Category:
‘s defeated presidential candidate arrested
February 8, 2010 (AFP) – The defeated candidate in Sri Lanka’s presidential vote, former army chief Sarath Fonseka, was arrested Monday hours after vowing to give evidence before any war crimes tribunal. State media said Fonseka, who led the army to victory over Tamil Tiger rebels last year, ending a bloody 37-year insurgency, was taken […]
Oil Target
Feb 09, 2010 (LBO) – Gazprom, a Russian oil firm, has held discussions with visiting Sri Lanka president Mahinda Rajapaksa on exploring for oil off the coast of the Indian Ocean island. Cairn has incorporated a local firm to begin oil exploration. Cairn India said the 3D seismic surveys by its local unit, Cairn Lanka, […]
Sri Lanka wraps up US$300mn arms loan with Russia: report
Feb 09, 2010 (LBO) – Sri Lanka has wrapped up a 300 million US dollar loan to buy “armaments and dual purpose technology” from Russia during a visit by President Mahinda Rajapaksa, a media report said. Russia and China have been the main arms suppliers to Sri Lanka during a 30-year war with Tamil Tiger […]
Sri Lanka stocks end up 2.23-pct
Feb 08, 2010 (LBO) – Sri Lankan shares ended higher Monday and turnover was pushed up by big transactions in blue chips with investor V Vijayaratnam raising his stake further in Asia Capital, brokers said. The day’s trading turnover was pushed up by large trades in Asia Capital and several blue chip stocks. Asia Capital […]
Shipping Costs
Feb 08, 2010 (LBO) – Sri Lankan shippers said they anticipate further hikes in freight rates as cargo flows improve after the recession with loss-making shipping lines trying to regain profitability and fewer ships calling Colombo. In the short-term, the latest spike in rates and pressure on ship capacity might ease after next week’s Chinese […]
Sri Lanka Eagle renamed Aviva NDB Insurance
Jan 08, 2010 (LBO) – Sri Lanka’s Eagle Insurance, a unit of Aviva, said it plans to change its name to Aviva NDB Insurance to better face anticipated competition from rival global brands in future. The company said in a stock exchange filing its board has sought shareholder approval for the name change to reflect […]
Prerequisites for making Sri Lanka a hub: Telecom
Feb 08, 2010 (LBO) – Sri Lanka is to become a “Naval, Aviation, Commercial, Energy and Knowledge hub.” What can telecom contribute to the achievement of this vision? If the five-fold hub is to be realized, telecom connectivity with the world and within the country is vital. For all five aspects, cheap, plentiful and high […]
Sri Lanka to dredge more sea sand
Feb 08, 2010 (LBO) – Sri Lanka will appoint a dredging contractor to bring up three million cubic metres of sea sand to supply the domestic market which is running out of river sand and also for export. Sri Lanka Land Reclamation and Development Company (SLLR & DC), a state agency, holds the sole rights […]
Opened Up
GENEVA, February 7, 2010 (AFP) – After relentless international pressure on Swiss banking secrecy, history came full circle last week when Germany decided to use stolen bank data to corner taxpayers with money hidden in Switzerland. Weary Swiss bankers tried to contain another onslaught that shook the remnants of the lucrative wall of secrecy they […]
Rail Finance
Feb 07, 2010 (LBO) – Sri Lanka is financing the purchase of rails to re-build tracks in the former war-torn eastern areas with loans from Hatton National Bank and UniCredit Bank of Austria, a senior minister said. There will be a commitment fee of 5 percent on the undrawn balance of the loan and a […]
Northern Recovery
Feb 07, 2010 (LBO) – Sri Lanka’s information communications technology industry wants to promote ICT business and skills in northern Jaffna to generate employment in the former war zone, officials said. The Federation of IT Industry Sri Lanka (FITIS) said it will hold an exhibition later this month in the Jaffna peninsula to create awareness […]
Sri Lanka to upgrade military capability with Russian credit: report
Feb 07, 2010 (LBO) – A 300 million US dollar credit line to be wrapped up during an official visit by Sri Lanka’s President Mahindra Rajapaksa to Russia, would modernise Sri Lanka’s military capability, a media report said. The Sunday Times newspaper said Moscow had offered to repair or replace all Russian origin military equipment […]