Author: lbostgadmin
Sri Lanka central bank withdraws some printed money
July 18, 2008 (LBO) – Sri Lanka’s central bank has Friday withdrawn seven billion rupees, a part of the money printed to finance a government cash deficit earlier in the week, reducing the risk of triggering another balance of payments crisis. “So long as open market purchases of Government securities are allowed (as, of course, […]
Sri Lanka says milk prices to fall a little
July 18, 2009 (LBO) – Sri Lanka which taxes imported milk powder at very high levels, has asked importers to bring the price of a one kilogram pack to fall by 37 rupees and 400 gram pack by 15 rupees, official reports said.According to official data a kilogram of imported milk powders was taxed at […]
Broader Probe
July 18, 2009 (AFP) – French charity Action Against Hunger (ACF) on Saturday demanded an international probe into the massacre of 17 of its Sri Lankan employees after a government investigation failed to identify suspects. The ACF in a statement accused the Sri Lankan authorities of lacking the will to find those responsible for the […]
Recommendation
July 18, 2009 (LBO) – Court appointed accountants probing a failed financial firm in Sri Lanka’s Ceylinco group have recommended that its chairman directors “bring in” an additional 13 billion rupees to start repaying depositors. The Golden Key Credit Card Company collapsed with debts of 26 billion of which 12.7 billion is capital and 13.2 […]
Sri Lanka IMF loan; IC views to be taken up at executive board
July 17, 2009 (LBO) – A recent IMF mission to Sri Lanka had “good discussions” with the authorities, but the views of the international community on a loan would still be considered at an executive board meeting, an official said. A ‘staff level’ deal also had to be reached. “Because the first thing that happens […]
Sri Lanka combs economy for new tax payers
July 17, 2009 (LBO) – Sri Lanka is widening the tax net to catch small shop owners and hair dressers to fluff up flagging government income, while excise revenues had also lost it usual buzz, officials said. “Most businesses such as boutiques, hair salons and retailers don’t pay value added tax (VAT),” the head of […]
Sri Lanka navy seeks to expand fleet
July 17, 2009 (LBO) – Sri Lanka’s new navy commander said he wants to expand the fleet and increase troop strength to better protect the island from maritime threats and ensure the Tamil Tiger insurgency does not recur.Thisara Samarasinghe said that although the Tigers were defeated in May, winning the war did not mean the […]
‘s cheapest car hits Indian streets
MUMBAI, July 17, 2009 (AFP) – The world’s cheapest car, the Tata Nano, hits the streets on Friday, as the first customer gets the keys to a vehicle that its makers hope will transform travel for millions of Indians.The head of Tata Motors, Ratan Tata, was to deliver the first car in person at a […]
Cell broadcast ideal for Maldives public warning: think tank
July 17, 2009 (LBO) – Cell broadcasting, a messaging system that is found in the two celco networks in the Maldives can be used to send immediate public warning messages to users, a think tank has said. Loss of life was small, but around one-third of the population was affected and property damage was estimated […]
Sri Lanka tea prices rise sharply
July 17, 2009 (LBO) – Sri Lankan tea prices rose sharply at this week’s Colombo auction as volumes began declining, brokers said. The same type of teas from the Uva central highlands region, whose quality season is about to begin, also rose sharply. “…the initial invoices which reflected the signs of seasonal improvement, gained further […]
Joint Fight
July 17, 2009 (LBO) – The Financial Intelligence Unit (FIU) of Sri Lanka’s Central Bank has signed Memoranda of Understanding (MOU) with FIUs of the Philippines and Nepal, a bank statement said. FIUs have been established in more than 130 countries as dedicated institutions to fight against money laundering, terrorist financing and other unlawful activities. […]
Market Links
July 17, 2009 (LBO) – Sri Lanka’s private sector has been told a host of investment opportunities have emerged in rebuilding transport infrastucture in the north and east, much of which was destroyed or neglected owing to war.Transport specialist Rohan Abeywickrema said there were opportunities to create facilities to link farmers and factories in the […]