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Sri Lanka spends 54% percent of tax revenue on government jobs; unemployment down to 6.5%
April 17, 2007 (LBO) – Sri Lanka has spent 54 cents out of every tax rupee collected last year on government jobs and pensions, while plans are afoot to hire 20,000 more people into the already bloated public sector. Official data has revealed that last year the government spent 233 billion rupees on government salaries, […]
Sri Lanka fridge maker ramps up production with electricity use spreading
April 16, 2007 (LBO) – Regnis, a Sri Lankan refrigerator maker, has ramped up production to be among the ten largest plants in South Asia as more households sign up for electricity usage, the company told shareholders.“We have done everything possible to stabilize our business operations after the said detection and we regret this unfortunate […]
Country Focus
April 16, 2007 (LBO) – Sri Lanka tourism, tea, food, export products and culture would be on show in Los Angeles next month, the country’s consulate general’s office in the city said. A ˜Cooking with Tea™ demonstration by celebrity chef Robert Wemischner, a pottery wheel demonstration and a tea queen beauty pageant would be part […]
Minority Protection
April 16, 2007 (LBO) – Sri Lanka’s long-delayed new Companies Act offers greater protection for minority shareholders and could encourage more firms to list on the Colombo bourse while increasing market liquidity, experts have said. All existing firms must register again with the Registrar of Companies so that dormant ones can be weeded out under […]
” Moody bats for Sri Lanka in Aussie encounter
ST GEORGE’S, Grenada, April 16, 2007 (AFP) – Sri Lanka coach Tom Moody has insisted he won’t have any problems watching his side take on Australia, the country he represented as a player. Reigning champions Australia meet Sri Lanka in a World Cup Super Eights match at Grenada’s National Stadium here Monday, with both teams […]
Ireland upstage Bangladesh in their Cup final
BRIDGETOWN, Barbados, April 15, 2007 (AFP) – Ireland put up a spirited show to beat Bangladesh by 74 runs to win the battle of the giantkillers and raise their hopes of avoiding the World Cup Super Eights wooden-spoon. Ireland’s impressive total of 243-7 was built around a steady 85 by William Porterfield and 48 by […]
Pricey Burn
April 16, 2007 (LBO) – A litre of diesel may be raised by five rupees tomorrow in the face of rising global oil prices, Ceylon Petroleum Corporation Chairman Ashantha de Mel said. “Though increases in fuel prices raised the price level, its overall impact on the future inflation will be to lower the inflation, since […]
Conflicts doubled global displacement in 2006, report says
GENEVA, April 16, 2007 (AFP) – The number of people displaced within their own countries by conflicts doubled last year, pushing the global total to 24.5 million, an international monitoring centre said Monday. Apart from hundreds of thousands of people in Lebanon, other large-scale returns were reported during 2006 in South Sudan (800,000), the Democratic […]
Capital Call
April 15, 2007 (LBO) – Seylan Bank, whose rating outlook was downgraded to negative by Fitch may need a fresh equity addition to boost solvency, the rating agency has said. Seylan currently has a network of 92 island-wide branches. The bank is raising one billion rupees through a subordinated debenture to which for which a […]
IMF calls for flexible approach to exchange rate surveillance
WASHINGTON, April 14, 2007 (AFP) – The International Monetary Fund called Saturday for a flexible, non-coercive approach to monitoring exchange rate regimes of member countries after the United States had pressed for stepped-up intervention by the IMF. “Dialogue and persuasion should remain key pillars of effective surveillance,” the IMF’s policy-setting committee said here in a […]