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Sri Lanka rights probe is flawed, top panel says
COLOMBO, Sept 19, 2007 (AFP) – A top international panel on Wednesday accused Sri Lanka of failing to honour promises to investigate grave human rights violations and accused the government of a virtual cover-up.The 11-member International Independent Group of Eminent Persons (IIGEP) said a government probe into 16 high-profile cases, including mass murder, had failed […]
Sri Lanka opposition accuses govt of misusing public funds
Sept 19, 2007 (LBO) – Sri Lankan opposition leader Ranil Wickremesinghe Wednesday accused the government of illegally channeling state funds to a new budget airline and a bank.He said the right of the Parliament to control public finances is a fundamental principle of democracy. The transfer of funds to set up the new state-owned budget […]
Sri Lanka rupee edges lower on state name buying
Sept 18, 2007 (LBO) – Strong buying interest from a state name that usually represent government accounts pushed the rupee lower in late afternoon trading with deals done at 113.60 against the greenback, dealers said. Sri Lanka’s cash markets have been tight with some market participants were seen generating rupees through dollar swaps. The rupee […]
Reality Time
Sept 18, 2007 (LBO) – Bad debts in Sri Lanka’s banks are rising and loan to deposit ratios are deteriorating as the lagged effects of a credit bubble driven by loose monetary policy are beginning to be felt, the latest emerging data shows. Loan growth last year was 29 percent and has slowed slightly to […]
Sri Lanka tea broker warns against unethical practices
Sept 18 (LBO) – A top tea broker has warned the industry not to take short cuts to get high prices at the Colombo auctions and instead to play strictly by the rules. “It is not advisable to turn a blind eye or encourage the achievement of prices by hook or by crook and instead […]
World oil price tops 81 dollars
SINGAPORE, Sept 18, 2007 (AFP) – Oil prices topped 81 dollars a barrel for the first time on Tuesday, setting another record high amid fears of critically tight supplies for the winter season in the United States.OPEC’s announcement last week that it would pump an extra 500,000 barrels per day from November has failed to […]
Mobile Deal
Sept 18, 2007 (LBO) – Bharti Airtel Lanka, a unit of India’s Bharti Airtel Tuesday announced a 150 million dollar alliance with China’s Huawei Technologies Co. to build and manage its mobile network. “We’d like to share infrastructure with other operators. We’d like to maximise the terms of sharing. We believe sharing is the way […]
China to buy 3,400 new airplanes by 2026: Boeing
BEIJING, Sept 18, 2007 (AFP) – China, the world’s fastest growing aviation market, will need 3,400 new airplanes worth about 340 billion dollars over the next 20 years, US aircraft maker Boeing said Tuesday.The forecast marks a dramatic increase from an earlier prediction by Boeing of 2,900 aircraft in the period from 2005 to 2025. […]
Wall Street drops as anxiety high ahead of Fed meet
NEW YORK, Sept 17, 2007 (AFP) – Wall Street stocks fell Monday as anxiety ran high a day ahead of a crucial Federal Reserve meeting to decide the course of US interest rates. Shares in the Nasdaq Stock Market fell 1.43 percent to 34.41 on reports it was close to a deal to sell its […]
World Bank, UN join battle to claw back corrupt leaders spoils
UNITED NATIONS, Sept 17, 2007 (AFP) – The World Bank and United Nations on Monday threw their backing behind developing nations seeking to recover assets pilfered by corrupt leaders, unveiling a scheme to lend muscle to their claims. “There should be no safe haven for those who steal from the poor,” World Bank chief Robert […]
England captain in strip club row
DURBAN, South Africa, Sept 18, 2007 (AFP) – England captain Paul Collingwood on Tuesday apologised for visting a strip club a night before an important tie in the Twenty20 world championships. The tabloid ‘The Sun’ reported on Tuesday that Collingwood accompanied friends to a lap dancing club in Cape Town on Saturday night ahead of […]
England call up Mustard for Sri Lanka tour
LONDON, Sept 18, 2007 (AFP) – Durham wicket-keeper Phil Mustard has been drafted into England’s one-day squad for the upcoming tour of Sri Lanka as a replacement for the injured Matt Prior.The uncapped 24-year-old got the nod ahead of Tim Ambrose, James Foster and Chris Read on the strength of his recent batting record. He […]