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Cell broadcast ideal for Maldives public warning: think tank
July 17, 2009 (LBO) – Cell broadcasting, a messaging system that is found in the two celco networks in the Maldives can be used to send immediate public warning messages to users, a think tank has said. Loss of life was small, but around one-third of the population was affected and property damage was estimated […]
‘s cheapest car hits Indian streets
MUMBAI, July 17, 2009 (AFP) – The world’s cheapest car, the Tata Nano, hits the streets on Friday, as the first customer gets the keys to a vehicle that its makers hope will transform travel for millions of Indians.The head of Tata Motors, Ratan Tata, was to deliver the first car in person at a […]
Sri Lanka navy seeks to expand fleet
July 17, 2009 (LBO) – Sri Lanka’s new navy commander said he wants to expand the fleet and increase troop strength to better protect the island from maritime threats and ensure the Tamil Tiger insurgency does not recur.Thisara Samarasinghe said that although the Tigers were defeated in May, winning the war did not mean the […]
Sri Lanka combs economy for new tax payers
July 17, 2009 (LBO) – Sri Lanka is widening the tax net to catch small shop owners and hair dressers to fluff up flagging government income, while excise revenues had also lost it usual buzz, officials said. “Most businesses such as boutiques, hair salons and retailers don’t pay value added tax (VAT),” the head of […]
Sri Lanka IMF loan; IC views to be taken up at executive board
July 17, 2009 (LBO) – A recent IMF mission to Sri Lanka had “good discussions” with the authorities, but the views of the international community on a loan would still be considered at an executive board meeting, an official said. A ‘staff level’ deal also had to be reached. “Because the first thing that happens […]
Sri Lanka on road show to stir up debt buyers
July 16, 2009 (LBO) – Investors who met a Sri Lanka government team who are on a road show ahead of a possible debt deal are bullish on the country’s prospects after the end of a 30-year war, a top official said. “Many investors are interested in the Sri Lanka situation and are quite bullish […]
Sri Lankan stocks close down 0.2-pct
July 16, 2009 (LBO) – Sri Lankan shares closed down on Thursday, as retail investors took profits on mid cap stocks and index heavy blue chips, brokers said. The benchmark Colombo All Share Price Index closed down 0.27 percent (6.30 points) to end at 2,366.74, while the Milanka index of liquid stocks gained 0.61 percent […]
Permit Fever
July 16, 2009 (LBO) – Private bus operators in Sri Lanka are clamouring for permits to ply the northern Jaffna route with the end of a drawn out civil conflict, Amal Kumarage, chairman of the island’s National Transport Commission said. Government forces defeated the Tamil Tiger rebels in May after a lengthy military campaign and […]
Liquid Option
July 16, 2009 (LBO) – Depositors of a collapsed Sri Lankan financial firm should seek its liquidation under civil law to realize assets while criminal proceedings may put pressure on directors surrender other assets, a senior lawyer has said. “But in my view there is a limit to what could be realized and in my […]
Sri Lanka calls for debt relief, non-aligned emergency lender
July 16, 2009 (LBO) – Developing countries need debt relief to overcome a global economic slump, and a non-aligned emergency bailout fund, Sri Lanka’s president Mahinda Rajapaksa has said.“The world is today confronted by a crisis that is essentially the creation of the financial markets of certain developed countries,” President Rajapaksa said in the published […]
Fed sees end to recession, eyes exit strategy
WASHINGTON, July 16, 2009 (AFP) – The Federal Reserve signaled Wednesday it sees an end this year to the brutal recession and hinted that it was preparing an “exit strategy” for its unprecedented stimulus efforts.The central bank raised its outlook for 2009 and 2010 economic output, projecting a rebound in the second half of 2009 […]
Sri Lankan Treasuries yields fall
July 15, 2009 (LBO) – The 3-month Treasury bill yield fell 23 basis points to 11.05 percent at Wednesday’s auction, amid record excess liquidity in the banking system of 28 billion rupees. The government sold 2.5 billion rupees of 3-month bills, 3.1 billion rupees of 6-month bills and 4.8 billion rupees of 12-month bills. The […]