Author: lbostgadmin
Sri Lanka economy expands 4.2-pct in 3Q: statistics office
Dec 18, 2009 (LBO) – Sri Lanka’s economic growth slowed to 4.2 percent in the third quarter of 2009 from 6.3 percent a year earlier, but was up from 2.1 percent in the second quarter, the government’s statistics office said. “In economic terms we have had a V-shaped recovery,” said deputy statistics director Nalini Kumarasinghe. […]
Sri Lanka presidential rivals hand in nominations
December 17, 2009 (AFP) – Sri Lankan President Mahinda Rajapakse and his main rival in elections next month, former army general Sarath Fonseka, handed in their poll nomination papers on Thursday.Rajapakse and Fonseka, both dressed in white national dress, were among 22 candidates whose papers were accepted by the national Election Commission. Rajapakse has called […]
Lofty Idea
Dec 18, 2009 (LBO) – Sri Lanka is planning a space project with a British firm in a 150 million US dollar deal that could see a satellite launched into a geo-stationary orbit above the island in 30-months, an official said. The so called Clarke orbit, named after science fiction visionary Arthur C. Clarke is […]
Early Warning
Dec 18, 2009 (LBO) – Sri Lanka got a 24.9 million Euro loan from Rabobank of the Netherlands for the second phase of an upgrade to its existing disaster response network, a Finance Ministry statement said. Over 35,000 people were killed in Sri Lanka by the 2004 Indian Ocean tsunami when the island did not […]
Sri Lanka commodity futures exchange mooted
Dec 18, 2009 (LBO) – Sri Lanka should set up a commodity futures exchange and introduce forward contracts to make farmers more efficient and earn more, a policy advocacy group has suggested.“We must use information communications technology to give farmers information on weather, prices, costs and procurement of inputs.” “The forward sale contract system should […]
Quick Recovery
Dec 18, 2009 (LBO) – The long term rating of People’s Merchant Finance Company has been upgraded from B+ to BBB-, on the strength of its t company Peoples Bank. PMB has also announced a rights issue for which its parent has already pledged support. It intends to raise 250 million rupees to retire its […]
Sri Lanka stocks hit new high
Dec 18, 2009 (LBO) – Sri Lankan shares closed at an all-time high Friday on strong buying by institutional and retail investors who brokers said appeared to be gaining more confidence in the market.The benchmark Colombo All Share Price Index (ASPI) closed up 1.73 percent (54.35 points) to end at 3,188.82 Monday, while the Milanka […]
Sri Lanka call to end tax exemptions for public servants
Dec 18, 2009 (LBO) – The head of Sri Lanka’s top business chamber has called for an end to tax exemptions given to public servants, saying it was unfair by hardworking private sector employees and also eroded government revenue.A discriminatory import duty structure that favours politically powerful local business interests against all consumers in the […]
Sri Lanka subsidy ideology is a myth: business leader
Dec 17, 2009 (LBO) – Sri Lankan people are being fooled by state subsidies when high inflation triggered by big budget deficits erodes their income, the head of Sri Lanka’s top business chamber said. “The idea of subsidies is an absolute myth,” said Anura Ekanayake, chairman, Ceylon Chamber of Commerce. Most people were not aware […]
ICC chief wants day/nighters put to the test
LONDON, December 17, 2009 (AFP) – International Cricket Council (ICC) president David Morgan expects day/night Test cricket to become a reality within the next two years as a way of countering declining attendances for the five-day game.Trials with a pink ball for use under floodlights are underway with officials determined to boost global interest levels […]
Sri Lanka faces trade deal suspension: EU
Dec 17, 2009 (LBO) – The European Union will recommend suspending a trade deal giving duty free access to Sri Lankan exports but hopes to reverse the decision following talks with the island’s government, its envoy said. European Union ambassador Bernard Savage said the European Council, its decision-making body, will “logically have to recommend suspension” […]
‘s NDTV Imagine for 126.5 million
NEW DELHI, December 17, 2009 (AFP) – Time Warner Inc said Thursday its board had approved the acquisition of Indian entertainment channel NDTV Imagine Ltd.for 126.5 million dollars. The purchase from NDTV Networks Plc will be made through unit Turner Asia Pacific Ventures, Inc.and will see it gain a 92 percent stake in Imagine, and […]