Author: lbostgadmin
Sri Lanka tea wage crisis over, Rs6bn extra cost
Sept 14, 2009 (LBO) – A dispute over a wage hike that disrupted tea supplies from Sri Lankan plantations had ended with labour unions agreeing to a deal which will cost the industry about six billion rupees a year, a senior official said. Regional plantations companies (RPCs) and labour unions are to sign a deal […]
Sri Lanka tea wage deal to cost industry Rs6bn extra
Sept 14, 2009 (LBO) – Sri Lanka’s plantations industry will face about six billion rupees in extra costs owing to a deal with labour unions that ended a dispute over a wage hike that had disrupted tea supplies from hill-country estates, a senior official said. Regional plantations companies (RPCs) are to sign a deal today […]
Sri Lanka shares hit new high, seen over-valued
Sep 14, 2009 (LBO) – Sri Lankan shares hit a 30-month high Monday as bullish investor’s placed bets on financial and healthcare sector stocks, brokers said.The benchmark Colombo All Share Price Index (ASPI) closed up 0.77 percent (21.92 points) to end at 2,862.25, while the Milanka index of liquid stocks gained 0.49 percent (15.66 points) […]
Sri Lanka sells US41mn 3-year bonds
Sept 14, 2009 (LBO) – Sri Lanka has sold 41 million US dollars of 3-year dollar denominated bonds rolling over 35 million US dollars of maturing 2-year debt, the government’s debt office said.The dollar bonds are aimed at domestic investors including banks who are eligible to hold dollar assets. The bonds, labeled Sri Lanka Development […]
‘s Jet Airways, as strike ends
MUMBAI, September 13, 2009 (AFP) – Services on India’s second-largest private airline, Jet Airways, resumed on Sunday after a five-day walk-out by pilots ended, the company said.Jet officials, who sacked two other pilots for breach of disciplinary procedures, on Sunday told a news conference in Mumbai that no action would be taken against the pilots. […]
Sri Lanka estate wage dispute breakthrough seen
Sept 13, 2009 (LBO) – Talks between Sri Lankan plantations companies and labour unions on a pay hike appeared to have made some headway when the dominant union agreed on a deal, union officials said. Plantations companies had said they were unable to pay 500 rupees a day as they cannot afford it given high […]
”: economist
Sep 12, 2009 (LBO) – Sri Lanka’s tendency to follow policies that hurt the average voter and makes the country lag behind other countries is due to ‘political market failure’ where small groups push policy without evidence, a senior economist said. “This is one of the most literate and educated populations in the world,” Shantanayan […]
Sri Lanka should avoid calls for protection: economist
Sept 12, 2009 (LBO) – Sri Lanka should resist calls by special interest groups to increase trade protection and reverse outward oriented policies amid the current downturn, an Australian based economist said. “We all know that the market economy of course combined with the rule of law and civil liberties have obvious advantages assuring tolerable […]
Sri Lanka estate wage dispute deadlocked
Sept 12, 2009 (LBO) – Talks between Sri Lankan plantations companies and labour unions on a pay hike were unsuccessful Friday and are likely to be resumed next week, although the gap seems to have narrowed, union officials said.O A Ramiah,.Secretary General of the Joint Plantation Trade Union Centre, one of the three main unions […]
Sri Lanka sugar firm uses state credit to stop farmers switching to other crops
Sept 12, 2009 (LBO) – Sri Lanka’s Pelwatte Sugar Industries (PSISL) has used a state-supported credit scheme to stop farmers from moving into more attractive food crops and rubber cultivation and lobbied the government to increase tariff barriers.Chairman M J C Amarasuriya told shareholders the firm had been able to use a rural credit scheme […]
Sri Lanka gets US$75mn World Bank credit for villages
Sept 11, 2009 (LBO) – The World Bank has approved a 75 million US dollar credit for village infrastructure development in Sri Lanka to expand its ‘Gemi Diriya’ project, the multilateral lender said.It has mobilized resources by promoting savings and village credit, and by linking communities to financial institutions and the private sector. Gemi Diriya […]
Sri Lanka Central Bank cuts policy interest rates by 50bp
Sept 11, 2009 (LBO) – Sri Lanka’s Central Bank said it had decided to reduce policy interest rates by 50 basis points each from Friday with the repurchase rate to be 8.00 percent and reverse repurchase rate 10.50 percent. It said in a statement its Monetary Board decided to cut rates as inflation was low […]