Tag: business

WASHINGTON, April 19, 2011 (AFP) – For the first time a top credit ratings agency has seriously hinted the United States might be forced to welch on its debts, a warning experts say could herald dramatic changes for the country and the world. In the world of credit a “AAA” rating is a gold star […]

Apr 19, 2011 (LB) – India was the largest source of foreign direct investment to Sri Lanka in 2010 with 110 million US dollars followed by Malaysia with 72 million US dollars and the United Arab Emirates 66 million dollars, the Central Bank said. “It is necessary for Sri Lanka to attract more non debt […]

Apr 19, 2011 (LBO) – Profits of Sri Lanka’s central bank fell 65. 1 percent to 11.7 billion rupees in 2010 as the cost of domestic monetary operations and rupee appreciation generated losses but made capital gains from gold sales. In 2009 the Central Bank made profits of 33. 6 billion rupees largely as a […]

Apr 18, 2011 (LBO) – Sri Lanka faces a balance between inflation and growth, a top International Monetary Fund official said as prices continue to rise and the Central Bank has taken the first steps to tackle loose monetary policy. Anoop Singh, director of IMF’s Asia and Pacific department said that Sri Lanka has been […]

Apr 17, 2011 (LBO) – The expansion of Sri Lanka state workers seen since 2004 has taken a breather in 2010 reducing a key form of tax banditry practised by rulers, the latest official data shows. In 2010 however the state also froze wages helping bring down the budget deficit. However analysts say rather than […]

Apr 17, 2011 (LBO) – An attempt by the state to deduct further sums money from salaries of Sri Lanka’s private sector workers to create a ‘pension’ has run into further opposition with the draft law being challenged in court, a media report said. The Sunday Times newspaper said Ceylon Bank Employees Union had challenged […]

Apr 14, 2011 (LBO) – Asian Development Bank’s annual meeting in Vietnam will focus on rising commodity prices which is hurting Asia’s two billion poor, climate change, an ageing population as the region also grapples with natural disasters. ADB’s 44th annual meeting starts will be held from May 03 to 06 in Hanoi alongside a […]

Apr 14, 2011 (LBO) – An International Monetary Fund policy paper has proposed a forecasting and policy analysis system (FPAS) to help start an inflation targeting regime for Sri Lanka which suggested a range of 4.0 to 7.0 percent a year as a target. The paper said Sri Lanka’s tight peg also complicated monetary policy. […]

Apr 13, 2011 (LBO) – Sri Lanka’s central bank had independence in 2010 and the country moved forward with more prudent fiscal and monetary policies, Treasury Secretary P B Jayasundera said. Central Banks were originally created by kings to print money and fight wars creating inflation and balance of payments troubles in the process. Sri […]

April 12, 2011 (AFP) – An official Sri Lankan timekeeping website aimed at synchronising watches and helping locals to obey astrological instructions crashed on its first day thanks to unexpected stormy weather. The website, www.sltime.org, was launched Monday by President Mahinda Rajapakse as a resource to help align clocks, watches and computers with Sri Lankan […]

Apr 12, 2011 (LBO) – State infrastructure projects in power, ports, roads and water supply, especially in the war torn north and east of the country has laid a foundation for higher growth, Sri Lanka’s President Mahinda Rajapaksa said. “On the other had in the north – which had regressed 30-year during the war – […]

Apr 12, 2011 (LBO) – Sri Lanka’s first 100 kilometer per hour expressway from Kottawa in Colombo suburbs to Godagama in Matara in the southern province will have a specialist police division, paramedics and fire brigade, officials said. “There will be a special police division for traffic control, paramedics and separate fire brigade for the […]