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Fresh split in Sri Lanka Marxist-nationalist party
April 04, 2008 (LBO) – A split in Sri Lanka’s Marxist-nationalist Janatha Vimukthi Peramuna (JVP) is emerging with moves to oust its firebrand spokesman Wimal Weerawansa, party insiders said Friday. But Weerawansa said he had not been informed of a decision to remove him, amid reports that the party’s central committee has voted to replace […]
Sri Lanka Tamil Tigers contest provincial council election
April 04, 2008 (LBO) – Sri Lanka’s Tamil Tigers have entered the contest in provincial council elections in the east with a last-minute filing of nomination papers through a proxy party, media reports said. The Liberation Tigers of Tamil Eelam (LTTE) political wing, the People’s Front of Liberation Tigers (PFLT) submitted nominations for the polls […]
Oil Deal
April 04, 2008 (LBO) –Sri Lanka is seeking to renew its long-term crude oil supply contract with Iran and wrap up financing to expand its refinery during a visit this week by senior government officials to Teheran. Treasury Secretary P B Jayasundera and Ashantha de Mel, chairman of the state-oil refiner Ceylon Petroleum Corporation, are […]
Sri Lanka stocks close flat, telecom interest continues
April 03, 2008 (LBO) – Sri Lanka stocks closed flat while continued interest in Sri Lanka Telecom propped up turnover Thursday.The stock market’s All Share Index closed flat at 2,629.50 points while the more liquid Milanka Index closed 0.15 percent (4.99 points) lower at 3,310.87 points. Over 1.77 million Sri Lanka Telecom shares were traded […]
Life Market
April 03, 2008 (LBO) – Sri Lanka’s Sampath Bank launched a life insurance policy scheme for its customers Thursday in a tie-up with Eagle Insurance, saying it wants to further diversify its financial services. The bank, which has already diversified into leasing and stock brokering and general insurance, said its entry into life insurance will […]
Shanghai Profits
April 03, 2008 (LBO) –Hong Kong Shanghai Bank Corporation’s Sri Lanka branch reported sharply lower profits for 2007 largely owing to losses from foreign exchange transactions while bad loans are on the rise. The bank’s profit for 2007 fell 36.63 percent to 1.57 billion rupees, according to published annual accounts. Interest income, however, increased by […]
Emirates starts flying first class to Sri Lanka
April 03, 2008 (LBO) – Emirates airlines said it had started first class services to Sri Lanka on selected flights after it started operating new Boeing 777 aircraft on the Dubai-Colombo run from March 31. On Mondays and Thursdays the airline will make available up to 14 first class seats. “The return of First Class […]
‘s MAS fabric park signs up renewable power
April 03, 2008 (LBO) – Sri Lankan apparel exporter MAS Holdings has signed up with a hydro power firm to buy electricity for an eco-friendly plant in a bid to reduce fossil fuel based energy use, an official said. . Under a five year deal, Nilwalabase Hydro Power Limited will supply between 2.5 to 4.0 […]
Sri Lanka pushes Myanmar, Pakistan, India to crack rice export curbs
April 03, 2008 (LBO) – Sri Lanka is in talks to relax rice export curbs in at least three countries so that cheaper imports could lower the price of the staple commodity ahead of a local festival, a senior minister said. Trade minister Bandula Gunewardene said Sri Lanka has had discussions with Myanmar, Pakistan and […]
In a first, Boeing says it has flown a hydrogen-battery plane
OCANA, Spain, April 3, 2008 (AFP) – US aircraft maker Boeing flew a plane earlier this year that was powered by a hydrogen battery in a first for the aviation industry that could herald a greener future, senior company officials said in Spain on Thursday. But the company said that although hydrogen fuel cells could […]
World Bank calls for new solution to fight old problem
WASHINGTON, April 2, 2008 (AFP) – The World Bank on Wednesday called on the international community to mount a wide-ranging fight against hunger as skyrocketing food prices critically threaten the world’s poor.“We need a New Deal for Global Food Policy,” World Bank president Robert Zoellick said in a speech to a Washington think tank ahead […]
Zimbabwe opposition wins parliamentary control, presidential results awaited
HARARE, April 3, 2008 (AFP) – Zimbabweans waited anxiously on Thursday for an end to a deafening official silence over the outcome of their presidential election, after the opposition took control of parliament.The economy of Zimbabwe has been in meltdown since the start of the decade, with inflation now standing at over 100,000 percent and […]