Author: lbostgadmin
Brain drain or brain gain?
Apr 06, 2009 (LBO) – Many have expressed their concern about the rising incidence of educated youth leaving the country for employment in developed countries. The protest against the practice, commonly known as ‘brain drain’, is based on both economic and non-economic reasons. Economic Reasons The economic reasons adduced against the brain drain take the […]
Over tea, US admiral cultivates Pakistani army chief
WASHINGTON, April 6, 2009 (AFP) – For the United States, much may be riding on an unlikely relationship between America’s highest ranking military officer and Pakistan’s powerful army chief.Over cups of tea and the occasional cigar, the avuncular American admiral and the reserved general talk about terrorist threats and sensitive military operations in a region […]
Regulatory Forbearance
April 06, 2009 (LBO) – The Sri Lankan government is considering relaxing criteria for bad loan provisioning to help the corporate sector cope with the effects an economic downturn, a senior finance ministry official said. Some private sector representatives from the construction sector, which has been badly affected by the slowdown, also asked at the […]
Merchant Rating
April 06, 2009 (LBO) – Fitch Ratings Lanka said it has confirmed the ‘BBB’ rating of Merchant Credit of Sri Lanka Ltd.(MCSL) with a stable outlook. The rating reflects the implied support assumed to be available from its ultimate parent, state-owned Bank of Ceylon (BOC, ‘AA(lka)’), Sri Lanka’s largest bank, the rating agency said in […]
Sri Lanka small investors nibble at strong stocks
Apr 06, 2009 (LBO) – Sri Lankan shares edged up Monday supported by blue chip price increases in low volume trade, as small investors took tentative steps to invest in fundamentally strong stocks, brokers said.Mobile giant Dialog Telekom gained 10 cents to close at 4.90, while fixed line operator Sri Lankan Telecom gained 75 cents […]
Sri Lanka rupee has greater space for market determination: CB Governor
April 06, 2009 (LBO) – Sri Lankan Central Bank governor Nivard Cabraal said there was greater space for markets to determine the exchange rate, as the country heads for an International Monetary Fund bailout. The Central Bank lost more than two thirds of its reserve trying to defend a peg with the US dollar from […]
Sri Lanka urged to go slow on big projects
April 06, 2009 (LBO) – Sri Lanka should go slow on big projects because of funds shortages in order to be able to better cope with the economic slowdown this year, the central bank said. “Financial flows to the government and the private sectors are likely to decline in 2009 and recover gradually thereafter,” the […]
‘s battle with Tigers forces it to seek bailout
April 5, 2009 (AFP) – Sri Lanka appears to be on the verge of crushing Tamil Tiger rebels after decades of fighting but its success has blown a hole in the nation’s finances and forced it to seek an IMF bailout. Negotiations are underway with the International Monetary Fund for a 2.4 billion-dollar rescue package […]
Sri Lanka says 111 Tigers killed in fresh fighting
April 4, 2009 (AFP) – Sri Lankan troops advancing on the last remaining pockets of rebel resistance killed at least 111 Tamil Tigers in separate ground and sea clashes on Saturday, the military said. His visit to Sri Lanka came as UN chief Ban Ki-moon again urged Tamil rebel leaders to allow trapped civilians to […]
Sri Lanka says over 420 Tigers killed in latest battles
April 5, 2009 (AFP) – At least 420 Tamil Tiger rebels were killed in three days of clashes in northeast Sri Lanka, the military said on Sunday, as troops moved to wipe out the guerrillas after decades of conflict. Tens of thousands of civilians would soon be rescued from the no-fire zone, army chief Lieutenant […]
Hedging Claim
April 04, 2009 (LBO) – Deutsche Bank has filed arbitration proceedings against the government of Sri Lanka over non-payment in oil derivatives deals with state refiner Ceylon Petroleum Corporation (CPC).Citibank has already gone into arbitration against the CPC. CPC did the derivatives deals to protect itself when oil prices were surging and the contracts were […]
Sri Lanka Tigers urged to free civilians
UNITED NATIONS, April 3, 2009 (AFP) – UN chief Ban Ki-moon on Friday urged Tamil rebel leaders to allow trapped civilians to move freely out of the conflict area of northern Sri Lanka.Earlier Friday, Sri Lankan troops captured a key village from the Tamil Tigers after heavy fighting that left at least 44 guerrillas dead […]