Author: lbostgadmin
Criminal Risk
Jan 19, 2007 (LBO) – The legality of Sri Lanka’s casinos is uncertain and the lack of supervision could opened them to be controlled by criminals, the International Monetary Fund (IMF) has said. “Illegal profits are co-mingled with legitimate income in the placement and layering stages of money laundering.” The lack of regulation also made […]
Counter Terror
Jan 19, 2007 (LBO) – The United States has said Sri Lanka could get more support in its war against Tamil Tiger terrorism if the island improves its human rights record. A U.S embassy statement said the two countries discussed co-operation against Tamil Tiger terrorism during a visit by Admiral Robert F. Willard, Commander of […]
New Times
Jan 19, 2008 (LBO) – Sri Lanka’s cash strapped state-run railway utility has revamped its schedule from Saturday, following requests from ‘commuter associations’, officials said. . “Railway Department took this decision after requests from passengers,” railways chief Lalitha Siri Gunaruwan, said. “This is because we want to give a better service to the public.” The […]
Fleecing Ethics
Jan 18, 2007 (LBO) — Sri Lanka’s opposition has added fuel to the growing fire over petroleum firms fleecing petrol users to give subsidies to diesel consumers especially in commercial sectors.Sri Lanka’s government also taxes petrol users heavily but now the two main fuel distributors, Ceylon Petroleum Corporation and Lanka IOC, a unit of Indian […]
Bigger One
Jan 18, 2008 (LBO) — Sri Lanka’s state-run Ceylon Petroleum Corporation (CPC) refinery expansion may be doubled to a 100,000 barrels-per-day project and its cost may go up to a billion dollars, a top official said.“An Iranian team has already started a feasibility project and now we are looking at a bigger project, which may […]
Sri Lanka Tamil Tigers murder nine civilians: military
Jan 18, 2008 (AFP) – Sri Lanka’s military on Friday accused Tamil Tiger rebels of murdering nine civilians in the island’s south as violence between the two sides escalated after the formal end of a ceasefire. The army said nine villagers died in separate attacks in the south, suggesting the rebels were again extending their […]
Asian markets tumble on US fears, Japan finance minister calls for calm
TOKYO, Jan 18, 2008 (AFP) – Japanese share prices tumbled 2.81 percent by the end of the morning session Friday after a sharp fall on Wall Street on rising fears of a US recession, dealers said. They said that congressional testimony by Federal Reserve chairman Ben Bernanke failed to reassure markets that stimulus measures were […]
” to 3.79-pct, no rate cut
NEW DELHI, Jan 18, 2008 (AFP) – India’s inflation jumped nearly three-tenths of one percentage point to its highest level in four months, data showed on Friday, making chances of an interest rate cut more remote.But economists expect the economy to lose steam in coming months as the effects of aggressive monetary tightening to curb […]
Developing Ideas
Jan 18, 2008 (LBO) – Sri Lankan community organizations that come up with innovative ways to combat discrimination against HIV/AIDS sufferers would get World Bank support to develop and implement their ideas, an official said. More information on the Development Marketplace The World Bank is looking for “creative, innovative ways of carrying a message”, says […]
Sri Lankan stocks battered by war, high rates
Jan 18, 2008 (LBO) – Sri Lankan stocks edged slightly higher in thin trading Friday with brokers saying intensifying violence and high interest rates were keeping investors away. Margin traders were under pressure to reduce their exposure owing to sky high interest rates. Stocks were battered this week because of stepped up attacks by Tamil […]
Sri Lanka policy rates unchanged, but tight stance promised
Jan 17, 2007 (LBO) — Sri Lanka’s central bank kept its main discount rate to banks unchanged at 12.00 percent but promised tight monetary policy ahead based on a quantity targeting framework unveiled earlier in January. “The targeted growth in reserve money, which will be maintained on a daily average basis, will ensure strict maintenance […]
Sri Lanka should be mindful of impact on poor from new inflation index: CEPA
Jan 17, 2007 (LBO) – A controversy over a new price index in Sri Lanka may have erupted partly because it came at time of high inflation, but the index shows the same trend as earlier ones, an organization focusing on poverty has said.“However, it is vital to remember that inflation hurts the poor first […]