Author: lbostgadmin
Sri Lanka war zone: 3,000 civilians flee, military says
April 19, 2009 (AFP) – Nearly 3,000 civilians escaped from Sri Lanka’s war zone and sought shelter with security forces, the defence ministry said Sunday as troops stepped up an offensive against cornered Tiger rebels.The non-combatants escaped Saturday evening from the remaining area under the control of the Liberation Tigers of Tamil Eelam (LTTE), the […]
Losing Proposition
April 18, 2009 (LBO)- During the three decades beginning from 1978, Sri Lanka had recorded on average an annual inflation rate of slightly over 11 percent. During the same period, its annual average economic growth rate amounted to 5 percent. These two macroeconomic numbers have prompted many to argue that inflation does not matter since, […]
IMF approves US$47 flexi credit line for Mexico
WASHINGTON, April 17, 2009 (AFP) – The International Monetary Fund approved a 47-billion-dollar credit line for Mexico Friday under a new scheme designed to throw a cash lifeline to countries hit by the global economic crisis. “The Mexican authorities have stated they intend to treat the arrangement as precautionary and do not intend to draw […]
Australian Tamils call off hunger strike
SYDNEY, April 18, 2009 (AFP) – Tamil protesters who staged a seven-day hunger strike outside the Australian prime minister’s home said Saturday they had ended their protest following assurances their demands had been heard. “Australia continues to call on the Sri Lankan government to put forward credible political reforms to engage Tamils and other minorities […]
Sri Lanka keeps up offensive despite calls for fresh truce
April 18, 2009 (AFP) – Sri Lankan troops on Saturday kept up their offensive against Tamil Tiger rebels cornered in the northeast, the defence ministry said, ignoring mounting international appeals for a ceasefire.The island’s government accused the Liberation Tigers of Tamil Eelam (LTTE) of firing heavy artillery and mortars from an area it has designated […]
US environment agency deems CO2 a health risk
WASHINGTON, April 18, 2009 (AFP) – The US Environmental Protection Agency shifted course Friday by deeming carbon dioxide and other greenhouse gases a health risk, in a landmark turnaround that could impact climate change regulation. “After a thorough scientific review ordered in 2007 by the US Supreme Court, the Environmental Protection Agency issued a proposed […]
Seylan Sale
April 18, 2009 (LBO) – Sri Lanka’s central bank says six parties have expressed interest in buying a one-third stake of Seylan Bank, which was put under the wing of a state bank following a run on its deposits. Seylan Bank, a unit of Sri Lanka’s Ceylinco group, suffered a run after an unregulated firm […]
” global recession
WASHINGTON, April 16, 2009 (AFP) – The International Monetary Fund on Thursday forecast a prolonged, deep global recession in a crisis “nobody is escaping,” with recovery slow and difficult.Weak capital flows to emerging economies in the downturn will hammer Eastern Europe in particular, the IMF said in releasing two chapters from its twice-yearly World Economic […]
Sri Lanka petroleum credit largely repaid: official
April 17, 2009 (LBO) – Most of the short term credits from Iran and private suppliers to Sri Lanka’s state-run petroleum retailer had been repaid, though the outflow worsened a balance of payments crisis in the island, a top central bank official said. The Ceylon Petroleum Corporation (CPC) had borrowed up to a billion US […]
Sri Lanka looks at cutting working week, easing layoffs
April 17, 2009 (LBO) – Sri Lanka’s labour ministry says a request by the private sector to cut the working week to five days to deal with an economic slump, is timely and attempts would be made to reach a deal fast. Sri Lanka’s private sector has asked to end a half-day of work Saturday […]
Top UN official in Sri Lanka
UNITED NATIONS, April 16, 2009 (AFP) – UN chief Ban Ki-moon has dispatched a top aide to Sri Lanka to try to ease the plight of tens of thousands of civilians trapped by fighting between government forces and Tamil separatists, a UN spokesman said Thursday. Farhan Haq told AFP that Vijay Nambiar, Ban’s chief staff, […]
Sri Lanka has chance to end conflict: US
WASHINGTON, April 16, 2009 (AFP) – The United States on Thursday urged an immediate ceasefire in Sri Lanka to save thousands of trapped civilians, saying the Colombo government had a chance to finally end three decades of war. “We call upon the government and military of Sri Lanka and the Tamil Tigers to immediately stop […]