Category:
Credit Trends
Jan 17, 2011 (LBO) – Credit to private citizens from Sri Lanka’s commercial banks rose 23. 1 percent in November 2010 from a year earlier, while credit to government also rose at a slower 10. 8 percent, official data showed. In November banks loaned 46.3 billion rupees to private borrowers, down slightly from 51. 4 […]
Local Clearing
Jan 17, 2011 (LBO) – Sri Lanka will set up a common automated teller machine and payment card switch that will process transactions locally, eliminating the need for international routing of transactions between different banks, an official said. “Any firm registered outside Sri Lanka should have a local partner at the time of forwarding the […]
Sri Lanka warns of high food prices after floods
January 17, 2011 (AFP) – Sri Lanka warned Monday that food prices could shoot up after devastating floods in the north and east of the country destroyed rice and vegetable crops. Disaster Management Minister Mahinda Amaraweera said vegetable prices had already been affected because of the impact on growing areas that were swamped by unusually […]
Sri Lanka reschedule West Indies ODIs
January 16, 2011 (AFP) – Sri Lanka will host its rescheduled one-day series against the West Indies starting at the new Hambantota stadium in the island’s south on January 31, officials said Sunday. Heavy rains in December forced the series to be scrapped. The games were to be played across the three World Cup venues […]
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WASHINGTON, January 16, 2011 (AFP) – China’s President Hu Jintao said Sunday the international currency system was “a product of the past,” but it would be a long time before the yuan is accepted as an international currency. Asked about the view that appreciation of the yuan would curb inflation in China, Hu suggested that […]
Pirate Action
SEOUL, January 15, 2011 (AFP) – Suspected Somali pirates hijacked a South Korean-operated cargo ship with 21 crew on board in the Indian Ocean on Saturday, South Korean and European officials said. The 300,000-tonne Samho Dream and its 24 crew — five South Koreans and 19 Filipinos — were released only after a ransom reported […]
Sri Lanka mine fears as floods recede
January 16, 2011 (AFP) – Unexploded mines planted during Sri Lanka’s Tamil separatist war may have shifted during recent floods, officials said Sunday, as residents started to return to their badly-damaged homes and farms. More than one million people were initially displaced in the flooding, with the east of the island worst affected by a […]
Sri Lanka expects US$1.5bn in hotel starts in 2011
Jan 15, 2010 (LBO) – Sri Lanka is expecting 1. 5 billion US dollars of mainly hotel project starts in 2011 as investors pour money into the sector in the wake of booming tourist arrivals following the end of a war, economic minister Basil Rajapaksa said. The two firms have to pay 125 million US […]
Floods hit harvest festival in Sri Lanka former war zone inundated
BATTICALOA, January 15, 2011 (AFP) – Sri Lanka’s minority Tamils would normally celebrate their annual harvest festival Saturday, but instead they are struggling to survive the worst flooding in living memory. With a handful of rice and a couple of incense sticks, Sadairani Kumar is keen to mark the festival of Thaipongal, popular among the […]
Freedom
January 15, 2011 (AFP) – Sri Lankan authorities on Saturday released 78 suspected Tamil Tiger rebels from an internment centre to mark the Tamil harvest festival of Thai Pongal, an official said. A total of 48 women and 30 men left a military-run facility in the northern town of Jaffna, the Commissioner General of Rehabilitation […]
Regulatory Review
Jan 15, 2010 (LBO) – Sri Lanka’s Securities and Exchange Commission (SEC) will modernize its governing law to meet market trends and introduce civil sanctions for market offenders, an official said. SEC chairwoman Indrani Sugathadasa said the 1987 SEC law has been change three times but there had been “no overall review of the provisions […]
EU gives two mln euros in aid for Sri Lanka floods
BRUSSELS, January 14, 2011 (AFP) – The European Commission decided on Friday to release two million euros (. 7 million) in emergency humanitarian aid for the victims of devastating floods in Sri Lanka. The assistance will be distributed through international aid agencies to provide emergency food aid, water and sanitation, and emergency relief items. “When […]