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Ahletes set to arrive as things look up for Delhi
NEW DELHI, September 23, 2010 (AFP) – New Delhi’s beleaguered Commonwealth Games was set to welcome its first athletes Friday after receiving a much-needed boost when Team England said they would definitely be participating. The announcement came after the Commonwealth Games Federation signalled Delhi was succeeding in fixing the problems that have brought the event […]
Sri Lanka may deduct more money from private worker salaries
Sept 24, 2010 (LBO) – Sri Lanka’s government may take away more money from the salaries of private sector workers to set up another pension fund, a government minister said, amid concerns about the management of an existing fund. A few years ago an attempt to create a contributed pension fund for state workers was […]
Sri Lanka private sector employees to get new pension scheme
Sept 24, 2010 (LBO) – The Sri Lankan government plans to introduce a pension scheme for private sector employees soon, Gamini Lokuge, Minister of Labour Relations and Productivity Promotion, said. Lokuge also said the pension payments will be made up to the death of the recipient and their dependents will not be entitled to it. […]
Sri Lanka stocks close up 1.03-pct
Sept 23, 2010 (LBO) – Sri Lankan shares edged higher into record territory Thursday with prices of a couple of firms invoved in a change of ownership soaring, brokers said. The All Share Price Index closed at 6,772.34, up 1.03 percent (69.35 points) while the more liquid Milanka index rose 1. 56 percent (110.13) to […]
Rate Ceiling
Sept 23, 1010 (LBO) – Sri Lanka’s central bank has asked banks to cut interest rates on housing loans to 14.0 percent and interest on credit cards to 24 percent by end-October following steep policy rates cuts and lower economic risks. The monetary authority, which is also the bank regulator, said rates on other loans […]
Upgrade Potential
Sept 23, 2010 (LBO) – Fitch Ratings Lanka said it has raised the outlook on Sri Lanka’s Sampath Bank (SB) ˜AA−(lka)’ national longterm rating to positive from stable, indicating a potential for an upgrade in the next 1224 months. “This is based on structural improvements that have occurred within the bank since early 2009, across […]
Vehicle Pact
Sept 23, 2010 (LBO) – Sri Lanka’s SMB Leasing has struck a deal with Lanka Ashok Leyland, the local unit of the Indian vehicle manufacturer, to distribute its vehicles in the former north-east war zone, a statement said. Under the agreement SMB Leasing is to be the sole agent for Lanka Ashok Leyland in Sri […]
Delhi faces threat of mass exodus from Commonwealth Games
NEW DELHI, September 23, 2010 (AFP) – The chaotic Delhi Commonwealth Games faced dire warnings Thursday of a mass pullout by teams as organisers worked frantically to save the event from disaster with just 10 days to go. Eight countries have written a joint letter to the Indian organisers, demanding a list of conditions covering […]
Sri Lanka upgrades growth forecast for 2010
Sept 23, 2010 (LBO) – Sri Lanka has upgraded its growth forecast to between 7.5 to 8.0 percent for 2010, on a better than expected second quarter economic expansion and stronger credit flows, Central Bank governor Nivard Cabraal said. The central bank which cut policy rates for two months in a row held rates in […]
Sri Lanka tax appeals process seen flawed, unjust
Sept 23, 2010 (LBO) – Sri Lankan tax payers are at the mercy of an unfair system with no proper appeal mechanism and aging members of a review board not bothering to turn up for hearings, an expert said. “Some members do not bother to turn up for the hearing of an appeal and delegate […]
Knowledge Source
Sept 22, 2010 (LBO) – India’s CRISIL, a unit of the rating agency Standard & Poor’s said it is buying Pipal Research Corporation, a knowledge process outsourcing firm for 12.75 million US dollars. The purchase will be done through , Irevna, CRISIL’s own KPO division. “The Irevna-Pipal combination will be uniquely positioned in the high-end […]
”’s
Sept 22, 2010 (LBO) – Moody’s Investors Service said it had given a ‘B1’ sovereign rating for Sri Lanka with a ‘stable’ outlook on the end of a war, low inflation and efforts to contain the budget deficit, despite having high levels of debt. “The stable outlook also considers Sri Lanka’s small size, partial dollarization, […]