Author: lbostgadmin
Political parties, parliaments most corrupt: graft poll
BRUSSELS, Dec 7, 2006 (AFP) – Political parties and parliaments are seen as the world’s most corrupt institutions and governments are not doing enough to combat the problem, a poll by a respected global graft watchdog said Thursday. The Transparency International survey, of some 60,000 people in 62 countries, found that many ordinary citizens thought […]
Geography Lesson
December 07, 2006 (LBO) – Sri Lanka is to hire a British survey company to re-draw the island’s continental shelf boundary, so that the country can claim additional rights to the seabed and any natural resources it holds. The government said Thursday that it had approved the appointment of Geophysical survey company Geotechnical Engineering and […]
Sri Lanka scales down tea production forecasts as trade union strikes continue
December 07, 2006 (LBO) – Sri Lanka is unlikely to reach last year’s tea production record, as trade unions strikes on estates since November over a wage hike, shows no signs of slowing. December production is likely to reach about 21 million kilos over the usual 25 million kilos. “The outlook for January too is not […]
Cash Pile
December 07, 2006 (LBO) – Sri Lanka’s NDB Bank Thursday teamed up with global money transfer giant Western Union, to tap the lucrative foreign remittances market, officials said. Around 1.5 million Sri Lankans working and residing overseas sent home 1,918 million dollars last year, and the island’s Central Bank expects the figure to hit 3.0 […]
Sri Lanka invokes anti-terror laws, but seeks talks with Tigers
COLOMBO, Dec 6, 2006 (AFP) – Sri Lanka Wednesday invoked tough anti-terror laws targeting the Tamil Tigers, but said it was not banning the rebels and asked peacebroker Norway to help bring them back to the negotiating table. The new regulations declared by President Mahinda Rajapakse did not directly name the Tamil Tigers and left […]
World economy on track for strong 2007
PARIS, Dec 6, 2006 (AFP) – Slowing activity in the US economy and a possible sudden cooling of overheated property markets are the main threats to the world economy in 2007 after vigorous recovery this year. The International Monetary Fund said Tuesday it was lowering its growth estimate for next year from its current prediction […]
Shoe Bonds
Dec 06 (LBO) – A holding company that controls Sri Lanka’s largest footwear maker DSI, is to issue a 300 million rupee debenture which has been rated BBB+ (lka), Fitch Ratings Lanka said Wednesday. Fitch says the company DSI Holdings which also has a national long term rating of BBB+ may increase the size of […]
Price Signal
December, 06 (LBO) – Sri Lanka’s treasury bill rates moved up by an average of 19 basis points at this Wednesday’s auction on the back of a similar hike last week, in what analysts view as a steady response by the Central Bank to tighten monetary policy and curb demand pressure. However the Central Bank […]
Sri Lanka fiddles with imported food prices as inflation rages
November, 05 (LBO) – Sri Lanka’s finance ministry said Tuesday it was cutting duty on imported potatoes and onions in a bid to control rising food prices in December, as inflation in November rose to 19.8 percent. A kilogram of potatoes and onions were charged a cess of 20 rupees per kilo in a bid […]
Better Deal
Dec 05 (LBO) – Sri Lanka’s small hydro developers are in talks with the government for a new electricity tariff, to be finalised in about a month, as mini-hydro electricity becomes more expensive to develop. There are currently about 100 megawatts of small hydro plants generating 300 million units of electricity a year, connected to […]
Fighting kills 19 in Sri Lanka: military
COLOMBO, Dec 5, 2006 (AFP) – At least 19 people have been killed in fresh violence in Sri Lanka as peace broker Norway cancelled a meeting with Tamil Tiger rebels, defence officials said Tuesday.Two soldiers and 15 guerrillas were killed in a confrontation in the eastern district of Batticaloa on Monday while 19 troopers were […]
‘ cash grants to rebuild homes
Dec 05 (LBO) – Relief Agency the American Red Cross said Tuesday that it will give ten million dollars in cash grants to over 3000 Sri Lankan families to rebuild their homes destroyed in the tsunami two years ago. The tsunami that struck on December 26, 2004 extensively damaged or destroyed about 100,000 homes and […]