Author: lbostgadmin
Small Wallet — Updated
Sri Lanka is tipped to head for a mini budget as signs of the UNF budget making its way to Parliament this year, diminish.rnrnrnGovernment finances run on a calendar year and a Vote on Account (mini budget) is needed to ensure the administration runs for an interim period.rn rnPresident Chandrika Kumaratungas move on Tuesday to […]
Rotting Deal
The Finance Minister in an emergency meeting with the press on Wednesday said fertiliser subsidies was to be increased significantly from the Rs. 2 billion allocation this year.rn rnChoksy said the farming community deserved an increased subsidy, given the two subsequent bumper harvests. rn rnThe relief measure however, goes against earlier statements from related Ministries, […]
Buying Support
The Sri Lanka Muslim Congress (SLMC) leader Rauff Hakeem says his party will back the UNF government only on conditions put forward by his party. Conditions include Muslims being recognised as a separate and independent participant and that the partys proposals for an interim administration are considered at peace talks with the Liberation Tigers of […]
Free Fall
Investors are bracing for a brutal fall in share prices in Thursday trading, following up on the over 18 percent drop in the ASPI over two days. The stockmarket plummeted through Tuesday and Wednesday trading on news that the President had sacked three key Ministers from their posts sand was mooting plans to take control […]
Oval Blessings
President George W. Bush on Wednesday praised Sri Lankan Prime Minister Ranil Wickremesinghes “leadership,” a day after President Chandrika Kumaratunga exploited the premiers absence to ignite a constitutional crisis. Fresh from the endorsement delivered at Oval Office talks, Wickremesinghe promised to sort out the turmoil unleashed when Kumaratunga sacked three ministers, suspended parliament and sent […]
Soft Landing
Software giant Microsoft Corp on Wednesday announced a multi-million dollar tie-up with Sri Lanka, to provide education, training and an eventually set up a development unit. Microsoft will provide investments over a five year period, the Sri Lankan Embassy in Washington said in a release.rn rnThe deal was stitched up during Prime Minister Ranil Wickremesinghes […]
State Freeze
The President on Wednesday declared a State of Emergency, a day after she sacked three key ministers and suspended Parliament. President Kumaratunga used her executive powers to declare a State of Emergency for a period of ten days, the maximum possible without Parliamentary sanction.rn rnThe powers give security forces sweeping authority to arrest and detain […]
Higher Warnings
The Supreme Court ruled on Wednesday that the President enjoys supreme, inalienable powers relating to defence of the country. rnThe ruling comes one day after President Kumaratunga sacked three key ministers and took over the portfolios of Defence, Interior and Media.rn rnldblquote The plenary Executive power including the Defence of Sri Lanka is vested and […]
Tour Advisory
A top-rung tourism taskforce is already monitoring the ongoing political chaos and to map out salvage plans in the event of a worsening crisis. ldblquote We had a meeting in the trade today and what we have decided for the moment is to allow normal operations to continue. So far there is no serious cause […]
No-Fly Zone
Britain has issued a travel advisory to Sri Lanka and the up-coming tour of the English cricket team put off as the country slipped further into political chaos.rnrn rnThe warning to avoid travelling to the country follows the Presidents sacking of three key Ministers on Tuesday, and the taking over of the portfolios of Defence, […]
Crash
The Colombo stock market took a plunge as President Chandrika Kumaratunga sacked three key ministers and took over the portfolios of Defence, Interior and Media.Government Spokesman Gayrika Perusinghe told LBO that President Kumaratunga had removed Ministers Thilak Marapana (Defence), John Amaratunga (Interior) and Imthiaz Bakeer Markar (Media) and their respective line bureaucrats with immediate effect.rn […]
Calling All Buyers
The market is climbing up, with analysts seeing investment oppurtunities, urging buyers to return to the market. rn”Fundamentally stocks are trading at attractive levels. There are enough buying oppurtunities and now is the time to enter the market”, says Manager Research at HNB Stockbrokers, Hasitha Premaratne.rn rnBuyers are returning on the back of mostly panic […]