Author: lbostgadmin
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 […]
Cost Crackdown
Nov 11, 2008 (LBO) – The Sri Lanka Ports Authority (SLPA), which suffered a loss last year, plans to maintain tight control of finances and minimise waste in a campaign to cut costs, its new chairman Priyath Wickrema said. The SLPA would be conducting energy and fuel audits and each of its divisions would have […]
Sri Lanka govt gives dates for new taxes
Nov 11, 2008 (LBO) – The Sri Lankan government has announced the dates on which new taxes imposed in the government budget for 2009 will become effective.The budget proposed to double the annual maximum ESC liability to 120 million rupees and also made big changes in income tax, widening the personal income tax slabs and […]
Zero Sum
Nov 11, 2008 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation is looking at ways to cap losses from hedges that went against it by entering into opposite positions, Chairman Ashantha de Mel said. “I can take a producers hedge where it is upside down compared to the normal one going up and I can […]
Sri Lankan troops take rebel town: military
November 11, 2008 (AFP) – Government forces in Sri Lanka have wrestled control of a small town from Tamil Tiger rebels in an ongoing military offensive, the defence ministry said on Tuesday.Troops fighting to secure a strategic road along the coast to the northern peninsula of Jaffna have faced stiff resistance from the Liberation Tigers […]
New Maldives president to be sworn in
MALE, November 11, 2008 (AFP) – A former political prisoner who unseated Asia’s longest-serving leader as president of the Maldives will be sworn into office Tuesday, taking charge of a nation he fears could soon disappear. Mohamed “Anni” Nasheed, 41, the winner of the the Indian Ocean atoll nation’s first multi-party presidential elections, has come […]
Sri Lanka says milk powder levy must to be absorbed by importers
Nov 11, 2008 (LBO) – The Sri Lankan government said it would not allow milk powder importers to raise retail prices despite an increase in import levy in the budget for 2009 presented last week, because world prices are falling. World market prices of milk are coming down while production in key producer countries is […]
Sri Lanka shares weaken, trading dries up
Nov 11, 2008 (LBO) – Sri Lankan shares ended marginally lower Tuesday after swinging both ways with trading drying up as wary investors remained on the sidelines, brokers said. The slow withdrawal of funds by foreign investors, pulling out because of the downturn in their own economies, could continue. “There are shares with earnings potential […]
Hedge Bills
Nov 10, 2008 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation (CPC) has already settled a part of its dues on hedging oil contracts and remaining payments would be completed as they fall due, a top official said. A 6.5 million dollar payment had been made Friday and another 7.5 million payment was also due. […]
Petroleum Credit
Nov 10, 2008 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation owes 1.1 billion dollars in supplier’s credit to Iran on crude bought in 2008, Chairman Ashantha de Mel said. CPC buys Iranian light crude to feed its 50,000 barrels a day refinery. CPC struck a deal to get interest free credit from Iran to […]
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