Tag: lbo
Sri Lanka to renegotiate trade deal with India
Feb 11, 2011 (LBO) – Sri Lanka is to start talks again on a proposed trade agreement with India that had been opposed by protectionist interests in the island, according a government decision announced after the weekly cabinet meeting. But it has been opposed by some Sri Lankan industrial and professional groups. The government is […]
Sri Lanka expects a billion dollars of FDI in 2011
Feb 11, 2011 (LBO) – Sri Lanka is expecting more than a billion US dollars in foreign direct investments in 2011 led by a booming leisure sector, after the end of a three decade war made the country more attractive, an official said. “Our expectations (for 2011) are well over a billion (US dollars),” Board […]
Bernanke under fire in Congress; blames China
WASHINGTON, February 10, 2011 (AFP) – Federal Reserve chairman Ben Bernanke fended off criticism that he is ignoring the risk of rising prices Wednesday, as he faced a hostile Republican-controlled panel in Congress. “We remain unwaveringly committed to price stability,” Bernanke told the House of Representatives budget committee, rejecting claims that rising prices for food […]
Sri Lanka irrigation repair bill Rs5.0bn after floods
Feb 09, 2011 (LBO) – Rebuilding Sri Lanka’s irrigation infrastructure after recent record floods will cost 5. 0 billion rupees (45 million US dollars) to the tax payer, with most of the damage taken by canals, officials said. The head of Sri Lanka’s irrigation department GGA Godaliyadda said systems coming under his agency which oversees […]
Sri Lanka central bank holds interest rates
Feb 08, 2011 (LBO) – Sri Lanka’s central bank held key interest rates unchanged at its monthly monetary policy meeting Tuesday, saying inflation was stable and food prices likely to fall when supply returns to normal. The bank is ready to take “appropriate measures” to ward off any increase in prices of key commodity imports […]
Sri Lankan floods pile on misery: UN
February 8, 2011 (AFP) – The United Nations said Tuesday that recent monsoon flooding in Sri Lanka had hit hundreds of thousands of victims who were forced from their homes just weeks ago. “The impact on people of this second wave of floods is even greater than the first in large part as peoples’ capacity […]
Sri Lanka to expand dam safety program
Feb 08, 2011 (LBO) – Sri Lanka will expand its dam safety program to cover more large reservoirs and will ask for additional funding from the World Bank following recent floods, officials said. D C S Alakanda, who heads Sri Lanka’s Dam Safety and Water Resources Planning Project said the talks with World Bank to […]
Sri Lankan floods return, death toll rises to 17
February 7, 2011 (AFP) – Sri Lanka’s latest monsoon rains have claimed at least 17 lives and left around 1.2 million people flooded out of their homes, officials said Monday. The Disaster Management Centre in Colombo said 311,000 people had sought refuge in state-run relief shelters by Monday morning, while approximately 900,000 were living with […]
Sri Lanka large bank note shows recent inflation: economist
Feb 07, 2011 (LBO) – A large denomination banknote issued by Sri Lanka’s monetary authority is a testament to the recent high inflation created in the country, an economist and opposition lawmaker has said. Sri Lanka’s central bank issued a 5,000 rupee note, more than twice the value of 2,000 rupee, note also issued after […]
Oil Spike
SINGAPORE, February 7, 2011 (AFP) – Brent crude prices surged above 100 dollars in Asia on Monday as major regional equities clocked strong performances in their first trading day since the start of the Chinese New Year, analysts said. “Oil was also boosted by US economic figures on Friday that showed jobless rates plunging to […]
Sri Lanka opposition warns of Arab-style uprising
February 5, 2011 (AFP) – Sri Lanka’s main opposition on Saturday warned of an uprising, a day after ruling party activists unleashed violent attacks against demonstrators seeking the release of a jailed opposition leader. The United National Party (UNP) said repeated violence against the opposition, arson attacks on anti-government news organisations and arrests of student […]
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SINGAPORE, February 6, 2011 (AFP) – Asia must prepare for millions of people to flee their homes to safer havens within countries and across borders as weather patterns become more extreme, the Asian Development Bank warns. A draft of an ADB report obtained by AFP over the weekend and confirmed by bank officials cautioned that […]