Tag: Finance

Dec 31, 2013 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation has reached break even status in 2013, after a 60 million US dollar legacy oil derivative cost that went against it, a minister said.Petroleum industries minister Anura Yapa said the agency is also collecting arrears from state agencies including Ceylon Electricity Board, SriLankan Airlines […]

Dec 31, 2013 (LBO) – Sri Lanka’s consumer prices rose 4.7 percent in the 12 months to December 2013, slowing from 5.6 percent in November, the state statistics office said.In the month of December the widely watched Colombo Consumer Price Index remained flat during the month at 176.5 points, the same as in November. Sri […]

LA PAZ, December 23, 2013 (AFP) – President Evo Morales said Monday he opposed any outright ban on child labor or setting a minimum age for workers in Bolivia — as a former child worker, himself.Despite recent declines in the worldwide incidence of child labor, much more must be done to tackle the issue, the […]

Dec 23, 2013 (LBO) – Sri Lanka’s resident representative from the International Monetary Fund, Koshy Mathai got a warm send off from authorities in the island at the end of four years and the first completed program in the island’s history.“We had a good program, we had a very interesting outcome and after that we […]

Dec 23, 2013 (LBO) – Tetra Tech Inc, a US based firm said it had won a 74 million US dollar contract from Sri Lanka to build a water supply and treatment plant. The US Export-Import Bank has received renewed impetus under Obama administration’s export drive. The US Export-Import Bank is financing the deal. Tetra […]

Dec 20, 2013 (LBO) – Sri Lanka will have to reverse a recent trend of de-liberalization to spur growth to high levels and work towards greater macro-stability, which has been a chronic problem, a top international economist said. Protection for domestic business drives capital and factors of production towards inefficient tax arbitraging rent seeking businesses […]

Dec 19, 2013 (LBO) – Emerging markets are seeing the end of almost a decade of good times as the lack of new reforms to spur economic activity takes its toll, a top international economist said.Developing economies continued to grow following the end of a global financial crisis, bringing continuing high growth, Razeen Sally, a […]

Dec 18, 2013 (LBO) – Sri Lanka has re-issued notices on tax concessions to three casino resorts with no mention of gaming being made, after initial investment approvals were withdrawn under fire.The state has issued gazette notices for Lake Leisure Holdings by Australian gaming tycoon James Packer and local entrepreneur Ravi Wijeratne, Queensbury Leisure by […]

Dec 18, 2013 (LBO) – A Malaysia based private equity firm linked to the state is in talks to acquire APIIT Lanka (Pvt) Ltd, a Sri Lanka based tertiary education institute, a media report said.Higher education is a growing sector in Sri Lanka with high demand and the current administration is relaxing a state monopoly […]

Dec 15, 2013 (LBO) – Sri Lanka and Kenya has signed agreements in tourism, trade, economic, commercial and technical co-operation during a four day state visit by President Mahinda Rajapaksa.Sri Lanka’s President Mahinda Rajapaksa is on a four day state visit to Kenya. His media office said the two leaders also had talks on further […]

LONDON, December 13, 2013 (AFP) – The European Union’s banking watchdog on Friday issued a warning over virtual currency trading amid huge swings in the value of Bitcoin, a lack of regulation and money laundering risks.The EBA urged users to “exercise the same caution with your digital wallet as you would do with your conventional […]

LONDON, December 11, 2013 (AFP) – Health ministers from the G8 nations were meeting in London on Wednesday to tackle what experts warn is a dementia time-bomb, with cases set to soar as the world’s population ages.Ministers from the Group of Eight wealthy nations’ were gathered with health experts and charities for the first ever […]