Category:
Sad Employers
Dec 11, 2012 (LBO) – Sri Lanka’s Employer’s Federal of Ceylon (EFC) an industry body representing large firms said it was disappointed over a delay in two key labour law reforms that were agreed upon earlier. The EFC has been making representations through the National Labour Advisory Council, a body representing the state, unions and […]
India may ask Sri Lanka to cut automobile tariffs: report
Dec 11, 2012 (LBO) – India is mulling asking Sri Lanka to reduce import duties which had been raised twice last year hitting small car imports and three wheeler vehicles in particular, a media report said. Another report said Chinese manufacturers are being allowed to set up assembly plants in Sri Lanka which could potentially […]
Sri Lanka credit ceilings served their purpose: Deputy Governor
Dec 11, 2012 (LBO) – Credit ceilings imposed on Sri Lanka’s commercial banks had served their purpose and were part of temporary measures to stabilize the economy, deputy Central Bank Governor Nandalal Weerasinghe said. In February 2012 Sri Lanka raised interest rates, imposed an 18 percent cap on commercial bank credit growth and partially floated […]
Liquid Bank
Dec 10, 2012 (LBO) – Sri Lanka’s ICICI Bank, a branch of an Indian bank with the same name, has seen its [SL] AAA credit rating confirmed by ICRA, a rating agency on support from the parent, comfortable capitalization and high sovereign asset holdings. “The credit strengths are partially offset by small scale of the […]
Banking Secrecy
Dec 10, 2012 (LBO) – Sri Lanka’s banking secrecy laws may not be worth the paper it is written on and confidential information of customers could be easily obtained, a senior government minister said over the weekend. Fisheries Minister Raajitha Senaratne said the 117 ruling party legislators who signed the impeachment motion against Chief Justice […]
Net Biz
Dec 10, 2012 (LBO) – Sri Lanka’s Dialog Axiata said it will acquire a 26 percent stake in Digital Commerce Lanka (Pvt) Ltd, which owns Anything. lk an e-commerce site for 1.59 million US dollars. Dialog said in a stock exchange filing that it also planned to transfer group e-commerce businesses ibuy. lk and tradenet.lk […]
Crude Block
Dec 10, 2012 (LBO) – Sri Lanka is unable to import crude oil from Iran despite a sanctions waiver by the United States, because banks are wary of opening letters of credit fearing blacklisting, a media report said. Sri Lanka’s The Sunday Times newspaper said state-run Ceylon Petroleum Corporatio, which used to buy Iranian light […]
Probe Call
COLOMBO, Dec 9, 2012 (AFP) – Sri Lanka’s main opposition party asked the Commonwealth Sunday to investigate the impeachment of the country’s chief justice in what it called a breach of the bloc’s democratic values. Opposition spokesman and former foreign minister Mangala Samaraweera urged the group’s secretary general Kamelesh Sharma to order his disciplinary body, […]
Impeachment
Colombo, (AFP) – Sri Lanka’s first woman chief justice faced the threat of dismissal from office after a parliamentary panel on Saturday found her guilty of three accusations of professional misconduct. The charges against Chief Justice Shirani Bandaranayake have raised international concerns that the government is trying to control the judiciary after crushing Tamil rebels […]
Decision
Dec 08, 2012 (LBO) – A parliamentary committee from which opposition members walked out, has found Sri Lanka’s chief guilty of three out of five main charges made in a motion signed by ruling party legislators. Parliament is expected to hold a 10-day debate over issue. Reports said given the gravity of charge on which […]
Sri Lanka flights by Korean Air from March
Dec 08, 2012 (LBO) – Korean Air would resume flying to Sri Lanka three times a week from March 09, after a lapse of 28 years, which can boost tourist arrivals from that country, officials sai d. A Seoul-Colombo return ticket is priced at around 90,000 rupees. The airline quit the country in 1984. Sri […]
Sri Lanka forex reserves drop in October
Dec 07, 2012 (LBO) – Sri Lanka’s official foreign reserves dropped 7. 1 percent to 6,547 million US dollars in October 2012 from a month earlier following the repayment of a sovereign bond, official data showed. The Central Bank said tourism receipts were 790. 2 million US dollars in the first 10 months, worker remittances […]