Author: lbostgadmin
Sri Lanka stocks becalmed as market awaits IMF support
Mar 13, 2009 (LBO) – Sri Lankan shares closed almost flat Friday with a fall in the local unit of Nestle pulling down the main index in thin trade as investors stayed out of the market owing to uncertainty. Brokers said investors were disappointed by the slowdown in the war against Tamil Tigers after government […]
Sri Lanka LNG power project investor pulls out
March 12, 2009 (LBO) – An Australian consultancy that won tax concessions to develop a liquefied natural gas (LNG) fired power plant for Sri Lanka’s state-run electricity grid has announced it was pulling out of the project. “As a result, Arc has unequivocally withdrawn from the project in its present format, and has absolutely no […]
Sri Lanka needs devolution after fighting: India
WASHINGTON, March 12, 2009 (AFP) – Sri Lanka needs true devolution of power to minority Tamils if it wants to permanently end its long-running ethnic war, Indian Foreign Secretary Shivshankar Menon said Wednesday. Menon, who was in Washington for talks, said the United States and the Sri Lankan government itself both agreed with regional power […]
Sri Lanka troops kill 12 more rebels: military
March 12, 2009 (AFP) – Security forces captured more territory in northeastern Sri Lanka after heavy fighting that killed at least 12 rebels, the military said Thursday. Troops took control of the abandoned Puthukkudiriruppu hospital following Wednesday’s clashes, a military official said. “At least a dozen LTTE (Liberation Tigers of Tamil Eelam) terrorists were killed […]
Cricket Impresario
WASHINGTON, March 11, 2009 (AFP) – Cricket mogul and financier Allen Stanford is refusing to cooperate with authorities investigating his role in an alleged multibillion-dollar fraud, court documents showed Wednesday. The Texas magnate who faces civil charges linked to luring investors into 9.2 billion dollars in securities under fraudulent pretenses, is using his constitutional guarantee […]
Battered Pakistan tourism industry looks to Sri Lanka example
KARACHI, March 12, 2009 (AFP) – Fida Hussain, 52, was once a frequent visitor to Pakistan’s scenic northwest, driving north into the mountains every time he flew over from the United States.But not any more. “I won’t go to Swat or any other place in the area as the Taliban rule there now and no […]
Sri Lanka tourist arrivals fall 15.7-pct in February 2009
Mar 12, 2009 (LBO) – Tourist arrivals to Sri Lanka fell 15.7 percent in February to 34,169 with the first two months of 2009 showing a 25.5 percent fall, and visitors from India halving, the country’s tourism promotion office said. East Asian arrivals dropped 28.4 percent to 3,153. Japan dropped 8.3 percent to 867 and […]
Good Year
Mar12, 2009 (LBO) – Sri Lanka’s Sampath Bank group has posted a profit of 1.49 billion rupees for the 2008 financial year, up 30 percent from 2007, in what its senior management called a tough year to operate in. During 2008 Sampath’s interest income had jumped by 30.1 percent to 19.4 billion, while interest expenses […]
Payment Plan
Mar 12, (LBO) – Prosecutors, customers and officials of Sri Lanka’s failed Golden Key Credit Card Company of the Ceylinco group are to discuss a trust arrangement to sell assets to generate cash, after court ordered a halt to assets sales of the company and subsidiaries. Bail He wanted Kotelawala to be released on bail […]
Late Justice
ROME, March 11, 2009 (AFP) – An appeals court in southern Italy sentenced a Pakistani shipowner to 30 years in prison for his role in the drowning deaths of 283 illegal immigrants more than a decade ago, ANSA reported Wednesday.Maltese resident Ahmed Sheik Turab, 48, was considered the organiser of a 1996 sea journey of […]
Sri Lankan stocks close down
Mar 12, 2008 (LBO) – Sri Lankan stocks continued to fall in thin trade Thursday as fears the ethnic war could drag on longer than thought added to concerns over poor company earnings, brokers said. The All Share Price Index edged down 0.22 percent (3.66 points) to end at 1,634.25 while the more liquid Milanka […]
Sri Lanka soft-peg drains reserves: ADB study
Mar 11, 2009 (LBO) – Sri Lanka’s foreign reserves have been hit due to poor foreign exchange reserve management coming from operating a soft-peg with the US dollar, an Asian Development Bank commissioned study has said. Sri Lanka is now negotiating an IMF bailout with foreign reserves halved from September to December when active peg […]