Author: lbostgadmin
Turning Around
January 29, (LBO) – State Mortgage and Investment Bank has trimmed its non-performing loans sharply, the rating agency Fitch said, affirming the banks’ A (lka) rating with a stable outlook. Gross non-performing loans were cut down to 14.7 percent of gross loans by the third quarter of 2006, from 21 by the end of the […]
Raising Cash
January 29, (LBO) – Seylan Bank is raising cash to boost its capital through a debenture issue, the bank said. The Ceylinco group, owns 19 percent of its voting sahres, while several employee share ownership trusts of Seylan hold 27 percent of its voting equity, according to Fitch Ratings. The bank will issue listed, unsecured […]
Concern over government spending in Sri Lanka
GALLE, Sri Lanka, Jan 28, 2007 (AFP) – Sri Lanka’s key international donors will meet in the southern city of Galle on Monday, amid rising concerns that the cash may not be well spent.Escalating violence, allegations of widespread corruption in the disbursement of international aid and its overall economic management could hurt the island’s prospects […]
‘s defect to government
Jan 28, 2007 (AFP) – A group of Sri Lankan opposition lawmakers defected Sunday, effectively scuttling a landmark peace deal aimed at ending decades of separatist violence in the island, officials said.Eighteen members of the right-wing United National Party (UNP) formally joined the leftist government of President Mahinda Rajapakse at his office in Colombo, a […]
Sri Lanka government appoints 51 member cabinet, claims absolute majority
January, 28 (LBO) – The defection of 18 opposition members has strengthened the administration of President Mahinda Rajapakse, a senior minister said, while the opposition symbolically tore up a co-operation agreement with the government in front of journalists. œThe most experienced and ablest member of the opposition has joined the government, Information Minister Anura Yapa […]
Davos favour greening of business
DAVOS, Switzerland, Jan 28, 2007 (AFP) – When US Republican Senator Saxby Chambliss mentioned his doubts about climate change during a debate at the World Economic Forum last Friday, gasps emerged from the business-minded audience.“Whether it’s something that we need to be totally alarmed about, or nature taking its course, I don’t know,” said the […]
Sri Lanka rejects child soldier allegations
COLOMBO Jan, 26 (AFP) – Sri Lanka rejected Friday allegations by a human rights group that its security forces supported recruitment of child soldiers, but pledged an “independent” probe into the charges.The government said New York-based Human Rights Watch lacked evidence to backup its allegations of military support for enlisting child soldiers, relying instead on […]
Sri Lanka navy sinks rebel boats to foil port attack
Jan 27, 2007 (AFP) – Sri Lanka’s navy attacked and destroyed three Tamil Tiger boats on Saturday as the rebels launched their first assault on the port of Colombo in 10 years, the defence ministry said.Naval craft blew up one boat after the three were spotted near a restricted zone before chasing and sinking the […]
Petrol Tug
January 26, (LBO) – Ceylon Petroleum Corporation will purchase a tug to support tanker operations at its offshore petroleum unloading facility, a top official said.CPC Chairman Asantha de Mel says the tug is estimated to cost five million US dollars. “We will save about two million dollars a year that we are now paying to […]
Roadside blast kills three in Sri Lanka
Jan 26, 2007 (AFP) – Suspected Tamil Tiger rebels set off a Claymore mine in northern Sri Lanka Friday, killing two security personnel and a civilian, police said. The powerful roadside bomb was exploded in the district of Vavuniya as troops and police were on a routine patrol, a police official in Vavuniya town, 260 […]
Only three percent Indians understand economic reforms: poll
NEW DELHI, Jan 26, 2007 (AFP) – India may be registering blistering rates of growth but only three percent of its people understand the economic reforms being implemented and most think they have benefitted only the rich, said a survey published Friday.“Seventy-two percent of Indians were unaware of the economic changes that the country has […]
Blair, Bill and Bono take Davos spotlight
DAVOS, Switzerland, Jan 26, 2007 (AFP) – Davos regulars Bill Gates, Tony Blair and Bono sought Friday to stir the collective conscience of the annual huddle of global leaders over the plight of the developing world.Bono, the U2 frontman — a rare exception to the bar on celebrity delegates at this year’s gathering of the […]