Author: lbostgadmin
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 […]
Sri Lanka customs opens cargo inspection facility
May 06, 2009 (LBO) – Sri Lanka’s customs department opened a new container inspection facility just outside Colombo near the port which senior officials said would help speed up examination of cargo.The facility, at a sprawling warehouse complex of the government food department next to the railway line, was built by a private firm, Rank […]
” for Asia
SINGAPORE, May 6, 2009 (AFP) – The International Monetary Fund (IMF) on Wednesday sharply slashed its growth outlook for Asia, predicting a “long and severe recession” for the region’s wealthier but export-reliant economies. The export-led model of economic growth “may not pay the same dividends as in the past” as households in advanced economies were […]
‘s Tamil south
CHENNAI, May 6, 2009 (AFP) – The head of India’s ruling Congress party, Sonia Gandhi, cancelled two planned election rallies Wednesday in the country’s ethnic Tamil-dominated south, officials said. The state is scheduled to go to the polls next week in the fifth and final phase of India’s staggered month-long elections.Party officials, however, denied the […]
Full Testimony
May 6, 2009 (LBO) – Federal Reserve chairman Ben Bernanke told the Joint Economic Committee of the US congress that he expects “economic activity to bottom out, then to turn up later this year.” In contrast to the somewhat better news in the household sector, the available indicators of business investment remain extremely weak. Spending […]
Sri Lankan shares close up, rupee gains
May 06, 2009 (LBO) – Sri Lankan shares gained on Wednesday supported by institutional and high net worth interest on blue chip stocks, while the rupee gained against the US dollar mid weak import buying, dealers said.A parcel of 276,000 of Ceylon Tobacco Company changed hands at 116.00 rupees. CTC, a subsidiary of global tobacco […]
Sri Lanka rupee climbs higher
May 06, 2009 (LBO) – The Sri Lanka rupee closed at 118.10/20 against the spot US dollar Wednesday after floating higher from opening levels of around 119.80/120.00 levels with weak import demand, dealers said. In February the central bank’s real effective exchange showed the rupee was 26 percent overvalued against the US dollar. State banks, […]
Canada ups relief aid for Sri Lanka
OTTAWA, May 4, 2009 (AFP) – Canada’s Minister of International Cooperation Beverley Oda announced Monday an increase in humanitarian aid for civilians displaced by ongoing civil war in Sri Lanka.Ottawa will provide three million dollars (2.5 million US) to the International Committee of the Red Cross, Doctors Without Borders (MSF), the World Food Programme and […]
Sri Lanka banks asked to cut lending rates, says Central Bank
May 5, 2009 (LBO) – Sri Lanka’s central bank said it had asked banks to cut interest charged on loans which remain high despite policy rate cuts, while its grip on overnight is also tenuous due to quantity restrictions on discount windows.The Central Bank said it has “informed the licensed banks to take appropriate measures […]
Sri Lanka cricketers get pay hike
May 05, 2009 (LBO) – Sri Lanka has raised salaries of cricketers and doubled the number of players under contract, an official said. Sri Lanka A Squad: Muthumudalige Pushpakumara, Tharanga Paranavithana, Malinga Bandara, Rangana Herath, Dammika Prasad, Chamara Silva, Mahela Udawatte, Gihan Rupasinghe, Suranga Lakmal, Kaushal Silva, Chanaka Welegedara, Isuru Udana, Chaminda Vidanapathirana, Dinesh Deshapriya […]
Sri Lanka JKH ups stake in Union Assurance to 80-pct
May 05, 2009 (LBO) – Sri Lanka’s John Keells Holdings (JKH) said it had increased its stake in insurer Union Assurance by a further 2.52 percent after an offer to buy out remaining shareholders which ended Monday.JKH deputy chairman Ajit Gunewardena said at the time the move was aimed at consolidating the conglomerate’s position in […]