Category: Industry
Bunker Battle
Jan 07, 2008 (LBO) – Sri Lanka’s army overran Tamil Tiger fortifications in north-western Mannar while also engaging them on two other fronts in clashes that killed 23 guerrillas and one soldier since Sunday, the military said. Media Center for National Security said fighting was reported on separate fronts in Mannar, north-central Vavuniya and the […]
Quit Notice
Jan 06, 2007 (LBO) – Emirates said it would stop managing Sri Lankan Airlines after March 2008, ending months of controversy and a troubled relationship that culminated with the island government canceling the visa of its resident manager in Colombo. .Updated “Emirates has notified the Government of Sri Lanka that it will not be renewing […]
Free Trade
Jan 05, 2008 (LBO) – Sri Lanka and India have reached agreement on improving access for the island’s exports like tea to the Indian market but have yet to conclude a deal on trade in services, trade officials said. The latest round of talks between the two neighbours on a new trade deal ended in […]
Kala Pola
Jan 05, 2008 (LBO) – An annual open air art fair in the Sri Lankan capital Colombo will see more than 300 artists and sculptors displaying their creations and also be a meeting place for thousands of art lovers and buyers, its organizers said. The Kala Pola or ‘art marketplace’ is being held for the […]
Gassing Up
Jan 04, 2007 (LBO) – Sri Lanka’s second cooking gas retailer raised prices by 17 percent Thursday on a formula approved by the consumer authority while the minister in charge said advance notice of price increases should not be given. The Ceylon Petroleum Corporation has not raised prices since July. After fuel prices were fixed, […]
Record Highs
NEW YORK, Jan 2, 2008 (AFP) – Oil prices spiked to record closing highs within striking distance of 100 dollars a barrel Wednesday, triggering inflation jitters that weighed on the US stock market. “Crude prices are drawing some support from (expectations of) a further decline in crude stocks in a weekly US inventories report,” said […]
Century!
SINGAPORE, Jan 3, 2008 (AFP) – World oil prices eased in Asian trading on Thursday after briefly hitting 100 dollars a barrel for the first time, jolting oil-dependent economies.In morning trade, New York’s main contract, light sweet crude for February delivery, was 43 cents lower at 99.19 dollars a barrel. The contract closed 3.64 dollars […]
Ranatunga seeks to clean up Sri Lankan cricket
Jan 2, 2008 (AFP) – Sri Lanka’s new cricket chief Arjuna Ranatunga took up his post Wednesday, vowing to stamp out corruption in the running of the sport. The 1996 World Cup winning captain said an independent audit group would scrutinise the accounts of the cash-rich Sri Lanka Cricket (SLC) body before he took responsibility […]
Sri Lanka raises hotel rates amid bomb attacks: officials
Jan 2, 2008 (AFP) – Sri Lanka’s luxury hotels raised their rates on Wednesday despite an escalating ethnic civil war that triggered a 20 percent drop in tourists. The Yala National Park was shut for 10 weeks after seven soldiers were killed in a rebel attack on the popular tourist destination, home to leopards, elephants […]
Old Guard
Jan 01, 2008 (LBO) – New corporate governance rules for Sri Lankan banks would force long-standing directors to retire, prevent banks giving favoured treatment to related parties and ensure separation of power between the board and executive management. The new rules by the Central Bank, meant to promote the safety and soundness of the banking […]
Sri Lanka Cricket chief resigns
Dec 31, 2007 (AFP) – Sri Lanka’s cricket chief Jayantha Dharmadasa on Monday stepped down, clearing the way for former captain Arjuna Ranatunga to take over in the top job. “He has offered his resignation in writing to the Sports Ministry secretary and will cease to be in office with effect from this evening,” Sri […]
Housing Woes
Dec 31, 2007 (LBO) – Fitch Ratings has downgraded the long-term rating of Housing Development Finance Corporation (HDFC) by one notch to ‘A-(lka)’ from ‘A (lka)’ and also lowered its outlook to negative from stable. “The rating downgrades reflect HDFC’s deteriorating profitability brought on by its inherent interest rate risk, and the escalation of such […]