Category:
Sri Lanka navy chief urges common approach to maritime security
May 21, 2009 (LBO) – Indian Ocean navies need to co-operate better to ensure adequate responses to challenges ranging from terrorism to natural disasters, Sri Lankan navy commander Admiral Wasantha Karannagoda said.It would be based on a consensual and co-operative approach to find remedies for regional maritime security concerns. “This forum will be a springboard […]
Sri Lanka rating outlook cut to negative by S&P
May 21, 2009(LBO) – Standard & Poor’s (S&P) has lowered the outlook of Sri Lanka’s ‘B’ sovereign rating to negative from stable, on weak budgets, fallen foreign reserves and uncertainty over an International Monetary Fund loan. “The negative outlook reflects our opinion that underlying pressures on Sri Lanka’s external liquidity position have intensified, while the […]
Sri Lanka cuts rates, moves to single policy corridor
May 21, 2009 (LBO) – Sri Lanka moved to a single policy rate with an 11.50 percent window with unrestricted accesss, effectively cutting policy rates by 150 basis as inflation fell and the central bank acted to boost credit. The central bank earlier operated a discount or ‘penal reverse repurchase’ window of 13.0 percent with […]
No More
May 20, 2009 (LBO) – A man who ran an illegal Ponzi-style ‘investment’ scheme in Southern Sri Lanka, offering high interest rates until its collapse last year when he failed to repay investors, has been shot dead, police said. Piyadasa Ratnayake, from the southern Sri Lankan township of Hungama was abducted in the early hours […]
Red Ink
May 20, 2009 (LBO) – Sri Lanka’s Dialog Telekom said its broadband and pay TV units continued to lose money in the March quarter, contributing to a group loss of 1.86 billion rupees but that a turnaround in the group’s fortune’s was visible as overall revenue stabilised. Dialog, the island’s dominant mobile phone operator, said […]
Indian industry looks to new government to boost growth
MUMBAI, May 20, 2009 (AFP) – The newly elected Congress-led government needs to move swiftly and decisively to restore blistering economic growth in India, even if that means higher inflation, industry leaders here say. As Prime Minister Manmohan Singh prepares for a second term of office, business executives said they hoped the government would announce […]
Sri Lanka fugitive Tigers shot as nation celebrates victory
May 20, 2009 (AFP) – Sri Lanka celebrated victory over the Tamil Tigers with a national holiday on Wednesday as the army hunted down fugitive rebels, shooting dead eight thought to have escaped from the final battle.Under international pressure to reach out to the Tamil minority, President Mahinda Rajapakse vowed on Tuesday that a political […]
Sri Lanka needs new power sharing deal to end conflict: US
May 20, 2009 (LBO) – The United States said a new power sharing deal and tolerance was required to achieve lasting peace in Sri Lanka and truly defeat terrorism.“The United States welcomes the cessation of fighting in Sri Lanka and the apparent conclusion to its long-running conflict,” a statement issued by the US embassy in […]
UN rights body to hold special meeting on Sri Lanka
GENEVA, May 19, 2009 (AFP) – The UN human rights council will hold a special session next week on the situation in Sri Lanka after the end of Asia’s longest running civil war, a statement said Tuesday. “It is hoped that the holding of this special session will contribute towards the cause of peace”, said […]
Russia welcomes Sri Lanka defeat of Tamil Tigers
MOSCOW, May 19, 2009 (AFP) – Russia on Tuesday welcomed Sri Lanka’s announcement of the Tamil Tiger rebels’ defeat, saying it supported the Asian government’s “fight against terrorism.” Sri Lanka President Mahinda Rajapakse on Tuesday announced the final defeat of the Tamil Tigers, even as rebels insisted their leader was still alive and vowed to […]
‘s end
May 19, 2009 (LBO) – The Ceylon Chamber of Commerce said the Sri Lankan government’s victory over Tamil Tiger rebels enables it to turn its efforts towards reviving the economy.“This victory demonstrates the true capabilities of the people of the country when provided with proper leadership and direction,” the chamber said in a statement a […]
Sri Lanka to review overnight forex trading limits: CB governor
May 19, 2009 (LBO) – Sri Lanka will “review” overnight forex trading positions of commercial banks which were slashed during the height of a balance of payments crisis last year, Central Bank Governor Nivard Cabraal said. The central bank stopped counting dollars advanced to state banks under a tighter reserve classification process ahead of an […]