Category: Other
India economy headed higher, reforms in sight: analysts
NEW DELHI, May 31, 2009 (AFP) – India’s economy is on the upswing with eyes now keenly focused on July’s planned budget for new market-opening moves by the freshly re-elected Congress government, analysts say.The country logged unexpectedly strong 5.8 percent growth in the final quarter to March 2009, against forecasts of 5.0 percent, figures late […]
Derivative Probe
May 31, 2009 (LBO) – Sri Lanka’s police have raided the offices of state-run Ceylon Petroleum Corporation (CPC) and seized documents related to exotic oil derivatives which went against the utility, a media report said. The Sunday Times newspaper said officers of the criminal investigation department of Sri Lanka’s police had raided the head quarters […]
D Day
May 31, 2009 (LBO) – A decision on a case challenging the privatization of Sri Lanka Insurance Corporation (SLIC) is listed for delivery at Sri Lanka’s Supreme Court on June 01, lawyers said. Distilleries Company of Sri Lanka closed at 90.25, down 2.25 rupees Friday. SLIC was sold to the listed Distilleries group of businessman […]
Wal-Mart set to make first foray into India
NEW DELHI, May 29, 2009 (AFP) – The world’s number one retailer Wal-Mart is set to open its first sales venture in India Saturday as part of an ambitious plan to establish a foothold in the country’s vast consumer market.The US discount chain has teamed up with Bharti Enterprises, parent of India’s biggest mobile firm […]
Sri Lankan tea prices weaken further
May 29, 2009 (LBO) – Sri Lankan tea prices sagged further this week, pushed down by larger volumes, lower quality and a stronger rupee, brokers said. The rupee weakened sharply against the dollar earlier this year but steadied and even strengthened in recent weeks. The better teas were “readily absorbed”, while the poor leaf sorts […]
Weak Judiciary
May 29, 2009 (LBO) – Sri Lanka’s justice system, legal profession and media are all under grave threat, said a report published by the International Bar Association’s Human Rights Institute (IBAHRI). Public confidence in the judiciary has got eroded and the Chief Justice is seen as biased, said the report on the independence of the […]
United Breweries, Heineken may form Indian venture
NEW DELHI, May 28 (Asia Pulse) – Vijay Mallya-led United Breweries (UB) and Dutch beer maker Heineken could come together in the Indian market, following the exit of Jaipuria from Asia Pacific Breweries-Pearl. “Talks between both companies (UB Group and Heineken) are in the advance stages and soon both will announce the deal,” a source […]
Sri Lanka poultry sector in dead trouble
May 28, 2009 (LBO) – A top Sri Lankan poultry breeder says it is destroying parent stock amid a deepening slump in the industry, while a related chicken feed producer said it was hit by fresh government taxes. Printed Bubble Following several years of money printing, Sri Lanka’s also saw inflation peaking at 29.9 percent […]
Rights diplomats struggle to find Sri Lanka compromise
GENEVA, May 27, 2009 (AFP) – The UN Human Rights Council reconvened its special session on Sri Lanka Wednesday with diplomats struggling to bridge an Asian-Western divide over the rights situation and a probe into abuses. Sri Lanka, backed by Asian countries including China, India and Pakistan, tabled a revised draft resolution late Monday which […]
WHO mulls pandemic threshold as flu cases near 13,000
MEXICO CITY, May 27, 2009 (AFP) – Mexico reported two more swine flu deaths on Tuesday, as World Health Organization scientists asked if it had moved too quickly to declare the outbreak a pandemic.Authorities in Mexico said the death toll had risen to 85, and infected cases rose to 4,721 with scientists advancing through a […]
More than 110 dead after cyclone hits Bangladesh, India
DHAKA, May 26, 2009 (AFP) – Bangladesh and India launched major relief operations Tuesday after a cyclone tore into the northern coast of the Bay of Bengal, killing at least 116 people and leaving hundreds of thousands homeless. Many of the casualties in Bangladesh were reported to be children who drowned when Cyclone Aila triggered […]
Sri Lanka tea output recovers in April
May 25, 2009 (LBO)- Sri Lanka’s total tea production in April 2009 shows an increase compared with the same month a year ago, indicating the crop is recovering from the effects of severe drought earlier this year.The Sri Lanka Tea Board said total tea production in April was 29.2 million kilos, up 4.8 percent from […]