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Pipeline Plans
December 29 (LBO) – Sri Lanka has signed a deal Friday with India’s National Thermal Power Corporation to build a 500 million dollar coal power project in the east of the island. The 500-megawatt capacity project to be built in Trincomalee will be jointly held by the state utility, Ceylon Electricity Board (CEB) and the […]
Central Bank of Sri Lanka says more monetary tightening needed as inflation rages
December 29 (LBO) – Sri Lanka’s central bank said further monetary tightening was needed to contain inflation as consumer prices in December went up by 2.3 percentage points keeping 12-month inflation at a dizzy 19.3 percent. The latest warning that a rate hike should be expected at the next monetary policy meeting came two weeks […]
Sri Lanka 3Q06 GDP 7.5%, says Central Bank while cutting full-year growth to 7%
December 29, 2006 (LBO) – Sri Lanka’s economy grew 7.5 percent in the third quarter ended Sept. 30, the central bank said Friday, while lowering full-year growth forecast to 7.0 percent. “With only minor interruptions in most parts of the country, growth is projected at 7 percent. Financial markets have remained calm, though investor confidence […]
Sri Lanka consumer prices rise by 2.3% in December keeping 12-month inflation at 19.3%
December 29, 2006 (LBO) – Consumer prices in Sri Lanka rose by 2.3 percent in December, keeping 12-month inflation at 19.3 percent, the Census & Statistics Department said Friday. In the 12-months to November, inflation hit a ten year high of 19.8 percent, when the index rose by 4.4 percent in the preceding 30 days. […]
Fragile Links
SINGAPORE, Dec 28, 2006 (AFP) – The chaos in Asia’s Internet service sparked by an undersea earthquake shows the region’s cable network is too fragile and overly reliant on connections to the United States, industry observers said Thursday. Millions of people across Asia were enduring a second day without full Internet services after a 7.1-magnitude […]
Warne commits to rebuild tsunami-hit cricket ground
SYDNEY, Dec 28, 2006 (AFP) – Test cricket’s leading wicket-taker Shane Warne has committed his charitable foundation to donate 20,000 dollars (15,600 USD) to tsunami reconstruction efforts in Sri Lanka, reports said Thursday. The move, announced at a breakfast event in Melbourne on Boxing Day, followed reports last week that the foundation had failed to […]
Cable Cut
HONG KONG, Dec 27, 2006 (AFP) – Internet and phone services were disrupted across much of Asia on Wednesday after an earthquake damaged undersea cables, leaving one of the world’s most tech-savvy regions in a virtual blackout.“If there is too much traffic on that route, it might get blocked up and further slow down Internet […]
Foreign banks lend dollars to Sri Lanka govt. at lower rates than locals
December 26, (LBO) – Sri Lanka has raised 100 million dollar syndicated loan from the international banks at a lower rate than previous dollar bond issues in the domestic market, the government’s debt office said. The loan came at a price of 75 basis points above the London Interbank Offered Rate (LIBOR) and the total […]
Central Bank of Sri Lanka tightens cash facility to banks from Jan 01
Dec 26, (LBO) – The Central Bank of Sri Lanka has restricted the use of its cash facility to the banking system, from January 01, in a further attempt to tighten liquidity and reduce inflationary pressure. The monetary authority told commercial banks that they will not be able to borrow cash through the reverse repo […]
Piracy Charge
COLOMBO, Dec 26 (AFP) – The crew of a Jordanian cargo ship accused Tamil Tiger rebels Tuesday of piracy, saying the guerrillas had attacked their vessel after it developed engine trouble near a militant-held area.The rebels — in six boats — surrounded the Farah III and fired into the air as they boarded the vessel […]