Author: lbostgadmin
Slow Down
Nov 23, 2007 (LBO) – People’s Merchant Bank (PMB) net profit for the September quarter fell 13 percent year-on-year to five million rupees, according to interim results sent to the Colombo bourse. Total income increased 26 percent to 90 million rupees in the same period. But net interest income was up only 10 percent to […]
Opening Up
Nov 23, 2007 (LBO) – Maersk, the world’s biggest shipping line and Colombo port’s top customer, advised Sri Lanka to further liberalise the sector for the island to become a logistics hub. Maard said Colombo does have a great opportunity to become a strong logistics hub provided it acted fast to remove existing constraints. “Colombo […]
Sri Lanka record money printing revealed
Nov 22, 2007 (LBO) – Sri Lanka has engaged in an unprecedented money printing and reserve appropriation drive running into 45 billion rupees to bridge a widening budget deficit that sent inflation skyrocketing in 2007, newly released data has revealed. By September 2007 total central bank credit to government (printed money) had risen to a […]
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Nov 22, 2007 (AFP) – Sri Lanka’s government is to outlaw a charity believed to be a front organisation for separatist Tamil Tiger rebels, media minister Anura Yapa said Thursday.Ministers met Wednesday and decided to proscribe the Tamil Rehabilitation Organisation (TRO) whose bank accounts were frozen by the Central Bank of Sri Lanka last year, […]
Sri Lanka England tour opener ends in draw
Nov 22, 2007 (AFP) – England drew their first match of the Sri Lanka tour on Thursday after gaining useful batting practice at the Colombo Cricket Club. The tourists, replying to Sri Lanka Cricket XI’s mammoth 500-5 piled over the first two days of the practice match, scored 315-6 on the final day before the […]
Following Fed revision, dollar plunges to new record euro low
NEW YORK, Nov 21, 2007 (AFP) – The dollar slumped to a fresh record low against the euro Wednesday as weaker US growth projections and the prospect of another cut in interest rates hurt the greenback. The European single currency struck a record peak of 1.4870 dollars — the highest since the euro’s creation in […]
Maldives police hunt for second bomb
Nov 22, 2007 (AFP) – Maldivian authorities are searching for a second bomb believed to have been part of a plot by Islamic extremists to attack the country’s vital tourism industry, police said Thursday. Police are also investigating possible links with foreign militant groups after the Indian press reports highlighted that some of the suspects […]
” being treated in US: report
Jakarta, Indonesia (AFP) – An Indonesian villager dubbed “Tree Man” for massive bark-like warts growing on much of his body may be barred from travelling to the United States to receive treatment, a report said Tuesday. Woody growths entirely cover 32-year-old Dede’s hands in long, root-like tendrils that leave him unable to work — except […]
‘s biggest biomass plant
LONDON, Nov 21, 2007 (AFP) – Britain is to build the biggest biomass plant in the world, Business Secretary John Hutton said after giving the green light to the renewable energy project.Doug Parr, Greenpeace UK’s science spokesman, also lamented the fact it would not produce heating too and expressed concerns about the wood being transported […]
Tele Saga
Nov 22, 2007 (LBO) – The hearing of the case against the sale of Sri Lanka Telecom shares by its Japanese shareholder to Malaysia’s UT group has been put off till February 25, court officials and laywers said. The Supreme Court halted the sale of shares of the country’s largest fixed access operator to a […]
Domestic Violence
Nov 22, 2007 (LBO) – The residence of a rebel Sri Lanka lawmaker had been bombed by unidentified persons Thursday, but the attackers had fled after a security guard fired back, the parliamentarian said. Former Minister Sripathi Sooriyaarachchi told LBO only his wife and children were at his home in the Colombo suburb of Borella, […]
Getting Close
Nov 22, 2007 (LBO) – Amba Research, a specialised investment research outsourcing firm with offices in Sri Lanka said it had been short-listed for an award program run by the Chartered Institute of Management Accountants (CIMA) and the Financial Times newspaper of London.The CIMA Employer of the Year award had been previously won by firms […]