Tag: economy

Mar 01, 2011 (LBO) – The Sri Lanka Ports Authority (SLPA) said it is more than doubling bunker storage facilities in Colombo port to cater to an increasing number of ship fuel suppliers. Sales volumes have increased in recent months and the number of bunker supply license holders had increased to 11 from eight in […]

Mar 01, 2011 (LBO) – Riston Group, a big Sri Lankan tea exporter to Russia, plans to expand production there with a new factory and also penetrate other markets, company officials said. The firm intends to set up a factory with a floor area of 150,000 square feet this year, which will help to cut […]

VALLETTA, February 28, 2011 (AFP) – The UN refugee agency said a “humanitarian emergency” was underway as thousands fled Libya over the weekend in a mass exodus of foreigners from the strife-torn country by air, land and sea. The agency said almost 100,000 migrant workers, mostly from Egypt and Tunisia, had fled Libya in the […]

Feb 28, 2011 (LBO) – Consumer prices in Sri Lanka’s capital Colombo accelerated to 7.8 percent in the 12-months to February from a year earlier, up from 6. 9 percent in January the government’s statistics office said. Prices rose 1.2 percent in the month of February alone continuing a trend seen in September. In September […]

Feb 28, 2011 (LBO) – Sri Lanka’s World Bank office will accelerate its current programs start working on a new loan plan that will involve larger projects in fewer sectors at more market based rates, an official said. Elements of the current program dates back from before the end of a 30-year war in 2009. […]

Feb 26, 2011 (LBO) – Sri Lanka is among Asian nations struggling with capital inflows driven by excessive money printed in advanced nations, raising the risks of high inflation and asset booms, a senior International Monetary Fund official said. “Sri Lanka is one country that has faced a surge in capital flows,” IMF deputy managing […]

Feb 25, 2011 (LBO) – Sri Lanka joined the chorus of developing nations voicing concerns about the negative effects of Federal Reserve’s latest money printing exercise known as ‘quantity easing’ at an Asian monetary forum newly backed by China. Ultra loose US monetary policy has flooded developing countries that are pegged to the US dollar […]

Feb 24, 2011 (LBO) – The World Bank has urged Sri Lanka bring laws to encourage good food processing practices and control trans fats content in food in the fight against rising non-communicable diseases (NCD) like heart attacks. “The ministry of industries (might have to get involved) in decisions about taxes on high sugar products […]

NEW DELHI, February 23, 2011 (AFP) – Asian nations on Wednesday prepared evacuation plans for more than 100,000 migrant workers trapped in Libya, many of them low-paid labourers toiling on construction sites. Arrangements to use passenger ships, planes and land routes to Egypt were being considered by governments as they try to secure their citizens’ […]

Feb 21, 2011 (LBO) – A devaluation of Vietnam’s currency by 9.0 percent may increase bank bad loans, especially where dollar loans were given to customers with local currency revenues and hurt capital, Moody’s, a rating agency has said. A weaker dong increases prices throughout the economy, with internationally traded goods, whether imported or exported […]

SAN JUAN, February 17, 2011 (AFP) – Promising advances have been made in the testing of possible vaccines to prevent the mosquito-borne dengue virus, which kills 25,000 people every year, researchers said Thursday. “There’s been tremendous progress,” he said. “There are a number of vaccines that are now in clinical trials and there’s now very […]

Feb 18, 2011 (LBO) – Sri Lanka’s government is likely to be able to meet the 2010 target for its budget deficit of eight percent of gross domestic product, a visiting International Monetary Fund official said. Brian Aitken, chief of the IMF review mission, said the island’s economic growth remained strong and there were no […]