Author: lbostgadmin
Sri Lanka seizes suspected rebel trawler, firefight in Jaffna
Mar. 22 (AFP) – Sri Lanka’s navy detained a fishing trawler operated by suspected Tamil rebels off the island’s troubled northern waters Wednesday while troops and guerrillas exchanged fire in the Jaffna peninsula. The crew were being questioned by security forces after they were arrested while operating in a restricted zone off the island’s north, […]
Re-Shuffle
Mar. 22 (LBO) – Sri Lanka has changed the license fee structure for lubricant operators giving players an option of paying a flat fee or a percentage on turnover, Petroleum Minister M H M Fowzie said. -Mel Gunasekera: mel@ Sri Lanka doubled license fees for lubricant operators in January, fixing it at Rs10 million (US$100,000) […]
Growing Money
Mar 22 (LBO) – Lanka Transformers were given a first subsidy payment on Wednesday for generating electricity from trees, under a new scheme to encourage investment in renewable power. Wood or dendro power producers are being given Rs2.50 a unit, to top up current rates of Rs6.00 that the Ceylon Electricity Board (CEB) pays independent […]
‘s leisure industry recovers in February
Mar. 22 (LBO) — Sri Lanka’s tsunami-hit tourism industry continued to recover this year, with arrivals for the two months to February rising 40.2 percent to 104,918 visitors, the Tourist Board said Wednesday.The tropical island famed for its golden beaches, lush, tea-growing mountains and historic sites dating back 2,500 years, greeted 52,687 (up 43.8 percent) […]
”s Bank gets its credit rating upgraded to A-(sri)
Mar. 22 (LBO) – Sri Lanka’s state-run People’s Bank got its credit rating upgraded to A-(sri) by Fitch Ratings Lanka Ltd, who also revised the bank’s rating outlook to ‘positive’.An A-(sri) long term rating reflects low expectation of credit risk, but the bank is still vulnerable to changes in circumstances or in economic conditions than […]
Sri Lanka suspends lavish perks of former president
Mar. 21 (AFP) – Sri Lanka’s Supreme Court has ordered the withdrawal of extra cars and staff serving former president Chandrika Kumaratunga after a complaint that her retirement benefits are excessive, a court official said. Chief Justice Sarath N. Silva made the order Monday after launching an investigation into a complaint by three lawyers that […]
Sri Lanka navy denies Tiger rebel claim of attack on villages
Mar 216 (AFP) – Sri Lanka’s navy denied a charge by Tamil Tigers Tuesday that it fired indiscriminately at rebel-held villages in the northeast, saying the incident was a retaliatory strike. The rebel Liberation Tigers of Tamil Eelam (LTTE) said the navy launched an attack on four villages in the Trincomalee district on Monday morning. […]
Flagged Off
Mar 21 (LBO) – Sri Lanka’s Caltex Lanka Lubricants will ship five million litres of lubricant oils into Bangladesh, its first foray into the country and a possible launch pad into other regional markets, top officials said Tuesday. The local arm of US based Chevron Texaco, Caltex dominates the local lube market with about 80 […]
On Hold
Mar. 21 (LBO) – Sri Lanka Telecom, the island’s dominant fixed-line operator, Tuesday said it would stop connecting new subscribers through Code Division Multiplex Access or CDMA technology with immediate effect, following legal advice. The move follows SLT’s decision late Monday to take seek legal redress on a directive issued by the telecom watchdog with […]
Legal Muscle
Mar. 21 (LBO) – Sri Lanka’s Parliament Tuesday passed amendments to several financial bills, including a tax on foreign television programmes and compulsory lending to agriculture sector, that were proposed in the 2006 budget. Under changes to the Banking Act, licensed commercial banks or LCB’s are required to maintain a minimum Rs1 billion in capital. […]
Sri Lanka mock rescue ends in tragedy
Mar 20 (AFP) – A Sri Lankan airforce officer drowned Monday after falling from a helicopter during a search and rescue exercise, officials said.The man was descending down a cable when it snapped and sent him crashing into the Indian Ocean, a rescuer said adding that the training mission had turned into a real life […]
Sri Lanka puts off vote in troubled regions
Mar 20 (AFP) – Sri Lanka’s elections department Monday put off for six months scheduled local government polls in the island’s embattled northern and eastern regions, large areas of which are under the control of Tamil Tiger guerrillas.The vote due on March 30 was postponed till September 30, officials said. They said the decision followed […]