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‘s inflation
Feb. 18 (LBO) – Sri Lanka’s annual inflation rate for February slipped to 10.3 percent from 11.1 percent in January, despite high costs of firewood, electricity and milk tea, the Census & Statistics Department said Tuesday. The government uses the 12-month moving average – as measured by the Colombo Consumer Price Index (CCPI) – to […]
’s young could stifle progress
Illiteracy, no jobs and high risk behaviour among South Asia’s young people could affect the region’s progress and development, the World Bank says. About 20 percent of South Asia’s population is between 15 and 24, 30 percent are illiterate and they account for half of the unemployed in the region. The World Bank is meeting […]
The Sri Lankan government has begun work on new tourism zones
Feb 27 (LBO) – The Sri Lankan government has begun work on new tourism zones, acquiring land for development so that it can be rolled out for investors by May this year. The first few zones will come up in Hambantota, Kalpitiya, Arugam Bay in the East and Trincomalee and will be dedicated areas for […]
Sri Lanka stands by ceasefire with LTTE, though it is illegal.
Feb. 26 (LBO) – The government will abide by the agreements reached with the LTTE in Geneva, despite the original ceasefire agreement being illegal, members of the delegation who held talks with the Tamil Tigers told reporters in Colombo Sunday.Minister Nimal Siripala de Silva said the government would ensure that the activities of all armed […]
Setting Sail
Feb. 24 (LBO) – State-run shipping carrier is floating its own service to tap the feeder business in the Indian subcontinent and plans to tap commercial banks to buy a tanker later this year, top official said Monday. Initially, Ceylon Shipping Corporation (CSC), will charter two vessels each having capacity to carry 1,000 TEU’s (twenty […]
Higher Rent
Sri Lanka’s housing finance giant HDFC Bank reported a sharp drop in profits and profitability for the last quarter of 2005, on higher staff and interest costs and the state levied VAT payments. Value Added Tax (VAT) payments jumped to Rs. 23 million in the quarter to December 2005, up from Rs. 7.5 million in […]
Red Flag
The woes the Indian state oil giant IOC’s Sri Lankan unit continues, as the firm took an unprecedented hit on its accounts to provision off a disputed subsidy due from the government. Lanka IOC’s profits for the 9-months ended December 2005 slipped deep into red after the company made a provision of Rs. 7 billion […]
Rural Cover
Jan 23 (LBO) – The Asian Development Bank will help take insurance products to poor households in Sri Lanka, through a US$ 600,000 technical assistance grant, the Bank said on Thursday. There are currently no formal insurance schemes serving poor households. They often resort to informal borrowings, savings or sale of assets to cushion against […]
Ice Breaker
Feb 23 (LBO) – The Commercial High Court on Thursday rapped NDB Bank’s top brass over allegations of mismanagement, asking for cause as to why they should not be removed. -LBO Newsdesk: LBOEmail@ The court order asks the Chairman and Board of Directors of National Development Bank (NDB) to show cause as to why they […]
Sri Lanka sets a record for January tea exports
Feb. 23 (LBO) – Sri Lanka shipped 24.8 million kilos of tea in January, the highest ever in a single month, a commodity brokering house said Thursday.The previous highest record was 24.6 million kilos of tea sold in January 2004, Asia Siyaka Commodity Brokers said.Revenues from tea exports for January was also the highest ever so […]