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Investors reap peace dividend in Sri Lanka
October 11, 2009 (AFP) – Sri Lanka’s small stock exchange has become one of the world’s top performing bourses as investors reap the peace dividend from the end to the island’s bloody ethnic conflict.Investors are banking on renewed economic strength and profits in the country that emerged in May from a bloody and protracted civil […]
” IMF faces rough road toward bigger role
ISTANBUL, October 7, 2009 (AFP) – The IMF gained new stature as global lender at annual meetings with the World Bank in Istanbul that ended Wednesday, but is on a rough road between a fragile economic recovery and dissension among members.The finance chiefs from the 186 member nations of the institutions agreed after two days […]
Sri Lanka, India in joint navy training exercise
Oct 10, 2009 (LBO) – The Indian and Sri Lankan navies held a three-day joint exercise in the seas off Colombo earlier this week to train officer cadets and practice manoeuvres for maritime security operations.The manoeuvres included flights by an Indian navy light helicopter which dropped supplies on two Sri Lankan navy patrol vessels to […]
Sri Lanka power failure worst in history: chairman
Oct 10, 2009 (LBO) – Three consecutive failures of Sri Lanka’s power grid has raised new questions about the reliability of the island’s distribution system, but officials say there will be a probe to examine ways to reduce future blackouts. The immediate cause of the failure seemed to be a cable break in a key […]
Sri Lanka wraps up final council poll ahead of national elections
October 10, 2009 (AFP) – Vote counting got under way in southern Sri Lanka Saturday after nine hours of polling for the final local council before national elections due next year, officials said.Nearly two thirds of the 1.7 million eligible voters turned out to elect the 55-member Southern Provincial Council, a stronghold of President Mahinda […]
Sri Lanka Tamil refugees should move freely: US
WASHINGTON, October 9, 2009 (AFP) – The United States on Friday called on the Sri Lankan government to allow Tamil refugees displaced by recent fighting to move freely around the country.Assistant US Secretary of State Robert Blake, who is focussed on US relations with central and southern Asia, “emphasized the importance of the government allowing […]
‘s final council poll
October 10, 2009 (AFP) – Voting got underway in southern Sri Lanka Saturday in the final local council poll before national elections due next year, officials said.Some 1.7 million people are eligible to vote for the 55 members of the Southern Provincial Council, a stronghold of President Mahinda Rajapakse’s United People’s Freedom Alliance. “Voting started […]
” rating confirmed, outlook raised to stable: Fitch
Oct 09, 2009(LBO) – Fitch Ratings said it has lifted the outlook on Sri Lanka’s ‘B+’ sovereign rating to ‘stable’ from ‘negative’ on the end of a war and a deal with the International Monetary Fund that has boosted foreign reserves. At the same time, the agency said in a statement it has confirmed the […]
Sri Lankan shares down on profit taking, volumes dip
Oct 09, 2009 (LBO) – Sri Lankan shares fell Friday, as investors took profits on selected counters, brokers said. Hatton National Bank closed at 173.00 rupees, up 1.00, and Commercial Bank of Ceylon closed at 180.00 rupees, down 1.50. National Development Bank closed at 195.00 rupees, down 25 cents, and DFCC Bank closed at 153.00 […]
Sri Lanka develops new cinnamon varieties
Oct 09, 2009 (LBO) – Sri Lanka has developed new varieties of cinnamon with higher yields and chemical properties that are sought after in the food, pharmaceutical and perfumery industries.Sri Lankan cinnamon industry experts said the island’s production is not enough to meet demand. Production has been held back by a shortage of cinnamon peelers. […]
Sri Lanka mulls fuel from sugar cane
Oct 09, 2009 (LBO) – Sri Lankan prime minister Ratnasiri Wickremanayake has called for lower consumption of sugar, saying diabetes was on the increase, and alternative uses for the crop such as fuel production. “We consume far too much sugar for our health,” he told the 25th anniversary celebrations of the island’s Sugarcane Research Institute. […]
Sri Lanka raises defence budget by 20 percent: report
October 9, 2009 (AFP) – Sri Lanka has raised its defence expenditure by another 20 percent this year following its military victory over separatist Tamil Tiger rebels. Parliament late Thursday approved an additional 33 billion rupees (287 million dollars) to pay for hardware and beef up security in former conflict zones. At the beginning of […]