Category:
Sri Lanka seeks to expand plantations
Nov 25, 2009 (LBO) – The Sri Lankan government wants to encourage rubber and coconut cultivation outside traditional areas of production, Plantations Industries Minister D M Jayaratne said.He said there was high demand for land to grow coconut in the east, after the end of the ethnic war made cultivation there commercially viable. The eastern […]
‘s exports weak in September, deficit down
Nov 25, 2009 (LBO) – Sri Lanka’s exports fell 12.8 percent in September 2009 but imports fell at a steeper 36.1 percent shrinking the trade deficit 62.2 percent to 220.4 million US dollars, the Central Bank said. Remittances and net inflows of capital help expand the trade deficit while central bank’s contractionary sterilization activities which […]
India all out for 642 in second Sri Lanka Test
KANPUR, November 25, 2009 (AFP) – Venkatsai Laxman and Yuvraj Singh stroked half-centuries as India reached 642 all out shortly after tea on the second day of the second cricket Test against Sri Lanka here on Wednesday.Laxman (63) hit five fours on the way to his 41st Test half-century while Yuvraj cracked four boundaries and […]
Sri Lanka says move to fair value accounting difficult
Nov 25, 2009 (LBO) – The global move towards fair value accounting might prove difficult for south Asian countries as they lack active markets to support such valuations, a senior Sri Lankan accountant said. Reyaz Mihular, chairman of the Accounting and Auditing Standards Committee of South Asian Federation of Accountants, said a key point of […]
Sri Lanka needs monetary tightening to head off inflation spike: economists
Nov 25, 2009 (LBO) – Sri Lanka’s inflation may top 10 percent next year unless corrective action is taken, and recent trends in the island’s most widely watched index should not make policymakers complacent, economists have said. Prices in Sri Lanka’s capital, measured by a revised Colombo Consumer Price Index, rose 1.4 percent in October […]
Sri Lanka corporate debt killed by nuisance tax: market participants
Nov 24, 2009 (LBO) – The corporate debt market in Sri Lanka is being held back by the complex way a tax is charged by the government which has killed secondary market trading in debt securities, market participants have said. “But the way it’s collected allows secondary market trading without any problem. They basically collect […]
Sri Lankan shares fall 1.9-pct
Nov 24, 2009 (LBBO) – Sri Lankan stock prices fell across the board Tuesday on retail investor worries about the political and economic future after the government announced a snap presidential poll, brokers said. The All Share Price Index closed at 2,875.39, down 1.90 percent (55.68 points) while the Milanka Price Index of more liquid […]
Road Support
Nov 24, 2009 (LBO) – The European Union (EU) said repairs to a key road linking Sri Lanka’s south with the east that was damaged by a tsunami had been completed with EU and Asian Development Bank aid. The 158-kilometer stretch of the southern coastal road linking the southern Matara town with Wellawaya towards the […]
Ship Fuel
Nov 24, 2009 (LBO) – A price war among Sri Lankan bunker suppliers in Colombo port is intensifying with some firms saying prices have fallen below cost to loss-making levels.Sri Lankan bunker suppliers said prices have come down sharply since the market was opened up and more suppliers came in with the price difference between […]
Transport Trends
Nov 24, 2009 (LBO) – Vehicle imports to Sri Lanka in August 2009, measured by the total number of new registration of motor vehicles, fell 22.2 percent to 16,293 from a year ago, latest official data showed. The government lifted restrictions imposed towards the end of 2008 on import letters of credit for vehicles, amid […]
Legal Action
PARIS, November 23, 2009 (AFP) – A French court on Monday jailed 21 Tamil Tiger militants convicted of extorting millions of euros from the Tamil diaspora in France to fund their armed campaign in Sri Lanka. The toughest sentence of seven years in was given to Nadaraja Matinthiran, whom the court heard was the leader […]
Sri Lanka ex-military chief asks court to restore bodyguards
November 24, 2009 (AFP) – Sri Lanka’s former top army general Tuesday asked the Supreme Court to restore his security contingent which has been drastically scaled down following a spat with the president, officials said.General Sarath Fonseka petitioned the country’s highest court seeking the restoration of his 600-member strong bodyguard unit which has been slashed […]