Category:
Banking Conduit
June 04, 2009 (LBO) – Sri Lanka’s state-run Bank of Ceylon is providing banking services for refugees in several camps in the north of the island to get financial help from their relatives, a top official said.Nearly 300,000 people held as a human shield by the Tamil Tigers before they were defeated last month are […]
Sri Lanka gets $25mn Indian hotel investment
June 04, 2009 (LBO) – The Sri Lankan government said it had approved a proposal by an Indian company to set up a four-star hotel and convention centre with an investment of 25 million US dollars.Media minister Anura Yapa said the unsolicited proposal had been received from Suchirindia Hotel and Resorts in Hyderabad, India. The […]
No Deal
June 4, 2009 (LBO) – Sri Lanka’s Supreme Court said a 2003 privatization of Sri Lanka Insurance Corporation (SLIC) to listed Distilleries group was illegal and ordered the shares to be returned to the government and the purchase price refunded. Court also said Ernst & Young, the auditors of the firm should be removed. Court […]
Hostage Crisis
ZAMBOANGA, June 4, 2009 (AFP) – A Sri Lankan peace activist kidnapped by Islamic militants in the southern Philippines almost four months ago has been safely rescued, police said Thursday. Umar Jaleel was rescued late Wednesday from his Abu Sayyaf captors in the town of Tipo-Tipo on Basilan island, regional police spokesman Superintendent Danilo Bacas […]
Search King
WASHINGTON, June 3, 2009 (AFP) – Google, already the king of Internet search, rolled out an experimental new search product on Wednesday called “Google Squared.” Google Squared does not provide a list of links to Web pages, like with a traditional Google search, but presents information derived from a query in a spreadsheet-like grid called […]
Sri Lanka seizes ship with supplies for war-hit civilians
June 4, 2009 (AFP) – Sri Lanka’s navy Thursday seized a foreign-owned ship loaded with medical, food and other supplies for war-hit civilians, saying the vessel had entered its territorial waters illegally.The supplies, arranged by supporters of the Tamil rebel cause, were loaded onto a ship in the English port of Ipswich in April — […]
Sri Lanka Insurance Corp sale reversed by court- Update
June 4, 2009 (LBO) – Sri Lanka’s Supreme Court said a 2003 privatization of Sri Lanka Insurance Corporation (SLIC) to listed Distilleries group was illegal and ordered the firm to be returned to the government and the purchase price refunded.Court ordered the government to repay more than six billion rupees originally paid by the private […]
Sri Lanka Hayleys profits down on lower margins, exports
June 04, 2009 (LBO) – Sri Lanka’s Hayleys said net profit for the 2008-09 financial year fell 31 percent to 311 million rupees from a year ago as the export-oriented group was hit by the global economic slump.Gross turnover rose five percent to 32 billion rupees in the year ended March 31, 2009, according to […]
Sri Lankan shares close flat, rupee rock steady
June 03, 2009 (LBO) – Sri Lankan stocks close flat on Wednesday as the market stabilized at current price levels, while the rupee continued to be steady against the greenback, brokers and dealers said. The spot dollar was trading at 114.85/114.95 levels in late afternoon trade, dealers said. The Colombo All Share Price Index was […]
Port Bids
June 03, 2009 (LBO) – The Sri Lankan government has extended for the second time the deadline for proposals from investors to build and operate a new deep-water container terminal in Colombo port.Sri Lanka Ports Authority (SLPA) officials said the deadline for bids is now July 8. Previously, the government had extended the deadline to […]
Credit Lift
June 03, 2009 (LBO) – Sri Lanka’s Pan Asia Bank said it had slashed its interest rate on credit cards to 30 percent a year from 42 percent to ease repayment difficulties and the burden on consumers whose spending has declined.The bank also noted how other countries like the USA, are taking action to reform […]
Economics of War (and also peace)
June 3, 2009 (LBO) – Wars have always been fought with one objective. That is to take forced possession of economically valuable assets belonging to the enemy. The list may vary from time to time, but a typical set of such coveted assets goes on as follows: land including right to water; young women including […]