Category:
Sri Lanka fiscal and monetary authorities in harmony: officials
Apr 16, 2013 (LBO) – Sri Lanka’s monetary and fiscal policy is in harmony with both authorities aiming for stability low inflation, and the presence of a Treasury official in the central bank was a not a threat to its independence, officials said.The secretary to the finance ministry is an ex-officio member of the Monetary […]
Sri Lanka holds rates, expects growth from lower crowding out
Apr 16, 2013 (LBO) – Sri Lanka held policy rates steady amid heavy demand for bank credit from the state but expected economic activity to pick up after state borrowing reduce helped by an electricity tariff hike.“Inflation is expected to remain at these benign levels supported by prudent demand management policies, although the proposed revisions […]
” trick
Apr 15, 2013 (LBO) – Despite decades of propaganda by elected rulers about ‘the government bearing the burden’ some citizens are seeing through the subsidy deception, comments by electricity consumers at a public hearing on a tariff hike showed.He said two state banks were also in trouble because of heavy lending to fund subsidies. Now […]
Sri Lanka and Burkina Faso looks for closer economic ties
Apr 15, 2013 (LBO) – Sri Lanka will train students from Burkina Faso and strengthen economic ties, the economic development ministry said following a ministerial delegation from the African nation.Burkina Faso is a member of the UN Human Rights Council. It was among the eight countries that abstained from voting on a UN resolution that […]
Sri Lanka water supply board plugs some leaks, ups profit
Apr 14, 2012 (LBO) – Sri Lanka’s state-run National Water Supply and Drainage Board, has increased provisional operating profits to 3.0 billion rupees in 2012, up from 1.9 billion rupees by raising tariffs and reducing leakages. Non revenue water had fallen from 31.3 percent of the total to 30.7 percent in the Greater Colombo Area, […]
Freedom
COLOMBO, April 13, 2013 (AFP) – Gunmen opened fire and torched the office of the main Tamil newspaper in northern Sri Lanka on Saturday, the owner said, the latest in a wave of attacks against privately-owned media in the country.Three armed men carried out the pre-dawn arson attack on the Uthayan office and printing press […]
Speed
Apr 13, 2013 (LBO) – Sri Lanka’s Dialog Axiata, a unit of Malaysia’s Axiata group said its mobile broadband subscribers grew 44 percent to 455,000 in 2012. The group has a mobile subscriber base of 7.7 million. Last month the company launched fourth general mobile broadband with FD-LTE technology, which it said was the first […]
Sri Lanka Hayleys to sell Rs2.0bn debt
Apr 12, 2013 (LBO) – Sri Lanka’s Hayleys Plc, a diversified group will sell 2.0 billion rupees of listed unsecured debt which will have been rated ‘AA-‘ by RAM Ratings Lanka. RAM said the group’s business was diversified with strong markets in gloves and activated markets. But the group’s debt had increased 30 percent year-on-year […]
Agency
Apr 12, 2013 (LBO) – A Sri Lankan legislator has alleged that a public relations firm hired by Sri Lanka to lobby American politicians and others, has misled the US government in a mandatory disclosure by providing wrong information.Harsha de Silva, an opposition legislator said Thompson Advisory Group of Washington is being paid 100 million […]
Sri Lanka state airlines lose Rs21.5bn in 2012
Apr 12, 2013 (LBO) – State-run Sri Lankan Airlines and Mihin Lanka, a budget carrier had continued to hemorrhage cash losing 21.5 billion rupees in 2012, with losses since ending Emirates management totaling 58.7 billion rupees, official data shows.Over the last two years, SriLankan has received 100 million dollars in annual tax payer capital injections. […]
‘t panic: South Korea envoy in Sri Lanka
Apr 12, 2013 (LBO) – Sri Lankans working or with relatives in South Korea, should not be “excessively anxious” about sabre rattling by the North as many soldiers are spring farming and not mobilizing for war yet, Seoul’s envoy to Colombo said.There were 25,000 Sri Lankans in Korea, among 230,000 foreign guest workers. Jongmoon Choi […]
‘s savings ratio to go up if state firms cut losses
Apr 12, 2013 (LBO) – Sri Lanka’s domestic savings ratio will be boosted if large losses in state enterprises are reduced, Central Bank deputy Governor Nandalal Weerasinghe said. In 2012, Sri Lanka had a domestic savings rate of 17.0 percent of gross domestic product with the central government running a current account deficit (dis-saving) of […]