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Rising Oil
June 18, 2009 (LBO) – Lanka IOC, a unit of the Indian Oil Corporation had asked Sri Lanka’s petroleum ministry permission to raise petrol and diesel pump prices by 21 to 23 rupees a litre to stem losses amid rising oil prices, an official said. IOC managing director Suresh Kumar said his firm had lost […]
Sri Lanka lose 96,000 industrial jobs: official survey
June 18, 2009 (LBO) – Sri Lanka’s industrial sector has lost 96,000 jobs in the first quarter of 2009 with the apparel workers losing 60,000 jobs and construction workers losing 36,000 jobs, according to a government survey. But Fernando said the change was not statistically significant. The latest data includes Sri Lanka’s Eastern province, but […]
Sri Lanka meeting admits Maldives into regional clearing group
June 18, 2009 (LBO) – the Asian Clearing Union (ACU), regional transaction settlement arrangement that tries aimed at by passing hard currency use, has admitted Maldives at a meeting held in Sri Lanka’s capital Colombo. The ACU headquartered in Iran is made up of the Bangladesh Bank, Royal Monetary Authority of Bhutan, Reserve Bank of […]
Sri Lankan stocks close up 2.2-pct
June 17, 2009 (LBO) – Sri Lankan stocks extended gains Wednesday, as high volume transactions on diversified conglomerates, banks and hotels propped up the market, brokers said. Dialog Telekom, a unit of Telekom Malaysia was active with 1.37 million shares trading mostly at 5.50 rupees, its closing price. Brokers said hotel stocks were also active […]
Business leaders out to put India on US map
WASHINGTON, June 17, 2009 (AFP) – US and Indian business leaders meet Wednesday in a bid to put a new focus on the South Asian power, whose warming US ties have ironically kept it off the new administration’s first priorities.Secretary of State Hillary Clinton is expected to deliver an address charting out the administration’s path […]
Sri Lanka bank on spinners for success
NOTTINGHAM, June 17, 2009 (AFP) – Sri Lanka expect the spinners to pick up another rich haul when they take on the West Indies in the World Twenty20 semi-final at the Oval on Friday. The Sri Lankans have bulldozed their way through the tournament with five straight wins, mainly on the back of spin twins […]
Sri Lanka should reach out to Tamil: US envoy nominee
WASHINGTON, June 16, 2009 (AFP) – Sri Lanka needs to reach out to its Tamil minority and improve conditions for hundreds of thousands of displaced after defeating Tiger rebels, the nominee to be the next US ambassador said Tuesday. Patricia Butenis, testifying in a Senate confirmation hearing, said she would also press Sri Lanka to […]
Sri Lanka GDP growth slows to 1.5-pct in 2009 first quarter
June 17, 2009 (LBO) – Sri Lanka’s economic growth slowed to 1.5 percent in the first quarter of the 2009, against 6.2 in 2008 and 4.3 percent in the December quarter, officials said. Passenger kilometres flown by Sri Lankan Airlines had fallen 25.0 percent, railway passenger kilometres fell 7.7 percent, while in state bus service […]
Sri Lanka public sector scam vies with private sector ones: minister
June 17, 2009 (LBO) – Sections of Sri Lanka’s bloated public sector are stealing peoples’ money in the same corrupt manner as high profile private sector scams, a senior minister said. “More than 140 state owned institutions are running at losses and have to be supported by the Treasury. Some workers don’t even come to […]
Sri Lanka pins economic recovery on post-war revival
June 17, 2009 (LBO) – Sri Lanka’s growth which plummeted to 1.5 percent in the first quarter may pick up later in 2009 with an agriculture and construction led recovery in former war-torn areas coupled with a global green shoots, officials said. The government defeated Tamil Tiger separatists last month in their last redoubt in […]