Author: lbostgadmin
Healthy Eagle
Jan 15 (LBO) – Eagle Insurance notched up a 103 percent growth in net profits to Rs. 515 million for 2005, buoyed by rapid growth in its life and non-life businesses. Consolidated revenue growth for the insurance firm was up 15 percent from Rs. 3,728 million in 2004 to Rs. 4,277 million last year, the […]
Seventeen badly run state-institutions cost taxpayers Rs. 70 bn annually
Feb. 14 (LBO) – Despite just over two decades of public sector reforms, 17 government entities continue to hemorrhage, draining Rs. 70 billion each year from state coffers, Treasury Secretary said Tuesday. Mega Plans Sri Lanka is pushing ahead with mega projects in three key districts next month with full state patronage, Treasury Secretary […]
Warning Message
Jan 14 (LBO) – The United Nations on Tuesday called on the Sri Lankan government and Tamil rebels to keep protection of children in mind at upcoming peace talks in Geneva. Of particular importance remains the unresolved situation of child recruitment, which led UNICEF to yet again appeal to Liberation Tigers of Tamil Eelam (LTTE) […]
Green Fingers
Feb. 13 (LBO) – Sri Lanka’s Richard Pieris Group, owners of the ‘Arpico’ brand, are ploughing Rs. 150 million to generate energy off trees, a top official said. The Group’s core strengths lie in rubber and rubber products, tyres, plastics, retailing and plantations, which includes tea. Richard Pieris recently extended their reach into the real […]
Capital Gains
Feb 13 (LBO) – Sri Lanka’s NDB Bank Monday said group net profit for the fourth quarter ended Dec. 31, 2005 was Rs. 462.8 million over Rs. 30.7 million the previous year. NDB Bank 4Q – ’05 4Q – ’04 Income
Just Cruising
Feb13 (LBO) – Luxury car importers DIMO Lanka says a hefty 214 percent tax on high engine capacity vehicle imports has not slowed down sales significantly.Since October 2004 the government has repeatedly increased import duties on motor vehicles, now totalling to 214 percent on a new car with an engine capacity above 1800 CC. Duties […]
‘s trade gap
Feb. 10 (LBO) – Sri Lanka’s trade deficit widened by 12 percent to US$ 2.5 billion for the year ended 2005, though foreign remittances helped strengthen the island’s balance of payments, the Central Bank said Friday. The country’s trade balance reported a US$ 502 million surplus as at end 2005, helped by a 26 percent […]
Number Tangle
Feb 10 (LBO) – Lanka IOC, a unit of Indian Oil Corporation, may have to re-state their published accounts if the Sri Lankan government does not pay the full amount of the money claimed as subsidies, a top official said. The company is claiming sales of Rs.17.5 billion for the six months ended September 2005, […]
Public Pension
Feb 10 (LBO) – The Social Services Ministry is targeting self-employed and others currently not covered by pensions, to subscribe to a little known state-run pension scheme, a top official said. Run by the Social Security Board, the pension scheme was set up as an Act of Parliament in 1996. The scheme has around 126,000 […]
Sri Lanka names negotiators amid Norway, Swiss moves
Feb 9 (AFP) – Peacebroker Norway and talks host Switzerland stepped up diplomatic moves Thursday to arrange face-to-face talks between Sri Lanka’s warring parties as Colombo named more peace negotiators. Norway’s top envoy here, Hans Brattskar, and Swiss ambassador Bernadino Regazzoni flew to the rebel-held town of Kilinochchi to arrange for Tiger negotiators to travel […]
Union Call
Feb 09 (LBO) – Sri Lanka’s key banking sector union is appealing to President Mahinda Rajapakse to intervene in the Commercial Bank of Ceylon takeover attempt and re-introduce pensions to state banks. The powerful Ceylon Bank Employees Union (CBEU) has asked the president to make an order in his capacity as finance minister, to force […]
Extended Protection
Feb 09 (LBO) The Sri Lanka signs MOU with Jordan to protect rights of migrant workers.Now our people that go to Jordan to work, will have the same rights and privileges as Jordanian workers, said the Minister of Labour Athauda Seneviratne, on Thursday. The three year MOU stipulates that work contracts for Sri Lankans be […]