Author: lbostgadmin
Sri Lanka slaps new levy on rubber products
Oct 04, 2007 (LBO) – Sri Lanka has slapped a new tax on rubber products to raise funds for rubber sector development officials said, amid industry protests that cash from an existing levy was not being ploughed back to the sector. Since then however, natural rubber prices have more than doubled, making the sector an […]
Sri Lanka John Keells in deal to buy three Confifi hotels
Oct 04, 2007 (LBO) – Sri Lanka’s John Keells Holdings announced a take-over of three Confifi group hotels Thursday, paying for the deal with the stock of its leisure division. Meanwhile in the broader market, the All Share index closed up 0.45 percent at 2,589.7 points and the more liquid Milanka Index 0.31 percent at […]
Sri Lanka treasuries yields edge up with high spending
Oct 04, 2007 (LBO) – Sri Lanka treasuries edged up again this week as a high budget deficit drained funds from the domestic markets and the central bank fought to limit money printing in a bid to avoid further inflation. . The average yield of the benchmark 3-month treasuries went up 20 basis points to […]
Sri Lanka flirts with flour price controls as inflation rages
Oct 03, 2007 (LBO) – Sri Lanka consumer affairs ministry said it was amending laws to bring a Singapore-owned flour mill under its control as rising global wheat prices drove bread prices in the island to record levels. Consumer Affairs Minister Bandula Gunewardene said the law governing the country’s consumer protection authority has a specific […]
Female Flyers
Oct 03, 2007 (LBO) – Sri Lanka may boast of having had the world’s first woman prime minister and her daughter as the island’s first female president, but few women have made a career in aviation. The country’s first female military pilot flew Spitfires in World War 2 but an attempt by a young woman […]
Sri Lanka says no quick-fix to Tamil conflict
WASHINGTON, Oct 3, 2007 (AFP) – Sri Lanka cannot be pressured by the international community to bring about a political solution to its long-running separatist conflict, its foreign secretary T.B. Kohona said. He said the government was searching for a political solution broadly acceptable to all the stakeholders while continuing to encourage Tamil separatists to […]
Sri Lanka wants Atapattu back for Australia
Oct 3, 2007 (AFP) – Sri Lanka’s former captain and opening batsman Marvan Atapattu is set to make a comeback after being overlooked for the World Cup, chief selector Asantha de Mel told AFP here Wednesday.“We want Sanath only in the one-day team,” he said. “We need his experience in Australia. He has the technique […]
Dollar-pegged oil exporters mull break as inflation goes out of control
KUWAIT CITY, Oct 1, 2007 (AFP) – The US interest rates cut has revived a fierce debate on whether the oil-rich Gulf Arab states should keep their currencies pegged to the dollar and bear the crunch of high inflation. The six-nation Gulf Cooperation Council (GCC) states are experiencing high growth rates of between four to […]
Deutsche Bank reports 2.2-bn euro hit from subprime crisis
FRANKFURT, Oct 3, 2007 (AFP) – Deutsche Bank, Germany’s biggest lender, said Wednesday it would take charges of roughly 2.2 billion euros (3.1 billion dollars) to cover losses connected with the US home-loan crisis.Many major banks have decided to make clear their losses from the global banking crisis as quickly as possible to try to […]
Maldives raises fuel prices
October 03, 2007 (LBO) — Maldives on Wednesday raised fuel prices to keep pace with galloping world crude prices, the State Trading Organisation said.Prices of diesel go up 0.35 cents to Maldive Rufiyaa 8.65 (0.68 US cents), while kerosene costs 0.25 cents more or Maldive Rufiyaa 9.30 (0.74 US cents), the statement said. In comparison […]
Sri Lankan Airlines push weekly Indian flights to 99
Oct 03, 2007 (LBO) – SriLankan Airlines announced Wednesday it will launch services to Coimbatore on October 29, pushing weekly flights to India to 99. The airline is now flying 95 frequencies a week to 11 destinations in India. “SriLankan Airlines has positioned Colombo as the gateway to India, and we are continuously increasing our […]
Hutch Million
Oct 03, 2007 (LBO) – The Sri Lanka unit of Hutchison Telecom has passed one million users and the firm is planning to the double the size of its network over the next year, the company said. The firm which has carved a growing niche in giving affordable services largely through pre-paid services. œWe believe […]