Author: lbostgadmin
Early Warning
January 2, 2007 (LBO) – Gasoline prices are likely to go up by 5-percent in Sri Lanka, the state-run fuel retailer warned Tuesday, as global oil prices hit 60 dollars a barrel. Petrol at the pump now costs 92.00 rupees a litre, and Ceylon Petroleum Corp. Chairman Asantha de Mel said they are looking at […]
Wide Berth
January 2, 2007 (LBO) – Sri Lanka’s Central Bank has lifted the minimum capital requirements of money changers by fivefold to 600,000 dollars with immediate effect, the bank’s governor said Tuesday. In July 2005, the bank raised the minimum capital limit by 900 percent to 120,000 dollars and allowed around 60 registered money changers to […]
Sri Lanka notches up US$ 600 mn foreign investment in 2006
January 01, 2007 (LBO) – Sri Lanka has notched up a record 600 million dollars in foreign direct investment last year, government said Monday, led by telecom and apparel. The record inflows are over the 287 million dollars of last year, Rohitha Bogollagama, industries and investment promotion minister said. The Board of Investment said in […]
Long Arm
January 01, 2007 (LBO) – Sri Lanka’s Janashakthi Group is set to take control of privately held financial service group First Capital, officials said Monday. “We have an agreement First Capital’s major shareholder Singer, to take control of First Capital. The actual price and percentage of shares will be announced in due course,” Janashakthi Group […]
Fresh Slate
December 30 (LBO) – The Sri Lanka government has agreed to offload half the 60 billion-rupee long-term debt of the Ceylon Electricity Board from January and re-schedule the balance to be paid after five years. The CEB sells about seven billion units of electricity each year, with households using up 2550 million units with an […]
New Zealand wants better bowling against Sri Lanka
QUEENSTOWN, Dec 30 (AFP) – New Zealand skipper Daniel Vettori wants a vastly improved performance from his inexperienced bowling attack in Sunday’s one-dayer against Sri Lanka.The tourists cantered to an easy seven wicket victory in the opening match in Napier on Thursday, overhauling New Zealand’s 285-8 with 10 overs to spare. Veteran opener Sanath Jayasuriya […]
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. […]
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 […]
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 […]
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 […]
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 […]
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 […]