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Maldives saves for new homeland amid flooding fears: report
LONDON, November 10, 2008 (AFP) – The Maldives’ newly-elected president said in an interview Monday that his government will begin saving to buy a new homeland in case global warming causes the country to disappear into the sea.Beloved by tourists for their white sandy beaches, palm trees and clear waters, the 1,192 coral islands that […]
Emirates first half profits nosedive
Nov 10, 2008 (LBO) – Dubai’s Emirates airline said on Monday its net profit for the first half of the financial year dropped a dramatic 88 percent to 77 million dollars because of high oil prices, AFP news agency reported. Emirates said its profit for the six months to September 30 plunged to 284 million […]
‘ ethical stand leaves buyers cold
Nov 10, 2008 (LBO) – Sri Lanka’s apparel exporters complain buyers practice double standards in purchasing and are not ready to pay more despite the manufacturers’ costly commitment to comply with high labour and environmental standards. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 “We’re disappointed there […]
Hold It
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Petroleum Credit
Nov 10, 2008 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation owes 1.1 billion dollars in supplier’s credit to Iran on crude bought in 2008, Chairman Ashantha de Mel said. CPC buys Iranian light crude to feed its 50,000 barrels a day refinery. CPC struck a deal to get interest free credit from Iran to […]
Hedge Bills
Nov 10, 2008 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation (CPC) has already settled a part of its dues on hedging oil contracts and remaining payments would be completed as they fall due, a top official said. A 6.5 million dollar payment had been made Friday and another 7.5 million payment was also due. […]
Sri Lankan troops close to capturing key road: govt
November 9, 2008 (AFP) – Sri Lankan troops were close to capturing a key road to the northern peninsula of Jaffna after months of heavy fighting, the defence ministry said Sunday.Heavily armed units have pushed along the coastal road to Jaffna, which had been cut off from the rest of the island by Tamil Tiger […]
Sri Lanka shrine praying for pilgrims
MADHU, November 9, 2008 (AFP) – One of Sri Lanka’s holiest Catholic shrines stands idle and neglected — an unlikely victim of a decades-long internal conflict that the government says it is close to winning.Standing two feet (60 centimetres) tall, the 450-year-old pale yellow statue of the Virgin Mary, draped in golden robes, is especially […]
Sri Lanka recent policy has crippled domestic industry: opposition
Nov 09, 2008 (LBO) – Sri Lanka’s current economic framework has crippled domestic industry and protectionist taxes announced in the 2009 budget are contradictory and are aimed simply at raising revenue, the island’s main opposition has charged.The Mahinda Chinthana economic framework while paying lip service to domestic industry, is undermining its competitive strengths, opposition United […]
Sri Lanka spends US$587mn to prop up rupee in October
Nov 08, 2008 (LBO) – Sri Lanka has spent 587 million dollars to prop up the rupee in October, pushing the total to 790 million dollars over past two months, the latest official data showed. On Thursday and Friday the rupee strengthened against the 110 rupee peg maintained by the island’s central bank with credit […]
Sri Lanka air force helicopters hit Tiger islet
November 8, 2008 (AFP) – Helicopter gunships launched a rare night assault against a suspected Tamil Tiger base located on a small islet off Sri Lanka’s Jaffna peninsula, the defence ministry said on Saturday.The air force Mi-24 gunships attacked a “gathering point” of the Liberation Tigers of Tamil Eelam (LTTE) at Palaitivu, just on the […]
Sri Lanka TV censorship condemned by media watchdog
Nov 08, 2008 (LBO) – Media watchdog Reporters Without Borders (Reporters sans frontiers or RSF) has condemned what it called live censorship on a Sri Lankan government television station amid criticism of a new broadcasting law. After receiving representatives of journalists’ organisations and media owners, media and information minister Anura Priyadharshana Yapa announced that implementation […]