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Sri Lanka minister gets opposition post: official
Dec 08, 2008 (LBO) – Sri Lanka’s main opposition United National Party has appointed a rebel member who is a government minister as its deputy leader, while a new post of assistant leader was also created, a senior party official said. UNP General secretary Tissa Attanayake said Karu Jayasuriya, who had the public administration portfolion […]
Sri Lanka opposition moves no-confidence motion over derivative losses
Dec 08, 2008 (LBO) – Sri Lanka’s main opposition has put forward a no-confidence motion against the government Monday on the eve of a budget vote, involving an exotic derivative deal that brought hundreds of millions of dollars in losses to a state-run oil firm. The United National Party has handed over the motion to […]
Sri Lanka govt opposes no-confidence motion on derivative losses
Dec 08, 2008 (LBO) – Sri Lanka’s ruling party has opposed an opposition attempt to move a no-confidence motion on an oil hedging deal saying it related to matters in court and the country’s president was named. The main opposition United National Party said documents submitted to parliament were separate from those in court and […]
Trishaw Knights
Dec 7, 2008 (LBO) – Often blamed for road accidents, but first on the scene to ferry victims of accidents or bomb blasts, Sri Lanka’s errant tuk tuk drivers are learning first aid skills to save lives.Drivers of the tiny auto-rickshaw taxis, commonly called “autos”, “trishaws”, or “three-wheelers” are being taught pre-hospital care to prevent […]
Health Focus
Dec 07, 2008 (LBO) – Sri Lanka’s Hemas group has officially opened a new 1.5 billion rupee hospital in Wattala, north of the capital Colombo, saying the move marks its entry into the healthcare service industry. The 100-bed Hemas Hospital was built in collaboration with the Columbia Asia Hospital Chain, a hospital operator in Asia, […]
India announces stimulus package to boost growth
NEW DELHI, December 7, 2008 (AFP) – The Indian government on Sunday announced an extra four billion dollars in spending to shield the economy from the impact of the global financial crisis.The government said it would also ensure a substantial increase in expenditure for next year’s budget.“The government has decided to seek authorisation for additional […]
21 new species in danger of extinction: UN convention
ROME, December 5, 2008 (AFP) – Twenty-one animal species, including the cheetah, three dolphin families and an Egyptian vulture, were added to the list of those in danger of extinction by a UN conference that ended Friday. Six other bird species as well as manatees have also been placed on the list of animals benefiting […]
Sri Lanka jets hit Tiger positions as ground battles rage: military
December 6, 2008 (AFP) – Sri Lanka’s airforce staged a series of bombing raids against suspected Tamil Tiger targets as ground troops fought fierce battles on several fronts, the defence ministry said on Saturday.The battle zone is inaccessible to journalists and aid workers, meaning claims and counter-claims are impossible to verify independently. Security forces, waging […]
Hedge Management
Dec 06, 2008 (LBO) – The Sri Lanka unit of the Indian Oil Corporation has unwound some oil derivatives it bought earlier in 2008, but is left with 70,000 barrels worth deals that will expire next year, a top official said. Lanka IOC says it is honoring all contracts. Exotic Derivatives Lanka IOC had bought […]
Sri Lanka shares fall, Com Bank down after oil hedge exposure revelation
Dec 05, 2008 (LBO) – Sri Lankan shares headed down Friday on low trading volumes with Commercial Bank falling sharply after it revealed a sizeable exposure in an crude oil hedge deal whose payments have been suspended on a court order. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send […]
Bank Rating
Dec 05, 2008 (LBO) – Fitch Ratings Lanka has assigned a ‘BB+)’ national long-term rating to Pan Asia Banking Corporation’s (PABC) proposed unsecured, redeemable five-year subordinated debenture issue of up to 150 million rupees. At the same time, the agency said in a statement it confirmed PABC’s national long-term rating at ‘BBB-‘ with a stable […]
Finance Rating
Dec 05, 2008 (LBO) – Fitch Ratings Lanka has confirmed Sri Lanka’s Vallibel Finance Ltd’s (VFL) national long-term rating at ‘B+’ with a stable outlook. The rating agency said Vallibel Finance’s profit margins had recovered after narrowing last year but noted that its bad loans had increased although its lending had shifted from three-wheelers to […]