Tag: Finance

KUALA LUMPUR, December 4, 2010 (AFP) – Malaysia has cut subsidies for fuel and sugar, a report said Saturday, in a bid to reduce its budget deficit by saving the government 1. 18 billion ringgit (376 million dollars). The opposition scored unprecedented gains in elections in 2008 which saw it claim five states and a […]

Dec 02, 2010 (LBO) – Sri Lanka may use extra foreign reserves in a proposed export import bank to be set up next year to finance exporters and contractors, Central Bank Governor Nivard Cabraal said. China transferred a part of its foreign reserves to a forex management agency after issuing Treasury bills to its central […]

November 30, 2010 (AFP) – A 5.6-magnitude earthquake struck the South Indian Ocean on Wednesday, the US Geological Survey said, although there were no immediate reports of damage and there was no tsunami warning in effect. The quake hit at a shallow depth of 15. 3 kilometres (9.5 miles) at 02:19 local time (21:19 GMT […]

November 30, 2010 (AFP) – Sri Lanka is to turn a vast jungle area that was a base for the separatist Tamil Tiger rebels into a wildlife sanctuary, 18 months after the end of island’s bloody civil war, the government said Tuesday. The jungles of Mullaittivu, from where the rebels launched attacks for decades until […]

Dec 01, 2010 (LBO) – Sri Lanka’s exports rose 16.7 percent to 662.9 million US dollars in September 2010, helped by higher commodity prices and a surge in apparel exports while imports grew at a faster 35.9 percent widening the trade gap, Central Bank data showed. “While earnings from garment exports to the EU increased […]

Dec 01, 2010 (LBO) – The Singapore-based Shing Kwan group has re-activated its big Havelock City residential and commercial property project in Sri Lanka with plans to build 800 more apartments, its chairman S P Tao said. “The nature and scale of development would be similar to those in Hong Kong and Singapore,” Tao said. […]

Nov 30, 2010 (LBO) – Sri Lanka’s inflation in November 2010 rose 7. 0 percent from a year earlier up from 6. 6 percent in October amid a pick-up in credit growth with prices rising 1. 1 percent during the month. The clothing and footwear subcategory rose 1.7 percent in November and was up 9.4 […]

Nov 27, 2010 (LBO) – India and Sri Lanka are to hold talks soon on sharing offshore petroleum resources straddling their maritime boundary and resolving conflicting claims to the continental shelf, an official said. A meeting of officials of the two neighbours is to be convened “at an early date”, said a statement at the […]

Nov 26, 2010 (LBO) – A Sri Lankan economist who is also a lawmaker has queried apparent contradictions in the island’s poverty and consumption data, adding to an ongoing debate on the integrity of the country’s economic statistics. Harsha de Silva, representing Sri Lanka’s main opposition United National Party, said a budget speech had claimed […]

Nov 26, 2010 (LBO) – India and Sri Lanka are to resume talks in December 2010 on a Comprehensive Economic Partnership Agreement (CEPA) that had been stalled by protectionist lobbies on the island. “A delegation from the Ministry of Commerce and Industry of India would visit Sri Lanka on mutually convenient dates in December 2010 […]

Nov 25, 2010 (LBO) – Sri Lanka’s 2011 budget has been made to keep the economy stable allowing monetary policy to maintain low inflation and also speed the country towards a knowledge economy, Treasury Secretary P B Jayasundera said. “This entire fiscal strategy is to bring stability in macro terms,” he told a seminar organized […]

Nov 25, 2010 (LBO) – Sri Lanka’s tea production in October 2010 was 26.6 million kilos, almost the same as a year ago but the crop in the 10 months period was much higher, the Tea Board said. Low growns, which make up more than half the crop, rose 4.9 percent to 17.5 million kilos […]