealers said. The spot dollar was trading at 114.90/115.00 levels in late evening trade, dealers said. The Colombo All Share Price […]
Obama names US ambassadors to Sri Lanka, Japan, India
WASHINGTON, May 28, 2009 (AFP) – President Barack Obama on Wednesday named US ambassadors to Japan, India and Sri Lanka, amid heightened tension in Asia over North Korea’s nuclear tests, unrest in Pakistan and ethnic tension in Sri Lanka. Obama named longtime technology-focused lawyer John Roos as US ambassador to Japan, and named Democratic former […]
Sri Lanka avoids war crimes probe, slams West
May 28, 2009 (AFP) – Sri Lanka celebrated a major diplomatic victory Thursday after managing to torpedo Western demands for a probe into alleged war crimes committed during the offensive against Tamil Tiger rebels. A little more than a week after government troops defeated the separatist army, the island’s diplomats managed to lobby Asian support […]
UN rights chief, campaigners press for Sri Lanka probe
GENEVA, May 28, 2009 (AFP) – The UN human rights chief and campaign groups insisted Thursday that an independent probe should be held into violations in Sri Lanka although the UN’s top rights assembly turned down such calls UN High Commissioner for Human Rights Navi Pillay maintained her demand for an investigation into abuses allegedly […]