Author: lbostgadmin
Indian launches betel condoms
NEW DELHI, July 17, 2007 (AFP) – A condom flavoured with the popular mixture of betel nut and tobacco known as paan is to go on sale in India, newspapers said Tuesday.State-owned company Hindustan Latex has already tested the pungent and bitter mixture on their main market, sex workers, who preferred it to other flavours […]
Bangladesh ex-PMs ordered to explain wealth
DHAKA, July 17, 2007 (AFP) – Bangladesh’s army-backed emergency government on Tuesday ordered two former prime ministers to submit details of their financial affairs as part of its corruption crackdown, an official said.Khaleda Zia and Sheikh Hasina Wajed, who was arrested and detained over extortion allegations Monday, have each been asked to provide the information […]
Market Offence
July 16, 2007 (LBO) – A Sri Lankan court has convicted four executive directors of a listed company that went bust some years ago for not revealing information that affected the firm’s share price. The present SEC administration has made it clear that it would not allow compounding of offences with the provision that it […]
Another Deadline
RIYADH, July 17, 2007 (AFP) – An appeal for a teenage Sri Lankan housemaid sentenced to death in Saudi Arabia for murdering a four-month-old baby has been launched, her lawyer said on Tuesday. Rizana Nafeek, 19, was convicted of strangling her employer’s baby in the ultra-conservative Muslim kingdom in February 2005 in a case that […]
Joint Service
July 17, 2007 (LBO) – DFCC Vardhana Bank (DVB) has teamed up with Sri Lanka Insurance Corporation (SLIC) to introduce insurance products to consumers in parallel to banking services. ‘Vardhana Assurance’ makes available life, motor and general insurance, covering marine, title, mortgage plans. “All life insurance policies will be underwritten by the SLIC,” Nalaka Godahewa, […]
Borrow Gold
July 17, 2007 (LBO) – Sri Lanka’s gem and jewellery industry is lobbying for new financial instruments like ‘gold loans’ to get cost effective funds for those in the trade, especially small businesses. “Valuations can be dealt with,” said Ellawala. “But having it in the vault is not feasible. After all, this is your working […]
Air Pocket
July 17, 2007 (LBO) – Sri Lankan Airline’s consolidated after tax profits dived 50 percent to 862.1 million in the year ended March 2007 the carrier said, as tourists shied off the war ravaged island and fuel costs climbed . . “The largest single factor that affected the airline’s bottom-line was the return to hostilities […]
Sri Lanka seeks foreign aid for captured province
July 16, 2007 (AFP) – The Sri Lankan government said Monday it would seek foreign aid to rebuild a key province recently wrested from the Tamil Tiger rebels after months of fighting.The rebels have admitted losing control of Thoppigala, formerly a key stronghold, but said they would revert to guerrilla tactics there. Donors would be […]
Monthlies
July 16, 2007 (LBO) – Sri Lanka will adjust fuel prices monthly on a transparent formula to cut losses in petroleum utilities, an official said, which is expected to reduce exchange rate pressure and avoid the build-up of macro-economic imbalances. Ceylon Petroleum Corporation (CPC) Chairman Ashantha de Mel says a cabinet sub-committee on energy had […]
Need Based
July 16, 2007 (LBO) – Sri Lanka has announced fuel subsidies to the poor on state welfare and warned of more price hikes with the onset of a hurricane season that disrupts international offshore petroleum production. The government says they are willing to pay a fuel subsidy to three-wheeler tax owners if they install metres. […]
Former Bangladesh Prime Minister arrested: aide
DHAKA, July 16, 2007 (AFP) – Former Bangladeshi prime minister Sheikh Hasina Wajed who led the country from 1996 to 2001 and faces charges of corruption and murder was arrested Monday, an aide said.“She has been arrested and taken away and is now being taken to the court,” Hasan Mahmud, personal secretary to Sheikh Hasina, […]
France, Germany pledge to defend independent ECB
TOULOUSE, France, July 16, 2007 (AFP) – France and Germany agree on the need to keep the European Central Bank free of political meddling, German Chancellor Angela Merkel said Monday. “We are both in agreement on the fact that the European Central Bank is independent.It is very important,” Merkel told a joint news conference with […]