Tag: Sri Lanka
Fuel Fortunes
Feb 17, 2010 (LBO) – The Sri Lanka unit of Indian Oil Corporation said it made a ˜nominal’ profit in the December quarter compared with a loss a year ago on higher petrol prices and other products like marine fuel and lubricants. Government-mandated retail petrol prices were cut by 15 rupees a litre on December […]
Sri Lanka draws Chinese investors
Feb 17, 2010 (LBO) – A Chinese economic delegation from its Yunnan province is visiting Sri Lanka to study the economic and investment climate in Sri Lanka, the Board of Investment said. The island’s investment promotion agency said in a statement the 15-member delegation consists of senior Chinese economists and researchers. The BOI statement quoted […]
‘s opposition files court challenge to president
February 16, 2010 (AFP) – Sri Lanka’s former army chief and defeated presidential candidate Sarath Fonseka on Tuesday petitioned the Supreme Court challenging incumbent Mahinda Rajapakse’s re-election, his lawyer said. Fonseka, who lost a January 26 vote, alleged that he was robbed of victory because of rigging, electoral malpractice and undue influence on the 14 […]
Sri Lanka policy rates frozen amid debt monetization, inflation
Feb 16, 2010 (LBO) – Sri Lanka has held policy rates steady in February as inflation accelerated, the budget deficit expanded and excess bank reserves were created through a ‘quantity easing’ exercise as debt was monetized. Central Bank said it was holding its main ‘reverse repo’ policy rate through which money is being injected to […]
Sri Lanka lawyers criticise government over crackdown
February 15, 2010 (AFP) – Lawyers in Sri Lanka accused the government Monday of illegally suppressing protests at the arrest of former army chief Sarath Fonseka. On Sunday, the heads of Sri Lanka’s influential Buddhist clergy backed opposition demands for the immediate release of Fonseka, a decorated war hero who helped crush Tamil Tiger rebels […]
Sri Lanka budget deficit hit 8.5-pct of GDP for 10-months
Feb 15, 2010 (LBO) – Sri Lanka’s budget deficit has hit an estimated 8.5 percent of gross domestic product (GDP) in the first ten months of the year, despite a recovery in revenues as expenses grew at a faster pace, the latest data showed. Up to October the government was able to borrow domestically without […]
EU to cut Sri Lanka trade benefits over rights
BRUSSELS, February 15, 2010 (AFP) – European Union nations decided Monday to withdraw preferential trade benefits from Sri Lanka due to “significant shortcomings” on human rights issues, the EU Commission announced. Sri Lanka gains about 150 million dollars annually due to preferential tariffs, according to trade estimates. The island’s clothing industry is the main beneficiary, […]
Sri Lanka monks back arrested ex-army chief
February 14, 2010 (AFP) – Leaders of Sri Lanka’s influential Buddhist clergy backed opposition demands Sunday for the immediate release of former army chief and defeated presidential candidate Sarath Fonseka. Top monks representing four sects made a joint appeal to President Mahinda Rajapakse to free Fonseka who was arrested last Monday by the military on […]
‘s arrest
February 13, 2010 (AFP) – Sri Lanka’s president said Saturday there was no reason for concern over the arrest and detention of ex-army chief and defeated presidential candidate Sarath Fonseka. President Mahinda Rajapakse has promised “due process” will be followed in dealing with Fonseka, the president’s website said. Fonseka was arrested Monday by military police […]
Sri Lanka opposition urges Rajapakse to free rival
February 12, 2010 (AFP) – Sri Lanka’s main opposition pressed President Mahinda Rajapakse on Friday to release detained presidential candidate and former army chief Sarath Fonseka. Opposition leaders say Fonseka was arrested on Monday as he was talking with them about the possibility of running in upcoming legislative elections. President Rajapakse dissolved parliament on Tuesday […]
Sri Lanka IMF program to depend on budget: resident rep
Feb 11, 2010 (LBO) – The International Monetary Fund is looking at the direction of fiscal reforms to be set by a budget in April to continue its program in Sri Lanka, an official said ahead of a mission due in the island this month. Sri Lanka went for a program with the IMF in […]
Sri Lanka slammed by rights group over Fonseka court martial
February 11, 2010 (AFP) – A regional human rights group sharply criticised Sri Lanka Thursday over plans to court martial the island’s former army chief on charges of conspiring against the government. “The case is being pursued in military courts, thus avoiding the country’s ordinary courts and depriving him of due process,” the Hong Kong-based […]