Author: lbostgadmin
Sri Lanka ruling party set for local election win
COLOMBO, March 30, 2014 (AFP) – Sri Lanka’s ruling party was headed for victory in local elections but with smaller than expected margins in a crucial mid-term test for President Mahinda Rajapakse, early results showed Sunday.The ruling party had tried to turn Saturday’s vote into a referendum on a UN Human Rights Council’s resolution last […]
Sri Lanka ruling party wins provincial election with lower margin
COLOMBO, March 30, 2014 (AFP) – Sri Lanka’s ruling party won local elections, but with smaller than expected margins in a crucial mid-term test for President Mahinda Rajapakse, official results showed Sunday.The president campaigned for polls held Saturday for southern and western provincial councils, both in the ethnic majority Sinhalese heartland, which account for more […]
‘s HNB Assurance separates general insurance
Mar 29, 2014 (LBO) – Sri Lanka’s HNB Assurance Plc said it will set up a separate unit to take over its general insurance business under a regulatory decision to split all composite insurers.HNB Assurance is a unit of listed Hatton National Bank. The firm’s shareholders had approved a resolution to transfer assets and liabilities […]
Sri Lanka frees India fishermen after UN vote abstention
COLOMBO, March 28, 2014 (AFP) – Sri Lanka’s president Friday ordered the release of Indian fishermen detained for poaching after New Delhi surprisingly refused to back a US-led censure motion against Colombo at the UN’s top rights body.The exact number of fishermen who were released was not immediately known but several dozens are thought to […]
Sri Lanka claims moral victory from war crimes vote
COLOMBO, March 28, 2014 (AFP) – Sri Lanka tried to claim a moral victory Friday and insisted it would push on with reconciliation efforts after being censured by the UN’s top rights body for failing to bring perpetrators of war crimes to justice.The US-initiated resolution was carried at the UN Human Rights Council in Geneva […]
Sri Lanka 700-room hotel chain planned by Best Western
Mar 28, 2014 (LBO) – US based Best Western, is planning a 700-room strong chain partnering with Sri Lanka’s Elyon Hotels as the island draws more visitors after the end of a 30-year civil war, officials said. The firm is expecting regional travellers to make bulk of its bookings in Sri Lanka. “After the war […]
Forex Cover
Mar 28, 2014 (LBO) – BRAC Lanka Finance Plc, said it had hedged the foreign exchange risk of a two million US dollar loan from its parent by creating a forex deposit and borrowing rupees against it.BRAC International Holdings BV has given 3-year 2 million US dollar loan to BRAC Lanka at 7.0 percent a […]
Sri Lanka stocks close down 0.3-pct
Mar 28, 2014 (LBO) – Sri Lanka’s stocks close 0.34 percent lower Friday with tobacco and insurance stocks losing ground amid strong foreign selling, brokers said. Piramal Glass Ceylon closed 10 cents lower at 3.40 rupees and George Steuart Finance closed 16.30 rupees lower at 49.80 rupees, attracting most number of trades during the day. […]
Sri Lanka can improve environment to retain talent and boost skills: biz leaders
Mar 26, 2014 (LBO) – Sri Lanka could retain more highly skilled workers by boosting overall conditions and well as re-orienting its education system towards the needs of the market, senior business leaders said.He said people who had moved abroad would come back if conditions if education and health system quality was better. “But the […]
US statement on Sri Lanka HR council vote
Mar 27, (LBO) – The following is a statement from US Secretary of State John Kerry on UN resolution on Sri Lanka. The Sri Lankan people are resilient. They have demonstrated grit and determination through years of war. Now, they are demanding democracy and prosperity in years of peace. They deserve that chance. The United […]
India explains abstention on Sri Lanka UN HR council vote
Mar 27, 2013 (LBO) – India abstained on voting on a resolution on Sri Lanka’s human rights which called for a external probe. The full statement is reproduced below:- India’s Explanation of Vote on Resolution œPromoting Reconciliation, Accountability, and Human Rights in Sri Lanka (A/HRC/25/L.1/Rev.1) Mr. President, 1. The UN Human Rights Council has adopted […]
Sri Lanka rejects UN rights probe, president tells AFP
COLOMBO, March 27, 2014 (AFP) – Sri Lankan President Mahinda Rajapakse rejected Thursday’s UN Human Rights Council resolution ordering a war crimes probe, telling AFP that he would instead press ahead with his own reconciliation plan.“We reject this,” Rajapakse said. “This resolution only hurts our reconciliation efforts.It does not help. “But I am not discouraged. […]