Category:
Sri Lanka Ports Authority loses US$10mn in 2010
June 12, 2011 (LBO) – State-run Sri Lanka Ports Authority has lost 1.1 billion rupees in 2010 partly due foreign exchange losses on Yen loans and a rising wage bill despite revenues rising 19 percent to 28.2 billion rupees, official data showed. The newspaper quoted SLPA additional managing director Norman Weerarathne as saying that 2,398 […]
Services Sales
June 12, 2011 (LBO) – The shipping division of Sri Lanka’s Aitken Spence group has won a deal to improve the efficiency of the port of Nacala in Mozambique, building on its reputation elsewhere in Africa, the company said. The deal was made on the strong “reputation it has built as a result of the […]
Sri Lanka earns Rs22.1bn from food taxes: report
June 12, 2011 (LBO) – Sri Lanka has earned 22. 1 billion rupees from taxes imposed on several basic foods imported in to country in 2009, with sugar and milk powder bringing in the most amount of money, a media report said. The Island newspaper said the information was tabled in parliament in response to […]
‘ Concern
June 11, 2011 (LBO) – Friday Forum, a Sri Lankans citizen’s group has expressed concern about a recent controversial training scheme for undergraduates, conducted the by the military, where relief was sought also from the country’s highest court. “The decision in the Supreme Court dismissing, without stating reasons, all the petitions against the programme, has […]
Sri Lanka workers against new state-controlled pension fund: poll
June 12, 2011 (LBO) – A poll by Sri Lankan weekly newspaper has found that 82 percent of the respondents were against the creation of a state-controlled pension fund with private sector workers’ money. Sri Lanka’s ruling administration has temporarily withdrawn a bill to create the controversial pension fund, after protests left one worker dead […]
Pension Fracas
June 11, 2011 (LBO) – The International Monetary Fund had “nothing to do” with a controversial ‘pension’ plan for Sri Lanka’s private sector workers involving a third forced savings scheme, an official said. Rulers, a handful of their close associates can get a pension after only five years in office under a law passed by […]
India pushes Sri Lanka on Tamil rights
June 11, 2011 (AFP) – India on Saturday asked Sri Lanka to address the grievances of the island’s Tamil minority two years after the Tamil Tiger separatist rebels were finally defeated, reports said. Three top Indian officials held closed-door talks with President Mahinda Rajapakse during an overnight visit to Sri Lanka and urged a renewed […]
Sri Lanka investments could rise with transparency: IMF
June 10, 2011 (LBO) – Sri Lanka may see a more investments, if perceptions about transparency are addressed and there is clarity on the role of the state in the economy, an International Monetary Fund mission said. “Increased transparency and improved governance could also bolster market confidence and lead to higher investment,” an IMF mission […]
Sri Lanka stock close 0.6-pct lower
June 10, 2011 (LBO) – Sri Lanka stocks closed 0. 6 percent lower Friday after seeing a spurt of speculative trading when Lanka Orix Leasing Company sold out of People’s Merchant Bank, a smaller leasing firm, brokers said. Stocks purchased by Jayaweera have been been subject to heavy speculative trading in recent weeks, though no […]
Sri Lanka tourist arrivals up 39-pct in May
June 10, 2011 (LBO) – Tourist arrivals to Sri Lanka rose 39 percent to 48,000 in May 2011 from a year earlier, led by increases in visitors from India and East Asia, data from the tourist promotion office showed. Visitors from Britain fell 0.4 percent to 4,452 while German arrivals rose a modest 3. 2 […]
Sri Lanka Haycarb calls for coconut plantations strategy
June 10, 2011 (LBO) – Sri Lanka’s Haycarb has called for a long-term strategy to expand coconut plantations to ensure raw material availability to make activated carbon and said it is diversifying into wood- and coal-based carbons. Shortages of coconut shell charcoal, which account for almost 65 percent of the firm’s cost of production, and […]
Sri Lanka Mihin Lanka losses mount, assets negative
June 10, 2011 (LBO) – Sri Lanka’s state-run Mihin Lanka, a budget carrier, has lost 5.8 billion rupees since it was started in 2007 and it had a 5.6 billion rupee gap in the balance sheet despite capital injections from people’s tax money, official data shows. According to data the state had injected 2. 7 […]