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‘s inflation rate climbs to 17.7% in June
June 30, 2006 (LBO) – Sri Lanka’s inflation rate for June jumped to 17.7 percent, official figures showed Friday, spurring concerns that the Central Bank may hike interest rates again. The bank, which is forecasting a year-end growth of 7.0 percent said the economy would remain vulnerable an upsurge in violence, as sporadic attacks on […]
Sri Lanka’s economy expands 8.1% first quarter: Central Bank
June 29, 2006 (LBO) – Sri Lanka’s 24-billion dollar economy expanded by 8.1 percent during the first quarter of this year, ahead of a recent government forecast of 7.0 percent, the Central Bank said Thursday. The bank, which is forecasting a year-end growth of 7.0 percent said the economy would remain vulnerable an upsurge in […]
Killings slow Sri Lanka’s economic drive: World Bank
June 29, 2006 (LBO) – Sri Lanka’s deteriorating security situation is undermining growth and slowing the island’s attempts to snap out of the poverty trap, a top World Bank official said Thursday. “The political situation and the sustained violence in the recent past are undermining the potential for growth,” the bank’s country head designate for […]
Default Hit
June 29, 2006 (LBO) – Small Sri Lankan banks are facing the threat of weaker credit ratings, following a government move to lift a law that allows banks to speed-up foreclosure on assets pledged against smaller loans.But state banks are excluded from the project.Bankers have already warned that the move to stop parate execution – […]
Off Range
June 29, 2006 (LBO) – Sri Lanka’s cabinet has agreed clear up frequency spectrum on few bands, as the government looks to attract new operators to offer telephony services at affordable rates. œThe cabinet has agreed to clear spectrum in 450 megahertz, 800-900 megahertz, 1800 megahertz and 2-gigahertz radio frequencies, which will be re-allocated for […]
Space clothes saving the lives of Earthlings
PARIS, June 29, 2006 (AFP) – From bras and babysuits equipped with monitors to tough suits to protect sportsmen and adventurers from the hazards of life on Earth, space technology is boldly pushing back fashion frontiers.“The space programme has over the years provided a catalyst for a lot of the progress we are seeing today […]
Sri Lankan president consolidates power
June 29, 2006 (AFP) – Sri Lankan President Mahinda Rajapakse was Thursday elected the all-powerful leader of his party, replacing a scion of the Bandaranaike ruling dynasty for the first time, a spokesman said. Rajapakse, 60, was unanimously elected head of the Sri Lanka Freedom Party (SLFP), consolidating his hold on the government and further […]
Sri Lanka warns Norway over truce deal as deadlock drags on
June 29, 2006 (AFP) – Sri Lanka warned peace broker Norway against any deal with Tamil Tiger rebels, just before Nordic nations ended a meeting Thursday without a decision on their truce-monitoring mission in the island.Sri Lanka’s top official coordinating peace efforts with Norway, Palitha Kohona, insisted there should be no unilateral action to change […]
Sri Lanka truce monitors to hold crisis talks
OSLO, June 29, 2006 (AFP) – Five Nordic nations held talks here Thursday to try to salvage Sri Lanka’s faltering ceasefire, as the slaying of a top army general underscored the threat of full-scale war. Peace broker Norway met with the four other members of the Sri Lanka Monitoring Mission (SLMM) in Oslo for five […]
Light Savings
June 29 (LBO) – All consumers who save electricity will get a 10 percent discount on their next bill, while low usage will also be rewarded with free energy saving bulbs. The first 30 units will be exempt, while usage between 31 and 90 units will be charged an extra one rupee a unit, and […]