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‘s trial to resume after assembly opens
April 20, 2010 (AFP) – The court martial of Sri Lanka’s former army chief Sarath Fonseka was on Tuesday adjourned until after the opening of the country’s new parliament, in which he won a seat this month, officials said. The three-judge military court postponed the case until May 4 after a brief hearing on Tuesday, […]
Sri Lanka gets US support for business in former war zone
Apr 20, 2010 (LBO) – The US Agency for International Development has tied up with Sri Lanka’s private sector to support new businesses in the former war zone that will generate employment, the aid agency said. The USAID Public-Private Partnerships for Northern and Eastern Sri Lanka Program is expected to create the equivalent of 5,000 […]
”: Central Bank
Apr 20, 2010 (LBO) – Sri Lanka’s state enterprises should be fixed as an “urgent policy priority” with a “strong reform programme” the island’s central bank said as seven state entities lost nearly 50 billion rupees in 2009 which is equal to one percent of gross domestic product. Losses in state enterprises and borrowing from […]
Sri Lanka must cut budget deficit, inflation: ADB
Apr 20, 2010 (LBO) – Post-war Sri Lanka’s main priorities in accelerating economic growth would be to rein in ballooning budget deficits and inflation, the Asian Development Bank said. The government is expected to introduce reforms to broaden the tax base and reduce tax exemptions in the 2011 budget in order to increase revenue, said […]
Sri Lanka shares hit new high
Apr 19, 2010 (LBO) – Sri Lankan stocks shot through the 4,000-point mark on the benchmark index Monday, hitting a new high as investors returned after holidays, enthused by anticipated higher corporate earnings and political stability after an election, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send […]
Finance Shares
Apr 19, 2010 (LBO) – Sri Lanka’s Vallibel Finance, whose initial public offering (IPO) was over-subscribed, has given preference to small investors in allocating the shares, a stock exchange filing said. Investors who applied for up to 100 shares will be given all the shares they asked, the company said in a statement. Those who […]
World Banks says East Asia could stabilise emissions by 2025
BEIJING, April 19, 2010 (AFP) – The World Bank said Monday that East Asia could stabilise its greenhouse gas emissions by 2025 while maintaining economic growth by investing in energy efficiency and low-carbon technologies. Achieving the target would require the region’s biggest energy guzzlers to invest an extra 80 billion dollars a year to make […]
Emirates says losing US$10mn a day, 20-pct of fleet grounded
Apr 19, 2010 (LBO) – Dubai-based Emirates airlines said flight disruptions to Europe had cost it 50 million US dollars and it was losing revenues from 18,000 passengers a day following volcanic ash spewed out of Iceland. Affected passengers could cancel their bookings without charge. The airlines said updates are posted on Emirates.com and to […]
‘s state-run budget carrier loses Rs930mn
Apr 19, 2010 (LBO) – Sri Lanka’s controversial state-run budget carrier Mihin Lanka lost 930 million rupees in 2009, despite support from the island’s national carrier SriLankan, which itself made 12. 2 billion rupees in operational losses, official data shows. After starting in 2007, Mihin Lanka burnt up its start-up capital given from people’s money […]
Airlines challenge restrictions as ash snags 6.8 million passengers
LONDON, April 18, 2010 (AFP) – Airlines urged a re-think of flight restrictions as a volcanic ash cloud made Europe a virtual no-fly zone for a fourth straight day Sunday with nearly seven million passengers affected. However, the European Union presidency offered a glimmer of hope for stranded passengers, saying half of the flights scheduled […]
‘s profits and losses; a super profit making central bank is not good news
Apr 19, 2010 (LBO) – Two news items hit the headlines of media simultaneously last week. Both relate to the year 2009 and are sourced to the Central Bank Annual Report for the year. One is the news on the key state enterprises making colossal losses. The other is the news on Central Bank’s making […]
Sri Lanka power sector seen enticing private investors
Apr 19, 2010 (LBO) – More private investment is likely to get attracted to Sri Lanka’s power sector given stable and growing demand and improve profitability especially among hydro-power producers, a ratings agency report said. However, investments will be restricted to small power plants of less than 25 megawatts capacity as a new electricity law […]