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Four conferences in Sri Lanka cancelled on security fears
August 22, 2006 (LBO) – Four global conferences to be hosted by Sri Lanka later this year have been cancelled on security fears, though the island is confident it can woo at least half a million tourists by December. The events, including a textile conference, were to host at least a thousand people, Prathap Ramanujam, […]
Sri Lanka rubber prices fall behind India, Thailand
August 22, 2006 (LBO) – Rubber prices in Sri Lanka have been dropping since July, following stiff competition from regional producers like Thailand and India. “Thailand being one of the biggest suppliers of rubber in the region has had better volumes from their crops, resulting in a drop in Sri Lanka’s rubber price,” Damitha Perera, […]
Still Stuck
August 22, 2006 (LBO) – Sri Lankan manufacturers of vegetable oil vanaspati say unsold shipments are stuck in Indian ports and in local factories after New Delhi unilaterally capped duty free imports. Exports earnings, the association says, are in the region of 700,000 dollars a day. Some 200 containers are stuck in Indian ports since […]
‘s economic woes
HARARE, Aug 22, 2006 (AFP) – Zimbabwe converted to a new currency Tuesday in a move aimed at stemming runaway inflation but analysts said it would do little to halt a downward spiral in the southern African country’s economy.The Reserve Bank slashed three zeros from its currency on July 31 and set a 21-day ultimatum […]
Battle for Jaffna kills 646: Sri Lanka military
Aug 22, 2006 (AFP) – At least 159 Sri Lankan soldiers were killed and 485 were wounded while resisting a Tamil Tiger offensive against the northern peninsula of Jaffna, the military said Tuesday.During the 11-day offensive, the rebel Liberation Tigers of Tamil Eelam (LTTE) lost at least 487 of their fighters, military spokesman Prasad Samarasinghe […]
Warplanes bomb Tiger munitions dump amid Sri Lanka relief bid
Aug 22, 2006 (AFP) – Sri Lankan warplanes bombed a suspected Tamil Tiger munitions dump Tuesday as a ship prepared to sail with food for tens of thousands cut off by fighting in the besieged Jaffna peninsula.Israeli-built Kfir jets attacked a Tiger position close to the frontline of fighting in the northern district where rebels […]
Sri Lankan relief ship to set sail for Jaffna after delays
Aug 22, 2006 (AFP) – A Sri Lankan cargo ship is to set sail Tuesday with food aid for the embattled Jaffna peninsula but it may go half-empty because bad weather has disrupted loading, officials said. The vessel must leave as the food is badly needed by civilians in the northern district where fighting between […]
Colombo mine aimed at politician, says Sri Lanka minister
Aug 22, 2006 (AFP) – Sri Lankan police Tuesday discovered a powerful Claymore mine in a crowded Colombo market area as the city hosted thousands of athletes for the South Asian Games. The 15-kilogram (33 pound) device was found rigged up to a vegetable vendor’s bicycle in the Borella district of the city, a police […]
US bust on Tiger missile deal hailed in Sri Lanka
COLOMBO, Aug 22, 2006 (AFP) – Sri Lanka Tuesday welcomed the arrest in the United States of men allegedly trying to buy surface-to-air missiles for Tamil Tiger rebels and said the crackdown was “tangible support” for the war against terrorism.Sri Lanka’s government said US authorities had filed charges against eight people accused of trying to […]
Treasury bond yields take a leap
August 21, 2006 (LBO) – Sri Lanka’s borrowing costs shot up Monday, when the Central Bank sold three and four year treasury bonds at higher yields.The bank offered 1.5 billion rupees worth of 4-year bonds and 1.0 billion rupees worth of 5-year bonds to the market, but accepted only 500 million rupees worth of bids […]
India Shines
August 21, 2006 (LBO) – Sri Lanka’s Dutch Lanka Trailers has stepped up investments plans in India following a 2 million dollar equity injection through private investors last week. The privately held firm does not disclose its financials, but said sales and profits over the past 3-years have shown a compound average growth of 45 […]
Ticking Away
August 21, 2006 (LBO) — Depositors who have money and other assets in Sri Lanka’s bank have till the end of the month to reactivate their accounts, and prevent accounts being reported to the central bank has abandoned property, officials said.Parliamentarians representing the community in particular have raised objections to the takeover process. Bankers say […]