Friday, January 29, 2010

Gen Fonseka seeks legal action

Comman candidate Gen.Fonseka seeks legal action against election results
Comman candidate Gen.Fonseka seeks legal action against election resultsGen.Fonseka said he was not prepared to accept the results declared by the Commissioner of Elections would seek legal action to get the results annulled.

Genaral also said the government would have to take the responsibility for his life in case of any unfortunate eventuality.

Comman candidate Gen.Fonseka seeks legal action against election results

Comman candidate Gen.Fonseka seeks legal action against election results

Gen.Fonseka said he was not prepared to accept the results declared by the Commissioner of Elections would seek legal action to get the results annulled.

Mahinda won as the executive president

Mahinda won as the sixth Excutive President
President Mahinda Rajapaksa won presidential election as the Sixth Executive President of Sri lanka by a massive majority of over 1.8million votes on 26th january 2010.

Mr. Rajapaksa led in 17 out of 22 electoral districts gaining 57.88% of the votes polled.

He had polled 6,015,934 of the votes.Common opposition candidate General Sarath Fonsela obtained 4,173,185 votes.

Mr. Rajapaka was re-electedas President with a majority of 1,842,749 votes.

Friday, January 22, 2010

World Bank says global recovery remains fragile

World Bank says global recovery remains fragile

WASHINGTON: The global economic crisis is largely over and a modest recovery is under way but it could quickly lose steam as governments pull back some of the extraordinary liquidity they pumped into markets, the World Bank said on Wednesday.
The World Bank’s annual Global Economic Prospects report for 2010 said the fragile recovery posed special risks for developing countries including stiffer borrowing costs, reduced credit and capital flows.
To deal with tighter financial conditions, which could impede investment, the World Bank said there was “considerable scope” for countries to cut domestic borrowing costs and promote local capital markets.
The report said trend growth in developing countries may be reduced by between 0.2 and 0.7 percentage points over the next five to seven years as economies adjust to tighter financial conditions.
In its forecasts, the World Bank said the global economy was likely to resume growth this year at around 2.7% and then strengthen in 2011 to 3.2%. This compares to an economic contraction last year of 2.2%. Combined, projected growth this year in developing countries should reach 5.2% and rise slowly to 5.8% next year, compared with 1.2% in 2009.
The Bank said the pattern of growth across the world was likely to be highly uneven, with rich countries showing the weakest recovery at just 1.8% this year, versus a contraction of 3.3% in 2009. In 2011, their recovery is likely to strengthen by a tepid 2.3%.
“Unfortunately, we cannot expect an overnight recovery from this deep and painful crisis, because it will take many years for economies and jobs to be built,” World Bank chief economist Justin Lin said.
The report warned that it will take some time before economies, both rich and poor, recoup their losses from the financial crisis.
It cautioned that the outlook was littered with uncertainties. Principal among them is whether private sector demand will respond to the rebound and pick up from public spending. — Reuters
“Should the response be weaker than expected in the baseline projection, or should the stimulus be withdrawn too quickly, the recovery could stall,” the Bank said.
If that should happen, a double-dip recession was unlikely but growth in developing countries could weaken to as low as 5.1% in 2010 and 5.4% in 2011, with some countries recording negative growth for one or more quarters.
On the other hand, if stimulus measures are not withdrawn quickly enough the risk is that debt levels in countries rise and private sector investment is crowded out, according to the report. — Reuters
The World Bank said the financial crisis had taken its toll on achieving the UN-agreed goal of halving poverty by 2015. Updated estimates by the World Bank show that the crisis will leave an additional 50 million people in extreme poverty and some 64 million in 2010.
It said the current projection of the percentage of developing country population living below the poverty line of US$1.25 a day was 15%, well below the target rate of 20.8%.
Lin said the poorest countries, those that rely on grant handouts or subsidised lending, may require an additional US$35bil–US$50bil in funding just to sustain pre-crisis social programmes. — Reuters

Thursday, January 21, 2010

Sri Lankan Educational Charity in the Running to Win US Dollar One million

Sri Lankan Educational Charity in the Running to Win US$1 Million
A Sri Lankan non-profit organization based in the Washington D.C. area is a step closer in its bid to receive a donation of US$ 1 million from Chase Bank's Chase Community Giving Program. The charity, Educate Lanka Foundation, Inc., has already won US$ 25,000 having competed with more than 500,000 other U.S.-based charities in the first round of the competition.

As a result of this achievement, Educate Lanka Foundation has now been presented with an even greater opportunity to win a US$1 Million Donation from Chase Bank. For Educate Lanka to achieve this donation, it needs to collect the most votes during the week-long online voting initiative that will take place Jan. 15 to Jan. 22, 2010 on Facebook.

