Category:
Sri Lanka stands by ceasefire with LTTE, though it is illegal.
Feb. 26 (LBO) – The government will abide by the agreements reached with the LTTE in Geneva, despite the original ceasefire agreement being illegal, members of the delegation who held talks with the Tamil Tigers told reporters in Colombo Sunday.Minister Nimal Siripala de Silva said the government would ensure that the activities of all armed […]
Setting Sail
Feb. 24 (LBO) – State-run shipping carrier is floating its own service to tap the feeder business in the Indian subcontinent and plans to tap commercial banks to buy a tanker later this year, top official said Monday. Initially, Ceylon Shipping Corporation (CSC), will charter two vessels each having capacity to carry 1,000 TEU’s (twenty […]
Higher Rent
Sri Lanka’s housing finance giant HDFC Bank reported a sharp drop in profits and profitability for the last quarter of 2005, on higher staff and interest costs and the state levied VAT payments. Value Added Tax (VAT) payments jumped to Rs. 23 million in the quarter to December 2005, up from Rs. 7.5 million in […]
Red Flag
The woes the Indian state oil giant IOC’s Sri Lankan unit continues, as the firm took an unprecedented hit on its accounts to provision off a disputed subsidy due from the government. Lanka IOC’s profits for the 9-months ended December 2005 slipped deep into red after the company made a provision of Rs. 7 billion […]
Rural Cover
Jan 23 (LBO) – The Asian Development Bank will help take insurance products to poor households in Sri Lanka, through a US$ 600,000 technical assistance grant, the Bank said on Thursday. There are currently no formal insurance schemes serving poor households. They often resort to informal borrowings, savings or sale of assets to cushion against […]
Ice Breaker
Feb 23 (LBO) – The Commercial High Court on Thursday rapped NDB Bank’s top brass over allegations of mismanagement, asking for cause as to why they should not be removed. -LBO Newsdesk: LBOEmail@ The court order asks the Chairman and Board of Directors of National Development Bank (NDB) to show cause as to why they […]
Sri Lanka sets a record for January tea exports
Feb. 23 (LBO) – Sri Lanka shipped 24.8 million kilos of tea in January, the highest ever in a single month, a commodity brokering house said Thursday.The previous highest record was 24.6 million kilos of tea sold in January 2004, Asia Siyaka Commodity Brokers said.Revenues from tea exports for January was also the highest ever so […]
Mobile Growth
Feb 23 (LBO) – Dialog Telekom, a unit of Telekom Malaysia Bhd said Thursday it is splurging US$150 million to expand its network by over 50 percent this year. Part of the funds will be channelled to a proposed 3G (third generation) network, build a fibre optic infrastructure and offer broadband services to customers. œWe […]
Sri Lanka plans coin series, stamp to commemorate upcoming Buddhist anniversary.
Feb. 22 (LBO) — Sri Lanka is planning to issue a series of coins to commemorate the upcoming 2550th Bhuddha Jayanthi, but details are still being worked out, officials said.The government is to issue at least three new coins and a souvenir stamp, B N Jinasena, Secretary to the Religious Affairs Ministry said Wednesday. Two […]
State Birth
The Sri Lankan government is planning a Rs. 2.2 billion capital injection into the failed Pramuka Bank, in hopes of reviving it as a state-owned bank. Money for the capital injection will come through a long-term government bond issue. Banking Development Minister Wijedasa Rajapakse said the Cabinet of Ministers had approved a draft bill to […]
Sick Leave
Feb 22 (LBO) – Some workers at Sri Lanka’s state owned power utility struck work on Wednesday in protest over unpaid wages, without disrupting power supplies. The politically affiliated Viduli Sevaka Sangamaya (VSS) said they would be on a ‘sick-note’ campaign, not reporting to work until 4.00 pm on Wednesday evening. The Ceylon Electricity Board […]
Government plans new coins to commemorate religious anniversary
Feb. 21 (LBO) — Sri Lanka’s Central Bank is preparing to issue two new coins commemorating the 2550th ‘Bhuddha Jayanthi’, a top official of the Religious Affairs Ministry said Tuesday.The ministry of religious affairs says one coin would be high value commemorative coin while the other would be released into circulation. The coins issued in […]