All Blogs
Road Blocks
The ADB is to help package road development into a shelf of projects complete with backward clearances in place, making it easier for investors to step in. A US$ 15 mn Asian Development Bank technical assistance grant is in the works to change over from ad-hoc development to a more planned project lending process.rn rnldblquote […]
Low Leaf
Asia Siyaka Commodity Brokers said that buyers at the Colombo Tea Auction are concerned by the quality of future low grown teas on offer, driven by the surge in production associated with Sri Lankas famous long holidays. “Many traders seem to have taken the position that they would need to stock up on the superior […]
Hanging Up
The telecom watchdog ended its standoff with Mobitel (Pvt) Ltd on Thursday, withdrawing its case with the Fort Magistrate after the two parties reached a settlement. Mobitel agreed to pay Rs. 2 mn to cover the Telecommunication Regulatory Commissions legal costs and re-affirm the regulators authority over the telco industry.rn rnThe settlement comes after months […]
Missing Dentures
Sri Lanka lacks lquote sufficient organised public outrage to bring about any meaningful changes, say civil advocacy groups, about the abuse of public property during the April elections.ldblquote What we lack in Sri Lanka is sufficient organised public outrage, dblquote said Dr. Paikiasothy Saravanamuttu, from the Centre for Monitoring Election Violence (CMEV), at the launch […]
Taxing Times
With total State revenue falling by around 18 percent last year, the Asian Development Bank asked the government to pay closer attention to closing tax loopholes and streamline its tariff policies.Unveiling its 2004 Asian Development Outlook, the Manila based bank said government revenue fell to around Rs.248 bn from the projected figure of Rs.303 bn […]
Regional Curfew
Sri Lankan police clamped indefinite curfews and troops poured into a central tea-growing region Thursday after two people were killed in ethnic violence, officials and residents said.rn A curfew was imposed on the picturesque Kandapola region after clashes between the Tamil and Sinhalese communities that left more than 20 shops destroyed, officials said.rn rn They […]
Refugee Status
The United Nations refugees agency said Thursday Sri Lanka risked losing international financial support if it did not pay more attention to resettling nearly 400,000 internally displaced people.A top official of the United Nations High Commissioner for Refugees (UNHCR), Dennis McNamara, said the agency expected the new government to pay “renewed attention” to resolve the […]
First Flush
Sri Lankas new government held its first talks with neighbouring India Thursday ahead of plans to revive stalled peace talks with Tamil Tiger rebelsLakshman Kadirgamar, the foreign minister in President Chandrika Kumaratungas government, met Indian leaders on a brief visit to New Delhi before Norwegian peace brokers begin a trip to Sri Lanka at the […]
Short Respite
Treasury Bill yields fell by 200 basis points at Wednesdays auction due to excess liquidity in the money market and less pressure on short-term interest rates.The Central Bank offered and accepted bids amounting to Rs.6,743 mn, and retired Rs. 1.5 bn worth of bills. The bank said it received bids worth Rs. 13,038 mn.rn rnYields […]
Jumping High
Dubai based Emirates Airline said its net profit rose 73.5 percent to US$ 429 mn, while revenues grew 37 percent to US$ 3.6 bn for the financial year ending March 31, 2004.SriLankan Airlines key strategic partner also said they carried 10.4 mn passengers endash 23 percent more than the previous year.rn rnThe total profits of […]