Category:
Japan Power
SINGAPORE, September 16, 2006 (LBO) – Japan has come forward to help Sri Lanka expand its energy mix, with financial backing to build a liquefied natural gas power plant, a top official said. Sri Lanka’s Treasury Secretary P B Jayasundara says the government hopes to have an LNG (Liquefied Natural Gas) plant up and running […]
Worker remittances help Sri Lanka weather shocks
SINGAPORE, September 16, 2006 (LBO) – Workers’ remittances is turning out to be an attractive sources of foreign financing for countries like Sri Lanka, which can sometimes use them as a buffer against oil shocks, the International Monetary Fund said Saturday. But they may be of only limited value in absorbing shocks and reducing vulnerability […]
Oil prices bigger threat than terrorism to Sri Lanka : CB Governor
SINGAPORE September 16, 2006 (LBO) – Historically high global oil prices have overtaken a three decades old ethnic conflict to emerge as the biggest challenge Sri Lankan economy has to face in recent times, the country’s Central Bank governor said Friday. We like to keep the discussion channels open between the World Bank and the […]
‘s obsession with subsidies no help to the poor : Wolfowitz
SINGAPORE, Sept 16, 2006 (LBO) – The practice of Sri Lanka and other South Asian countries that spend massive public resources on subsidies do not help the poor, World Bank Chief Paul Wolfowitz said. “Subsidies are often given as an excuse to cushion the poor,” Wolfowitz said during an informal meeting with South Asian journalists […]
Sri Lanka’s central bank combats inflation with negative real rates
Sept 15 (LBO) – Sri Lanka’s central bank said it was not raising interest rates despite expanding money supply, rising inflation and real interest rates being negative. . The bank said it was holding the repo rate at which excess money is drained from the banking system at 9.125 percent, and reverse repo rate, the […]
Asian Trading
MANILA, Sept 15, 2006 (AFP) – The Asian Development Bank said Friday it has launched a 10 billion-dollar Asian currency note programme that would serve as the first platform for bond issues in regional currencies. Under the scheme, Asian currency bonds are issued in their domestic markets under a single unified framework with a common […]
’s peak winter tourist season
Sept 15 (LBO) – Arrivals to Sri Lanka from some European tourist markets saw another month of declines in August, but tour operators say possible peace talks this year could change that by winter. European travellers have been cautiously holding off on visiting the troubled island in the past few months, with top markets like […]
Zimbabwe inflation hits new record
HARARE, Sept 15, 2006 (AFP) – The annual rate of inflation in Zimbabwe reached a new record high of 1,204.6 percent in August, the central statistics office announced on Friday.The announcement of the new rise came after slight falls in the rate for June and July, which had raised hopes by central bank chief Gideon […]
” English test
SYDNEY, Sept 15 (AFP) – Migrants to Australia would have to pass an English language test to prove they were “fair dinkum” (genuine) about fitting into society Down Under, Prime Minister John Howard said Friday. Howard also said the length of time migrants had to live in Australia before they could become citizens would be […]
Troops shell Tigers in new Sri Lanka fighting
TRINCOMALEE, Sri Lanka, Sept 15, 2006 (AFP) – Government forces shelled Tamil Tiger positions in northeastern Sri Lanka Friday as suspected guerrillas shot dead four civillians in renewed unrest on the island, officials said. Meanwhile, four civilians have been shot dead in separate incidents in Jaffna peninsula and in the neighbouring districts of Vavuniya and […]
Tit for Tat
Sept 15 (LBO) – Lanka Indian Oil Corp., will drop fuel prices again from Friday to recover a 50 percent loss in volumes due to price wars with Sri Lanka’s state oil corporation. We will be reducing our prices by one rupee on a litre of petrol and diesel with effect from midnight Friday. It […]
Will economic growth give political space for Sri Lanka to escape poverty?
SINGAPORE September 15, 2006 (LBO) – In addition to curries, saris and a passion for cricket, Sri Lanka shares similar problems with South Asian countries, but rapid economic growth is now creating the ‘political space’ for policy and institutional reforms, the World Bank said. “The Sri Lankan government was (last year) elected on a platform […]