Tag: lankabusinessonline
Sri Lanka policy rates steady
June 14, 2011 (LBO) – Sri Lanka’s central bank kept policy rates steady in June, saying credit peaked in April and money supply expansion may ease, and international commodity prices are also stabilizing, which will help inflation.Sri Lanka’s 12 month inflation fell to 8.8 percent in May from 9.8 percent in April and remains one […]
Sri Lanka Ports Authority loses US$10mn in 2010
June 12, 2011 (LBO) – State-run Sri Lanka Ports Authority has lost 1.1 billion rupees in 2010 partly due foreign exchange losses on Yen loans and a rising wage bill despite revenues rising 19 percent to 28.2 billion rupees, official data showed. The newspaper quoted SLPA additional managing director Norman Weerarathne as saying that 2,398 […]
Sri Lanka workers against new state-controlled pension fund: poll
June 12, 2011 (LBO) – A poll by Sri Lankan weekly newspaper has found that 82 percent of the respondents were against the creation of a state-controlled pension fund with private sector workers’ money. Sri Lanka’s ruling administration has temporarily withdrawn a bill to create the controversial pension fund, after protests left one worker dead […]
India pushes Sri Lanka on Tamil rights
June 11, 2011 (AFP) – India on Saturday asked Sri Lanka to address the grievances of the island’s Tamil minority two years after the Tamil Tiger separatist rebels were finally defeated, reports said. Three top Indian officials held closed-door talks with President Mahinda Rajapakse during an overnight visit to Sri Lanka and urged a renewed […]
Sri Lanka investments could rise with transparency: IMF
June 10, 2011 (LBO) – Sri Lanka may see a more investments, if perceptions about transparency are addressed and there is clarity on the role of the state in the economy, an International Monetary Fund mission said. “Increased transparency and improved governance could also bolster market confidence and lead to higher investment,” an IMF mission […]
Sri Lanka state textile trader; no accounts
June 9, 2011 (LBO) – Lanka Salusala, a Sri Lankan state textile trading firm has not released audited accounts from 2004, had excess staff, unsettled loans and its performance could not be measured, a finance ministry report said. In a related development Sri Lanka’s Daily FT newspaper reported that the trade ministry has requested the […]
Sri Lanka opposition speaks out on rule of law
June 07, 2011 (LBO) – Sri Lanka’s main opposition which contributed to the systematic breakdown of rule of law and limiting the freedoms of the people, has spoken out against the growing lawlessness and attacks on unarmed sections of the population. But small civil society organizations such as Friday Forum, Citizens Movement for Good Governance, […]
Sri Lanka raises US$2.1bn to rebuild north
June 07, 2011 (LBO) – Sri Lanka has raised 2. 1 billion US dollars to rebuild roads, rail, power, hostpital, water supply and help resettle refugees in the war torn Jaffna region in 2010, a finance ministry report said. These funding programmes have helped to resettle internally displaced people within a short period of time […]
Sri Lanka gets FDI US$236mn in first quarter
June 07, 2011 (LBO) – Sri Lanka has received 236 million US dollars in foreign direct investments in the first quarter of 2011, up 160 percent from a year earlier, led by tourism, the state investment promotion agency said. Hong Kong based Shangri-La group which bought land in Sri Lanka’s capital Colombo and Hambantota in […]
Sri Lanka skipper Dilshan defies England
LONDON, June 4, 2011 (AFP) – Sri Lanka captain Tillakaratne Dilshan led from the front with an unbeaten century as the tourists fought back against England on the second day of the second Test at Lord’s here Saturday. At stumps, Sri Lanka were 231 for one, 255 runs behind England’s first innings 486. Dilshan, who […]
Sri Lanka state withdraws controversial pension bill
June 03, 2011 (LBO) – Sri Lanka minister of labour has withdrawn a proposed law to build a third state controlled pension fund from the salaries of private sector workers, following protests that left at least one worker dead. Sri Lanka’s labour minister Gamini Lokuge has formally withdrawn the bill, the department of labour said […]
Sri Lanka judicial independence seen weakening
June 03, 2011 (LBO) – The International Bar Association’s human rights arm said it was concerned over what it called “the increasing erosion of judicial independence in Sri Lanka.” The association’s Human Rights Institute (IBAHRI) said recent and planned changes to the island’s constitution could undermine the independence of the judiciary. The International Bar Association’s […]