Tag: Sri Lanka
Norway raises rates, first in Europe in crisis
OSLO, October 28, 2009 (AFP) – Norway on Wednesday became the first European country to raise interest rates this year in the global financial crisis, which it managed to overcome thanks to its huge oil revenues. The Norwegian central bank raised its key demand deposit rate by a quarter of a point to 1.50 percent, […]
EU pressures Sri Lanka over human rights
LUXEMBOURG, October 27, 2009 (AFP) – The European Union boosted pressure on Sri Lanka Tuesday over human rights and called for those committing abuses on the island to be investigated. Sri Lanka has said it needs to screen the civilians for former fighters. The EU statement comes a week after the bloc threatened to withdraw […]
Sri Lanka central bank in massive liquidity mop up
Oct 28, 2009 (LBO) – Sri Lanka’s central bank is engaged in a record mop up of excess liquidity in the banking sector generated foreign from dollar borrowings, surpassing a previous high in 2007.Sri Lanka raised 500 million US dollars through a sovereign bond earlier this month. Inflows from an October 2007 sovereign bond pushed […]
Sri Lanka govt may sign anti-landmine treaty
October 27, 2009 (AFP) – Sri Lanka may consider joining the global treaty banning landmines following the government’s defeat of separatist Tamil Tiger rebels, the army chief said on Tuesday. Sri Lanka had previously refused to sign up to the 1997 Ottawa Convention against landmines, arguing that the military could not unilaterally abandon mines in […]
Sri Lanka to probe US war crimes allegations
October 26, 2009 (AFP) – The Sri Lankan government on Monday said it would investigate war crimes allegations made against its troops in a US State Department report.Among the claims detailed in the report was the accusation that Tiger leaders reached a surrender agreement with government forces but were then executed.Human Rights Minister Mahinda Samarasinghe […]
Volatile Labour
Oct 25, 2009 (LBO) – Workers at Sri Lanka’s state-owned oil refiner said they plan to resume normal work Monday, ending a four-day work-to-rule action that created fuel shortages.Ceylon Petroleum Corporation (CPC) labour unions launched the action Thursday to back demands for a pay hike. Their action disrupted fuel supplies, resulting in long queues outside […]
Sri Lanka doctors, accountants lead brain drain
Oct 25, 2009 (LBO) – Doctors and accountants top the outflow of skilled professionals from Sri Lanka, seeking better opportunities in developed countries, a study on migration has said.But government forces defeated the Tamil Tiger separatists in May, ending the 30-year conflict, and raising hopes of an economic revival. The government has said it is […]
Sri Lanka political stability seen key to foreign investment
Oct 24, 2009 (LBO) – Post-war Sri Lanka’s ability to attract foreign investments would depend on how the island resolves minority Tamil grievances, eliminates residual security threats and improves its finances, a World Bank report said. “The end of armed conflict provides Sri Lanka with a historic opportunity to achieve a dual transition from a […]
Sri Lanka urged to cut tax breaks
Oct 23, 2009 (LBO) – Sri Lanka should cut down on tax incentives to attract Foreign Direct Investments (FDI) and concentrate on improving the business climate to maximize the benefits of peace, a senior economist said. Despite vast concessions offered to investors Sri Lanka could only muster 900 million dollars in FDI in 2008. Most […]
29 asylum-seekers stopped off Australia: minister
SYDNEY, October 23, 2009 (AFP) – Australian border guards intercepted a boat carrying 29 suspected asylum-seekers off the country’s northwest on Friday, the home minister said, as debate raged over a sharp rise in arrivals. Home Minister Brendan O’Connor said the 29, along with four crew, were stopped near Ashmore Island, off Australia’s northwest coast. […]
‘s high taxes said to encourage illegal economy
Oct 22, 2009 (LBO) – Sri Lanka’s complex tax structure and high rates are working against the government by pushing consumers to move towards the informal economy that doesn’t pay taxes, a senior economist said. “The Central Bank estimates that revenue losses at import entry points due to illegal importation and under valuation of imports […]
Sri Lanka boat people driven by insecurity, jobs
October 22, 2009 (AFP) – Fear of persecution and a lack of jobs at home are driving thousands of Sri Lankans to risk perilous boat rides to developed countries, according to officials and politicians.Two separate boats carrying a total of over 300 illegal immigrants believed to be members of Sri Lanka’s minority Tamil community were […]