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Sri Lanka budget deteriorates up to April
July 02, 2012 (LBO) – Sri Lanka’s budget deficit has doubled in the first four months of 2012, with current spending growing at twice the rate of tax revenues and leading to unprecedented reliance on bank financing, official data show. Total revenues grew 7.2 percent to 305.5 billion rupees up to April 2012 from a […]
Sri Lanka dendro power plants may face higher costs: official
July 01, 2012 (LBO) – Dendro power plants in Sri Lanka may be unviable if too many are licensed to operate close to each other because competition may drive up firewood prices to high levels, an industry official has warned. Tokyo Power, a unit of Sri Lanka’s Tokyo Cement group is building a 5 MegaWatt […]
Sri Lanka senior opposition figure calls for end to arbitrary rule
July 01, 2012 (LBO) – Karu Jayasuriya, deputy leader of Sri Lanka’s main opposition United National Party has called for an end to arbitrary rule stemming from the current constitution, a report said. “As a member of the UNP, the country’s single largest political party, I believe that the time is right to call upon […]
Shipping Hub
June 30, 2012 (LBO) – Hadi Hamad Al-Hammam group, a Saudi Arabia based firm, will invest 44 million US dollars in Seagulf Shipyard (Pvt) Ltd, a boat repair centre in Sri Lanka’s Galle port, the state investment promotion agency said. “The project will also create employment for marine engineers and maintenance in ship repair and […]
Media Policing
June 30, 2012 (LBO) – Sri Lankan police Friday shut down main two opposition websites and arrested nine employees, and the house of its editor has also been raided, media reports said. Some 17 journalists and media employees have been killed in Sri Lanka in the past decade, pro-opposition websites have been blocked and media […]
Sri Lanka to keep getting US, GSP trade benefits
June 30, 2012 (LBO) – Sri Lanka will continue to receive preferential trade concessions after ‘noteworthy efforts’ were made by the state to address worker rights issue, US Trade Representative Ron Kirk has said. Sri Lanka gets duty free export rights to 5,000 odd items including tires, activated carbon, rubber gloves, plastic products, and kitchenware […]
Sri Lanka to pave more roads with bank credit
June 29, 2012 (LBO) – Sri Lanka will rebuild 332.77 kilometres of roads using domestic contractors with loans taken from commercial banks in the same way more than 600 kilometres of roads were paved earlier, a minister said. Minister Keheliya Rambukwelle said the total cost of the project was not specified as yet, but the […]
Sri Lanka stocks close up 0.20 pct, rupee steady
June 29, 2012 (LBO) – Sri Lankan stocks closed up 0.2 percent on Friday, while the spot US dollar closed at around 133.70/90 in a day of quiet trading, dealers and brokers said. Colombo’s All Share Price Index gained 9.86 points to close at 4965.77, the Milanka index of more liquid stocks shed 2.61 points […]
Sri Lanka bans exports of rice in new state intervention
June 29, 2012 (LBO) – Sri Lanka said it had banned the export of rice amid a drought to ensure that the “country will have adequate rice stock at affordable prices”, in the latest in a series of ad hoc state interventions in agriculture. Sri Lanka only exports small volumes of rice targeting expatriates or […]
Equity Probe
June 29, 2012 (LBO) – Sri Lanka’s main opposition will push for an independent investigation into stock purchases by a state managed fund of private citizens’ retirement money and officials would be also summoned to parliament, a legislator has said. Harsha de Silva, representing the main opposition United National Party said the EPF had bought […]