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Sri Lanka navy sinks rebel boat off key harbour
July 1, 2006 (AFP) – Sri Lankan gunboats sank a suspected Tamil Tiger rebel craft off the island’s northern military port of Kankesanthurai, the navy said Saturday. The rebel boat caught fire and sank after it was hit by naval fire about eight kilometres (five miles) from the entrance to the military facility, navy spokesman […]
Sri Lanka’s inflation rate climbs to 17.7% in June
June 30, 2006 (LBO) – Sri Lanka’s inflation rate for June jumped to 17.7 percent, official figures showed Friday, spurring concerns that the Central Bank may hike interest rates again. The bank, which is forecasting a year-end growth of 7.0 percent said the economy would remain vulnerable an upsurge in violence, as sporadic attacks on […]
Sri Lanka raises Rs. 6 bn via inflation linked bond
June 30, 2006 (LBO) – Sri Lanka’s Central Bank Friday placed a 6 billion rupee government bond linked to an inflation index, which is expected to clear a part of the government’s overdrafts with state banks. (US$ 1 = Rs. 103) The debt, which carries tenures of three and four-years, is believed to have been […]
Cheaper Wheels
June 30, 2006 (AFP) – Sri Lanka’s government Friday said it will offer duty free cars and motorcycles to accredited journalists in a bid to ensure the “freedom” of the media.Plan Implementation Ministry Secretary Nivard Cabraal said a scheme to offer tax free cars, motorcycles and computers to journalists would be implemented before the end […]
Serious Contenders
June 30, 2006 (LBO) – More than ten foreign and local telecom operators shown interest in bidding for Sri Lanka’s fifth mobile operator’s licence, the island’s the telecom regulator said Friday. Bidders, which included those from Singapore, India and Malaysia, are keen to get a slot in the mobile phone market which grew over 50 […]
Sri Lanka toll hits 11 as monitors mull truce
June 30, 2006 (AFP) – At least 11 people were killed in fresh violence in Sri Lanka, the military and the Tamil rebels said Friday, as Nordic truce monitors mulled their future role on the troubled island.The LTTE has also warned against Norway’s withdrawal, saying in a statement Monday that war would be “unavoidable” if […]
Cheap Cheap
June 30, 2006 (LBO) – Ceylon Petroleum Corp or Ceypetco has developed a lower octane gasoline for use in three wheelers, motorbikes, the island’s sole oil refiner said Friday. The ‘RON 87 petrol’ has been developed by CPC scientists and engineers to ensure three-wheelers have the right formula for fuel. CPC says three-wheeler taxis can […]
Sri Lanka expects economy to expand by 8% this year
June 30, 2006 (LBO) – Sri Lanka’s economy is expected to grow by a better-than-expected 8.0 percent, this year a senior government official said a day after the central bank forecasted year end growth of 7.0 percent. The bank cautioned that economic expansion would remain vulnerable to an upsurge in violence, as sporadic attacks on […]
‘s inflation rate climbs to 17.7% in June
June 30, 2006 (LBO) – Sri Lanka’s inflation rate for June jumped to 17.7 percent, official figures showed Friday, spurring concerns that the Central Bank may hike interest rates again. The bank, which is forecasting a year-end growth of 7.0 percent said the economy would remain vulnerable an upsurge in violence, as sporadic attacks on […]
Sri Lanka’s economy expands 8.1% first quarter: Central Bank
June 29, 2006 (LBO) – Sri Lanka’s 24-billion dollar economy expanded by 8.1 percent during the first quarter of this year, ahead of a recent government forecast of 7.0 percent, the Central Bank said Thursday. The bank, which is forecasting a year-end growth of 7.0 percent said the economy would remain vulnerable an upsurge in […]
Killings slow Sri Lanka’s economic drive: World Bank
June 29, 2006 (LBO) – Sri Lanka’s deteriorating security situation is undermining growth and slowing the island’s attempts to snap out of the poverty trap, a top World Bank official said Thursday. “The political situation and the sustained violence in the recent past are undermining the potential for growth,” the bank’s country head designate for […]
Default Hit
June 29, 2006 (LBO) – Small Sri Lankan banks are facing the threat of weaker credit ratings, following a government move to lift a law that allows banks to speed-up foreclosure on assets pledged against smaller loans.But state banks are excluded from the project.Bankers have already warned that the move to stop parate execution – […]