Tag: economy

May 12, 2011 (LBO) – Sri Lanka’s government has created a new service within an already bloated public service to give jobs to 15,000 unemployed graduates and another 15,000 youth, a statement said. The Cabinet of ministers has approved a proposal to establish a ‘Sri Lanka Development Officers’ Service’ and a ‘Sri Lanka Development Assistants’ […]

BASEL, May 9, 2011 (AFP) – Central bankers are pressing advanced economies to gradually improve their budgets while fast growing emerging nations must guard against overheating, ECB chief Jean-Claude Trichet said on Monday. The European Central Bank chief warned, after a regular gathering with other leading central banks, that there was no room for complacency […]

HANOI, May 4, 2011 (AFP) – Reducing corruption and improving government accountability are the greatest challenges to making Asia the world’s wealthiest region by 2050, the Asian Development Bank said Wednesday. The continent is undergoing a historic transformation, according to a study for the bank unveiled at its annual meeting in Vietnam. “If it continues […]

May 4, 2011 (LBO) – Sri Lanka’s average price level measured by an index at the capital Colombo, has been steady since February though non-food items have taken up the slack created by falling food prices, an official statement said. In April prices rose 9.8 percent from a year earlier, despite food prices falling 1. […]

PARIS, 2011 (AFP) – The wrong approach to wiping out the mosquitoes that cause dengue infections could lead to worse epidemics in the future, according to a study released Tuesday. Targeting only mosquito larvae, and not adults, with insecticides may work in the short run, but could result in higher resistance in the insects and […]

Apr 30, 2011 (LBO) – Sri Lanka’s smokers have coughed up 56 billion rupees in taxes collected through Ceylon Tobacco Company, a unit of British American Tobbacco which is equal to one percent of gross domestic product, the company said. Taxes rose by 3.7 percent or 7.0 percent from a year earlier. CTC chairman Jayampathy […]

Apr 29, 2011 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 9. 8 percent in April from a year earlier, accelerating from 8.6 percent in March, data from the government’s statistics office data showed. But excess liquidity remains close to 100 billion rupees, or about a third of the money officially defined monetary […]

WASHINGTON, April 27, 2011 (AFP) – His voice cracked and pinched. When necessary — most of the time — he retreated into policy jargon. With markets ready to pounce on any odd choice of words, US central bank chief Ben Bernanke was clearly nervous as he fielded reporters’ questions after a policy meeting for the […]

Apr 28, 2011 (LBO) – Sri Lanka could attract investments from Vietnam if the path is clear and the two nations could increase two-way trade and tourism rapidly, Ton Sinh Thanh, Hanoi’s envoy heading a newly re-opened embassy in Colombo, said. FDI Vietnam itself is receiving tens of billions of dollars of investment from Japan, […]

Apr 28, 2011 (LBO) – Sri Lanka’s rupee strengthened to below 110 to green back as the dollar slid to record lows against currencies issued by other monetary authorities with higher interest rates, dealers said. The spot dollar was quoted around 109.90/95 in mid morning trade. The Australian dollar, rose to a 29-year high against […]

Apr 26, 2011 (LBO) – Financial advisors for a forthcoming share issue by Sri Lanka’s Expolanka group have defended the pricing of the public offer at more than twice that of a private placement late last year. Expolanka Holdings is to raise 2.4 billion rupees by issuing 172 million ordinary voting shares at 14 rupees […]

Apr 27, 2011 (LBO) – Rising food prices from a global commodity bubble could push 64 million people in developing Asia into extreme poverty, the Asian Development Bank said adding to rising concerns about the effects loose US monetary policy. Many such central banks also create their own inflation, adding to inflation generated by the […]