Category:
Indian police arrest politician in huge fraud probe
PATNA, November 30, 2009 (AFP) – Indian police Monday arrested a regional politician suspected of embezzling up to 650 million dollars during his five years in ministerial posts in an impoverished eastern state, officials said. Madhu Koda was taken into custody in his constituency of Chaibasa, in the state of Jharkhand, on allegations of possessing […]
‘s camp inmates set free
VAVUNIYA, December 1, 2009 (AFP) – Tens of thousands of Sri Lankan civilians held in state-run camps following the island’s ethnic conflict were allowed to walk free Tuesday, ending their internationally-condemned detention.Men, women and children were given their first opportunity to leave the northern Manik Farm complex since their incarceration over seven months ago. But […]
‘s camp inmates free to leave Tuesday: official
November 30, 2009 (AFP) – Sri Lanka will Tuesday allow thousands of civilians to leave state-run camps where they have been detained since the military’s victory over Tamil Tiger separatist rebels, a senior official said.About 128,000 men, women and children who were displaced during the final stages of the conflict remain in heavily guarded military […]
Sri Lanka DFCC Bank stake sold by Galleon
Nov 30, 2009 (LBO) – Sri Lankan shares ended higher Monday with trading boosted by the sale of shares in DFCC by the Galleon hedge fund of billionaire Raj Rajaratnam, facing insider dealing charges in the US, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 […]
Going Green
Nov 30, 2009 (LBO) – A new port being built in Hambantota in southern Sri Lanka will use renewable energy for some of its power requirements, Sri Lanka Ports Authority chairman Priyath Wickrama said.“This is going to be green port,” he said. “We’re going to use solar power for all street lighting.It will be an […]
Capital Strength
Nov 30, 2009 (LBO) – Fitch Ratings said it has confirmed the National Long-term rating of Sri Lanka’s Senkadagala Finance Company (SFC) at ‘BBB+(lka)’ with a stable outlook. “SFC’s ratings reflect the strong capital position it accumulated over periods of high profits,” the ratings agency said in a statement. “However, return on assets (ROA) saw […]
Leasing Upturn
Nov 30, 2009 (LBO) – People’s Leasing Company, Sri Lanka’s largest leasing firm, says demand for new leases is picking up with interest also from former war-torn regions, especially in the East of the country. “We think there is some appetite for credit now and we have witnessed some growth in credit and we are […]
Sri Lanka Renuka Agri IPO draws over Rs3bn
Nov 30, 2009 (LBO) – A 270 million rupees initial public offer of Renuka Agrifoods, a firm that makes coconut-based food products, received applications worth 3.1 billion rupees, its managers said. Merchant Bank of Sri Lanka, managers to the issue which closed Friday afternoon, the opening day itself, said they received 5,016 applications for 1,386 […]
” rating confirmed, outlook negative
Nov 30, 2009 (LBO) – Fitch Ratings Lanka said it has confirmed Hayleys MGT Knitting Mills’ (HMGT) National Long-term rating at ‘BBB+(lka)’ and lowered the outlook to negative from stable. Fitch said in a statement the fabric maker faces possible loss of duty free access to key European markets and expiry of a tax holiday […]
Sri Lanka high tariffs hurting investors, poor: US envoy
Nov 30, 2009 (LBO) – High import tariffs maintained by Sri Lanka not only deter investors but also hurt the poor, the American envoy to the island has said.High import tariffs and an economically-damaging tax system hurt not only individual companies, but economic growth in general, said US ambassador Patricia Butenis. “If a company here […]
Developing countries urge Doha Round conclusion
GENEVA, November 29, 2009 (AFP) – Over 100 developing countries called Sunday for an “urgent” conclusion of negotiations for a world trade liberalisation pact, a day before a key World Trade Organisation ministerial conference.“The ministers of the G20 called for urgent action on the Doha Round,” according to a statement issued by G20 major developing […]
Sri Lanka to host 2013 Commonwealth summit
SYDNEY, November 30, 2009 (AFP) – Australia unveiled Perth on Monday as the venue for the next Commonwealth summit in 2011, as the international club’s latest gathering ended in Trinidad and Tobago.Foreign Minister Stephen Smith said it was a “tremendous opportunity” for the west-coast city, which is at the heart of the country’s commodities boom. […]