Tag: lbo
Flagged Off
Mar 21 (LBO) – Sri Lanka’s Caltex Lanka Lubricants will ship five million litres of lubricant oils into Bangladesh, its first foray into the country and a possible launch pad into other regional markets, top officials said Tuesday. The local arm of US based Chevron Texaco, Caltex dominates the local lube market with about 80 […]
Sri Lanka mock rescue ends in tragedy
Mar 20 (AFP) – A Sri Lankan airforce officer drowned Monday after falling from a helicopter during a search and rescue exercise, officials said.The man was descending down a cable when it snapped and sent him crashing into the Indian Ocean, a rescuer said adding that the training mission had turned into a real life […]
Sri Lanka puts off vote in troubled regions
Mar 20 (AFP) – Sri Lanka’s elections department Monday put off for six months scheduled local government polls in the island’s embattled northern and eastern regions, large areas of which are under the control of Tamil Tiger guerrillas.The vote due on March 30 was postponed till September 30, officials said. They said the decision followed […]
Not all negative on growth prospects for 2006
Mar. 19 (LBO) – Out of more than 1200 readers who responded to an online poll on LBO (33.57 percent) has said Sri Lanka would not achieve 8 percent growth in 2006, while one-sixth (16.98 percent) said the country would never reach 8 percent economic growth. The definite nay sayers totaled 50.55 percent. Meanwhile another […]
Norway names Middle East expert to head Sri Lanka peace process
Mar. 17 (LBO) – Peace broker Norway Friday named a Middle East expert as Sri Lanka’s new special envoy amid fears that the government and the Tamil Tiger rebels may skip the second round of talks next month. Jon Hanssen-Bauer, 53, replaces Erik Solhem and will be responsible for day-to-day contact with the Colombo based […]
Government abandons plan to sell Union Place land through open auction
Mar. 16 (LBO) — The trade ministry had abandoned an earlier plan to sell a prime commercial property in Colombo belonging to a state trading agency by open auction, and instead decided to transfer the land to a government bank, an official said.Trade Ministry Secretary R M K Ratnayake says the Union Place land belonging […]
Sri Lankan public servants disrupt work, demanding higher pay
Mar. 16 (LBO) – Hundreds of Sri Lankan public servants marched into the city of Colombo Thursday demanding higher wages as part of a one-day nationwide strike, which disrupted work in rail, postal and health services, union officials said. -Mel Gunasekera: mel@ The Public Sector Salary Review Trade Unions Committee, an umbrella of 200 unions […]
Sri Lanka’s balance of payments records US$100 mn surplus
Mar. 15 (LBO) – Sri Lanka’s balance of payments (BOP) has recorded a US$100 million surplus for the two-months to February, the Central Bank said Wednesday as it stayed pat on interest rates for the third straight month. Please click here to read Central Bank’s monetary policy statement for March -Mel Gunasekera: mel@ The overnight […]
Done Deal
Mar 15 (LBO) – The Treasury inked a deal with China National Machinery and Equipment Corporation on Wednesday, to build a US$ 455 million power plant in Norachcholai. Two decades overdue, the 300 megawatt plant as well as supporting infrastructure will be entirely funded by the Chinese government, Ranjith Fonseka, General Manager for the sole […]
‘s balance of payments records US$100 mn surplus
Mar. 15 (LBO) – Sri Lanka’s balance of payments (BOP) has recorded a US$100 million surplus for the two-months to February, the Central Bank said Wednesday as it stayed pat on interest rates for the third straight month. Please click here to read Central Bank’s monetary policy statement for March -Mel Gunasekera: mel@ The overnight […]
Alternate Fuel
Mar08. (LBO) — Sri Lanka’s fuel station operators are warning potential industry newcomers of the downside of petroleum retailing in an effort to halt further fragmentation of the industry. The Petroleum Dealers’ Association, which represent the over 600 fillings stations island-wide, said the business is becoming unviable as new filling stations spring up too close […]
Green Money
Mar08 (LBO) – The Treasury is to fork out a subsidy for wood based electricity generation, making tariffs for dendro-power higher and more investor-attractive. State utility, Ceylon Electricity Board (CEB) pays private developers who supply electricity to the national grid, on the basis of a Standard Power Purchase Agreement. Suppliers like mini-hydros are paid on […]