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Sri Lanka opposition demands probe over UN report
April 20, 2011 (AFP) – Sri Lanka’s main opposition party on Wednesday urged the government to respond to United Nations allegations of war crimes by launching an immediate official investigation. Fonseka quit the army and challenged Rajapakse at January 2010 presidential elections, but after losing the election he was arrested and jailed for 30 months. […]
Sri Lanka watchful; US dollar weakness pushes gold higher
Apr 20, 2011 (LBO) – Gold futures hit a new high of 1,500 US dollars an ounce amid concerns about the US currency and budget deficits, with one state passing a law to make gold and silver legal tender. Modern fully paper fiat money, which a central bank can pass to the population in unlimited […]
Sri Lanka bill yields up
Apr 19, 2011 (LBO) – Sri Lanka’s 3-month Treasury bill yields edged up three basis points to 7.03 percent a week after the Central Bank raised reserve ratios draining 15 billion rupees in excess liquidity from the banking system to contain inflation and credit. The government’s debt office said the 6-month yield rose 02 basis […]
Sri Lanka shares end down
Apr 19, 2011 (LBO) – Sri Lankan shares closed weaker Tuesday with heavy trading once again in the most recently listed firm and a couple of private deals in select stocks, brokers said. The All Share Price Index closed at 7,475.16, down 0.96 percent (72.63 points) while the more liquid Milanka index fell 1.33 percent […]
Cost Overrun
Apr 19, 2011 (LBO) – A new port being built in southern Sri Lanka could cost 41 percent or 148 million US dollars more because of additional rock blasting, re-shaped breakwaters and rising raw material prices, a newspaper report said. The additional cost of having to blast and remove bedrock found in the harbour amounts […]
Listing Move
Apr 19, 2011 (LBO) – The Multi Finance Company, a finance company once part of the troubled Ceylinco financial services group, is to list on the Colombo stock exchange by June to conform with regulatory requirements. Under the new management of Entrust Limited the company has now branched out into prime locations such as the […]
Sri Lanka airport to acquire land for runway as traffic grows
Apr 19, 2011 (LBO) – Sri Lanka’s international airport is to acquire 100 hectares of land to build a parallel runway required to handle growing aircraft traffic that could soon saturate existing capacity, an official said. Aircraft now fly to Sri Lanka with extra fuel in case they have to divert to airports in India […]
UN warns Sri Lanka to protect staff against protests
UNITED NATIONS, April 18, 2011 (AFP) – The United Nations on Monday warned the Sri Lankan government that it must protect UN staff, after the country’s president called for protests against a UN war crimes report. President Mahinda Rajapakse has called for this year’s May Day rally to be turned into a “show of our […]
Sri Lanka gets most FDI from India in 2010
Apr 19, 2011 (LB) – India was the largest source of foreign direct investment to Sri Lanka in 2010 with 110 million US dollars followed by Malaysia with 72 million US dollars and the United Arab Emirates 66 million dollars, the Central Bank said. “It is necessary for Sri Lanka to attract more non debt […]
So what if the US credit rating is cut?
WASHINGTON, April 19, 2011 (AFP) – For the first time a top credit ratings agency has seriously hinted the United States might be forced to welch on its debts, a warning experts say could herald dramatic changes for the country and the world. In the world of credit a “AAA” rating is a gold star […]
Sri Lanka central bank profits fall in 2010; sells gold
Apr 19, 2011 (LBO) – Profits of Sri Lanka’s central bank fell 65. 1 percent to 11.7 billion rupees in 2010 as the cost of domestic monetary operations and rupee appreciation generated losses but made capital gains from gold sales. In 2009 the Central Bank made profits of 33. 6 billion rupees largely as a […]
Sri Lanka shares end weaker
Apr 18, 2011 (LBO) – Sri Lankan shares closed slightly weaker Monday after a holiday break with heavy trading of a recently listed firm and interest in banking and aluminium stocks, brokers said. Alufab also saw active trading, closing at 97, up 20. 40 or 26.6 percent. The stock exchange said a 10 percent price […]