Tag: lbo
Picking Crumbs
Mar 07 (LBO) – The Treasury has settled Rs. 500 million in unpaid subsidy bills due to Lanka Indian Oil Corp., weeks after the company’s accounts took a hit to make provision for the unpaid claims. “We received a part payment of Rs. 500 million on March 01 from the Treasury,” K Ramakrishnan, Managing Director […]
Stock punters unaware of full gains in recent peace talks: peace advocate
Mar. 04 (LBO) – Punters in Sri Lanka’s stock markets have not yet priced in the full benefits of the re-started peace talks between the government and the Tamil Tiger rebels, a peace advocate has said. The benchmark All Share Price Index, dipped 29 percent from November 16 till January 18 this year, when a […]
Sri Lanka puts the clock back after 10 years
Mar 04 (AFP) – Sri Lanka will put the clock back by half an hour and revert to its original time after a 10 year experiment that failed to save energy through marginal day light saving, state radio announced Saturday. President Mahinda Rajapakse ordered that Sri Lanka reverts to its original standard time which was […]
Foreign Flavour
Mar. 03 (LBO) – Sri Lanka is looking at the possibility of getting into a partnership with foreign governments to explore oil off the island’s western coast, a senior official said Friday. Two rounds of seismic surveys conducted by Norway’s TGS-NOPEC have shown that Sri Lanka may have oil and natural gas reserves in the […]
Sri Lanka picks up Rs. 19.4 billion cheque from Japan
Mar. 02 (LBO) – Sri Lanka Thursday signed up for Rs. 19.4 billion loans from Japan to develop three key infrastructure projects, the finance ministry said. The concessionary finance package will be split between the Galle port development project (Rs. 13.75 billion), pro-poor eastern infrastructure development project (Rs. 3.95 billion) and the tourism resources improvement […]
’s young could stifle progress
Illiteracy, no jobs and high risk behaviour among South Asia’s young people could affect the region’s progress and development, the World Bank says. About 20 percent of South Asia’s population is between 15 and 24, 30 percent are illiterate and they account for half of the unemployed in the region. The World Bank is meeting […]
‘s inflation
Feb. 18 (LBO) – Sri Lanka’s annual inflation rate for February slipped to 10.3 percent from 11.1 percent in January, despite high costs of firewood, electricity and milk tea, the Census & Statistics Department said Tuesday. The government uses the 12-month moving average – as measured by the Colombo Consumer Price Index (CCPI) – to […]
Illiteracy, no jobs, high risk activities among South Asia’s young could stifle progress
Illiteracy, no jobs and high risk behaviour among South Asia’s young people could affect the region’s progress and development, the World Bank says. About 20 percent of South Asia’s population is between 15 and 24, 30 percent are illiterate and they account for half of the unemployed in the region. The World Bank is meeting […]
Rising costs of electricity, firewood and milk tea fail to push Sri Lanka’s inflation
Feb. 18 (LBO) – Sri Lanka’s annual inflation rate for February slipped to 10.3 percent from 11.1 percent in January, despite high costs of firewood, electricity and milk tea, the Census & Statistics Department said Tuesday. The government uses the 12-month moving average – as measured by the Colombo Consumer Price Index (CCPI) – to […]
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 […]
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 […]
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 […]