Category:
India logs 8.9 pct first quarter growth, beats forecasts
NEW DELHI, Sept 29, 2006 (AFP) – India, the world’s second-fastest growing major economy after China, beat most forecasts Friday by reporting 8.9 percent growth in the first quarter to June, official data showed. The robust performance, driven by strong manufacturing, services and construction numbers, came as the ruling Congress-led coalition marked the midway point […]
”s split bursts into the open
Sept 29 (LBO) – The simmering power-struggle within the JVP, or People’s Liberation Front, came out into the open today with a stalwart disclosing his differences with the leadership of Somawansa Amarasinghe.Nandana Gunathilake, a politburo member of the Marxist-nationalist party said he sent in his resignations from the high party positions on February 7, but […]
’s Marxist nationalist JVP
Sept 29 (LBO) – A leading member of the Marxist-nationalist Janatha Vimukthi Peramuna has resigned his position in the party. Nandana Gunathilake told a local radio station that he has finally resigned his positions in the JVP because the party failed to reform. He said has taken a backseat in the party since February but […]
UN says Sri Lanka violence hitting tsunami aid work
Sept 29, 2006 (AFP) – The United Nations said Friday ongoing fighting between government forces in Sri Lanka and Tamil Tiger rebels had badly hit tsunami reconstruction efforts.The UN Secretary-General’s Deputy Special Envoy for Tsunami Recovery, Eric Schwartz, also said he was “deeply disturbed” to learn that more than 200 civilians had been killed and […]
Sri Lanka starts work on compiling single set of national accounts
September 29, 2006 (LBO) – Two key agencies that prepare Sri Lanka’s national accounts, are working towards compiling a single set of numbers, to ensure credibility in growth figures, officials said Friday. The Census & Statistics Dept and the Central Bank now issue two sets of growth numbers for Sri Lanka, and they differ by […]
‘s inflation hits 15.4% in September
September 29, 2006 (LBO) – Consumer prices in Sri Lanka rose to 15.4 percent in Sept from 15.3 percent in August, the Census & Statistics Dept said Friday, due to price gains in electricity, fuel and vegetables. On 12 month moving average inflation for September rose to 11.2 percent from 10.8 percent in August. The […]
‘s central bank restores cash facility to calm markets; emergency 50bp rate hike
September 28, 2006 (LBO) – Sri Lanka’s central bank Thursday regained control of the country’s runaway short-term rates by restoring a standing liquidity facility after a two-day cash squeeze experiment spread panic in money markets and sent bonds plunging.The government has been heavily borrowing commercial dollars this year and selling to the central bank, which […]
‘s Central Bank hikes short term interest rates by half a percent
September 28, 2006 (LBO) – Sri Lanka’s Central Bank Thursday hiked short term rates by 50 basis points, two days after shutting the bank’s standby cash facility to market players. Gilt prices crashed in thin trading with some dealers quoting 14.0 percent for discounting treasury bills for small value customers of around 100,000 rupees, but […]
Higher Bar
Sept 28 (LBO) – The Sri Lankan government said Thursday that it would amend the country’s Finance Companies Act, to allow minimum capital requirements of finance companies to be raised. The government said earlier it would raise minimum capital requirements of finance companies from 100 million rupees to 200 million rupees, with companies given until […]
Family Ties
September 28, 2006 (LBO) — The Strategic Enterprise Management Agency (SEMA) and top state bank officials are due to present a comprehensive proposal to the President to make state banks more competitive. According to the SEMA, the Peoples’ Bank pension fund is short of 8.3 billion rupees, Bank of Ceylon 2.5 billion rupees and NSB […]
‘s tea production dips in Aug on bad weather, high fertilizer prices
Sept 28 (LBO) – Sri Lanka’s tea crop production dropped in August on a combination of bad weather and reduced use of fertilizer on estates due to soaring costs.Tea production in August dropped 11.7 percent to 21.8 million kilos over 24.69 million kilos the year before, as crops were hit by extended dry spells followed by […]
Mutual Benefits
Sept 28 (LBO) – Japan™s Asia Pacific University (APU) tied up with Sri Lanka™s Chartered Institute of Management Accountants and the ICT Agency this week, offering training for small and medium businesses and state institutions. The Ritsumeikan Asia Pacific University is the only university in Japan to offer an entire curriculum in English from undergraduate […]