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Sri Lanka boat people driven by insecurity, jobs
October 22, 2009 (AFP) – Fear of persecution and a lack of jobs at home are driving thousands of Sri Lankans to risk perilous boat rides to developed countries, according to officials and politicians.Two separate boats carrying a total of over 300 illegal immigrants believed to be members of Sri Lanka’s minority Tamil community were […]
‘s high taxes said to encourage illegal economy
Oct 22, 2009 (LBO) – Sri Lanka’s complex tax structure and high rates are working against the government by pushing consumers to move towards the informal economy that doesn’t pay taxes, a senior economist said. “The Central Bank estimates that revenue losses at import entry points due to illegal importation and under valuation of imports […]
Sri Lanka Treasuries yields ease
Oct 21, 2009 (LBO) – Sri Lanka Treasuries yields eased across the board at Wednesday’s auction with the 3-month yield falling 05 basis points to 9.10 percent, the government’s debt office said. The debt office, which is a unit of the Central Bank, said 7.5 billion rupees of bills were offered for roll over and […]
Sri Lanka gross foreign reserves at US$4.5bn mid Oct
Oct 21, 2009 (LBO) – Sri Lanka’s gross official foreign reserves topped 4.5 billion US dollars by October 13, and end-August reserves were at 3,890.1 million US dollars, the Central Bank said. The Central Bank said it had bought 2,529.3 million US dollars from the forex markets this year. During the year 212.7 million US […]
Sri Lankan shares bounce back
Oct 21, 2009 (LBO) – Sri Lankan shares made a strong recovery to edge back over 3,000 points in late afternoon trade Wednesday as panicky investors calmed down on news a US hedge fund whose founder faces fraud charges had claimed adequate liquidity, brokers said. Conglomerate John Keells Holdings recovered to close at 140.25 rupees, […]
Big Number
Oct 21, 2009 (LBO) –Sri Lanka’s The Finance Company (TFC), a former unit of the troubled Ceylinco Group, said it made a 2.5 billion rupee loss in 2008, owing to a slump in property prices and a run on deposits. TFC said in a statement the company had been adversely affected by the high profile […]
‘s economy seen growing 6.5 pct this year: panel
NEW DELHI, October 21, 2009 (AFP) – India’s economy has withstood the global financial crisis well and should grow by 6.5 percent this fiscal year, a top government panel forecast Wednesday. The panel, which advises India’s Prime Minister Manmohan Singh on economic policy, put the estimated growth range for the country between 6.25 percent and […]
SriLankan Airlines says bookings up, to increase flights
Oct 21, 2009 (LBO) – SriLankan Airlines said it will increase flights this winter season to a dozen cities throughout Europe, the Middle East, the Indian subcontinent, and Far East as bookings were on the rise. The move is based on its projection that passenger numbers will “definitely increase” following the end of the island’s […]
Sri Lanka hydro power producer gets more generating licenses
Oct 21, 2009 (LBO) – Sri Lankan mini hydro power company Vallibel Power Erathna said it has bought a firm that has approvals for two power plants and deals to sell electricity to the state utility. Vallibel Power, which is being eyed by a US investor, said in a stock exchange filing that it has […]
Hearings begin for migrants arrested off Canadian coast
VANCOUVER, October 21, 2009 (AFP) – Detention hearings began Tuesday for two of 76 migrants who were arrested Saturday on a mystery ship off Canada’s coast and are believed to be Tamils fleeing Sri Lanka, Immigration adjudicator Leeann King of Canada’s Immigration and Refugee Board ruled late Tuesday that the first two of the migrants […]