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Indian company chief admits smuggling weapons technology
WASHINGTON, March 13, 2008 (AFP) – The Indian head of an international electronics firm pleaded guilty Thursday to a charge of shipping restricted weapons technology to the Indian government, the US Justice Department said. Parthasarathy Sudarshan, president of Cirrus Electronics with offices in the United States, Singapore and India, admitted to the felony charge of […]
Oil hits record 111 dlrs amid Fed money printing
NEW YORK, March 13, 2008 (AFP) – Oil prices hit a record 111.00 dollars per barrel Thursday amid an accelerating price rally which traders say has been fueled by a sharp fall in the value of the US dollar and supply concerns.. Saudi Foreign Minister Prince Saud al-Faisal said speculators were largely responsible for the […]
Sri Lanka, U.S. in row over human rights report
March 14, 2008 (LBO) – The Sri Lankan government Friday said it had summoned the American envoy to protest against a critical U.S. human rights report but the US embassy said it was standing by the report. A Foreign Ministry statement said it “strongly protests” the U.S. State Department’s Human Rights Report which criticised Sri […]
Sri Lanka to hold vote for Eastern provincial council
March 14, 2008 (AFP) – Sri Lanka on Friday announced plans to hold provincial council elections for the first time in two decades in a former stronghold of Tamil Tiger separatists. Commissioner of Elections Dayananda Dissanayake said he would receive nominations for the Eastern Provincial Council for a week from March 27. Voting was expected […]
Sri Lanka state television stops live programs in protest
Mar 14, 2008 (LBO) – Sri Lanka’s state-run television service, Rupavahini, has suspended live programs other than news broadcasts in protest against an attack on one of their employees Friday morning, television workers said. Anurasiri Hettige, a trade union official, had been attacked with a metal bar in the Kottikawatte area of Sri Lanka’s capital […]
Sri Lanka says 23 killed in heavy fighting
COLOMBO, March 14, 2008 (AFP) – Heavy fighting between security forces and Tamil Tiger rebels in northern Sri Lanka has left at least 23 guerrillas dead and five government soldiers wounded, the defence ministry said Friday.Tens of thousands have been killed since the ethnic conflict erupted in 1972. Clashes erupted in the Wanni region as […]
Sri Lanka central bank to drain foreign cash with own securities
Mar 13, 2008 (LBO) – Sri Lanka’s Central Bank said it would issue its own securities to drain excess cash generated from foreign exchange interventions after running out of Treasury Bills which are usually sold to drain liquidity.The Central Bank said its Treasury Bill stock has fallen to half a billion rupees by March 12, […]
Maritime Thrust
Mar 13, 2008 (LBO) – Sri Lanka’s Hemas group wants to expand into ships and port operations after its entry to the sector by starting a shipping agency and capitalize on the island’s position on major sea lanes, an official said. . “The group as a policy has decided to invest in the maritime sector,” […]
Premium Rules
March 13, 2008 (LBO) – General insurance premiums must be settled within 60 days so that the insured have the ability to claim and for insurers to avoid solvency difficulties, Sri Lankan insurance companies and the regulator said. They said the regulator, the Insurance Board of Sri Lanka (IBSL), has instructed insurance firms to attach […]
Sri Lanka to raise power tariffs from March 15
Mar 13, 2008 (LBO) — Sri Lanka would raise power tariffs from March 15 by slapping a 30 percent fuel recovery charge on most users and taking away subsidies now given to industries and religious institutions, a senior minister said.“This government is already giving a fertilizer subsidy to farmers and building infrastructure, so we cannot […]
Sri Lankan graphite miner increases profit with powder exports
March 13, 2008 (LBO) – Sri Lankan graphite miner Bogala Graphite Lanka said its net profit for 2007 was boosted 51 percent to 34.5 million rupees from the year before w by a new plant making high value powders. The plant can produce 29 grades of ‘classified graphite powders’ for export to end-users in the […]
European Carlyle investment fund to be liquidated
NEW YORK, March 13, 2008 (AFP) – Dutch-listed investment fund Carlyle Capital Corporation announced Thursday it had failed to reach a deal with its creditors and had defaulted on debt of nearly 17 billion dollars (11 billion euros).Share-trading in the troubled fund, linked to private equity giant Carlyle Group, was suspended in Amsterdam Friday, resumed […]