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‘s former combatants undergo retraining
WELIKANDA (AFP) – They begin each day saluting the national flag of the country they had vowed to defeat or die trying.Gone are the cyanide capsules that, like all Tamil Tiger rebels, they had worn around their necks for use if captured by the Sri Lankan military. In their place hang religious symbols — a […]
Margin Call
July 11, 2009 (LBO) – Lanka IOC, the Sri Lankan unit of Indian Oil Corp., has urged the government to change import duties and blamed its 1.2 billion rupee loss in the year to March 2009 partly on an import duty hike. LIOC’s turnover last year rose 7.8 percent to 47.617 billion rupees, although it […]
Sri Lanka school dropouts doing great service to nation: minister
July 11, 2009 (LBO) – Dropouts from Sri Lanka’s education system are doing a greater service to the nation than those who have had a free education from the state education system, a senior minister said.Deputy finance minister Sarath Amunugama said more than a million Sri Lankans were working abroad sending nearly three billion dollars […]
Sri Lanka shares break slide
July 10, 2009 (LBO) – Sri Lankan shares ended slightly firmer Friday, ending eight consecutive trading days of losses, with local investors said to be disappointed by lack of foreign interest, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index rose […]
Fuel Market
July 10, 2009 (LBO) – Sri Lankan ship fuel suppliers in Colombo port are aiming to expand their market by selling bunkers to vessels passing the island, after the break-up of a monopoly lowered prices and boosted volumes, officials said.“We need to improve on that area,” said Kumar. “We need to look at an expanded […]
No Bid
July 10, 2009 (LBO) – Hutchison Port Holdings (HPH) said it did not bid for a container terminal concession at Sri Lanka’s Colombo port for a second time because elements of its original bid were put in the second request for proposals. China is also financing a new port in Sri Lanka’s south in Hambantota.“..HPH […]
Sri Lanka tea aid dispersal slow: official
July 10, 2009 (LBO) – A Sri Lankan government aid package for the tea industry to recover from a crash in prices is being disbursed only slowly, a senior industry official said. The industry faced cash flow problems as large volumes remained unsold at the auctions at the time and buyers reneged on contrcats. That […]
Change Agent
July 10, 2009 (LBO) – An international lawyer’s group has welcome recent comments by Sri Lanka’s newly appointed Chief Justice Ashoka de Silva, who said he would reform a key body which runs key sections of the country’s judicial system. Sri Lanka’s Judicial Service Commission (JSC) a three-member body which is chaired by the Chief […]
Sri Lankan stocks down 1.34-pct
July 09, 2009 (LBO) – Sri Lankan shares continued to slide Thursday as retail investors, key drivers of the market in the last six weeks, were forced to sell, brokers said. The benchmark Colombo All Share Price Index closed down 1.34 percent (31.74 points) to end at 2,344.48 on Thursday, while the Milanka index of […]
Foreign Banks
July 09, 2009 (LBO) – Foreign banks operating in Sri Lanka had maintained or improved profitability in 2008, despite adverse conditions, a report by Fitch Ratings said.Though risk management was good, Fitch said counterparty settlement risks were not studied enough on hedging deals. But the banks are expected to get support from head offices to […]