Author: lbostgadmin
Ice Breaker
Feb 23 (LBO) – The Commercial High Court on Thursday rapped NDB Bank’s top brass over allegations of mismanagement, asking for cause as to why they should not be removed. -LBO Newsdesk: LBOEmail@ The court order asks the Chairman and Board of Directors of National Development Bank (NDB) to show cause as to why they […]
Rural Cover
Jan 23 (LBO) – The Asian Development Bank will help take insurance products to poor households in Sri Lanka, through a US$ 600,000 technical assistance grant, the Bank said on Thursday. There are currently no formal insurance schemes serving poor households. They often resort to informal borrowings, savings or sale of assets to cushion against […]
Sick Leave
Feb 22 (LBO) – Some workers at Sri Lanka’s state owned power utility struck work on Wednesday in protest over unpaid wages, without disrupting power supplies. The politically affiliated Viduli Sevaka Sangamaya (VSS) said they would be on a ‘sick-note’ campaign, not reporting to work until 4.00 pm on Wednesday evening. The Ceylon Electricity Board […]
State Birth
The Sri Lankan government is planning a Rs. 2.2 billion capital injection into the failed Pramuka Bank, in hopes of reviving it as a state-owned bank. Money for the capital injection will come through a long-term government bond issue. Banking Development Minister Wijedasa Rajapakse said the Cabinet of Ministers had approved a draft bill to […]
Sri Lanka plans coin series, stamp to commemorate upcoming Buddhist anniversary.
Feb. 22 (LBO) — Sri Lanka is planning to issue a series of coins to commemorate the upcoming 2550th Bhuddha Jayanthi, but details are still being worked out, officials said.The government is to issue at least three new coins and a souvenir stamp, B N Jinasena, Secretary to the Religious Affairs Ministry said Wednesday. Two […]
Last Warning
Feb. 21 (LBO) – About 50 public sector trade unions called off a planned strike, giving the government a ten day ultimatum to sort out salary anomalies. Unions want the government to give low and middle level public sector workers higher wage increases, instead of the 25 percent or less approved by a government circular […]
Cost Base
Feb. 21 (LBO) — Sri Lanka’s telecom tariffs will be put to the test under a new cost based study initiated by the island’s telco watchdog. The Telecommunications Regulatory Commission (TRC) this week called for expressions of interest from consultants to develop a cost based tariff table, studying the three fixed and four mobile service […]
Government plans new coins to commemorate religious anniversary
Feb. 21 (LBO) — Sri Lanka’s Central Bank is preparing to issue two new coins commemorating the 2550th ‘Bhuddha Jayanthi’, a top official of the Religious Affairs Ministry said Tuesday.The ministry of religious affairs says one coin would be high value commemorative coin while the other would be released into circulation. The coins issued in […]
‘s Hoping
Reports that the treasury has set off tax liabilities of the Ceylon Petroleum Corporation against the full subsidy due from the government, has raised expectations that Lanka IOC would also get the full subsidy owed to it. The treasury has agreed to set off Rs. 25 billion in taxes due to the government, a top […]
Treasure Hunt
Feb. 20 (LBO) – India’s Reliance group is scouting for investment opportunities in Sri Lanka, with an eye on oil exploration in potential areas off Mannar on the Western coast, officials said Monday. Two rounds of seismic surveys have shown that Sri Lanka has potential oil reserves in the Cauvery Basin off the west coast, […]
Hard Boiled
Feb. 20 (LBO) – Sri Lanka is staying tough on bird flu regulations, despite reports that an Indian man suspected to have died of avian influenza, was in fact killed by a bacterial infection. Indian health officials have ruled out bird flu in the death of an Indian man after laboratory tests on Sunday showed […]
Money changers given more time to put up capital
Feb 20 (LBO) – Money changers who lost their license have been given a second chance by the Central Bank to continue their business. Five money changers who lost their license have been given till February 28 to put up the extra Rs.9 million to meet the enhanced capital of Rs.10 million, the Central Bank’s […]