Author: lbostgadmin
Sri Lankan troops take key Tiger sea base: military
December 4, 2008 (AFP) – Sri Lankan troops on Thursday captured a key Tamil Tiger naval base as part of an offensive to dismantle the rebels’ northern fiefdom, the defence ministry said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Security forces leading a major offensive to […]
Sri Lanka raises duty on imported edible oil
Dec 04, 2008 (LBO) – Sri Lanka has raised import duty on edible oil by changing it from a 28 percent rate to a specific levy of 40 rupees a kilo, in a bid to keep domestic coconut oil prices high, a government minister said.The Cabinet had also given approval to the ministry of finance […]
Strikes that hit Sri Lanka managed resorts in Maldives end
Dec 04, 2008 (LBO) – A series of strikes that hit Maldivian resorts, including several managed by Sri Lanka’s Aitken Spence group are ending, after the strikes were called off following presidential intervention, officials said.Maldives has a new coalition government, which was brought to power by pro-democracy activists. The strikes were partly triggered by a […]
Private Issue
Dec 04, 2008 (LBO) – Sri Lanka’s Nations Trust Bank (NTB) has raised one billion rupees through a 5-year private placement, an official said. The unsecured subordinated redeemable debenture would boost its tier two capital adequacy ratio. The bank issued 100 million debentures with a face value of 100 rupees paying 21 percent a year. […]
Outlook Cut
Dec 04, 2008 (LBO) – Fitch Ratings has cut the outlook of Sri Lanka’s The Finance Company (TFC) from ‘stable’ to ‘negative’ but confirmed its investment grade ‘BBB(lka)’ long term national rating. As a result, TFC’s portfolio growth was just 9 percent in the 2008 financial year from 33 percent the year before while cash […]
Sri Lanka share trading slumps to six-year low
Dec 04, 2008 (LBO) – Sri Lankan shares sagged further Thursday as trading volumes slumped to a six-year low of 13 million rupees with high interest rates and uncertainty over future company earnings keeping investors away, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The […]
Sri Lanka headline index falls below core inflation
Dec 04, 2008 (LBO) – Sri Lanka’s controversial ‘core’ inflation index, which the Central Bank says it uses for monetary policy decisions, was at 18.1 percent in November, overtaking the so-called ‘headline’ figure which is at 16.3 percent, the latest data shows.The Central Bank said the headline Colombo Consumers’ Price Index (CCPI) fell 16.3 percent […]
Black Market
Nov 03, 2008 (LBO) – Sri Lanka’s state is operating a black market taking an estimated 54 billion rupees a year in profits and discriminatory taxes from petrol users, an opposition parliamentarian has said. Ravi Karunanayake, a member of the opposition United National Party told reporters the landed cost of petrol in Colombo, including freight […]
Sri Lankan Airlines cut fuel surcharges; gets new aircraft
Dec 03, 2008 (LBO) – Sri Lankan Airlines will remove fuel surcharges to South Asia, Middle East and East Asia, and reduce surcharges on long haul flights from January 01, the national carrier said. SriLankan introduced a fuel surcharge in July 2008 throughout its network. Crude prices have collapsed since then. The airline says it […]
Media Nomination
Dec 03, 2008 (LBO) – An imprisoned Sri Lankan journalist, who faces a lengthy jail term for expressing his views, if convicted, has been nominated for a media freedom award by media watchdog Reporters Without Borders (RSF). To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 RSF said […]
Bunker Compensation
Dec 03, 2008 (LBO) – Sri Lanka’s John Keells Holdings group said that the Supreme Court had ruled that former employees of its bunker fuel unit be paid 153 million rupees it had kept as a deposit for compensation.To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 JKH […]
Sri Lanka coconut industries hit by nut shortfall
Dec 03, 2008 (LBO) – Sri Lankan coconut-based industries have been badly affected by the decreasing supply of nuts because of low yields and poor prices, plantations industries minister D M Jayaratne said. “Almost stagnant or very marginal increase in coconut yield and decreasing supply of raw material to the industries has become a very […]