Category: Economy

A new compensation formula for termination of employees will come into force in March, says the Labour Ministry.A new compensation formula for termination of employees will come into force in March, says the Labour Ministry. “It will be gazetted most probably in two weeks time.The formula was approved by Cabinet and it is now at […]

The European Commission will field a team to tsunami hit Indonesia and Sri Lanka today, to best decide how to spend € 350 mn for reconstruction work.The European Commission will field a team to tsunami hit Indonesia and Sri Lanka today, to best decide how to spend € 350 mn for reconstruction work. The team […]

The Ministry of Agriculture says it will cancel the current Rs 6 bn fertiliser subsidy for a more farmer-friendly subsidy scheme this year. The Ministry of Agriculture says it will cancel the current Rs 6 bn fertiliser subsidy for a more farmer-friendly subsidy scheme this year. “The government spends Rs 6 bn on fertiliser subsidy. […]

IMF says the Central Bank should tackle higher than target monetary aggregates that are subsidizing big corporations at the expense of poor savers.IMF says the Central Bank should tackle higher than target monetary aggregates that are subsidizing big corporations at the expense of poor savers. IMF’s outgoing Resident Representative Jeremy Carter said Central Bank should […]

The sign below an exhibit at the Pacific Tsunami Museum in Hilo, Hawai’i, claims that Hilo is “the tsunami capital of the world.” Dr George D. Curtis, the scientific advisor to the museum, covered that sign with his hand and said quietly, “now, we’ll have to change that. ” That is just one of the […]

Sri Lanka’s government blamed splinter factions of the Tamil rebel movement for the slaying of a top guerrilla leader and praised it for the “restraint” it had shown since the killing.Sri Lanka’s government blamed splinter factions of the Tamil rebel movement for the slaying of a top guerrilla leader and praised it for the “restraint” […]

The Finance Ministry Wednesday set up a new office under its External Resources Department (ERD) to coordinate non-government organisations (NGO) post tsunami aid activities. The voluntary signup, ERD’s Kishan Theodore said, would help avoid duplication of effort and spread available resources around all affected areas. “Non-Governmental Organisations are encouraged to obtain the agreement of the […]

Sri Lanka Tuesday expressed fears of a return to war after the slaying of a top Tiger rebel amid moves by peace broker Norway and foreign lenders to rebuild the war-ravaged and tsunami-hit nation.Sri Lanka Tuesday expressed fears of a return to war after the slaying of a top Tiger rebel amid moves by peace […]

The Indian Ocean tsunamis killed 31,000 people in Sri Lanka and caused unprecedented damage, but were also a blessing to its economy which had been heading for a major catastrophe, according to analysts.The Indian Ocean tsunamis killed 31,000 people in Sri Lanka and caused unprecedented damage, but were also a blessing to its economy which […]

The Indian Ocean tsunamis killed 31,000 people in Sri Lanka and caused unprecedented damage, but were also a blessing to its economy which had been heading for a major catastrophe, according to analysts.The Indian Ocean tsunamis killed 31,000 people in Sri Lanka and caused unprecedented damage, but were also a blessing to its economy which […]

A Tamil Tiger leader was killed together with four other rebels in eastern Sri Lanka Monday in what appeared to be an internecine clash, government military officials said.A Tamil Tiger leader was killed together with four other rebels in eastern Sri Lanka Monday in what appeared to be an internecine clash, government military officials said. […]

The government is hoping to decide the fate of previously approved and now invalid coastal building projects, including hotels, on Tuesday. The government is hoping to decide the fate of previously approved and now invalid coastal building projects, including hotels, on Tuesday. “We are meeting tomorrow (Tuesday) to decide what to do about coastal development […]