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Strike forces Air India to suspend ticket sales
NEW DELHI, September 29, 2009 (AFP) – Air India said on Tuesday that about half of its international flights had been cancelled due to a strike by pilots and announced a suspension of new bookings.Nine out of 21 international flights and 37 out of 177 domestic flights were scrapped, spokesman Jitender Bhargava said, after pilots […]
Bharti shares rise as MTN talks deadline looms
NEW DELHI, September 29, 2009 (AFP) – Shares of Bharti Airtel rose nearly two percent in morning trade Tuesday ahead of an expected announcement by the top Indian mobile firm and South Africa’s flagship group MTN on a possible tie-up.Shares of Bharti Airtel were up 1.75 percent or 7.25 rupees at 421.60, a day ahead […]
UN ratchets up criticism of Sri Lankan camps
September 29, 2009 (AFP) – The United Nations on Tuesday issued its strongest criticism yet of Sri Lanka over its continued internment of 250,000 people who fled fighting in the final stages of the island’s separatist war.Walter Kaelin, a representative of the United Nations secretary-general, said civilians held in tightly-guarded camps should be granted freedom […]
Sri Lanka poor governance hindering productivity: expert
Sept 29, 2009 (LBO) – Poor governance, weak institutions, high inflation, high interest rates and protectionism, are hindering efforts by Sri Lanka’s private sector to improve productivity, a trade promotion expert has said.Lloyd Yapa, a former government official who supervised an industrial export drive of the government at one time, also says companies should try […]
Sri Lankan shares close flat
Sep 28, 2009 (LBO) – Sri Lankan shares closed flat Monday, as investors took a break from an overheating market, while the trend is expected to continue for a few more days, brokers said. The All Share Price Index was up 0.05 percent (1.59 points) to end at 2,893.64 while the more liquid Milanka fell […]
Rogue Banking
Sep 28, 2009 (LBO) – The global financial crisis was triggered by the loose monetary policy of the US Federal Reserve but central banks remained unregulated, a top Indian Reserve Bank official said.“The crisis has happened because of two things,” Reserve Bank of India deputy governor K C Chakrabarty said at the Sri Lanka Association […]
Top Marks
Sept 28 (LBO) – Fitch Ratings Lanka said it has confirmed DFCC Bank’s (DFCC) national long-term rating at ‘AA(lka)’ with a stable outlook.It also confirmed the bank’s senior debentures at ‘AA(lka)’ and subordinated debentures at ‘AA-(lka)’, also with a stable outlook. “The ratings are driven by the bank’s strong capital base as supported by continued […]
Indian pilot strike enters third day, flights hit
NEW DELHI, September 28, 2009 (AFP) – Debt-ridden Air India cancelled around 40 flights on Monday as management and striking pilots of the state-run carrier met to negotiate an end to three days of stoppages over a slash in bonuses.But senior pilots’ representative V.K. Bhalla told the Press Trust of India news agency that talks […]
Sri Lanka seeks wider access to China under trade deal
Sept 28, 2009 (LBO) – Sri Lankan exporters will get better access to the Chinese market in a new round of talks under a regional trade deal scheduled for completion in October, officials said.Sri Lanka will ask for more products to be covered in the fourth round of talks under the preferential trading arrangement, Asia-Pacific […]
Sri Lanka meets quantitative targets under IMF program: CB Governor
Sept 28, 2009 (LBO) – Sri Lanka has met the key end-September quantitative targets under an International Monetary Fund program, Central Bank Governor Nivard Cabraal said.“We have met all the targets under the program,” Cabraal said. A key target is a ceiling on reserve money or the narrowest supply of money made up of circulating […]
Sri Lanka re-appoints former Treasury secy. Jayasundera
Sept 28, 2009 (LBO) – Sri Lanka’s former Treasury Secretary P B Jayasundera has resumed his post with immediate effect after the President Mahinda Rajapaksa re-appointed him to the post, the department of government information said. Jayasundera had served as Treasury Secretary under two Pesidents. Sumith Abeysinghe, who was Treasury Secretary has been made Cabinet […]
Sri Lanka state revenues improve in July; budget gap still wide
Sept 28, 2009 (LBO) – Sri Lanka’s state revenues picked up in July, with taxes in the first seven months only 1.47 percent behind last year, but the budget gap continues to be wide, with current expenses growing 24.7 percent, the latest official data showed. The implied annualized overall deficit narrowed to 10.4 percent of […]