Category:
Say Watt?
As the drought, dubbed as the worst in the last fifty years, drained the hydro reservoirs making it hard for the electricity utility to meet peak consumer demand, the government stepped in saying it would pump in Rs. 3 billion to secure emergency power to shore up the national power grid.Water inflows to the hydro […]
IMF Oomph
The International Monetary Fund (IMF) has told the government to build on the progress made so far to reactivate a low interest long-term loan while a policy shift will mean the loan will have to be renegotiated.The funds country representative Jeremy Carter told LBR that the IMF board is willing to consider the economic policies […]
Too Vague
The Freedom Alliance unveiled its manifesto promising to stop the tide of privatisations most of which were initiated by the previous PA administration, a party to the alliance.The UPFA says road, rail, petroleum, electricity, ports and airports, water and state banks will not be privatised.rn rnThe party says instead they will strengthen the governments role […]
Bouncing Up
With court room and board room battles firmly behind, the diversified Richard Pieris Group made it to the news this week to pick up two plantation companies. The acquisition is the latest, after picking up Sathosa and getting a tentative foot into financial sector through Pramuka Bank.Its been a while since the once family controlled […]
Political Chessboard
Politicians of all hues and sizes have thrown their hat into the ring for next months snap poll. But smaller parties championing the Sinhala Buddhist, Tamil and Muslim votes are jostling to play the trump card in Sri Lankas next parliament. rnrn Inrnthe second in a series of political updates, Vajira Premawardhana ManagerrnResearch at Lanka […]
Tread Carefully
The International Monetary Fund says Sri Lanka should be ready to raise interest rates if the ongoing political crisis deepens, as the absence of a strong government makes it difficult to keep a tight grip on the public purse.The Washington based Fund commended the country for emerging from 20-years of ethnic conflict, but said economy […]
Limited Edition
The Joint Business Forum (JBiz) has asked the new government to restrict Cabinet members to 25 and Deputy Minister to 25.The limited edition, JBiz says should be complimented with a Consultative & Advisory Committee at Ministrys with representatives from Parliament.rn rnldblquote In recent times, number of Ministers appointed by both, the PA & UNF has […]
What A Mess!
The PA-JVP led United Peoples Freedom Alliance (UPFA) plans to change the countrys economic policy agenda to keep in line with its ideology of a mixed economy, a senior party spokesman said Friday.The UPFA is looking at ldblquote A new beginning, dblquote as the Alliances General Secretary Susil Premajayantha explains.rn rnldblquote We are not returning […]
What Next?
With less than three weeks to go to D-day on April 2, the political options of the average Sri Lankan are increasing by the day with more political newbies voicing ever more radical changes to the system.The Parliamentary general election of 2004 will accommodate 24 recognised political parties and 192 independent groups.rn rnAll told 3,361 […]
Comfort Zone
The Central Bank left its key short-term rates unchanged on Thursday, a sign that it was business as usual despite a snap poll and a hike in the domestic borrowing programme.The overnight repurchase rate (repo rate) was kept at 7.00 percent and the reverse repurchase rate (reverse repo) at 8.50 percent, the bank said in […]
Quick Jump
Union Assurance Ltd said Thursday its net profits have nearly doubled on renewed business sentiment in the overall insurance market.Its consolidate net profits was up Rs. 132.4 mn over Rs. 38.6 mn during the corresponding year 2002.rn rnProfits from Non-Life business was up to Rs. 99.4 mn, while the surplus from the Life business was […]
Guessing Game
Sri Lanka has made it to the list of developing countries selected for concessional funds under the US governments Millennium Challenge Corporation (MCC).The US government on Thursday named 50 countries that made it for the first round of assistance due in May.rn rnAt present, the list of countries are up for public comment endash as […]