Author: lbostgadmin
Sri Lanka fuel pricing framework under threat?
August 8, 2007 (LBO) – Sri Lanka’s new fuel pricing formula, seen as crucial to maintain economic stability and low inflation, is under threat barely two months after it started as opposition groups mounted pressure on the government. Subsidizing fertilizer and energy, together with the internal conflict has been identified as key factors that undermine […]
Sri Lanka credit outlook upgraded by S&P
August 8, 2007 (LBO) – Standard and Poor’s Rating Services (S&P) has upgraded the outlook on Sri Lanka’s B+ foreign currency rating from negative to stable on the eve of a maiden sovereign bond issue. S&P said it was upgrading the outlook on account of better revenue collections, the elimination of fuel and electricity subsidies […]
‘s Saudi envoy denies recall move
RIYADH, Aug 8, 2007 (AFP) – Sri Lanka’s ambassador to Saudi Arabia said Wednesday his imminent reposting was not related to a report criticising his handling of a mission seeking clemency for a teenager condemned to death.A.M.J Sadiq told AFP he was scheduled to return to Columbo on Friday after having a transfer request accepted, […]
UN envoy tours Sri Lanka amidst clashes
COLOMBO, Aug 8, 2007 (AFP) – Six people have been killed in clashes across Sri Lanka’s embattled regions as a top UN relief envoy visited, officials and rebels said Wednesday.Tamil rebels are seeking an independent homeland for the ethnic Tamil minority in the Sinhalese-majority nation.Warplanes also bombed rebel targets in northern Manner district, the defence […]
Fed sits tight despite housing market crash
WASHINGTON, Aug 7, 2007 (AFP) – The Federal Reserve announced Tuesday it was keeping US interest rates unchanged at 5.25 percent as it acknowledged concerns about tightening credit and a persistent housing market slump.The central bank has now kept US interest rates steady for just over 13 months since June of 2006.The 10 policymakers of […]
Prized Project
Aug 08, 2007 (LBO) – A Sri Lankan ICT project using a digital, interactive educational content system in the Sinhala language aimed at developing self-learning capacity among rural students has won an international award. The ‘Shilpa Sayura’ project was awarded the Information for Development (i4d) award at the recent eINDIA 2007 Conference in New Delhi, […]
Going Global
Aug 08, 2007 (LBO) – Sri Lanka’s Triad advertising has got affiliated to thenetworkone, a global network of specialist agencies, with the aim of giving overseas exposure to Sri Lankan brands. “We felt there was a need to have an international platform and that was the only way we could go forward and give our […]
Sri Lanka Kelani Valley estates revenues recover but profits dip in June quarter
August 08, 2007 (LBO) – Kelani Valley Plantations, a unit of Sri Lanka’s Hayleys group, saw profits dip 36 percent in the quarter ended June 2007 as turnover rose by 3 percent, as it recovered from the effects of a strike the previous year. . Consolidated net profit after tax fell to 63.3 million from […]
Floating Lien
August 08, 2007 (LBO) – Sri Lanka’s Central Bank Governor Nivard Cabraal said he will look at the banking sector’s reluctance to lend to ship-owners and called for new methods of financing that may allay the concerns of lenders. The island’s banks had hitherto been reluctant to provide ship financing as they were unfamiliar with […]
Squeaky Clean
August 08, 2007 (LBO) –Sri Lanka’s airports authority has awarded the cleaning and facility management contract for the Banaranaike International Airport (BIA) to Sinar Malship Lanka, the company announced Wednesday. Sinar Malship Lanka, formed under the Board of Investment in collaboration with Malaysia’s Sinar Jernih, adopts British Institute of Cleaning Science methods to comply with […]
Once Bitten¦
August 07, 2007 (LBO) – Indian Oil Corporation (IOC) may put off overseas expansion following its experience in Sri Lanka where it lost money after being forced to under-price fuel and government subsidies got delayed, Indian media reported. State-owned IOC is delaying an entry to Malaysia and Indonesia where oil subsidies are also in place, […]
Six killed as UN envoy visits Sri Lanka
Aug 7, 2007 (AFP) – Sri Lankan troops killed six suspected Tamil Tiger rebels in overnight clashes in the north of the country ahead of a visit by a top UN rights envoy to the embattled region on Tuesday, officials said. Sri Lankan troops on foot patrol opened fire at the suspected rebels, killing six […]