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Constable killed, bomb wounds six in Sri Lanka
TRINCOMALEE, Sept 12(AFP) – A policeman was shot dead and six people were hurt in a bomb attack in Sri Lanka on Tuesday after weekend fighting between government and rebel forces left 185 combatants dead, officials said.The injuries occurred when a parcel bomb exploded as a police vehicle drove by in Trincomalee town, police said, […]
Sri Lanka earns US$ 220 mn in foreign investments
September 12, 2006 (LBO) – Sri Lanka has bagged 220 million dollars in direct investments for the six months to June, the island’s key promotional agency said Tuesday, with money mainly coming from telecommunications and IT sectors. However, the BOI says smaller investors are also difficult to monitor or control, with some cases of fraud […]
‘s economy expands by 7.9% 1H06
September 12, 2006 (LBO) – Sri Lanka’s economy grew at a blistering pace of 7.9 percent for the six months to June the Central Bank governor said, aided by growth in manufacturing, services and agriculture produce. Analysts say reserve growth has tapered off since mid 2006, and the government has ratcheted up dollar borrowings to […]
John Keells floats debenture to pay off debts
September 11, 2006 (LBO) – Sri Lanka’s John Keells Holdings secured an AAA (lka) rating for the upcoming 2.0 billion rupee debenture, but Fitch Rating Lanka says the group depends too much on the transportation unit to generate cash revenues. The bluechip conglomerate is raising money to pay off short term debts built up during […]
Minting Money
September 11, 2006 (LBO) — Sri Lanka’s Central Bank is spearheading a campaign to push up foreign exchange remittance from countrymen residing overseas, in an attempt to raise cash for development work.Using networks of the two state banks Bank of Ceylon and People’s Bank monetary authorities Monday launched an awareness campaign throwing incentives ranging from […]
Different Package
Sept 11, 2006 (AFP) – Finance ministers and top officials from Commonwealth countries meeting Monday in Sri Lanka’s capital said they will seek ways to cancel billions of dollars in debt owed by poor nations.Don McKinnon, the head of the 53-member Commonwealth, said he hoped finance ministers will be able to focus attention on debt […]
Spreading Fat
Sept 11, 2006 (LBO) – Sri Lankan producers of vanaspati a vegetable oil, are trying to break into the domestic market and diversify exports after being stung by recent Indian import controls. There are about 12 local manufacturers of the hydrogenated palm oil and similar product bakery shortenings a vegetable fat used largely for industrial […]
Tesco talks to enter Indian retail market to close Oct 10: report
NEW DELHI, Sept 11, 2006 (AFP) – British supermarket giant Tesco and Bharti Enterprises are to wrap up talks by October 10 that could bring the first overseas grocery chain to Indian consumers, a report said Monday.“Planning is underway and a team is carrying out extensive research and is testing various models,” Bharti chairman and […]
Sri Lanka troops, rebels trade fire
Sept 11, 2006 (AFP) – Sri Lankan troops and Tamil Tigers traded artillery fire across the island’s northeast Monday, a day after the guerrillas accused the government of sabotaging a new peace effort.The rebel Liberation Tigers of Tamil Eelam (LTTE) hit an army camp in the east of the island using long-range mortar fire, and […]
Burning Question
Sept 11, 2006 (LBO) – Oil will feature high on the agenda when Commonwealth finance ministers meet in Colombo, with delegates due to share ideas on how small countries like Sri Lanka can tide over soaring costs of crude. “Major issues being taken up will be high oil prices in addition to trade related issues […]
Sri Lanka expects 7.7% GDP in 2Q06; plays host to Commonwealth Ministers parley this week
Sept 11, 2006 – (LBO) Sri Lanka’s recent economic growth performance fits well with the underlying theme of the upcoming Commonwealth Finance Ministers’ meeting, a top official said. “We have had economic growth of 8.1 percent in the first quarter and 7.7 percent is expected in the second quarter,” Deputy Governor of Sri Lanka’s Central […]
Pepsi puts Indian chairman in the spotlight over pesticides claim
NEW DELHI, Sept 10, 2006 (AFP) – US cola giant PepsiCo has put the head of its India operations in front of TV cameras as it opens a new front in its drive to counter charges of high pesticide levels in its colas.A just released ad shows PepsiCo India chairman Rajeev Bakshi walking a young […]