Category:
Sri Lanka troops kill 12 more rebels: military
March 12, 2009 (AFP) – Security forces captured more territory in northeastern Sri Lanka after heavy fighting that killed at least 12 rebels, the military said Thursday. Troops took control of the abandoned Puthukkudiriruppu hospital following Wednesday’s clashes, a military official said. “At least a dozen LTTE (Liberation Tigers of Tamil Eelam) terrorists were killed […]
Sri Lanka needs devolution after fighting: India
WASHINGTON, March 12, 2009 (AFP) – Sri Lanka needs true devolution of power to minority Tamils if it wants to permanently end its long-running ethnic war, Indian Foreign Secretary Shivshankar Menon said Wednesday. Menon, who was in Washington for talks, said the United States and the Sri Lankan government itself both agreed with regional power […]
Sri Lanka LNG power project investor pulls out
March 12, 2009 (LBO) – An Australian consultancy that won tax concessions to develop a liquefied natural gas (LNG) fired power plant for Sri Lanka’s state-run electricity grid has announced it was pulling out of the project. “As a result, Arc has unequivocally withdrawn from the project in its present format, and has absolutely no […]
Sri Lanka investors chase Seylan Merchant Leasing
March 11, 2009 (LBO) – Sri Lankan shares ended slightly firmer Wednesday on low volumes with the most actively traded stock being Seylan Merchant Leasing which is to be bought by the island’s largest leasing firm, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The […]
No Bail
March 11, 2009 (LBO) – Sri Lanka’s Ceylinco group chairman Lalith Kotelawala remained in remand over fraud charges at an unlisted subsidiary that has collapsed with a court Wednesday also ordering a halt to any sale of the firm’s assets.The Ceylinco group has put on sale several of its subsidiaries and properties to raise funds […]
Deflation worries stalk India economy as growth slows
NEW DELHI, March 11, 2009 (AFP) – It was less than a year ago that Indians watched inflation shoot to dizzying 13-year highs but now they are worried about deflation as growth slackens in Asia’s third-largest economy. Deflation — in which falling prices prompt consumers to delay buying, deepening a downturn — has become a […]
India in major embassy security review: report
NEW DELHI, March 11, 2009 (AFP) – India is to conduct a massive security review of key missions in South Asia following threats against its nationals in Afghanistan, a report said Wednesday. The Indian Express newspaper reported that officials from the Ministry of Home Affairs, spy agency the Intelligence Bureau and the elite counter-terrorism National […]
Sri Lanka Tigers accused of misusing UN food aid
March 11, 2009 (AFP) – The United Nations on Wednesday accused the Tamil Tigers of siphoning off food meant for severely malnourished children in Sri Lanka’s embattled north.The defence ministry says troops are on the verge of defeating the Liberation Tigers of Tamil Eelam (LTTE) who have been fighting for a separate homeland since 1972. […]
Sri Lanka soft-peg drains reserves: ADB study
Mar 11, 2009 (LBO) – Sri Lanka’s foreign reserves have been hit due to poor foreign exchange reserve management coming from operating a soft-peg with the US dollar, an Asian Development Bank commissioned study has said. Sri Lanka is now negotiating an IMF bailout with foreign reserves halved from September to December when active peg […]
Hatton Performance
Mar 10, 2009 (LBO) – Sri Lanka’s Hatton National Bank group has reported profits of 3,830 million rupees in 2008, down 10.1 percent over the previous year on interest income of 38.7 billion rupees which grew 20.7 percent. Loan loss provisions increased 27.6 percent to 1,159 million rupees, while 259 million rupees was charged for […]
No Problem
Mar 10, 2009 (LBO) – Managers of Sri Lanka’s state-run pension fund of private sector workers, under fire for investing funds for state purposes as a ‘captive’ source, have said the fund is operating well. In an interview, officials managing the EPF denied all suggestions of impropriety, conflict of interest, or coming under pressure to […]
Sri Lanka aims to be South Asian shopper paradise
Mar 10, 2009 (LBO) – Sri Lanka’s biggest state bank has proposed a bold project to make the island a Dubai-style duty free shopping mecca for the billion-plus consumers on the Indian sub-continent. Gamini Wickramasinghe, chairman of Bank of Ceylon (BOC), said much revenue can be generated by enticing visitors from the region, exploiting the […]