Tag: lankabusinessonline
ADB says Asian nations need at least 18-pct industry to be rich
SINGAPORE, August 21, 2013 (AFP) – Growth-hungry Asian economies which bypass industrialisation and leapfrog from agriculture to the services sector may fall into a “middle income trap”, the Asian Development Bank (ADB) cautioned Wednesday.ADB chief economist Changyong Rhee said the region’s low-income economies should focus on developing their manufacturing sectors, which would in turn generate […]
Sri Lanka army intimidates media over shooting: rights group
COLOMBO, August 18, 2013 (AFP) – A Sri Lankan media rights group on Sunday accused the military of intimidating journalists who reported a deadly army crackdown on villagers protesting at contaminated water supplies.Residents of Weliweriya, the village 20 kilometers (12 miles) northeast of Colombo, have also told Sri Lanka’s Human Rights Council of their fear […]
‘s Jaffna peninsula seeks more trade and investment
Aug 18, 2013 (LBO) – Sri Lanka’s northern Jaffna peninsula, which has emerged from a 30-year civil war, has untapped potential for greater investment and trade officials said. “The area has a high cash flow where at least one member of the family or relations is living in overseas,” Aasim Mukthar , general manager of […]
‘s sovereign rating: S&P
Aug 17, 2013 (LBO) – A low inflation level maintained by Sri Lanka’s central bank is likely to support its credit rating in the future, a senior sovereign credit analyst at Standard & Poor’s said. Sri Lanka’s inflation eased to 6.1 percent in the 12 months to July from after spiking to 9.8 percent in […]
Sri Lanka policy rates kept flat, external sector to be watched
Aug 16, 2013 (LBO)- Sri Lanka has kept policy rates steady in August with inflation moderate but the external sector will be watched closely amid currency turmoil in trading partners, the Central Bank said. “Such inflows display that the foreign investor confidence on Sri Lanka has remained unchanged despite the volatility caused by global markets […]
Sri Lanka to target mid-single digit inflation next year: CB Governor
Aug 16, 2013 (LBO) – Sri Lanka will target mid-single digit inflation from next year from the current single digit, Central Bank Governor Nivard Cabraal said. Inflation spiked to near 10 percent earlier in 2013 following high credit growth and balance of payments trouble which sent the rupee reeling to 130 to the US dollar […]
Sri Lanka hopes for current account surplus in BOP after 2016: CB Governor
Aug 16, 2013 (LBO) – Sri Lanka hopes to have a current account surplus in the balance of payments after 2016 Central Bank Governor Nivard Cabraal said. A capital account deficit country, or a country that builds up foreign reserves could have a current account surplus. “Sri Lanka will have inflows to the country,” Cabraal […]
Petro Projects
Aug 15, 2013 (LBO) – Sri Lanka’s Laugfs gas group has been give the nod to build liquefied petroleum gas terminal and a lubricant blending plant with investments of 21.14 million US dollar at Hambantota port, a minister said. Both projects will serve export markets. Information minister Keheliya Rambukwelle said the cabinet of minister had […]
EU concerned over Sri Lanka protestor killings, attacks on mosques, churches
Aug 13, 2013 (LBO) – The European Union Delegation in Sri Lanka has expressed concern over the killing of unarmed protestors by the military and series of attacks on mosques and churches by religious nationalists. “The right to freedom of peaceful assembly and the right to freedom of worship are fundamental to democratic societies and […]
Muslims close Sri Lanka mosque after Buddhist unrest
COLOMBO, August 12, 2013 (AFP) – Sri Lanka’s Muslim leaders closed down a new mosque in Colombo on Monday after attacks by a Buddhist mob revived simmering religious tensions and sparked US concern.The Sri Lanka Muslim Council said it had agreed to shut its Grandpass mosque and move to an older place of worship which […]
New Zealand dismisses Sri Lanka Fonterra milk scare
WELLINGTON, August 12, 2013 (AFP) – New Zealand on Monday rejected allegations from Sri Lanka that its dairy products were contaminated with a farm chemical, accusing industry rivals of exploiting fears stirred by a recent botulism scare.While no infants fell ill after consuming tainted product, the scandal hurt Fonterra’s brand in the massive China baby […]
Sri Lanka lifts curfew as Muslims fear more violence
COLOMBO, August 11, 2013 (AFP) – Sri Lankan police lifted a curfew on a Colombo neighbourhood Sunday after a Buddhist-led mob attack on a mosque raised religious tensions and left the Muslim minority fearing further violence.Hundreds of police, including anti-riot squads and elite Special Task Force commandos, remained on alert in the Grandpass district following […]