Category:
Donors call for peace to restore investor confindence
GALLE, Sri Lanka, Jan 29, 2007 (AFP) – Sri Lanka must commit to peace and restore investor confidence if it is to develop its potential, a senior World Bank official said ahead of a crucial review Monday of international aid.The bank’s vice president for South Asia, Praful Patel, said it was “deeply concerned” about a […]
Davos favour greening of business
DAVOS, Switzerland, Jan 28, 2007 (AFP) – When US Republican Senator Saxby Chambliss mentioned his doubts about climate change during a debate at the World Economic Forum last Friday, gasps emerged from the business-minded audience.“Whether it’s something that we need to be totally alarmed about, or nature taking its course, I don’t know,” said the […]
Sri Lanka government appoints 51 member cabinet, claims absolute majority
January, 28 (LBO) – The defection of 18 opposition members has strengthened the administration of President Mahinda Rajapakse, a senior minister said, while the opposition symbolically tore up a co-operation agreement with the government in front of journalists. œThe most experienced and ablest member of the opposition has joined the government, Information Minister Anura Yapa […]
‘s defect to government
Jan 28, 2007 (AFP) – A group of Sri Lankan opposition lawmakers defected Sunday, effectively scuttling a landmark peace deal aimed at ending decades of separatist violence in the island, officials said.Eighteen members of the right-wing United National Party (UNP) formally joined the leftist government of President Mahinda Rajapakse at his office in Colombo, a […]
Concern over government spending in Sri Lanka
GALLE, Sri Lanka, Jan 28, 2007 (AFP) – Sri Lanka’s key international donors will meet in the southern city of Galle on Monday, amid rising concerns that the cash may not be well spent.Escalating violence, allegations of widespread corruption in the disbursement of international aid and its overall economic management could hurt the island’s prospects […]
Sri Lanka navy sinks rebel boats to foil port attack
Jan 27, 2007 (AFP) – Sri Lanka’s navy attacked and destroyed three Tamil Tiger boats on Saturday as the rebels launched their first assault on the port of Colombo in 10 years, the defence ministry said.Naval craft blew up one boat after the three were spotted near a restricted zone before chasing and sinking the […]
Sri Lanka rejects child soldier allegations
COLOMBO Jan, 26 (AFP) – Sri Lanka rejected Friday allegations by a human rights group that its security forces supported recruitment of child soldiers, but pledged an “independent” probe into the charges.The government said New York-based Human Rights Watch lacked evidence to backup its allegations of military support for enlisting child soldiers, relying instead on […]
Sri Lanka money rates ease after hitting a 7-year high; volatility may worsen ahead
January 26, (LBO) – Overnight call rates eased to 14.5 percent Friday after a hitting a 7-year high of 23.5 percent two days ago, but dealers expect greater volatility in overnight rates, as liquidity curbs begin to bite.“The Central Bank has restricted the use of reverse repo facility to six times a month, this force […]
Positive Move
January 26, (LBO) – Fitch Ratings has upgraded National Development Bank’s credit outlook to positive from stable, but left the larger Commercial Bank’s outlook unchanged after the two firms said they were in talks to merge. It has 157 branches in Sri Lanka and Bangladesh. NDB has assets of 59 billion rupees and is now […]
Get Set
Jan 25, 2007 (LBO) – Mobitel is almost doubling its capacity to sign up 750,000 new subscribers, getting ready to cash in on a booming mobile phone market that saw 60 percent growth last year. Sri Lanka’s mobile market is estimated to have grown by 60 percent to 5.4 million subscribers in 2006. Mobitel, 100 […]
Packet Search
January 26, (LBO) – Sri Lanka Telecom is investing 100 million dollars this year as part of a medium-term strategy to boost revenues from IP based services, migrate rapidly towards a packet-switched network, and drum up international business volumes, a top official said. “We want to increase business from non-traditional business to 70 percent over […]
Blair, Bill and Bono take Davos spotlight
DAVOS, Switzerland, Jan 26, 2007 (AFP) – Davos regulars Bill Gates, Tony Blair and Bono sought Friday to stir the collective conscience of the annual huddle of global leaders over the plight of the developing world.Bono, the U2 frontman — a rare exception to the bar on celebrity delegates at this year’s gathering of the […]