Author: lbostgadmin
Singapore raises 2006 growth targets to 7.5-8.0 percent
SINGAPORE, Nov 20, 2006 (AFP) – Singapore raised its 2006 growth forecasts on Monday to 7.5-8.0 percent, a target analysts said is achievable after a better-than-expected third-quarter performance. Figures released by the MTI in its latest economic report showed third quarter growth was powered by the key manufacturing sector which surged 10.6 percent on the […]
UAE aims to lessen reliance on Asian workers
DUBAI, Nov 20, 2006 (AFP) – The United Arab Emirates (UAE) president announced plans to gradually replace Asian workers with nationals to redress the demographic imbalance in his country, in a newspaper interview Monday. Sheikh Khalifa bin Zayed al-Nayhan told London-based Asharq Al-Awsat he was aware of “the seriousness of the imbalance” in the oil-rich […]
Costly Letters
Nov 17, 2006 (LBO) – Delayed tariff revisions, fuel price hikes and wage bills have driven up losses at Sri Lanka™s Postal Department, to over a billion rupees in the first six months this year. According to provisional data by the Central Bank, operating losses as at June this year was up 13 percent to […]
‘s estate sector trade unions to hold crisis talks Tue on wages hike
Nov 20 (LBO) – Sri Lanka’s plantation sector trade unions are to hold crisis talks on Tuesday on stalled wage negotiations with companies, and any strike action, if at all. Employers say union demands for a 100 rupee a day increase over the current, without other added costs or employee benefits, would amount to five billion […]
Rupee Dips
November, 20 (LBO) – The Sri Lanka rupee dipped to a new low of 109.40 against the dollar early Monday, while shares also closed weaker. The rupee strengthened later to 108.70 with state banks intervening to prop it up, dealers said. The rupee had been under pressure from the second quarter as the government stepped […]
Holy Banking
Nov 20, 2006 (LBO) – The Ceylinco group tied up Monday with Malaysia’s Centre for Islamic Finance to set up a faculty for Islamic financial studies in Sri Lanka. The Ceylinco Sussex Business School will roll out a Certified Islamic Finance Program locally, to meet a growing demand for trained professionals in Islamic finance, expected […]
Long Tenure
Nov 20 (LBO) – Seylan Merchant Bank said Monday it would float ten year listed debentures to raise long term funds to match its lending portfolio. The 95 million rupee debenture issue would be the first long-term listed debt instrument in the local market, opening for subscription on November 27, the company said in a […]
Road Builders
Nov 20, 2006 (LBO) – Sri Lanka has concluded talks with the Asian Development Bank for an additional 90 million dollars to expand the country’s Southern expressway, Treasury Secretary PB Jayasundera said Monday. The government wants to boost the government’s infrastructure investment to five percent of Gross Domestic Product over the next few years, Jayasundera […]
Southern Airport
WEERAWILA, Sri Lanka, Nov 19, 2006 (AFP) – Sri Lanka’s president Sunday marked his first year in office by launching work on a new international airport to handle the giant Airbus A380 airliner and pledging a major new port.President Mahinda Rajapakse laid the foundation stone for a 125-million-dollar, 4,000-metre (13,200-feet) upgrade to a small airport […]
Sri Lanka President marks one year in office amidst continued violence
Nov 19, 2006 (AFP) – Sri Lanka’s President Mahinda Rajapakse came to power promising a new approach to peace.But as he marks the end of his first year in office Sunday, the country continues to be wracked by violence, pushing its defence budget to a record high. The International Monetary Fund warned last week the […]
Weekend deathtoll reaches 35 in Sri Lanka
COLOMBO, Nov 19, 2006 (AFP) – At least 35 people died in weekend sea, air and land battles between Sri Lanka’s Tamil Tiger rebels and security forces, according to claims by both sides Sunday.The Sri Lankan navy said it killed at least 15 Tiger guerrillas after sinking three craft off the island’s northwest coast on […]
Split in main Sri Lanka opposition deepens with party convention
November 18, (LBO) – The convention of the main opposition in Sri Lanka went ahead without the rebel faction led by its deputy leader being present, deepening the divisions within the party, United National Party sources said.Three rebels last week lost a court challenge which questioned a decision by a top party body not to […]