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Sri Lankan rupee overvaluation hurting apparel orders, jobs
Dec 26, 2008 (LBO) – Sri Lanka’s apparel exporters could win back 15 percent of orders now lost due to an overvalued rupee caused by high domestic inflation, if there was a realistic exchange rate, an industry official said. The Sri Lanka rupee has fallen against the US dollar in December after the Central Bank […]
Sri Lanka gives go-ahead for Pakistan cricket tour
December 26, 2008 (AFP) – Sri Lanka has given the green light for the national cricket team to tour Pakistan next month in place of India, who cancelled their five-week series over the Mumbai attacks. The Pakistan Cricket Board said it was set to lose at least 25 million dollars as a result of the […]
Christmas celebrations reflect on war, hardship
VATICAN CITY, December 25, 2008 (AFP) – War and economic hardship loomed over Christmas celebrations across the world Thursday, with Pope Benedict XVI denouncing greed and pleading for an end to violence in the Middle East. The pontiff lamented that “the horizon seems once again bleak for Israelis and Palestinians,” and he decried the conflicts […]
Sri Lanka tsunami recovery hampered by lack of accountability: IDA
Dec 26, 2008 (LBO) – Sri Lanka’s tsunami recovery efforts were hampered by lack of effective institutions, the International Development Association (IDA), part of the World Bank group said.“Reconstruction needs strong and accountable institutions,” it said in a statement. “Sri Lanka’s tsunami reconstruction was hampered from time to time by the dearth of effective institutions, […]
Hope and disappointment four years on from Asian tsunami
LAM TUTUI, December 25, 2008 (AFP) – When the deadly waters of the Asian tsunami smashed into this fishing village in Indonesia’s Aceh province four years ago, not one house was left standing.Now there are too many of them. Recovery has been uneven in the dozen countries hit by the 2004 Indian Ocean disaster, which […]
China Plan
BEIJING, December 25, 2008 (AFP) – China has started filling tanks at its largest oil reserve, taking advantage of tumbling world crude prices, state media reported Thursday. The aim of the reserves is to guarantee supply in times of need as the nation’s a growing economy demands ever-more energy to fuel the factories that supply […]
Sri Lanka shares up, JKH trades boost volumes
Dec 24, 2008 (LBO) – Sri Lankan shares ended marginally higher Wednesday with heavy trading in John Keells Holdings boosting trading volumes, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index ended slightly higher, up 0.33 percent (4.93 points) to close […]
Harbour Moves
Dec 24, (2008) – The Sri Lankan government is trying to expedite a long-delayed project to call for private investors to build a new terminal in Colombo port, a senior ministry of ports and aviation official said.Ministry secretary Thosapala Hewage the attorney-general, the chief government legal officer, recently gave his opinion on the request for […]
Rate Spike
Dec 24, 2008 (LBO) – Sri Lanka’s rates spiked, despite excess liquidity and uncertainty heightened amid problems at a Ceylinco group company in a market that was already hurt by unpaid inter bank hedging contracts, dealers said.On Wednesday market excess liquidity rose to 10.6 billion rupees, though the central bank had lent 2.9 billion rupees […]
Northern Reach
Dec 24, 2008 (LBO) – Sri Lanka’s Commercial Bank said it would offer ‘Saturday banking’ services at its Nelliady branch in the northern Jaffna peninsula, once a hot-bed of Tamil Tiger insurgency. With effect from January 1, 2009, the branch located in MMV Road, Nelliady, will be open on Saturdays from 9.00 a.m. to 1.30. […]
Sri Lanka says 20 Tigers killed in fresh fighting
December 24, 2008 (AFP) – Sri Lankan security forces killed at least 20 Tamil Tiger rebels who were defending their political capital of Kilinochchi in the island’s north, the defence ministry said Wednesday.Troops captured the village of Sinna Paranthan, northwest of Kilinochchi, from the Liberation Tigers of Tamil Eelam (LTTE), the ministry said. “Over 20 […]
Volatile Price
Dec 24, 2008 (LBO) – The Sri Lanka unit of the Indian Oil Corporation, which slashed petrol prices in response to a Supreme Court order, raised the retail prices back to the earlier level of 122 rupees Wednesday. The entire capital budget of the government is also financed out of debt, and the government has […]