Category:
Sri Lanka troops capture another Tiger village: military
February 20, 2009 (AFP) – Sri Lankan security forces seized another village from Tamil Tiger rebels, the government said Friday, as international concern mounted about the plight of civilians caught in the shrinking war zone.Government forces established control over the village of Ampalavanpokkanai in the district of Mullaittivu on Thursday afternoon following heavy fighting, the […]
Sri Lanka troops capture Tiger diving gear: military
February 20, 2009 (AFP) – Security forces captured diving equipment and underwater “scooters” used by suicide bombers after heavy fighting with Tamil Tiger rebels in the island’s northeast, the defence ministry said on Friday.Troops seized the equipment after five hours of fighting at the village of Ampalavanpokkanai on Thursday, the ministry said in a statement. […]
Sri Lanka inflation to fall to 8.0-pct by end-Feb: CB Governor
Feb 20, 2009 (LBO) – Falling inflation is giving Sri Lanka more room to loosen monetary policy, Central Bank Governor Nivard Cabraal said Friday, though the island is grappling with a balance of payments problem. Sri Lanka’s 12-month inflation would fall to around 8.0 percent in February from 10.7 percent in January and year-end inflation […]
Sri Lanka, developing countries, face more challenges and poverty from downturn: economists
Feb 20, 2009 (LBO) – While developed countries are facing economic contraction, developing nations are facing increases of absolute poverty, with some countries like Sri Lanka having little fiscal room to maneuver, economists have said. A global economic crunch from a collapsing housing, financial and commodity bubble was slowing ‘economic growth’ worldwide, with world growth […]
Sri Lanka must sacrifice growth for stability: economist
Feb 19, 2009 (LBO) – Sri Lanka’s government should focus on restoring macro-economic fundamentals which have deteriorated in recent years to help it overcome the global economic crisis, even if means slower growth, an economist has said. Resources had to be set aside for both while the government had to do normal development activities. But […]
Sri Lanka treasury bill yields flat
Feb 19, 2008 (LBO) – Sri Lanka Treasury bill yields were flat at an auction Wednesday, with the government selling 4.2 billion of the 7.0 billion bills offered for sale.The 12-month yield eased 01 basis points to 17.73 percent, the 6-month also by a basis point to 16.93 percent and the 3-month by 02 basis […]
Sri Lankan stocks attract foreign investors
Feb 19, 2009 (LBO) – Sri Lankan shares closed down Thursday but foreign investors have begun taking medium to long-term positions on blue chips like John Keells Holdings (JKH), Hemas Holdings and Dialog Telekom, brokers said. Dialog Telekom lost 10 cents to close at 4.90 rupees, while Sri Lanka Telecom lost 50 cents to close […]
Bailout Program
Feb 19, 2009 (LBO) – Sri Lanka’s government will make a final decision on a bailout package to deal with toxic assets of banks and finance companies next week, government minister said. He said the first round of negotiations was held Wednesday. State-run People’s Bank has also stopped payments on hedges to counterparty banks, opening […]
Banking Numbers
Feb 19, 2009 (LBO) – Sri Lanka’s NDB Bank said group net profit rose sharply in the December quarter, although annual profit was up only five percent to 1.6 billion rupees from a year ago.NDB group total income for the December quarter rose almost 30 percent to 3.2 billion rupees and net profit increased almost […]
Sri Lanka to protect Ceylon Tea intellectual property
Feb 19, 2009 (LBO) – Sri Lanka is seeking protection for the Ceylon Tea brand and seven growing areas under international intellectual property laws that cover products under ‘geographical indicators’, a government minister said. Sri Lanka Tea Board, a state regulatory body, has been authorized to seek protection under the provisions of the agreement on […]
Inter Connection
Feb 19, 2009 (LBO) – Sri Lanka’s Telecommunication Regulatory Commission (TRC) will ask mobile phone operators to give adequate connections to calls from customers of new entrant Bharti Airtel, an official said. “I think what would have happened is Airtel is overwhelmed with more traffic than they had originally estimated, and now they are crying […]
Sri Lanka December 2008 exports fall sharply
Feb 19, 2009 (LBO) – Sri Lanka’s total exports in December 2008 fell 19.1 percent to 681 million dollars from a year ago, dragged down by a sharp fall in its main product tea, as well as garments, the central bank said.“The performance of agricultural and industrial exports appears to have been affected by the […]