Category:
Media Nomination
Dec 03, 2008 (LBO) – An imprisoned Sri Lankan journalist, who faces a lengthy jail term for expressing his views, if convicted, has been nominated for a media freedom award by media watchdog Reporters Without Borders (RSF). To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 RSF said […]
Sri Lankan Airlines cut fuel surcharges; gets new aircraft
Dec 03, 2008 (LBO) – Sri Lankan Airlines will remove fuel surcharges to South Asia, Middle East and East Asia, and reduce surcharges on long haul flights from January 01, the national carrier said. SriLankan introduced a fuel surcharge in July 2008 throughout its network. Crude prices have collapsed since then. The airline says it […]
Black Market
Nov 03, 2008 (LBO) – Sri Lanka’s state is operating a black market taking an estimated 54 billion rupees a year in profits and discriminatory taxes from petrol users, an opposition parliamentarian has said. Ravi Karunanayake, a member of the opposition United National Party told reporters the landed cost of petrol in Colombo, including freight […]
Sri Lanka shares weaken, trading slumps to 4-year low
Dec 02, 2008 (LBO) – Sri Lankan shares weakened Tuesday with trading drying up and turnover slumping to a low of 33 million rupees, the lowest for four years, dealers said.Sri Lankan shares have been on a long slide owing to a slowing economy and poor company earnings amidst high inflation and interest rates. On […]
Secure Plastic
Dec 02, 2008 (LBO) – Sri Lanka’s Sampath Bank has launched chip-embedded credit cards in a bid to outsmart credit card fraudsters who are increasingly targeting the country, officials said. Countries like Malaysia which had become credit card ‘hot spots’ had managed to fight off fraud with computer chip-embedded ‘smart’ cards. “Due to chip technology […]
Labour unrest hits Sri Lankan-managed Maldivian resort
Dec 2, 2008 (LBO) – Over 100 people attached to Sri Lankan Aitken Spence Group’s Meedhuparu Island resort in the Maldives, have struck work demanding better working conditions, joining colleagues in three other resorts, reports said. The strike, which began over the weekend, is initiated by Maldivian employees who want the management to implement the […]
Sri Lanka GSP+ extended till probe over
Dec 02, 2008 (LBO) – Trade concessions from the European Union have been extended till about the middle of next year until a probe on Sri Lanka’s eligibility is completed, an official said. International Trade Ministry Secretary S. Ranugge said the EU had informed the government of the decision. The probe which began in October […]
Sri Lanka opposition to take cabinet, central bank to task over oil hedge
Dec 02, 2008 (LBO) – Sri Lanka’ main opposition United National Party says the cabinet of ministers and the central bank is also responsible for a hedging deal that has gone wrong, and would use parliamentary powers to take them to task. Zero cost instruments had been recommended by a study group formed in 2006, […]
Sri Lanka monsoon floods affect 370,000: UN
GENEVA, December 2, 2008 (AFP) – Monsoon floods in the north of Sri Lanka have affected more than 370,000 people, with 71,000 being displaced, the United Nations said Tuesday.Tamil Tiger guerrillas, who began their struggle for a separate Tamil homeland in 1972, are currently facing the Sri Lankan army’s biggest ever offensive in the north.“The […]
US in recession since December 2007: official panel
WASHINGTON, December 2, 2008 (AFP) – A US recession began in December 2007, a panel of economists charged with the official designation of business cycles said Monday.But the gross domestic product (GDP) data may have been skewed by tax rebates that stimulated consumer spending, according to analysts. The NBER said “we do not identify economic […]
Sri Lanka shares resume slide, Ceylinco Insurance boosts trading volumes
Dec 01, 2008 (LBO) – Sri Lankan shares resumed their downward march Monday after two days of marginal gains last week, with a large transaction in Ceylinco Insurance propping up trading volumes, brokers said.Corporate earnings in the last quarter are down while the crash in commodity prices and high inflation and interest rates are seen […]
Citi Profits
Dec 01, 2008 (LBO) – Profits of the Sri Lanka unit of Citibank soared 134 percent in the 9-months to September 2008 to 1,276 million rupees, driven by a steep increase in fee income, while revenues grew 38.9 percent to 2,247 million rupees, its interim accounts showed.Citibank Sri Lanka had gross assets of 20.7 billion […]