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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 […]
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 […]
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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, […]