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Sri Lanka ex-army chief rejects clemency plea: wife
October 1, 2010 (AFP) – Sri Lanka’s jailed ex-military chief Sarath Fonseka, who fell out with the president after the army’s crushing defeat of Tamil rebels, has rejected a government offer to consider clemency, his wife said Friday. Anoma Fonseka said she met her husband at Colombo’s Welikada prison where the former four-star general began […]
Sri Lanka hopes to use war strategy on economy
Oct 02, 2010 (LBO) – The skills that enabled Sri Lanka win against Tamil separatists can be used to revive the economy and catch up on growth lost by 30 years of war, an architect of the military campaign said. One of the key weaknesses was lack of manpower to hold areas cleared of Tamil […]
SME Credit
Oct 01, 2010 (LBO) – The World Bank is giving a 57. 4 million US dollar to Sri Lanka to finance small and medium sized business affected by a global downturn and is also giving a partial credit guarantee to banks using the credit line to lend. “The banks can independently access the line of […]
Introduction
Oct 01, 2010 (LBO) – Sri Lanka’s Citizens Development and Business Finance, a firm 35 percent owned by Ceylinco Insurance is listing itself to comply with a central bank direction and pave the way for raising capital in the future, officials said. CDB is listing on the ‘diri savi’ board of the Colombo Stock Exchange […]
Harsh Lessons
Oct 01, 2010 (LBO) – A citizen’s group in Sri Lanka has outlined harsh lessons from the island’s post independent history and suggested ways to a regain lost liberties by re-establishing rule of law. The submission of the ‘Friday Forum’ group was made to a state-appointed ‘Lessons Learnt & Reconciliation Commission’ (LLRC) which is looking […]
Dinosaurs taller than thought: study
WASHINGTON, October 1, 2010 (AFP) – Some dinosaurs may have been at least 10 percent taller than previously thought, US paleontologists said Thursday in a study that found the creatures had large amounts of cartilage. The dinosaurs had thick layers of cartilage in their joints that may have added more than a foot (30 centimeters) […]
Sri Lanka eco-friendly apparel making gives edge: Marks & Spencer
Oct 01, 2010 (LBO) – Eco-friendly, energy and material-efficient apparel manufacture is giving Sri Lanka an edge over competition despite the loss of European trade concessions, Marks & Spencer, a UK-based retailer said. M&S sells about 4.0 billion Sterling pounds of clothes a year and 21 percent of its products were bought from Sri Lanka, […]
Sri Lanka, India local currency trade mooted
Oct 01, 2010 (LBO) – Using local currencies to trade between India and Sri Lanka could reduce transaction costs and speed up cargo movements, an expert has suggested. “This could lead to win-win situation for both sides and bring down transaction cost and the time taken.” Under British rule the Indian rupee, then specie based […]
‘s ex-army chief begins jail sentence
September 30, 2010 (AFP) – Sri Lanka’s ex-army chief Sarath Fonseka, who led troops to victory over Tamil rebels to end a decades-long civil war, on Thursday began 30 months in jail after the president confirmed the sentence. Troops escorted the former four-star general to the island’s main Welikada prison, hours after the government announced […]
Sri Lanka stocks world top performer: Bloomberg data
Oct 01, 2010 (LBO) – Sri Lanka’s stocks closed up 2. 1 percent Friday becoming the best performing market in the world, up 110.9 percent so far according to Bloomberg newswires data, beating Mongolia at 109.7 percent. Bangladesh was a distant third at 56.4 percent. Colombo’s benchmark All Share Price Index closed at 7,147, topping […]
Sri Lanka ratings can improve on public sector reforms, lower debt: S&P
Oct 01, 2010 (LBO) – Sri Lanka’s ratings can improve if the government uses its political strength to reform the public and economic policy which would allow public debt to come down, Standard & Poor’s, a rating agency has said. Following recent electoral victories the government no longer depended on the support of “minority extremist […]
Sri Lanka forex liberalization planned for mid-Oct: CB Governor
Sept 30, 2010 (LBO) – A second stage of relaxing foreign exchange controls may take place by mid-October when operating instructions to authorized dealers are fine tuned, central bank Governor Nivard Cabraal said. Sri Lanka’s foreign exchange laws criminalized attempts by citizens to protect the value of their hard earned savings from being destroyed by […]