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‘s power regulator sets conditions for CEB transparency
Apr 18, 2013 (LBO) – Sri Lanka’s power regulator has set eight conditions for cost transparency at state-run Ceylon Electricity Board, which it said came from consumer suggestions at a public hearing.Other analysts have also questioned the efficiency of several thermal plants and called for PPA’s to be made public. CEB has to initiate power […]
Sri Lanka main opposition slams tariff hike, power regulator independence
Apr 18, 2013 (LBO) – Sri Lanka’s main opposition United National Party has slammed a power tariff hike for very low users and the questioned the independence of the regulator, after a proposal of the state power monopoly was approved almost unchanged.But the regulator had earlier dis-allowed 40 billion rupees from proposed expenses of state-run […]
Petro Law
Apr 18, 2013 (LBO) – Sri Lanka will introduce a new law on oil exploration and incorporate a separate entity to regulate upstream petroleum activities, minister Keheliya Rambukwelle said. Sri Lanka’s Petroleum Resources Development Secretariat will be incorporated into an independent regulatory body with responsibility to prepare government policy on petroleum exploration and production. It […]
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Apr, 18 2013 (LBO) – Sri Lanka’s central bank said it had hired a US public relations firm to counter attempts to “tarnish the political image and true economic successes” of the island by “groups with dubious agendas.” “..[I]f such campaign continues without a counter campaign to correct the misconceptions it may have the potential […]
Sri Lanka Treasuries yield steady
Apr 17, 2013 (LBO) – Sri Lanka’s Treasuries yields eased 01 basis point across maturities at Wednesday’s auction with the 12-month yield at 11.34 percent the state debt office said. The 3-month yield was down 01 basis point at 9.24 percent and the six month yield was 10.24 percent also down 01 basis point. The […]
Sri Lanka police starts tracking tourists
Apr 17, 2013 (LBO) – Sri Lanka’s police have started to track foreign tourists “for their own safety” amid rising crime, a media report said.Hotels and guest houses have been told to submit weekly reports fo their foreign guests to police as part of a new ‘security plan for tourists,’ including visa a passport details. […]
Sri Lanka power tariffs raised – Update
Apr 17, 2013 (LBO) – Sri Lanka’s power regulator has approved a tariff request by state-run Ceylon Electricity Board denying a request to reduce tariffs of large domestic users, after earlier cutting of 40 billion rupees in estimated costs.High user domestic tariffs at around 44 rupees a unit with the fuel surcharge are more than […]
Sri Lanka should be less dependent on foreign borrowings: Central Bank
Apr 17, 2013 (LBO) – Sri Lanka should depend less on foreign capital to bridge a savings investment gap, to make the economy more resilient to external shocks, the Central Bank has said.Sri Lanka had an investment ratio of 30.6 percent of gross domestic product in 2012 but domestic savings were only 17 percent. National […]
Global economy to grow 3.3-pct led by US, emerging economies: IMF
Apr 17, 2013 (LBO) – The global economy will grow 3.3 percent in 2013 with the United States growing 1.9 percent, emerging and developing nations growing 5.3 percent and the Euro area contracting 0.3 percent, the International Monetary Fund has said. “What was until now a two-speed recovery, strong in emerging market and developing economies […]
Sri Lanka central bank may buy gold: CB Governor
Apr 17, 2013 (LBO) – Sri Lanka’s central bank, an active trader in gold which cut its holdings last year may buy into gold, now that it is falling, Central Bank Governor Nivard Cabraal has said. “Overall, gold prices coming down is giving an opportunity to various central banks across the world to improve on […]
Sri Lanka stocks up 0.2-pct
Apr 16, 2013 (LBO) – Sri Lanka’s stocks closed up 0.2 percent with volumes boosted by a foreign strategic buying in Pan Asia Bank, brokers said. Nestle Lanka closed at 1769.00rupees down by 1.00 rupees. Dialog Axiata closed flat 9.30 rupees while Index heavy John Keells Holdings gained 0.70rupees to close at 248.50 rupees. Distilleries […]
Sri Lanka should stop ad hoc, shock tariff increases: power users
Apr 16, 2013 (LBO) – Sri Lanka should stop raising power tariffs suddenly by large percentages after driving the economy to crisis, but use an already established methodology to revise prices in an orderly way, consumers said.“These ad hoc tariff increases are bad of the industry,” Srilal Miththapala, representing hotels at a public hearing on […]