Author: lbostgadmin
Adding Muscle
SINGAPORE, Apr.07 (AFP) – India, South Korea and Sri Lanka on Friday joined a regional cooperation pact against marine piracy in Asia, bringing to 11 the number of countries that have signed up, the Singapore government said.The Regional Cooperation Agreement on Combating Piracy and Armed Robbery against Ships in Asia (ReCAAP) is a Japanese initiative […]
Euro Credit
Apr.07 (LBO) – The European Investment Bank Friday extended a 70 million euro special credit line to Sri Lanka, to help rebuild small and med-sized industries affected by the December tsunami. Tailor made for Sri Lanka, the credit line can finance up to 75 percent of the cost of individual projects, with borrowers given five-years […]
Fishing Expedition
Apr.07 (LBO) – Sri Lanka’s main tax authority plans to net in 40,000 new taxpayers in 2006, its newly appointed head said.Sri Lanka has few taxpayers and attempts to widen the base have met with limited success over the last decade. “For a 19.2 million population a 322,000 tax payers that not enough,” says Commissioner […]
Changing Timetables
Apr.07 (LBO) – Sri Lanka will go back to five and a half hours ahead of Greenwich Mean Time (GMT) from the traditional Sinhala and Tamil New Year of April 14, joining the same time zone as giant neighbour India. Departure and arrival times of flights into and out of Colombo will advance by half […]
‘s future hangs on peace, lower public debt, inflation: ADB
Apr.06 (LBO) — Sri Lanka’s economy is expected to expand by 5.3 percent in 2006, but much of it hinges on peace, and cut backs on public debt, inflation and fiscal deficits, the Asian Development Bank said Thursday. The tsunami-hit island is still plagued with sharp escalation in rebuilding costs, while president Mahinda Rajapakse’s welfare […]
Norway peace envoys meet Sri Lanka president on truce
Apr.06 (AFP) – Norway’s top peace envoys met Sri Lanka’s president Thursday, diplomats said, amid doubts about whether the next round of talks on salvaging the island’s ceasefire will go ahead. Oslo’s International Development Minister Erik Solheim and new peace envoy Jon Hanssen-Bauer had closed-door talks with President Mahinda Rajapakse to arrange the truce negotiations […]
Sri Lanka offers safe passage for Tigers after fresh Norway bid
Apr.06 (AFP) – Sri Lanka gave security guarantees to Tiger rebels travelling to Switzerland for talks on saving their faltering ceasefire, a Norwegian minister said here Thursday after talks with the president.Norway’s International Development Minister Erik Solheim said President Mahinda Rajapakse agreed to Tamil Tiger demands for safe passage to Switzerland amid doubts if talks […]
Adding Layers
Apr.06 (LBO) – Sri Lanka has sought a US$500 million loan from Saudi Arabia to double its oil refinery capacity, Energy Minister A H M Fowzie said Thursday. State-run Ceylon Petroleum Corporation (CPC) had presented a concept paper to the Saudi government, when a ministerial delegation visited the oil kingdom recently. “We asked for a […]
Second Life
Apr.06 (LBO) — Sri Lanka is going ahead with reviving Pramuka Bank and also setting up an institutional framework to recover debts of Pramuka and other state banks, Treasury Secretary P B Jayasundera said. -Jayantha Kovilagodage: jayantha@Â Pramuka Bank will be revived as the ‘Sri Lanka Savings Bank’ with the necessary legislation due to go […]
Wider Reach
Apr.06 (LBO) – Norway plans to step up financial assistance in Sri Lanka following a request by President Mahinda Rajapakse to raise its profile in the island, peace envoy Erik Solheim said Thursday. Solheim, who is also Norway’s International Development Minister, said that Oslo’s financial assistance to Sri Lanka has so far mainly centered on […]
Terminal Appeal
Apr.06 (LBO) – Engineers of the Colombo Port are urging the president to speed up a project to modernise the port’s computer system, which will improve efficiency and maintain its position as a hub port.The Sri Lanka Ports Authority Engineers Union has appealed to President Mahinda Rajapakse to fast track the process of commissioning a […]
‘s Sampath Bank gets credit upgrade from Fitch
Apr.06 (LBO) – Fitch Ratings Lanka has upgraded Sampath Bank long term domestic rating to AA- (sri) on an improving financial profile.“Concerted recovery efforts and improved credit risk management have resulted in a steady improvement in the bank’s asset quality and solvency position,” Fitch said. “The bank has halved its gross NPLs (non-performing loan) ratio […]