Category:
Crew seeks return home as Jordanian ship runs aground
Dec 24, 2006 (AFP) – The Iraqi skipper of a cargo vessel that ran aground near Tamil Tiger-held territory in Sri Lanka asked Red Cross officials on Sunday to arrange the crew’s return home, the guerrillas said. The Jordanian-registered Farha III ship ran aground in northeastern Sri Lanka late Saturday, sparking a war of words […]
‘s economy to boom more slowly in 2007: analysts
MUMBAI, Dec 23, 2006 (AFP) – India’s economy will continue to boom in 2007 but analysts say demand will slow as its central bank hikes interest rates to curtail consumer spending and higher prices. India’s one-billion-plus population are buying more cars, phones, homes and goods than ever before and its companies have expanded quickly to […]
” crew from Jordanian ship, govt alleges piracy
Dec 23, 2006 (AFP) – Tamil Tiger rebels said Saturday they had rescued 25 sailors from a crippled Jordanian ship off Sri Lanka’s northeastern coast, dismissing government allegations they had staged a “pirate attack”.The vessel, identified as the Farha III, was believed to be crewed by Jordanian and Egyptian nationals and was carrying 14,000 tonnes […]
’07
December 23, 2006 (LBO) – The International Monetary Fund will close its office in Sri Lanka from mid next month, the global financial watchdog said Saturday. The office in Colombo is being wound up late January, when the term of its current resident representative, Luis Valdivieso ends. “The decision reflects the evolving nature of the […]
Cheap Run
December 22, 2006 (LBO) – Sri Lanka plans to float a state-run no frills airline, the government said Friday, to fly to the Middle East and neighbouring Asian countries. The budget carrier, Mihin Air, is expected to cost around 1.5 billion rupees with the government initial setting aside 500 million rupees as working capital, director […]
Report paints grim picture of Asian rights abuses
HONG KONG, Dec 22, 2006 (AFP) – Malfunctioning democracies and legal systems are the main causes of violations of human rights and the rule of law in many countries around Asia, a new rights report says. The study said respect for human rights had worsened in most countries in the region and that people had […]
‘ tag ripped by IMF
December 22 (LBO) – Sri Lanka’s exchange rate regime has been re-classified to a managed float from free float after violating International Monetary Fund articles and heavy official intervention, the IMF has said. Though fiscal prudence still seems to be out of reach, analysts say Sri Lanka’s central bank has started to tighten monetary policy […]
IMF asks Sri Lanka to pay close attention on economic reforms, amidst high inflation
December 22, 2006 (LBO) – The International Monetary Fund Friday asked Sri Lanka to go slow on hiring public servants and pay more attention to reduce inflation, implement public sector reforms and ensure subsidies are targeted better. In its annual country report, the IMF said Sri Lanka’s quest for 7-8 percent growth hinges on improved […]
S&’s B+ rating; negative outlook remains on war fears
December 21, 2006 (LBO) – International rating agency Standard & Poor’s Thursday retained Sri Lanka’s B+ rating, but warned the island needs to make headway to tackle reforms and make a tangible progress in settling its long running separatists conflict. In April S&P downgraded Sri Lanka’s credit outlook to negative from stable, amidst an escalation […]
New wage deal for estate workers to hike production costs by 23%: analysts
December 21, 2006 (LBO) – Sri Lanka’s newly minted wage deal for estate workers is expected to hike cost of sales by up to 23 percent for plantation companies with high exposure to tea, analysts said Thursday. Plantation companies and estate worker trade unions agreed on a daily wage of 260 rupees on Tuesday, followings weeks […]
Tough Action
December 21 (LBO) – Trade unions of telco giant Sri Lanka Telecom have threatened to go on strike together with other public sector unions, if a wage dispute is not settled by December 28. Unions representing about 6000 non-executive workers at the state telecom giant have demanded a 17.5 percent wage hike for non-executive grades, […]