Category:
Left Alone
The Central Bank left its key short-term rates unchanged on Thursday, but cautioned that a higher than estimated budget deficit, from 6.8 per cent to 7.3 per cent of GDP could pressure the governments borrowing programme.The overnight repurchase rate (repo rate) was kept at 7.00 percent and the reverse repurchase rate (reverse repo) at 8.50 […]
AA Grade
Fitch Ratings upgraded its rating for Bank of Ceylons (BOC) Implied Long-term unsecured Senior Debt to SL AA (S L Double A) from a SL AA- (S L Double A minus), reflecting the State baking giants financial profile over the last couple of years.SL AA long-term rating denotes a very low expectation of credit risk. […]
Here We Go Again
Central Bank says non-bank private sector has capacity to absorb nearly Rs.100 billion in extra borrowings but warned any such move will push interest rates up. The UNF government announced in its last budget its net borrowing for the year would be Rs.65 billion but the Central Bank says they can borrow up to Rs.30 […]
The Lankan Pie
Protecting jobs at home has become a hot issue in the US presidential race as companies there, relocate some business processes looking for lower taxes and cheap labor. Americans are seeing a repeat of history when thousands of manufacturing sector jobs was lost to cheaper imports and the shift of production facilities abroad.rn rnBusiness Process […]
Passport to Reforms
People waiting all day in long queues braving the blazing sun to get their passports at the Immigration and Emigration Department is a common sight in Colombo.rnrn The department, which issues passports, deals with over three thousand people who come to its cramped and dilapidated offices at Bambalapitiya daily to get new passports or renew […]
Applying Caution
Sri Lankas top trade chamber said Friday that it will support the new Government, but voiced concern over proposals to expand the public sector and extend the states role in commercial activity. The Ceylon Chamber of Commerce drew up a checklist of five priority areas to be tackled when work begins, re-iterating that economic activity […]
Surging Demand
An election on top of the April festivities, created a bigger than expected demand for cash this year.Currency in circulation rose by a massive Rs. 18 bn through March as the public continued to withdraw cash from the banking system.rn rnldblquote In other years we see an extra demand of about Rs 10-12 bn during […]
Pitching In
Ten flood damaged rural health centres in the Matara district were reopened for patients on Thursday, with a US$18,000 USAID aid injection for rehabilitation. The rehabilitation of the health centres were initiated by a US$ 18,000 grant to the SouthernProvince Health Sector Authority of Matara, a US Embassy statement said.rn rnThe grant also provided for […]
Showdown
Guerrilla factions have exchanged heavy gunfire in north-eastern Sri Lanka, in the first major clash since an unprecedented split in the Tamil Tiger movement, military officials said.rnrnFighters of the main Tamil Tiger movement and cadres controlled by a renegade regional commander fired mortars and small arms fire for nearly two hours across the Verugal river, […]
Hope & Pray
The JHU (Jathika Hela Urumaya), will make it a priority to introduce a new law to stop Sri Lankans from being persuaded to change their religious beliefs. The JHU is hoping to stop the islands majority Buddhists from embracing other religions endash mainly the teachings of various Christian sects now operating freely all over the […]
Eastern Battle
Casualties were suffered on both sides in the first major clash since a split in the guerrilla group, the pro-Tiger Tamilnet.com website said.rn rn Forces of the Liberation Tigers of Tamil Eelam (LTTE) were advancing on positions held by those loyal to the renegade regional commander V. Muralitharan, and there were casualties on both sides, […]
Not Fair
Flour Mill giant Singapores Prima Ceylon Ltd has filed papers for arbitration against the government for failing to honour two clauses in its agreement.A fresh deal signed by the government and Prima in April 2001, specified that flour giant will not be discriminated against any other company/person engaged in the producing wheat flour.rn rnThe government […]