Category:
Price Hike
Feb 11, 2012 (LBO) – Sri Lanka has steeply raised the price of diesel partially correcting chronic mis-pricing between refined fuels in a move that could also help reduce loans taken by petroleum distributors and stabilize a weakening exchange rate. Diesel may be now priced just around cost when freight, port levies and taxes are […]
Sri Lanka exchange rate flexibility welcomed by IMF
Feb 10, 2012 (LBO) – A decision by the Sri Lanka’s central bank to allow the exchange rate to move more in line with its monetary policy has been welcomed by the International Monetary Fund. “We welcome the move toward greater exchange rate flexibility announced today,” IMF resident representative Koshy Mathai said. “This step, supported […]
Sri Lanka tea small farmers raise output concerns
Feb 10, 2012 (LBO) – Sri Lanka’s tea small holders, who produce the bulk of the crop, have said rising costs of production, mainly driven by higher labour costs, is making the sector unsustainable. Our production costs have increased after the latest plantation sector wage increase in 2010. So to remain profitable farmers are cutting […]
Indian govt stops issuing food inflation data
NEW DELHI, Feb 10 (Asia Pulse) – The Indian government has discontinued a practice of releasing food inflation data every Thursday. “Consequent upon the decision of the Cabinet Committee on Economic Affairs (CCEA) held on January 24, 2012, weekly release of Wholesale Price Index (WPI) for the commodities items under the Groups ‘Primary Articles’ and […]
Sri Lanka apparel firm goes carbon neutral
Feb 10, 2012 (LBO) – Sri Lanka Hirdaramani Group, a big apparel exporter, said it has got carbon neutral certification for one of its factories, giving it an edge over competitors among environmentally conscious consumers. Acquiring ‘CarbonNeutral’ certification for its ‘Mihila’ factory “adds to our competitive edge against regional providers, the group said in a […]
Fuel Poser
Feb 10, 2012 (LBO) – Sri Lanka is considering raising retail prices of fuel because of rising world oil prices, petroleum industries minister Susil Premajayantha said. Sri Lanka’s future oil imports will cost more as international prices have increased owing to cold weather in the Western hemisphere and uncertainty caused by sanctioned against Iran, he […]
Oil Outline
Feb 10, 2012 (LBO) – Net profit for the December 2011 quarter of the Sri Lanka unit of Indian Oil Corporation rose 3. 5 percent to 623 million rupees from a year ago, with a sharp rise seen in finance costs. Lanka Indian Oil Corporation’s December 2011 quarter sales rose 15 percent to 15. 4 […]
Sri Lanka rupee trades with no intervention
Feb 09, 2012 (LBO) – Sri Lanka’s rupee recovered to close around 115.20/30 against the US dollar in the spot market after weakening as much as 115.70 in intra-day trade immediately after the central bank stopped interventions, dealers said. The rupee was pegged to the US dollar at 114.30 on Tuesday and after announcing a […]
Sri Lanka central bank will not intervene at fixed price: CB Governor
Feb 09, 2012 (LBO) – Sri Lanka’s Central Bank will not intervene at a fixed price but will continue to supply part of the dollars needed to settle petroleum bills Governor Nivard Cabraal said after a trading band was removed Thursday. The International Monetary Fund has called for greater flexibility in forex markets to protect […]
Sri Lanka central bank bill stock tops Rs200bn
Feb 09, 2012 (LBO) – Treasury bills acquired by the Central Bank to back money printed to sterilize interventions in the forex markets to defend a dollar peg has topped 205 billion rupees, official data showed. The peg was adjusted down 30 cents to 114.60 rupees from 114.30 rupees on Thursday from a day earlier, […]
Sri Lanka rupee eases lower with no intervention
Feb 09, 2012 (LBO) – Sri Lanka’s rupee fell against the US dollar to below 115 rupees after the Central Bank stopped intervening on a specific price, following a 30 cent lowering of its band earlier in the day, dealers said. The rupee fell from 114.30 to in the spot market Thursday with the lowering […]
Sri Lanka shares end down 2.3-pct
Feb 09, 2012 (LBO) – Sri Lanka’s stock market slumped further Thursday, with the main index losing 125 points after falling 100 points the day before, down for the seventh straight trading session, brokers said. The main All Share Price Index closed down 2. 30 percent (125.26 points) at 5,316.99, while the more liquid Milanka […]