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Sri Lanka troops break more Tiger defences: ministry
May 8, 2009 (AFP) – Sri Lankan soldiers have overrun another Tamil Tiger defence line standing between government troops and the small strip of territory still held by the ethnic rebels, the defence ministry said Friday. In heavy fighting late Thursday, troops captured a mud embankment built by the Liberation Tigers of Tamil Eelam (LTTE) […]
Sri Lanka gambling on monsoon onset to avoid power cuts
May 8, 2009 (LBO) – Sri Lanka has not yet discussed power cuts, a senior government minister said as hydro storage at the country’s state run power utility ran towards a critical level which may trigger compulsory load shedding. CEB now has an installed thermal capacity of 1250MW and 1,100MW of hydro capacity. However the […]
Global economic recovery may be W shaped: Steve Hanke
May 08, 2009 (LBO) – Recent rallies in stock markets may be short-lived, and a ‘W’ patterned economic revival is more likely if the Fed fails to quell an expected inflation bout early, a top monetary economist has warned. “I believe we are headed for a W-shaped recovery, with a down-up-down pattern,” Steve Hanke, professor […]
Sri Lanka rupee peaks at 116.50 in volatile trade
May 07, 2009 (LBO) – The Sri Lanka rupee peaked at 116.50 in intra-day trading against the US dollar, Thursday before weakening to 117.70/90 levels, as state bank buying returned to the market, dealers said.The rupee gained steeply with foreign banks on the sell side in morning trade and a state bank bought at 116.60 […]
Sri Lanka rupee at right level: CB Governor
May 07, 2009 (LBO) – The rupee is at the right level, central bank governor Nivard Cabraal said as the local currency floated between 116.50 to 117.70 rupees against the US dollar in spot trade Thursday. Sri Lanka has asked for a 1.9 billion US dollar loan from the International Monetary Fund which reports said […]
Sri Lankan stocks end the week up, rupee strengthens
May 07, 2009 (LBO) – Sri Lankan shares closed flat Thursday but gained 2.86 percent during a short week propelled by institutional and high net worth investors, while the rupee strengthened against the US dollar amidst weak import demand, brokers and dealers said. The spot dollar was trading at 117. 00/25 levels by mid afternoon […]
Bank Bids
May 07, 2009 (LBO) – Sri Lanka’s central bank said two short-listed prospective investors have submitted their bids for a controlling stake in Seylan Bank. Seylan is part of the troubled Ceylinco group. Seylan was put under the wings of state-run Bank of Ceylon by the regulator after a run on its deposits triggered by […]
Strong Results
May 07, 2009 (LBO) – Sri Lanka’s Sampath Bank has reported group profits of 397.4 million rupees in the March quarter, up 22 percent over last year, while revenues climbed 18 percent to 6.1 billion rupees on the back of higher state financing. Loan loss provision rose to 423 million rupees but a recovery of […]
Sri Lanka mulls extending private tea sale curbs
May 07, 2009 (LBO) – Restrictions on private sales of low grown teas outside the main auctions in Sri Lanka’s capital, Colombo, are likely to be extended this year, an official said.The curb are placed in the belief that they help prop up prices, though a ‘private’ sale takes away an equal amount of supply […]
Digital Future
WASHINGTON, May 7, 2009 (AFP) – Old Media squared off against New Media on Wednesday as a US Senate panel examined the future of journalism in the digital age. The demise of the newspaper industry took center stage as a Texas newspaper publisher, a former Baltimore Sun reporter, a top executive from Google and the […]
Indian elections enter final stretch
NEW DELHI, May 7, 2009 (AFP) – India kicked off the penultimate round of its marathon general election on Thursday, with the two main parties going head to head in a series of key races that could swing the final outcome. And with the finish line now in sight and no clear winner expected, attention […]
Sri Lanka Tigers using suicide bombers: military
May 7, 2009 (AFP) – Sri Lanka’s Tamil Tigers are using suicide bombers to hold back government forces who are close to overrunning the last patch of rebel-held territory, the military said Thursday.The Tigers have deployed hundreds of suicide bombers to devastating effect in the past 20 years, claiming several high-profile victims, including the then […]