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‘s former army chief launches attack on president
April 22, 2010 (AFP) – Sri Lanka’s detained former army chief briefly emerged from custody Thursday to attend the opening of parliament and used the opportunity to launch an attack on President Mahinda Rajapakse. Sarath Fonseka last year led troops to victory over Tamil Tiger rebels after decades of ethnic conflict on the island, but […]
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WASHINGTON, April 21, 2010 (AFP) – The United States called on Sri Lanka’s new government Wednesday to use its mandate to pursue a “healing process” as the island recovers from decades of war. Sri Lanka’s new parliament is set to convene Thursday after Sri Lankan President Mahinda Rajapakse’s allies won just short of a sweeping […]
Sri Lanka to get investments in hydro power, hotels
Apr 22, 2010 (LBO) – Two mini-hydro power plants and new hotels and hotel refurbishment are among several investments approved by Sri Lanka’s investment promotion agency, a statement said. The Board of Investment (BOI) said it has approved and signed agreements for eight new investments worth 20 million US dollars that will create 500 job […]
Sri Lanka money supply, excess liquidity closely watched: Central Bank
Apr 22, 2020 (LBO) – Excess liquidity in Sri Lanka’s money markets were high and base money was growing faster since the last quarter, but the Central Bank will ‘closely monitor’ changes and take action if needed, the monetary authority said. “Reserve money has been expanding at a higher rate since the last quarter of […]
Sri Lanka to grow by 5.5-pct in 2010, but fiscally vulnerable: IMF
Apr 22, 2010 (LBO) – Sri Lanka’s economy is expected to grow at a faster 5. 5 percent of gross domestic product in 2010 but the country is facing a danger from excessive deficit spending, an International Monetary Fund (IMF) official said. IMF’s forecast is slightly lower than Sri Lanka’s central bank forecast of a […]
Sri Lanka Treasuries yields ease
Apr 22, 2010 (LBO) – Sri Lanka’s Treasuries yields eased at Wednesday’s auction with the 3-month yield falling 06 basis points to 8. 46 percent despite a higher than maturing volume of bills being sold, the debt office said. The debt office sold 2.3 billion rupees of 3-month bills, 6. 9 billion rupees of 6-month […]
Sri Lanka stocks close 0.41-pct up, hotel stocks continue rise
Apr 21, 2010 (LBO) – Sri Lankan stocks hit a new high Wednesday as institutional interest on index heavy banking stocks pushed the market up, while high retail interest in hotel stocks sent turnover past two billion rupees, brokers said. The All Share Price Index closed at 4,038. 89, up 16.52 points, while the Milanka […]
Box Trade
Apr 21, 2010 (LBO) – Cargo volumes at a Colombo port private container terminal run by an associate firm of John Keells Holdings hit a new monthly high in March, as transshipment trade in the region recovered. But transshipment cargo yields lower margins than domestic import-export containers, , analysts said. The conglomerate John Keells Holdings […]
Harbour Moves
Apr 21, 2010 (LBO) – Dredging and breakwater construction on a new harbour being built next to Sri Lanka’s Colombo port is on schedule, said a senior official of the Asian Development Bank which is funding the work. But talks on a contract to design and build the new deep-water port’s first container terminal were […]
Bailout Tax
LONDON, April 21, 2010 (AFP) – The International Monetary Fund has proposed two new global taxes on banks and other financial institutions to cover the cost of future bailouts, the BBC reported. The measures would see all institutions pay a bank levy as well as a further tax on profits and pay, which would aim […]
Policy Debate
Apr 21, 2010 (LBO) – Dr Harsha de Silva has been an exemplary policy intellectual. He had the greatest impact in contributing to the shifting of the frame for discussing inflation in Sri Lanka from the misguided focus on imported inflation to one that correctly places the actions of the Central Bank and the now […]
‘s water crisis laid bare by clash with US cola giants
NEW DELHI, April 21, 2010 (AFP) – A pollution fine for Coca-Cola and an order for PepsiCo to cut water use at factories in India have highlighted an intensifying conflict between big business and farmers over natural resources. Last month, a report commissioned by the southern state of Kerala ordered Coca-Cola to pay 47 million […]