Author: lbostgadmin
Cost Increase
Former Treasury Secretary P.B. Jayasundera returned to the post today, ending speculation that Presidential Advisor Mano Tittawella was up for the post.Though familiar territory to Jayasundera, his initial tasks could include increasing the governments borrowing programme to foot the cost of the Alliances election promises.rn rnIn addition, an increased borrowing programme could also put pressure […]
Job Watch
After a change of government it is customary to see changes also in the top rung of State departments, corporations and missions abroad.rn rnThe process is already underway but this time under public scrutiny like never before thanks to civil society groups demanding greater accountability and transparency of any new appointments.rn rnAn anti-corruption body, Transparency […]
Local Bound
Local inbound travel operators will have yet another travel distribution system at their disposal to help increase tourist arrivals to a record 600,000 visitors this year. The Galaxy global travel distribution system gives wholesale-priced hotel rooms and transfers to retail travel agents and other travel professionals worldwide, enabling them to immediately access, book, confirm and […]
Left Alone
The Central Bank left its key short-term rates unchanged on Thursday, but cautioned that a higher than estimated budget deficit, from 6.8 per cent to 7.3 per cent of GDP could pressure the governments borrowing programme.The overnight repurchase rate (repo rate) was kept at 7.00 percent and the reverse repurchase rate (reverse repo) at 8.50 […]
AA Grade
Fitch Ratings upgraded its rating for Bank of Ceylons (BOC) Implied Long-term unsecured Senior Debt to SL AA (S L Double A) from a SL AA- (S L Double A minus), reflecting the State baking giants financial profile over the last couple of years.SL AA long-term rating denotes a very low expectation of credit risk. […]
Passport to Reforms
People waiting all day in long queues braving the blazing sun to get their passports at the Immigration and Emigration Department is a common sight in Colombo.rnrn The department, which issues passports, deals with over three thousand people who come to its cramped and dilapidated offices at Bambalapitiya daily to get new passports or renew […]
The Lankan Pie
Protecting jobs at home has become a hot issue in the US presidential race as companies there, relocate some business processes looking for lower taxes and cheap labor. Americans are seeing a repeat of history when thousands of manufacturing sector jobs was lost to cheaper imports and the shift of production facilities abroad.rn rnBusiness Process […]
Here We Go Again
Central Bank says non-bank private sector has capacity to absorb nearly Rs.100 billion in extra borrowings but warned any such move will push interest rates up. The UNF government announced in its last budget its net borrowing for the year would be Rs.65 billion but the Central Bank says they can borrow up to Rs.30 […]
Applying Caution
Sri Lankas top trade chamber said Friday that it will support the new Government, but voiced concern over proposals to expand the public sector and extend the states role in commercial activity. The Ceylon Chamber of Commerce drew up a checklist of five priority areas to be tackled when work begins, re-iterating that economic activity […]
Eastern Battle
Casualties were suffered on both sides in the first major clash since a split in the guerrilla group, the pro-Tiger Tamilnet.com website said.rn rn Forces of the Liberation Tigers of Tamil Eelam (LTTE) were advancing on positions held by those loyal to the renegade regional commander V. Muralitharan, and there were casualties on both sides, […]
Hope & Pray
The JHU (Jathika Hela Urumaya), will make it a priority to introduce a new law to stop Sri Lankans from being persuaded to change their religious beliefs. The JHU is hoping to stop the islands majority Buddhists from embracing other religions endash mainly the teachings of various Christian sects now operating freely all over the […]
Showdown
Guerrilla factions have exchanged heavy gunfire in north-eastern Sri Lanka, in the first major clash since an unprecedented split in the Tamil Tiger movement, military officials said.rnrnFighters of the main Tamil Tiger movement and cadres controlled by a renegade regional commander fired mortars and small arms fire for nearly two hours across the Verugal river, […]