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Sri Lanka cuts money target for third quarter, amid currency trouble
Nov 14, 2008 (LBO) – Sri Lanka’s central bank has cut the reserve money target for the fourth quarter of 2008, amid warnings that its monetary program has been severely de-stabilized by currency intervention and liquidity injections. The Central Bank said the fourth quarter reserve money target has been cut to 285 billion rupees, from […]
Sri Lanka to issue coins commemorating pension fund
Nov 13, 2008 (LBO) – Sri Lanka’s central bank is issuing two coins to commemorate the 50 year anniversary of a state managed pension fund of private sector workers, the monetary authority said. The reverse has the value of the coin 1000 in large numerals while the word “RUPEES “in Sinhala, Tamil and English appear […]
Sri Lanka petroleum utility hedged to save forex: official
Nov 13, 2008 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation hedged its imports after being pushed by the island’s central bank in a bid to save foreign currency reserves of the country, a top official said.CPC started hedging in early 2007 after the island’s cabinet of ministers and a committee in which the central […]
Sri Lanka shares weaken further
Nov 13, 2008 (LBO) – Sri Lanka’s main share market index slumped two percent Thursday with liquidity drying up as investors stayed away from trading given uncertainties over economic and corporate growth, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index […]
Sri Lanka tea trade warns crisis not over yet
Nov 13, 2008 (LBO) – Sri Lanka’s tea trade has warned that the crisis caused by the sudden collapse in demand and prices was not over yet and that it was bracing itself for further trouble.The Colombo Tea Traders™ Association (CTTA) said in a statement that cash flow problems remained throughout the supply chain, with […]
Small Talk
Nov 13, 2008 (LBO) – Sri Lanka’s Dialog Telekom group, a unit of Telekom Malaysia, has reported a loss of 192.4 million rupees for the September 2008 quarter with profits of its core business also falling steeply amid a price-war. But it had lost 921 million rupees over the first nine months. Dialog Television had […]
Sri Lankan troops take rebel villages: govt
November 13, 2008 (AFP) – Sri Lankan troops on Thursday wrested control of two coastal villages from Tamil Tiger rebels after a series of pitched battles, the military said.The fishing settlements of Devil’s Point and Vallaipadu on the island’s northwestern shore were used by the rebels to smuggle arms from south India and launch attacks […]
Sri Lanka scores poorly in ease of paying tax ranking
Nov 13, 2008 (LBO) – Sri Lanka has been ranked near the bottom of a new global ranking on paying taxes, making it one of the most difficult countries for business to pay their dues.Among the key findings of the study are that economies that rank highly on the ease of paying taxes tend to […]
Sri Lanka bilingual education gets World Bank priority
Nov 13, 2008 (LBO) – The World Bank said one of the aims of its new aid programme for Sri Lanka was to help achieve ethnic harmony through bilingual education and mixed schooling of the island’s two main communities. World Bank country director Naoko Ishii said the new country assistance strategy was designed to be […]
Cost Crackdown
Nov 11, 2008 (LBO) – The Sri Lanka Ports Authority (SLPA), which suffered a loss last year, plans to maintain tight control of finances and minimise waste in a campaign to cut costs, its new chairman Priyath Wickrema said. The SLPA would be conducting energy and fuel audits and each of its divisions would have […]