Category:
Savings Giant
Nov 09, 2007 (LBO) – Fitch Sri Lanka has affirmed the National Savings Bank’s (NSB) ‘AAA(lka)’ rating with a stable outlook, but said high taxes and narrower margins were eroding profitability. “The rating reflects the full state ownership of the bank, low credit risk on its assets due to its significant exposure to government securities […]
Sri Lanka to buy 200MW of private power
Nov 09, 2007 (LBO) – Sri Lanka will shortly call for the supply of 200MegaWatts of private power to bridge an energy deficit until a coal plant comes on stream, officials said. Energy Minister John Seneviratne told LBO that the cabinet of ministers had given the nod to call for proposals from existing independent power […]
Cellphone slump sends NTT profit down
TOKYO, Nov 9, 2007 (AFP) – Japan’s largest telecom group NTT said Friday its operating profit for the first half dropped 18.4 percent as its cellphone unit DoCoMo suffered a slump amid a price war.Net profit is seen at 530 billion yen, up from 460 billion yen, but the revenue forecast was cut to 10.6 […]
Euro hits new high after Fed chief comments
TOKYO, Nov 9, 2007 (AFP) – The euro hit a fresh record high against the dollar Friday after Federal Reserve chairman Ben Bernanke painted a gloomy picture of the US economy, dealers said.It declined to 42.78 Philippine pesos from 43.37 and to 9,126.50 Indonesian rupiah from 9,155.50 but remained unchanged at 31.54 Thai baht. His […]
Commonwealth games decision in Sri Lanka today
Nov 9, 2007 – The Commonwealth Games Federation general assembly will vote Friday to decide whether Abuja of Nigeria or Scotland’s Glasgow hosts the 2014 games, officials said. Abuja and Glasgow will get a final opportunity to sway voters when they each make a 30-minute presentation and answer questions during a 10-minute period just before […]
Cricket Australia slammed over row with agency lockout through Sri Lanka Test
BRISBANE, Australia, Nov 9, 2007 (AFP) – Australia cricket’s governing body came under fire Friday for imposing restrictions that have locked global news agencies out of the opening Australia-Sri Lanka cricket Test in Brisbane. “And with the Indian team arriving later this summer, backed by the world’s largest cricket audience, it would be a disaster […]
Sri Lanka eco tax could be a first step on a deadly road
Nov 09, 2008 (LBO) – “I, therefore propose to introduce an Environment Conservation Levy Act ensuring environment conservation. Individuals, businesses or items considered as harmful to the environment will be subject to this levy. The Central Environmental Authority will be empowered to register relevant Chief Occupant to enable the process of recovering of this levy. […]
‘s breakaway guerrilla faction hit by in-fighting
COLOMBO, Nov 9, 2007 (AFP) – A pro-government faction of Tamil Tiger defectors has been hit by major political in-fighting following the arrest in London of its leader, known as Colonel Karuna, military officials said Friday.Vinayagamoorthi Muralitharan, alias Karuna, was detained by immigration authorities in London last week and since then his followers in Sri […]
Sri Lanka rights body slams opposition, police, over media intimidation
Nov 09, 2007 (LBO) – Sri Lanka’s Free Media Movement said newspapers are not obliged to carry party statements after opposition leader Ranil Wickremesinghe pulled up a journalist for not publishing a party statement. “The Free Media Movement learns that UNP leader Ranil Wickremesinghe has pulled-up Daily Mirror lobby correspondent for not publishing the UNP […]
Sri Lankan exporters welcome incentives, criticise lost tax breaks
Nov 08, 2007 (LBO) – Sri Lankan exporters Thursday welcomed incentives in the government’s 2008 budget but warned reduced tax holidays and higher license fees could hurt growth. “The tax and other benefits to the gems and jewellery industry are positive signals as they will stimulate more exports in this sector,” Lakshman de Silva, acting […]
Severe Sri Lanka state cash crunch revealed
Nov 08, 2007 (LBO) – Though budget numbers tabled in Sri Lanka’s parliament suggested that no money had been printed in 2007, other documents showed a large bank-financed hole in state finances just weeks earlier. The budget showed that 10 billion rupees would be paid back to the banking system by the end of this […]
Sri Lanka to have single digit inflation and 7 to 7.5-pct growth in 2008: CB
Nov 08, 2007 (LBO) – Sri Lanka’s Central Bank has once again promised to bring inflation now raging near 20 percent to single-digits in 2008, while maintaining high growth. “With the persistently tight monetary policy stance and complementary fiscal performance, inflation is expected to be at a single digit level in 2008,” the bank said […]