Tag: economy

Sept 15, 2007 (LBO) – A top Sri Lankan property developer says real estate is a sound investment because house prices do not fall, and construction costs goes up rather than down. The Ceylinco group says the property market has been a shock absorber to act as a hedge against inflation and other economic concerns […]

Sept 15, 2007 (LBO) – Sri Lanka’s central bank has cut the economic growth forecast for 2007 to 7.0 percent from an earlier 7.5 percent, a report said days after the government’s statistics office released the latest growth numbers. Sri Lanka’s economic expansion slowed to 6.2 percent in the first half of 2007 from a […]

Sept 14, 2007 (LBO) – Sri Lanka’s top statisticians put forward a new theory on exchange rates and took on the central bank governor and Fed chairman Ben Bernanke in a bid to explain rising inflation with long discredited failed ideas. . Hidden Theory Questioned by journalists about the falling Sri Lanka rupee, especially at […]

Sept 13, 2007 (LBO) – Sri Lanka’s economy expanded 6.4 percent in the second quarter clocking up a 6.2 percent growth for the first half, coming off record highs in 2006, the government’s statistics office said. The growth in gross domestic product (GDP) has slowed compared to an expansion of 7.8 percent in the first […]

Sept 12, 2007 (LBO) – A controversial buffer zone that banned re-building of homes of Sri Lankan victims near the coast after the December 2004 tsunami has forced fisher folk out of their traditional livelihood, a survey has found. “But there is urgent need to look around us not only look forward. There are still […]

Sept 12, 2007 (LBO) – Sri Lanka’s department of meteorology has issued a tsunami warning to the country’s eastern, northern and southern coastal regions following an earthquake in Indonesia. The Pacific Tsunami Warning Centre in Hawaii issued a watch bulletin. The Pacific Tsunami Warning Centre said if a tsunami is generated waves could reach Sri […]

Sept 11, 2007 (LBO) – Sri Lanka’s consumer affairs minister, cornered by rising prices and a falling rupee caused by money printing, lashed out at a Marxist party that helped engineer a collapse of government finances. Except for a handful of years like 2003, the Sri Lanka rupee has been on a free fall since […]

Sept 07, 2007 (LBO) – Sri Lanka is doubling the time given under its labour laws for aggrieved employees to seek redress, rolling a back a previous decision to limit the period, a senior minister said. Minister Anura Yapa said the cabinet of ministers had approved a request by labour minister Athauda Seneviratne to increase […]

Sept 05, 2007 – Sri Lanka’s opposition, including a Marxist party which engineered fuel subsidies and mass state recruitment forcing the government to print money and push inflation up, is now opposing taxes and demanding higher wages. In 2004, the Janatha Vimukthi Peramuna called for fuel subsidies to remove what it labeled ‘a plug’ to […]

Sep 04, 2007 (LBO) – Sri Lanka’s central bank said Tuesday reserve money growth is on target, but domestic assets in the monetary base continued to rise, indicating a further weakening of international reserve backing for the local currency. However analysts say Central Bank attempts to stabilize the economy has been undermined by a fiscal […]

Sept 03, 2007 (LBO) – Sri Lanka’s central bank has successfully floated the rupee after printing billions of rupees on an ill-fated intervention and sterilization adventure that nearly brought the national currency to its knees, analysts said. On August 23, the central bank stopped threatening dealers who were earlier labeled as being anti-national and heavy […]

August 31, 2007 (LBO) – Updating laws on gem mining and trade, value addition and better certification methods will help Sri Lanka to develop the country’s gem industry, officials said. Minister of export development and international trade G L Peiris, opening the Facets2007 gem exhibition said the country’s policy structure that addresses the concerns of […]