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Sri Lanka electricity rate change to cut revenues by Rs8.0bn: report
May 03, 2013 (LBO) – A change made to an electricity tariff hike from April 2013 will reduce expected revenues by 8.0 billion rupees a year, a media report said.In 2012 the CEB lost 61 billion rupees. This year the loss increased partly due to an increase in furnace oil prices which in turn would […]
” measure
May 03, 2013 (LBO) – Consumer prices in Sri Lanka’s urban areas rose 7.2 percent in April 2013 from a year earlier, according to a price index compiled by citizens down from 12.6 percent in March. CAL Research said it expected inflation to tick up following an electricity price hike this month. Analysts say any […]
Sri Lanka SOE losses hurt investment and jobs: IMF
May 03, 2013 (LBO) – Massive losses at Sri Lanka’s state enterprises have a negative impact on people’s lives that are beyond accounting losses in the balance sheet, which hurts investment and jobs an International Monetary Fund official said.Last year state-run Ceylon Petroleum Corporation and Ceylon Electricity Board lost more than 150 billion rupees. “It […]
Sri Lanka has scope for easing policy: CB Governor
May 03, 2013 (LBO) – Sri Lanka has scope to ease policy, because credit growth is slowing and the Central Bank has been selling down its Treasuries stock, Governor Nivard Cabraal said. When its Treasuries are sold down, through a ‘quantity tightening’ policy can be tight, analysts say, regardless of the actual policy rate. T-bill […]
Japan ready to continue support for Sri Lanka: Finance Minister
Apr 03, 2013 (LBO) – Japan will continue to support Sri Lanka if peace is maintained and with the economy also on a growth path, visiting Japanese deputy prime minister and finance minister Taro Aso said.“Considering that the Sri Lankan economy keeps on the current growth trajectory and given that peace and security would be […]
Terminal
May 2, 2013 (LBO) – Colombo International Container Terminal Plc, (CICT) a unit of China Merchant Holdings (International) will begin discussions with potential customers shortly with the first berth due to open in July, an official said.SLPA’s existing Jaye container terminals and South Asia Gateway Terminals, owned by listed John Keells Holdings are operating at […]
‘s Chinese coal plant giving cheaper power: CEB engineers
May 03, 2013 (LBO) – A Chinese financed and built plant at Sri Lanka’s state-run Ceylon Electricity Board, is generating power at a lower cost and defects are being gradually rectified, officials of the utility’s engineers union said. The coal plant is expected to generate about 1,800 to 1,900GigaWatts of energy this year, out of […]
‘s exports, trade gap down in Feb, apparel up
May 02, 2013 (LBO) – Sri Lanka’s exports fell 2.9 percent to 797.5 million rupees in February 2013 from a year earlier but apparel exports rose 8.8 percent to 371.6 million US dollars, the Central Bank said. Rubber product exports were down 12 percent to 66.1 million US dollars and agricultural exports were down 5.9 […]
Sri Lanka should keep monetary policy on hold: IMF
May 02, 2013 (LBO) – Sri Lanka should keep monetary policy on hold for the moment to build on economic stability based on low inflation, an International Monetary Fund official said. The balance of payments situation was also correcting, though lower imports had put pressure on state finances. But there had been no dramatic reversals […]
Diagnostics
May 01, 2013 (LBO) – Lanka Hospitals Plc, a fee levying hospital that is 65 percent state controlled will build an 850 million rupee laboratory that provide diagnostic test for over 500 diseases that are now unavailable in Sri Lanka, an official said. Lanka Hospitals chief executive Lakith Pieris said a 10,000 square feet laboratory […]
Speed
May 01, 2013 (LBO) – Sri Lanka’s Dialog Axiata which is in a consortium of telecom firms that is building a submarine cable system running from Malaysia to the Middle East through South Asia said it would increase international connections. “The provision of this alternate artery will provide a tremendous boost to the overall connectivity […]
”’ conference in September
May 01, 2013 (LBO) – The first conference in Sri Lanka to be certified as ‘carbon neutral’ will take place in September, when a regional economic policy conference will be held in the island, organizers said.The conference will allow individual delegates to ‘opt in’ to a scheme where they could contribute to offsetting their own […]