Author: LBO
PwC sets up new firm in Japan following its partner’s scandal
TOKYO, June 13, 2006 (AFP) – International accounting giant PricewaterhouseCoopers set up a new firm in Japan on Tuesday after its Japanese partner came under fire over financial fraud.PricewaterhouseCoopers Arata will begin operations from July 1 to service both domestic and international companies in Japan, the US-based company said in a statement. The establishment came […]
Sri Lanka accuses Tigers of ‘intransigence’
OSLO, June 12, 2006 (AFP) – Sri Lankan Foreign Minister Mangala Samaraweera on Monday accused the rebel Liberation Tigers of Tamil Eelam (LTTE) of intransigence after the recent breakdown in talks between the two sides.The rebels on Thursday aborted a two-day meeting in Oslo with Colombo representatives arranged by Norway to discuss the safety of […]
Sri Lanka’s Central Bank likely to freeze main interest rates
June 12, 2006 (LBO) — Sri Lanka’s central bank is likely to keep its benchmark interest rates unchanged for the sixth month in a row, preferring a wait-and-see policy over the economy amid deteriorating security situation and a gradual rise in inflation. “There is at the present time no room for a Norwegian initiative in […]
Sri Lanka’s new air chief follows in father’s flight path
June 12, 2006 (AFP) – Air Vice Marshal Roshan Goonetileke took command of Sri Lanka’s air force Monday, 25 years after his father retired from the post.Goonetileke, 50, inspected an honour guard before being handed the command at a ceremony in Colombo. Among those attending was Goonetileke’s father, retired air vice marshal Harry Goonetileke, 76, […]
Zimbabwe’s inflation rate soars to new high
HARARE, June 9, 2006 (AFP) – The inflation rate in economically-ravaged Zimbabwe soared to a new record high of 1,193.5 percent for May, officials said on Friday, with economists predicting even higher rates in the coming months. “The year-on-year rate of inflation in May 2006 was 1,193.5 percent, gaining 150.6 percentage points on the April […]
Sri Lanka’s electronic bonds off to a flying start
June 8, 2006 (LBO) – Sri Lanka’s new electronic platform which trades government bonds has generated 7.1 billion rupees worth of trades since its soft launch on May 24, officials said Thursday.Bloomberg, a financial market specialist who developed the software says, the trading system ensures transparency and brings in price discovery when government securities are […]
Sri Lanka asking Pakistan for swift military assistance: Jane’s
LONDON, June 8, 2006 (AFP) – Sri Lanka is looking to Pakistan for help to bolster its military capabilities as the ceasefire between the government and rebels appears increasingly fragile, specialist publication Jane’s Defence Weekly said Thursday. Sri Lanka has asked Pakistan to facilitate the purchase of military equipment worth around 60 million dollars (47 […]
Sri Lanka’s tea crop dips 5% in April
June 7, 2006 (LBO) – Sri Lanka’s tea crop for the four-months to April grew to an all time high of 2.9 percent or 108.52 million kilos, helped on by good rainfall, a commodity brokering house said Wednesday. Black tea production for April however, slipped 5-percent to 30.59 million kilos, Asia Siyaka Commodity brokers said. […]
Missing fingers, toes highlight Asia’s human trafficking woes
WASHINGTON, June 6, 2006 (AFP) – The shattered dream of an Indonesian domestic maid, who lost her fingers and toes, following torture by her employer in the Middle East is being used by the US State Department to illustrate the seriousness of the human trafficking problem. Nour Miyatis dream was simple: To provide a brighter […]
Fitch rates Ceylease ‘BBB-(lka)’; asks to beef up capital
June 6, 2006 (LBO) – Sri Lanka’s Ceylease Financial Services – a unit of Bank of Ceylon – needs to pump up its capital to support their low income base and future provisional charges, Fitch Ratings Lanka warned Tuesday. Fitch, which assigned a ‘BBB-(lka)’ rating to Ceylease, says the credit rating reflects the firm’s parental […]
Tsunami puts Sri Lanka’s cinnamon industry on a different plane
A budding cinnamon plant that’s growing after the tsunami. PERALIYA, June 3, 2006 (LBO) — Wearing a red crash helmet to beat the sun, Punya Sena crouches on the ground, planting young cinnamon saplings to replace thousands that were destroyed by the tsunami that hit Sri Lanka’s coastal belt in December 2004. . Wimalawathi Mendis, […]
Sri Lanka’s money markets tighten, pressure mounts on the exchange rate
June 1, 2006 (LBO) – After almost two years of excess liquidity, Sri Lanka’s inter-bank money markets are tightening up, as reserve money growth is arrested. This usually happens when net foreign assets fall due to an outflow of foreign exchange reserves, though a fall in domestic assets could also drive down reserve money. But […]