Author: lbostgadmin
Sri Lanka bilingual education gets World Bank priority
Nov 13, 2008 (LBO) – The World Bank said one of the aims of its new aid programme for Sri Lanka was to help achieve ethnic harmony through bilingual education and mixed schooling of the island’s two main communities. World Bank country director Naoko Ishii said the new country assistance strategy was designed to be […]
Sri Lanka scores poorly in ease of paying tax ranking
Nov 13, 2008 (LBO) – Sri Lanka has been ranked near the bottom of a new global ranking on paying taxes, making it one of the most difficult countries for business to pay their dues.Among the key findings of the study are that economies that rank highly on the ease of paying taxes tend to […]
Sri Lankan troops take rebel villages: govt
November 13, 2008 (AFP) – Sri Lankan troops on Thursday wrested control of two coastal villages from Tamil Tiger rebels after a series of pitched battles, the military said.The fishing settlements of Devil’s Point and Vallaipadu on the island’s northwestern shore were used by the rebels to smuggle arms from south India and launch attacks […]
Small Talk
Nov 13, 2008 (LBO) – Sri Lanka’s Dialog Telekom group, a unit of Telekom Malaysia, has reported a loss of 192.4 million rupees for the September 2008 quarter with profits of its core business also falling steeply amid a price-war. But it had lost 921 million rupees over the first nine months. Dialog Television had […]
Sri Lanka tea trade warns crisis not over yet
Nov 13, 2008 (LBO) – Sri Lanka’s tea trade has warned that the crisis caused by the sudden collapse in demand and prices was not over yet and that it was bracing itself for further trouble.The Colombo Tea Traders™ Association (CTTA) said in a statement that cash flow problems remained throughout the supply chain, with […]
Sri Lanka shares weaken further
Nov 13, 2008 (LBO) – Sri Lanka’s main share market index slumped two percent Thursday with liquidity drying up as investors stayed away from trading given uncertainties over economic and corporate growth, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index […]
Sri Lanka petroleum utility hedged to save forex: official
Nov 13, 2008 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation hedged its imports after being pushed by the island’s central bank in a bid to save foreign currency reserves of the country, a top official said.CPC started hedging in early 2007 after the island’s cabinet of ministers and a committee in which the central […]
Sri Lanka to issue coins commemorating pension fund
Nov 13, 2008 (LBO) – Sri Lanka’s central bank is issuing two coins to commemorate the 50 year anniversary of a state managed pension fund of private sector workers, the monetary authority said. The reverse has the value of the coin 1000 in large numerals while the word “RUPEES “in Sinhala, Tamil and English appear […]
Descent into the financial vortex: a chronology of the crisis
PARIS, November 12, 2008 (AFP) – Key stages in the worldwide financial crisis, which is to be discussed at a summit in Washington on Saturday: – February 2007: First signs of strain in the US market for “subprime” property loans, granted to people who in many cases have no real prospect of paying them back. […]
Back Tracking
LONDON, November 12, 2008 (AFP) – Oil prices sank under 53 dollars a barrel here on Wednesday, hitting the lowest level since January 2007, as traders worried about weaker demand for energy amid a gloomy economic outlook.In afternoon London trade, Brent North Sea crude for delivery in December plunged to 52.88 dollars a barrel, a […]
Sri Lanka fighting kills nine: military
November 12, 2008 (AFP) – At least nine Tamil Tiger rebels were killed as Sri Lankan troops fought pitched battles in the island’s north, the defence ministry said Wednesday.The Liberation Tigers of Tamil Eelam (LTTE) endured a “heavy beating” as troops advanced towards Kilinochchi, the rebels’ political capital, the ministry said. It said the bodies […]
South Asia has little scope for economic stimulus after fuel subsidies: World Bank
TOKYO, November 12, 2008 (AFP) – South Asian economies, still reeling from food and energy crises, have little scope to boost their economies in the face of the global financial turmoil, a World Bank official said Wednesday. But growth will rebound by 2010 to 7.2 percent, supported by economic giants such as India, whose “fundamentals […]