Category:
Nomadic Workers
Oct 22, 2009 (LBO) – Sri Lanka’s migrant workers and their remittances are unlikely to be seriously affected by the global economic slowdown, the Institute of Policy Studies said in a report. But unskilled migrant workers, especially those in the construction industry, may be affected by the slowdown in construction and service sectors in Gulf […]
Australia set for decades-long mining boom: top official
SYDNEY, October 22, 2009 (AFP) – Australia could be set for a decades-long commodities boom fuelled by rocketing demand from China and India, a senior official said in the country’s latest upbeat economic assessment. Treasury secretary Ken Henry also said a return to full employment was a “conceivable possibility” in the coming years, with major […]
”s cheapest car
NEW DELHI, October 22, 2009 (AFP) – The world’s cheapest car, the Nano, launched by Indian maker Tata earlier this year, faces possible checks after owners complained of fires apparently caused by short circuits.But Tata Motors said it would not order a recall of the Nano, at least 7,500 of which have been delivered since […]
Sri Lanka budget airline to get six planes
Oct 22, 2009 (LBO) – Sri Lanka’s loss-making state-owned budget airline, Mihin Lanka, is to buy six aircraft, Ports and Aviation Minister Chamal Rajapaksa said.He made the revelation during a debate in parliament on Sri Lankan Airlines, the national carrier, also state-owned, our sister news website, Vimasuma.com reported. Rajapaksa did not give further details about […]
” on asylum boats
SYDNEY, October 22, 2009 (AFP) – Australia’s Prime Minister Kevin Rudd Thursday angrily denied extremists were among hundreds of asylum-seekers arriving in the country, as another two boats were stopped off the northern coast.Rudd demanded that opposition leader Malcolm Turnbull withdraw support for renegade backbencher Wilson Tuckey, who said there were “narrow odds” some of […]
Sri Lanka boat people driven by insecurity, jobs
October 22, 2009 (AFP) – Fear of persecution and a lack of jobs at home are driving thousands of Sri Lankans to risk perilous boat rides to developed countries, according to officials and politicians.Two separate boats carrying a total of over 300 illegal immigrants believed to be members of Sri Lanka’s minority Tamil community were […]
‘s high taxes said to encourage illegal economy
Oct 22, 2009 (LBO) – Sri Lanka’s complex tax structure and high rates are working against the government by pushing consumers to move towards the informal economy that doesn’t pay taxes, a senior economist said. “The Central Bank estimates that revenue losses at import entry points due to illegal importation and under valuation of imports […]
Sri Lanka Treasuries yields ease
Oct 21, 2009 (LBO) – Sri Lanka Treasuries yields eased across the board at Wednesday’s auction with the 3-month yield falling 05 basis points to 9.10 percent, the government’s debt office said. The debt office, which is a unit of the Central Bank, said 7.5 billion rupees of bills were offered for roll over and […]
Sri Lanka gross foreign reserves at US$4.5bn mid Oct
Oct 21, 2009 (LBO) – Sri Lanka’s gross official foreign reserves topped 4.5 billion US dollars by October 13, and end-August reserves were at 3,890.1 million US dollars, the Central Bank said. The Central Bank said it had bought 2,529.3 million US dollars from the forex markets this year. During the year 212.7 million US […]
Sri Lankan shares bounce back
Oct 21, 2009 (LBO) – Sri Lankan shares made a strong recovery to edge back over 3,000 points in late afternoon trade Wednesday as panicky investors calmed down on news a US hedge fund whose founder faces fraud charges had claimed adequate liquidity, brokers said. Conglomerate John Keells Holdings recovered to close at 140.25 rupees, […]
Big Number
Oct 21, 2009 (LBO) –Sri Lanka’s The Finance Company (TFC), a former unit of the troubled Ceylinco Group, said it made a 2.5 billion rupee loss in 2008, owing to a slump in property prices and a run on deposits. TFC said in a statement the company had been adversely affected by the high profile […]
‘s economy seen growing 6.5 pct this year: panel
NEW DELHI, October 21, 2009 (AFP) – India’s economy has withstood the global financial crisis well and should grow by 6.5 percent this fiscal year, a top government panel forecast Wednesday. The panel, which advises India’s Prime Minister Manmohan Singh on economic policy, put the estimated growth range for the country between 6.25 percent and […]