Category:
Sri Lanka vows to flush out Tigers, civilians flee fighting
COLOMBO, Dec 13, 2006 (AFP) – Sri Lanka’s army chief vowed to drive out Tiger guerrillas from the island’s restive east as dozens of civilians fled their shelters Wednesday amid a lull in shelling. The commander of the army, Lieutenant General Sarath Fonseka, said the military had captured two guerrilla defence lines inside their Vakarai […]
Trade unions force Sri Lanka to scrap newer consumer inflation index
December 13, (LBO) – A newer price index covering a larger geographical area, which represented a broader socio-economic category is being scrapped because trade unions opposed it’s use to link wages, Sri Lanka’s statistics office said. This year the CCPI was spiking higher than the SLCPI with October 12-month point-to-point registering 17.2 percent in the […]
ADB pumps in additional US$ 60 mn for water project due to cost overruns
December 13, 2006 (LBO) – A sudden rise in construction prices, government duties and taxes, has forced the Asian Development Bank to stump up an extra 60 million dollars to improve water and sanitation conditions in conflict and tsunami hit regions, the bank said Wednesday. Mooted under the Secondary Towns and Rural Community based Water […]
’s exports dip by over 11% in Oct on fall in apparel, tea and industrial goods
December 13 (LBO) – Sri Lanka’s exports dipped by over 11 percent in October, the country’s Central Bank said Wednesday, on the back of a fall in exports of tea, textiles and apparel and industrial goods. Exports stood at 537.3 million dollars in October, an 11.5 percent drop on a high base of 607 million […]
‘s economy grows 7.4 percent in the third quarter
December 13, 2006 (LBO) – Sri Lanka’s economy grew 7.4 percent in the third quarter of this year, the island’s Census and Statistics Department said Wednesday, but an escalation in hostilities could dampen future economic progress. The department, which is the main agency that prepares the country’s national accounts, said growth during the third quarter […]
Ceylon Exposure
November 12, (LBO) – The Bank of Ceylon has given 43.7 percent of its loans to the government and state-owned enterprises, and its exposure to government would remain high or even increase, Fitch Ratings Lanka said Tuesday, as it affirmed the bank’s AA (lka) rating.“Furthermore such exposures also increase the linkage to the state’s financial […]
Bank of Ceylon in billion rupee loan deal with Sri Lanka sugar maker Pelwatte
Dec 12 (LBO) – State owned Bank of Ceylon has tied up with Pelwatte Sugar Industries to give farmers over a billion rupees in soft loans and boost production at the country’s largest sugar plantation.Bank of Ceylon said Tuesday that it would give 15,000 sugar cane growers cultivating 150,000 hectares, up to 150,000 rupees each to […]
Finlays Sri Lanka plantation hands over management to private company
Dec 12 (LBO) – Sri Lankan regional plantations company Udapussellawa Plantations is to hand over management of two estates to a newly incorporated private company for a 38-year period, an official said Tuesday. “These estates need a lot of investment into the field operations as well as factories and with the current structure and wages going […]
Soft Landing
December 12, 2006 (LBO) – Lanka Bell, one of Sri Lanka’s privately held wireless telecom operators, has tied up with India’s FLAG Telecom to lay an undersea cable linking both countries. FLAG owns and manages an extensive optical fibre network spanning four continents and connecting key business markets in Asia, Europe, the Middle East and […]
Underwater Link
Dec 12, 2006 (LBO) – A new fibre optic undersea cable that connects Maldives to Sri Lanka will bring down international call charges from the Indian Ocean coral atoll, officials said Tuesday. The telco, which carries an AAA (lka) rating from Fitch Ratings Lanka, also has a share in Sri Lanka’s cellular market through its […]
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PARIS, Dec 12, 2006 (AFP) – For the companies and individuals inhabiting the web’s ever-evolving ecosystem, three big revolutions have taken place almost unnoticed by outside observers. The first, they argue, was the initial phase — or what they call “Web 1.0” — when corporations like the BBC, Disney and established newspapers set up virtual […]
Asian financial markets face greater volatility in 2007: S and P
SINGAPORE, Dec 12, 2006 (AFP) – Asia-Pacific financial markets will remain generally strong but face greater volatility and higher risks in 2007, Standard and Poor’s said Tuesday. The US-based credit watchdog said in a statement that the regional economic outlook remained positive despite an expected US slowdown next year. But higher financing costs, increased corporate […]