Tag: economy

May 03, 2013 (LBO) – Massive losses at Sri Lanka’s state enterprises have a negative impact on people’s lives that are beyond accounting losses in the balance sheet, which hurts investment and jobs an International Monetary Fund official said.Last year state-run Ceylon Petroleum Corporation and Ceylon Electricity Board lost more than 150 billion rupees. “It […]

May 03, 2013 (LBO) – Consumer prices in Sri Lanka’s urban areas rose 7.2 percent in April 2013 from a year earlier, according to a price index compiled by citizens down from 12.6 percent in March. CAL Research said it expected inflation to tick up following an electricity price hike this month. Analysts say any […]

May 02, 2013 (LBO) – Sri Lanka should keep monetary policy on hold for the moment to build on economic stability based on low inflation, an International Monetary Fund official said. The balance of payments situation was also correcting, though lower imports had put pressure on state finances. But there had been no dramatic reversals […]

May 01, 2013 (LBO) – The United States has built a public market and bus station in Sri Batticaloa in Sri Lanka’s war torn Eastern Province which will help economic activities in the area, the American embassy in Colombo said.The newly constructed market and bus station in Pullumalai will help economic activities and also boost […]

May 01, 2013 (LBO) – Sri Lanka’s Ceylon Tobacco Company Plc said cigarette sales dropped 14 percent in the March 2013 quarter from a year earlier, but profits dropped only 1.8 percent to 1,463 million rupees helped by wider margins. The firm reported earnings per share of 7.81 rupees for the quarter. CTC, a unit […]

April 30, 2013 (LBO) – Inflation in Sri Lanka’s capital Colombo rose 6.5 percent in April 2013, from a year earlier, easing down from 7.5 percent in March, the state statistics office said.The Colombo Consumer Price Index fell 0.5 percent or 0.8 points during the month to 170 points during the month helped by a […]

Apr 27, 2013 (LBO) – Sri Lanka has lost 38.5 billion rupees in potential revenues from imported vehicles due to tax-slashed permits given to state functionaries, a government estimate showed. The so-called ‘car permits’ are now being sold in the secondary market and state functionaries are making tax-arbitrage profits. The practice which was carried on […]

Apr 25, 2013 (LBO) – Sri Lanka can help citizens better themselves by removing obstacles to creating new and better jobs, including for women, the World Bank said. The development agency based on the theme of its World Development Report 2013, says creating opportunities for jobs are critical for reducing poverty. “One of the biggest […]

Apr 24, 2013 (LBO) – An Indian foreign ministry committee has evaluated the progress of several projects funded by the country’s tax payer in Sri Lanka mainly in war torn areas in the north.India’s High Commission (embassy) in Colombo said a monitoring committee led by P S Raghavan, special secretary development administration and Bimal Julka, […]

Apr 23, 2013 (LBO) – Sri Lanka’s gold prices have risen slightly from a week earlier along with a recovery in the international prices, industry players said.On Tuesday a gold sovereign (about 8.1 grams) the most popular benchmark price was quoted around 46,000 rupees for 22 carats, after falling from highs of 54,000 in March, […]

Apr 19, 2013 (LBO) – A drive to improve the quality of Sri Lanka’s state-run secondary education system is receiving 200 million US dollars in Asian Development Bank support from its results based lending program.The ADB is expected to give 120 million US dollars from its ordinary capital resources window for 26 years including a […]

Apr, 18 2013 (LBO) – Sri Lanka’s central bank said it had hired a US public relations firm to counter attempts to “tarnish the political image and true economic successes” of the island by “groups with dubious agendas.” “..[I]f such campaign continues without a counter campaign to correct the misconceptions it may have the potential […]