“Sri Lankans can help Educate Lanka achieve this esteemed recognition and the important donation by casting their votes for Educate Lanka Foundation through their Facebook profiles,” said Manjula Dissanayake, president of the organization. “It is a unique opportunity for Sri Lankans all over the world to help disadvantaged students in Sri Lanka get a good education,” he said.

Votes can be cast online by visiting
Educate Lanka Foundation, Inc. was set up in 2006 with the mission of empowering underprivileged students in Sri Lanka to achieve a quality education.
The Foundation operates on a 100% voluntary effort by a group of young Sri Lankan expatriates residing in the United States. Educate Lanka currently provides its scholarships to about 200 deserving students from all age groups and all ethnicities throughout Sri Lanka.

It presently contributes over $25,000 annually for these scholarships. With a donation of US$1 million, Educate Lanka is confident of expanding its efforts by providing scholarships to thousands of more deserving students and undertaking educational infrastructure projects in Sri Lanka. With such a large donation, the Foundation could also expand its scholarship model to other developing countries. Reaching this goal would require a major effort by Sri Lankans and well wishers of Educate Lanka all over the world, voting for Educate Lanka online. “We invite all Sri Lankans and all those interested in empowering young people with education to vote for Educate Lanka and be a part of this unique humanitarian endeavor,” Dissanayake added.
For more information on Educate Lanka Foundation and its efforts,
please contact: Manjula Dissanayake, President

Charitha Dumbarange, Media Contact in Sri Lanka 0777-650-234,
Educate Lanka Foundation, Inc.
On YouTube: Vote for Educate Lanka Foundation - Chase Charity Competition



Friday, January 15, 2010

Kumar Sangakkara has returned to the top 10

Kumar Sangakkara has returned to the top 10

Sri Lanka captain Kumar Sangakkara has returned to the top 10 of the ICC player rankings for ODI batsmen after a run of stellar performances in the just-concluded tri-nations series in Bangladesh.Sangakkara not only won the player of the series award for his scores of 74, 60, 17 not out, 68 and 55 but has also been rewarded with a jump of six places in the latest rankings, which puts him in 10th position for the first time since February 2009.The left-hander is now Sri Lanka's highest-ranked batsman, leapfrogging opener Tillakaratne Dilshan who has climbed two places to a career-best ranking of 13th.

Thursday, January 14, 2010

Sri Lanka Business Forecast Report Q1 2010 - New Report Published

Sri Lanka Business Forecast Report Q1 2010 - New Report Published

Newly released report, Sri Lanka Business Forecast Report Q1 2010, provides detailed company analysis
Published on January 13, 2010by Press Office( and OfficialWire)LONDON, ENGLAND

We expect 2010 to be another challenging year for Sri Lanka in spite of the end of the civil war against the Liberation Tigers of Tamil Eelam (LTTE) in May 2009. The conclusion of a lasting peace agreement should be easier to achieve once President Mahinda Rajapaksa has strengthened his grip on power in elections in early 2010. We expect economic growth to remain weak in 2010 on the back of poor domestic and external demand, but to accelerate in 2011 and 2012 as reconstruction efforts and other foreign direct investment pick up. However, a continuation of growth of 6.0+% will be conditional on far-reaching economic reform, a policy option not favoured by the current administration. We expect President Rajapaksa to consolidate his power by calling presidential elections in early 2010 to capitalise on the surge in popular support following the ending of the 25-year civil war in May 2009. A renewed presidential mandate will likely be followed by parliamentary polls to give Rajapaksa the legislative backing with which to achieve a political resolution of the conflict with Tamil separatists. We believe the influence of Beijing as Sri Lanka's most important ally will continue to grow in coming years, with Chinese investment helping the Sri Lankan economy recover from the global economic downturn. We maintain our 4.4% real GDP growth forecast for 2010, in spite of our upward revision of expected 2009 growth from 2.2% to 3.3%, as weak external demand and higher unemployment should hold back consumer spending. However, we expect real GDP growth to accelerate in 2011 and 2012 as gross fixed capital formation and exports gather pace. The strong contribution of gross fixed capital formation will help Sri Lanka post real growth rates of 6.1% and 6.5% in 2011 and 2012 respectively. We expect real GDP growth to peak at 6.8% in 2013 as reconstruction projects reach completion and foreign direct investment starts to slow. Despite the government's military victory over the rebels, which should ease security concerns, the underlying issues affecting Sri Lanka's business environment are mostly unchanged. These problems include corruption in the judiciary (and particularly in the contract-bidding process) as well as inadequate physical infrastructure. Although the government is pressing ahead with its infrastructure programme, it relies on increasingly scarce foreign funding to do so. More broadly, the business environment is unlikely to see a significant improvement under President Mahinda Rajapaksa, who has been pursuing a more nationalistic and less business-friendly economic policy than his predecessor.
Sri Lanka Business Forecast Report Q1 2010: