Wednesday, January 14, 2009

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Fuel feud blazes with new twist

  • Petitioners threaten to withdraw FR case
  • Govt. may have to resume hedging payments

By Stanley Samarasinghe and Rathindra Kuruwita
The fuel controversy hit a new turn yesterday when Chief Justice Sarath N. Silva told the government that the Executive should respect the rulings of the Judiciary and is obliged to carry them out, in the midst of petitioners warning that they would withdraw their case, if the Supreme Court verdict to lower petrol prices is not honoured.

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Airtel rings Mahinda
Airtel, Sri Lanka’s fifth mobile telecom operator launched its services on Monday in grand style in tune with its build up. Headed by one of India’s popular business icons Sunil Bharti Mittal, Barati Airtel is investing US$ 200 million to roll out its services and become market leader in a year’s time though prospects are tough given the fact that the mobile telecom industry is engaged in fierce competition. Given the high hopes and strategic venture, Mittal had a Presidential audience on Monday and presented a memento to President Mahinda Rajapaksa at Temple Tress. Minister Sarath Amunugama is also present (Pic by Sudath Silva)


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CB eases monetary policy stance

Says reduction in penal rate on reverse repo deals will lead to further cut in market interest rates

In view of declining inflation, the Central Bank on Monday eased its monetary policy stance expressing hope that it would lead to a downward trend in market interest rates.

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