Central Bank hits out at S&P for rating on Sri Lankan banks

The Central bank of Sri Lanka today dismissed a warning from the Standard & Poor's rating agency about the country's banks as "factually incorrect, illogically analysed and highly contradictory". The Central Bank said it was "gravely concerned" about S&P giving the country an "eight" in its Banking Industry Country Risk Assessment on a …

Economy grows 7.9 percent in the first quarter of 2012

Sri Lanka's economy grew 7.9 percent in the first quarter of 2012, slowing from 8.0 percent a year ago and 8.3 percent in the fourth quarter of the last year. The Department of census and Statistics says the main industrial sector, which includes textiles and garments, construction and manufacturing, grew 10.8 percent in the first quarter of 2012, …

Treasury to grant 569 million rupees to the SLTB

The Treasury has decided to grant 569 million rupees in funds to the Sri Lanka Transport Board next week. Chairman of the SLTB Shashi Welgama told NewsRadio that the funds are being allocated subsequent to a request made by the Board to pay for its expenses to pay salaries, maintenance allowances and insurance premiums. Employees at the SLTB Bus …

Facebook shareholders offered $40m by the Nasdaq for a computer hitch

Facebook shareholders have been offered $40m by the Nasdaq stock exchange for a computer hitch that stopped them trading on debut day. Some investors had hoped to sell the much-hyped shares on the issue day to take advantage of pent-up buyer demand. But technical problems kept many investors from buying shares in the morning or selling them later …

Google demonstrates new mapping technologies

Google has demonstrated new mapping technologies in an effort to reassert its position as a market leader. While it boasts one billion users, Google Maps has recently seen defections by some key developers and partners. Reports suggest Apple may abandon Google Maps next week at its annual developer conference. They suggest Apple may announce its …

Central Bank warns public to refrain from falling prey to illegal forex dealings

The Central Bank as warned the public to be cautious of individuals and companies attempting to entice the public to undertake forex trading with promises of exorbitant returns. According to a statement on its Website the CBSL however warns that undertaking foreign exchange trading transactions and remitting payments outside Sri Lanka without the …

World Bank to double its lending to Sri Lanka

The World Bank said its lending to Sri Lanka will more than double in the year commencing from July to help spur investment and sustain economic expansion. Speaking to the Bloomberg a senior country economist at the development lender Susan Razzaz said the island will receive $500 million under a recently endorsed new country partnership strategy …

Sri Lanka lost the finals an hour before it commenced

Bidding adieu to Pythagoras…

2011 GCE O/Level results to be delayed by a few days

IPL: Is the fat lady about to sing?

Of Men, Meat and Misinformation...