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‘s tea estates
December 14, 2006 (LBO) – Trade union action, wage hikes and high fertiliser prices are proving a volatile cocktail of problems for Sri Lanka’s plantation sector, with dismal predictions for early next year. Green leaf production on Sri Lanka’s tea estates grew a negative 0.7 percent in the third quarter of this year over the […]
Oil prices may cool in 2007 after record year: analysts
LONDON, Dec 14, 2006 (AFP) – Crude oil prices could head lower in 2007 after striking all-time highs above 78 dollars per barrel this year, as global production catches up with demand and geopolitical risks lessen, experts say. “This year, the main story has been the political risks story,” Global Insight oil analyst Simon Wardell […]
Murali twist has New Zealand in a spin
WELLINGTON, Dec 14, 2006 (AFP) – The controversy surrounding Muttiah Muralitharan’s bizarre run out which hastened Sri Lanka’s downfall in the first cricket Test against New Zealand, flared again here Thursday on the eve of the second Test. Two days after Sri Lanka said they had put the issue behind them — while maintaining the […]
Troops kill six Tiger rebels in east Sri Lanka
COLOMBO, Dec 14, 2006 (AFP) – Security forces shot dead at least six Tamil Tiger rebels during a confrontation in Sri Lanka’s restive eastern province, officials said Thursday. The troops and a group of fighters from the Liberation Tigers of Tamil Eelam (LTTE) clashed near Poonani on Wednesday night and security forces recovered the bodies […]
Energy Link
December 14, 2006 (LBO) – India and Sri Lanka are due to ink a million dollar agreement as early as next year to set up a mega transmission power line between both nations, an official said Thursday. Linked between India’s city of Madurai and Sri Lanka’s Anuradhapura, the project aims to supply up to 1000 […]
South Asia, Sri Lanka, headed for sharper fall if policy is not tightened in time: World Bank
December 14 – (LBO) The South Asian region, including Sri Lanka, which experienced robust growth in 2006, may face a sharper and disruptive slowdown, unless fiscal and monetary policy is tightened in time, a new World Bank report has warned. In 2006, Gross Domestic Product (GDP) in South Asia is estimated to have grown by […]
Credit Forecast
December 13 (LBO) – Slow global economic growth, lower reserve build up and politics will be in the spotlight for sovereign credit assessments in emerging Asia, including Sri Lanka, next year, rating agency Fitch said Wednesday. “For the region, Fitch forecasts a reserve build of USD300 billion next year, which would be slightly lower than […]
Seasonal Cheer
Dec 13 (LBO) – Sri Lankan workers in Board of Investment approved companies within and outside industrial zones are to get a wage hike with effect from January 01 next year. Unions have argued that some companies violate internationally accepted wage rates, overtime hours, unfair dismissal of workers and do not allow trade unions to […]
Asian cities face environmental crises: study
MANILA, Dec 13, 2006 (AFP) – Asia’s urban population is expected to grow by 70 percent to more than 2.6 billion over the next 25 years, placing severe strain on services, according to a book jointly published by the Asian Development Bank. “Development in Asia is tied to the growth of sustainable cities,” he added. […]
Sri Lanka Cricket sues insurance firm to recover 11.9m dollars
COLOMBO, Dec 13, 2006 (AFP) – Sri Lanka’s cricket governing body is sueing a private insurance company in a bid to recover nearly 12 million dollars lost when a home series was abandoned, officials said Wednesday. “We have filed action as the company refused to pay the claim giving various excuses,” a Sri Lanka Cricket […]