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UN urges protection of civilians in strife-torn Sri Lanka
UNITED NATIONS, May 13, 2009 (AFP) – The UN Security Council on Wednesday urged the warring sides in Sri Lanka to ensure the safety of civilians, voicing “grave concern’ at the “worsening humanitarian crisis” there.It unanimously adopted a non-binding statement that expressed “grave concern over the worsening humanitarian crisis in northeast Sri Lanka, in particular […]
Sri Lanka Janashakthi on negative rating watch
May 14, 2009 (LBO) – The ‘BBB+’ claims-paying-ability rating of Sri Lanka’s Janashakthi Insurance has been put on watch with a negative outlook following the suspension of its license by the regulator, Ram Rating Lanka said. A ‘positive’ outlook indicates that a rating may be raised while a ‘negative’ outlook indicates that a rating may […]
Sri Lankan youth in former war zone get US training
May 14, 2009 (LBO) – The US Agency for International Development (USAID) said it is providing training scholarships to 500 young people from Sri Lanka’s north and east which is recovering from decades of war.The scholarships are given through the agency’s Unlimited Potential Partnership program (UPP) which currently provides workforce training programs in three key […]
Sri Lanka working on alternatives to IMF money: CB Governor
May 14, 2009 (LBO) – Sri Lanka is working on a back-up plan with other countries to boost foreign reserves in addition to an International Monetary Fund (IMF) loan, Central Bank governor Nivard Cabraal said.“All of us must have a plan A, plan B, plan C and plan D if possible and we are working […]
Sri Lanka central bank “deeply distressed”‘s IMF remarks
May 14, 2009 (LBO) – Sri Lanka’s central bank said it was “deeply distressed” over doubts raised by Britain’s foreign minister about the use of money from an expected International Monetary Fund loan. IMF money goes into the balance sheet of the central bank, which is a separate entity from the finance ministry. Through the […]
Sri Lanka central bank sees room for rate cuts
May 13, 2009 (LBO) – Sri Lanka’s central bank Governor Ajith Nivard Cabraal said there was more room to cut rates and hinted that the monetary authority may return to a single signal policy rate.So far this year the monetary authority has cut its de facto main signal rate, the penal reverse repo rate, from […]
Sri Lankan stocks down, rupee weakens
May 13, 2009 (LBO) – Sri Lankan shares weakened Wednesday, as retail investors took defensive positions, while the rupee lost ground against the dollar on fears an International Monetary Fund bailout might get delayed, brokers and dealers said. The rupee opened at 117.50/117.70 and fell to 117.60/117.90 levels by late afternoon trade, dealers said. At […]
Bank Trends
May 13, 2009 (LBO) – Sri Lanka’s Hatton National Bank (HNB) said its group net profit for the March quarter fell four percent to 712 million rupees from a year ago. Total assets of the HNB group were 268 billion rupees, up two percent from a year ago. Total group income rose 13 percent to […]
Sri Lanka rubber meeting told to brace for fall in demand
May 13, 2009 (LBO) – Demand for natural rubber and rubber products will fall this year with the decline in sales of tyres and vehicles, a rubber expert told an international conference in the Sri Lankan capital Colombo. But demand will recover next year or the year after as the global economy recovers although at […]
Leaner Model
May 13, 2009 (LBO) – Benefits of Dialog Telekom’s six month long cost reduction program, including retrenching 280 staff, will start kicking in by the fourth quarter of this year, one of the Sri Lankan firm’s top managers said. A group wide re-branding of operations took place recently. œ’Dialog’ will also be a single ˜Dialog’. […]
‘s vote marathon ends
NEW DELHI, May 13, 2009 (AFP) – Voting in India’s marathon elections ended Wednesday, with exit polls giving the ruling Congress party and its allies a slight edge over the opposition bloc led by the Hindu nationalist BJP. Neither grouping was seen as getting close to the 272 seats required to secure a parliamentary majority. […]
‘s election marathon at the finishing line
NEW DELHI, May 12, 2009 (AFP) – Millions of voters cast their final ballots Wednesday in India’s marathon election, with analysts predicting the emergence of a shaky coalition government that will struggle to survive a full term.The fifth and final phase of voting in seven states wraps up the world’s largest democratic exercise that began […]