Author: lbostgadmin
Swiss Re back to profitability in first quarter
ZURICH, May 7, 2009 (AFP) – The world’s biggest reinsurer Swiss Re said Thursday it made a profit of 150 million francs in the first quarter, returning to profitability after posting its biggest annual loss in 2008. “We are pleased to report that Swiss Re was able to return to profit in the first quarter […]
Sri Lanka Tigers using suicide bombers: military
May 7, 2009 (AFP) – Sri Lanka’s Tamil Tigers are using suicide bombers to hold back government forces who are close to overrunning the last patch of rebel-held territory, the military said Thursday.The Tigers have deployed hundreds of suicide bombers to devastating effect in the past 20 years, claiming several high-profile victims, including the then […]
Indian elections enter final stretch
NEW DELHI, May 7, 2009 (AFP) – India kicked off the penultimate round of its marathon general election on Thursday, with the two main parties going head to head in a series of key races that could swing the final outcome. And with the finish line now in sight and no clear winner expected, attention […]
Digital Future
WASHINGTON, May 7, 2009 (AFP) – Old Media squared off against New Media on Wednesday as a US Senate panel examined the future of journalism in the digital age. The demise of the newspaper industry took center stage as a Texas newspaper publisher, a former Baltimore Sun reporter, a top executive from Google and the […]
Sri Lanka mulls extending private tea sale curbs
May 07, 2009 (LBO) – Restrictions on private sales of low grown teas outside the main auctions in Sri Lanka’s capital, Colombo, are likely to be extended this year, an official said.The curb are placed in the belief that they help prop up prices, though a ‘private’ sale takes away an equal amount of supply […]
Strong Results
May 07, 2009 (LBO) – Sri Lanka’s Sampath Bank has reported group profits of 397.4 million rupees in the March quarter, up 22 percent over last year, while revenues climbed 18 percent to 6.1 billion rupees on the back of higher state financing. Loan loss provision rose to 423 million rupees but a recovery of […]
Bank Bids
May 07, 2009 (LBO) – Sri Lanka’s central bank said two short-listed prospective investors have submitted their bids for a controlling stake in Seylan Bank. Seylan is part of the troubled Ceylinco group. Seylan was put under the wings of state-run Bank of Ceylon by the regulator after a run on its deposits triggered by […]
Sri Lankan stocks end the week up, rupee strengthens
May 07, 2009 (LBO) – Sri Lankan shares closed flat Thursday but gained 2.86 percent during a short week propelled by institutional and high net worth investors, while the rupee strengthened against the US dollar amidst weak import demand, brokers and dealers said. The spot dollar was trading at 117. 00/25 levels by mid afternoon […]
Sri Lanka rupee at right level: CB Governor
May 07, 2009 (LBO) – The rupee is at the right level, central bank governor Nivard Cabraal said as the local currency floated between 116.50 to 117.70 rupees against the US dollar in spot trade Thursday. Sri Lanka has asked for a 1.9 billion US dollar loan from the International Monetary Fund which reports said […]
Sri Lanka rupee peaks at 116.50 in volatile trade
May 07, 2009 (LBO) – The Sri Lanka rupee peaked at 116.50 in intra-day trading against the US dollar, Thursday before weakening to 117.70/90 levels, as state bank buying returned to the market, dealers said.The rupee gained steeply with foreign banks on the sell side in morning trade and a state bank bought at 116.60 […]
Sri Lanka set to submit seabed claim
May 06, 2009 (LBO) – Sri Lanka is set to formally submit its claim for sovereignty over a bigger area of the ocean floor surrounding the island under international law, officials said. “The survey confirmed the assumptions made by Sri Lanka’s Law of the Sea delegation in 1970s and 1980s regarding the location of 1km […]
‘s Ban to assess crisis
May 6, 2009 (AFP) – Sri Lanka’s president has invited UN Secretary General Ban Ki-moon to visit the island and assess first-hand the plight of civilians affected by fighting with Tamil rebels, his office said Wednesday.President Mahinda Rajapakse, under pressure over allegations that his troops have been shelling civilian areas, spoke to Ban on Tuesday […]