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Sri Lanka IOC unit gains on earnings outlook as oil prices fall
Aug 06, 2008 (LBO) – Stocks closed higher Wednesday with the indices lifted by gains in the Sri Lanka unit of Indian Oil Corp as lower crude oil prices improved its earnings outlook, brokers said. Dialog Telekom was flat at 13.50. All plantations shares ended stronger after the island’s tea exports and earnings hit record […]
At Sea
Aug 06, 2008 (LBO) – A new International Labour Organisation maritime convention that Sri Lanka is to ratify will improve the safety, efficiency and working conditions of seafarers, officials said. The ILO maritime labour convention, also known as a ‘bill of rights’ for seafarers has an enforcement system that will prevent their exploitation by owners […]
Southern Sri Lanka shaken by earth tremor
Aug 06, 2008 (LBO) – Southern parts of Sri Lanka were shaken by minor tremors, early on Wednesday morning, and investigations are underway to find the cause, an official said. The tremors were felt in Tangalle, Beliatte, Ranna and Kudawella, in Sri Lanka’s southern province by residents around 5.45 to 5.50 am local time, JNW […]
Maldives heads for democracy amid political intrigue
August 06, 2008 (LBO) – Maldives is set to ratify a new constitution this week which will bring multi-party democracy the Indian Ocean tourist paradise, but the archipelago’s politics are already tainted with allegations of bribery amid fears of a constitutional crisis.Under that, an Elections Commission must be formed within 30 days, a Supreme Court […]
‘s Prince Philip has prostate cancer: report
LONDON, August 6, 2008 (AFP) – Queen Elizabeth II’s elderly husband Prince Philip has been diagnosed with prostate cancer but is defying the disease and carrying on with engagements, London’s Evening Standard reported Wednesday. Buckingham Palace declined to comment on the report, which cited “medical sources” as saying the diagnosis was made in April. “Medical […]
Fed avoids rate hike as oil bubble pauses
WASHINGTON, August 5, 2008 (AFP) – The Federal Reserve, in a widely predicted move, kept its main interest rate unchanged at 2.0 percent Tuesday citing concerns about sputtering economic growth and inflationary pressures. The Dow Jones Industrial Average rocketed 331 points to close at 11,615.77 as investors cheered the announcement, although tumbling oil prices also […]
US charges 11 in massive credit, debit card scam
WASHINGTON, August 6, 2008 (AFP) – Eleven people were indicted in Boston Tuesday for stealing and selling some 40 million credit and debit card numbers they obtained by hacking into the computers of nine major US retailers, the US Justice Department said. In what the department believes is the largest hacking and identity theft case […]
‘s Beijing dream
BEIJING, August 6, 2008 (AFP) – A globe-trotting steel billionaire and two former world champions have ensured India’s sportsmen will not cite lack of funds as an excuse if they fail at the Olympics.In a country where fortune and fame is reserved mainly for cricketers, Olympic hopefuls have blamed the absence of world class training […]
” lawmaker
Aug 06, 2008 (LBO) – A Sri Lankan ruling party lawmaker who has earned notoriety for frequent attacks on the media appears to be above the law and police powerless to stop him, a media watch dog has said. The Free Media Movement (FMM) said in a statement that it was “outraged” to record the […]
Sri Lanka Hunters trade boosts stake of activist minority
Aug 05, 2008 (LBO) – The sale of a 5.0 percent stake in Sri Lanka’s land-rich Hunters has boosted the stakes of activist minority shareholders who have been battling the management over corporate governance issues, dealers said. The Carsons group, which held a 5 percent stake, sold out its 257,000 shares, and the Kuwaiti Al […]
Slow Way
Aug 05, 2008 (LBO) – The government lacks the funds to build part of an expressway in southern Sri Lanka that is scheduled to be completed by 2010, a senior government official said.The southern expressway is meant to link the capital Colombo with the town of Matara in the deep south of the island which […]
Lease Backed
Aug 05, 2008 (LBO) – Sri Lanka’s Assetline Leasing, unit of David Pieris Motor Company has raised 100 million rupees by securitizing vehicle leases, NDB Investment Bank which structured the issue said. Assetline provides leasing, hire purchase and dealer financing and has 13 branches and 8 service centres. It was incorporated in 2003 and had […]