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Sri Lanka president seeks funding from China Exim Bank
Aug 11, 2008 (LBO) – Sri Lanka’s president Mahinda Rajapaksa has discussed further funding from China’s Export Import Bank to expand a coal power plant, a highway and a bunkering project, the foreign ministry said. China is building a port in the southern Sri Lankan town of Hambantota, which is President Rajapaksa’s home constituency. President […]
‘s Law comes alive in Sri Lanka amid high inflation
Aug 11, 2008 (LBO) – Sri Lanka is melting its coinage and minting less valuable coins amidst booming commodity prices and rising inflation at home, continuing a tradition of monetary debasement that dates back to ancient monarchies. By collecting the Nickel/brass and Cupro/Nickel coins in circulation and shipping them to the minter for melting and […]
Sri Lanka makes new push into Tiger territory: military
August 10, 2008 (AFP) – Sri Lankan troops launched a fresh advance into territory held by Tamil rebels Sunday, killing 15 guerrillas while another 27 combatants were killed in other clashes, the defence ministry said.The latest push was in the Jaffna peninsula, parts of which are held by the rebel Liberation Tigers of Tamil Eelam […]
Western concern over oil and gas pipelines through Georgia
LONDON, August 10, 2008 (AFP) – Western concerns are growing over the impact of bloody clashes between Georgia and Russia on a key oil pipeline through the region from the Caspian Sea to the West, analysts say.While Georgia does not produce oil itself, US and European energy firms have counted on the pro-Western country — […]
Italian contraction sets eurozone alarm bells ringing
MILAN, August 10, 2008 (AFP) – The Italian economy contracted in the second quarter, official data showed, adding to a deepening sense of gloom about the eurozone economy amid a flurry of bad news for the 15-nation bloc.Italy is the first eurozone country to reveal figures for the second quarter and a 0.3-percent quarter-on-quarter contraction […]
‘s top court clears Posco, Vedanta projects in key rulings
NEW DELHI, August 10, 2008 (AFP) – India’s top court has cleared South Korean steel giant Posco’s plan for a 12-billion-dollar plant in a controversial case seen pitting farmers’ interests against growing industrial development.In another key case viewed as a test of tribal rights, the court approved British mining company Vedanta Resources’ proposal to mine […]
Sri Lanka poised for the kill in final India Test
August 10, 2008 (AFP) – Sri Lanka tightened the screw on injury-hit India with a superb all-round performance on the third day of the crucial third and final Test here on Sunday.India were without Ishant Sharma in the morning as the fast bowler was unfit to bowl after falling on his follow-through in Saturday’s last […]
Sri Lanka activist seeks removal of Central Bank member: report
Aug 10, 2008 (LBO) – An activist who went to court against a privatization deal has sought the removal of a member of the rate setting committee of Sri Lanka’s central bank who was faulted in a court ruling, a media report said.The Sunday Island newspaper said lawyers to left-leaning politician Vasudeva Nanayakkara had written […]
‘s ex-PM Zia to be freed soon: minister
DHAKA, August 9, 2008 (AFP) – Bangladesh’s military-backed government is close to freeing ex-prime minister Khaleda Zia, a minister said Saturday, as part of an apparent deal to secure her party’s participation in December general elections.Last year the government tried to force both Sheikh Hasina and Zia into exile as part of an effort to […]
Sri Lanka apparel industry gets marketing savvy
Aug 09, 2008 (LBO) – Sri Lanka’s clothing industry, one of its top export earners, is acquiring more marketing skills as fears grow over the looming loss of duty free access to European markets.It was organised by the JAAF and the Sri Lanka Apparel Marketers Alumni, professionals trained by the Sri Lanka branch of the […]
US, Europeans scramble to prevent Georgia-Russia war
WASHINGTON, August 9, 2008 (AFP) – The United States and European Union are leading a diplomatic push to prevent all-out war between Georgia and Russia, calling for a ceasefire as Russian tanks rolled into a rebel Georgian province. Envoys from the US, EU and Organization of Security and Co-operation in Europe (OSCE) were being deployed […]
Sri Lanka gain lead with ton-up Sangakkara
August 9, 2008 (AFP) – Kumar Sangakkara cracked a solid unbeaten 107 to help Sri Lanka gain a slender advantage over injury-hit India in the crucial third and final Test here on Saturday.The left-hander was involved in two valuable partnerships as the hosts reached 251-6 in their first innings at stumps on the second day […]