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Sri Lanka state textile firm to shed staff
Jan 22, 2009 (LBO) – A partially operational state textile firm which is overstaffed and debt ridden would be restructured with about half its workers being laid off, an official said. Sri Lanka’s overstaffed state-run firms eat up billions in tax-payer money. Lanka Salusala Ltd now has 298 workers. The firm’s board of directors was […]
Sri Lanka revise India tour schedule
January 22, 2009 (AFP) – The central town of Dambulla will host just one match instead of two during India’s upcoming tour of Sri Lanka, the two cricket boards said in a statement on Thursday.Dambulla, which was due to hold the first two matches of the five-match one-day series, will now host only the opening […]
Sri Lanka urged to act on human rights abuses
Jan 22, 2009 (LBO) – Britain has urged the Sri Lankan government to take strong action to prevent human rights abuses and called on both sides to the ethnic conflict to ensure the safety of civilians. “Creating an environment in which people from all communities in Sri Lanka live without fear is essential to creating […]
Sri Lanka Treasury bill yields fall
Jan 21, 2009 (LBO) – Sri Lanka Treasury bill yields fell across maturities at Wednesday’s auction with the government raising 4.7 billion rupees, the government’s debt office, which is a unit of the central bank, said. The 3-month yield fell 61 basis points to 16.18 percent. The 6-month yield fell 33 basis points to 16.89 […]
Sri Lanka stocks fall as small investor-led rally fizzles out
Jan 21, 2009 (LBO) – Sri Lankan share prices fell almost five percent Wednesday with small investors not having the holding power to sustain the minor rally they had fired in recent days, brokers said.Prices of most shares fell Wednesday including plantations which had drawn investor interest after tea prices at the Colombo auctions recovered. […]
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January 21, 2009 (AFP) – Sri Lanka’s military Wednesday asked civilians living in the last remaining rebel-held areas in the island’s northeast to move into a declared safe zone ahead of a major showdown.The army said in a statement that it had declared a “safe zone” for tens of thousands of civilians trapped in the […]
Sri Lanka fires at intruding aircraft
January 21, 2009 (AFP) – Sri Lanka’s military said Wednesday its troops had opened fire on an intruding aircraft off the island’s north, where government forces are battling Tamil Tiger rebels.The unidentified aircraft was detected heading towards the island’s northeastern coast near Mullaittivu, the last town under the control of the Liberation Tigers of Tamil […]
Sri Lanka blast kills two: police
January 21, 2009 (AFP) – At least two people were killed and 11 others were wounded in a roadside bomb attack in eastern Sri Lanka on Wednesday, police said.The bomb, planted on a bicycle, went off in Batticaloa, 300 kilometres (190 miles) east of Colombo, a local police official said. “A policeman and another civilian […]
Sri Lanka apparel industry may lose 30-40,000 jobs
Jan 21, 2009 (LBO) – About 30-40,000 people employed in Sri Lanka’s apparel export industry may lose their jobs this year owing to a slow down in orders because of recession in key markets, a senior official said.Ajith Dias, chairman, Joint Apparel Association Forum, said the industry is also facing a brain drain with the […]
Sri Lanka apparel exporters say depreciation needed; bailout doubtful
Jan 21, 2009 (LBO) – Sri Lankan apparel exporters say a sharp depreciation of the rupee is needed, as demand falls in major markets and hurdles on a promised state bailout may limit its usefulness. The rupee has fallen to 113-114 against the dollar from around 108 last September. “If the rupee is around 118 […]
Sri Lanka central bank targets diaspora, currency swaps: interview
Jan 21, 2009 (LBO) – Sri Lanka’s central bank says it will persevere with its quantity targeting regime this year but also use other instruments if needed. It is also negotiating currency swaps with other central banks to have greater access to foreign currency. A weakening economic outlook at home and global economic troubles has […]
Sri Lanka small investors push up stock prices
Jan 20, 2009 (LBO) – Sri Lankan small investors pushed up share prices again Tuesday, fired by military gains against Tamil Tiger rebels and lower interest rates but lack of fund buying meant the upswing might not last, brokers said. “Last week, when the central bank announced the rate cut, the very next day the […]