Tag: lbo
Package Deal
Jun 01 (LBO) – The government has approved a restructuring plan for loss making Ceylon Electricity Board (CEB), which includes re-scheduling 60 billion rupees of its long term debt. Top officials said Thursday that 50 percent of the debt will be off-loaded to the Treasury, with CEB taking over repayment once the Norachcholai coal plant […]
Petroleum Politics
May 31, 2006 (LBO) – Sri Lanka’s Energy Minister has set the stage to take back Ceylon Petroleum Corporation assets, currently vested with the Treasury. Officials from CPC will sit down with their treasury counterparts this week to push for another fuel hike to keep up with runaway world crude oil prices. Fowzie says CPC […]
Sri Lanka’s inflation rate climbs to 13.2% in May
May 31, 2006 (LBO) – Sri Lanka’s inflation rate for May rose as short supplies of consumer eatables like cream cracker biscuits, rice, bread, red onions, milk tea, fresh milk and dried chillies pushed prices up, the Census & Statistics Dept. said Wednesday. On a point-to-point basis inflation for May rose 13.2 percent over 9.2 […]
‘s inflation rate climbs to 13.2% in May
May 31, 2006 (LBO) – Sri Lanka’s inflation rate for May rose as short supplies of consumer eatables like cream cracker biscuits, rice, bread, red onions, milk tea, fresh milk and dried chillies pushed prices up, the Census & Statistics Dept. said Wednesday. On a point-to-point basis inflation for May rose 13.2 percent over 9.2 […]
Sri Lanka ships more goods in April; trade deficit widens
May 30, 2006 (LBO) – Sri Lanka’s trade deficit – the broadest measure of international trade – expanded during the four-months to April to 1,057 million dollars, on costly oil import bill, the Central Bank said Tuesday. However, the deficit was somewhat contained as Sri Lankans residing abroad sent home 221 million dollars – up […]
Sri Lanka to raise import tariffs for wheat to prop up rice prices
May 30, 2006 (LBO) – Sri Lanka plans to raise import tariffs on wheat to encourage paddy sales and shore up prices, treasury secretary P B Jayasundara said Tuesday. The government recently slapped a 15 percent import duty on wheat flour and six-percent duty on imports of wheat grain. “We are planning a further upward […]
Dire Straits
May 23, 2006 (LBO) – Cash strapped retail fuel supplier Lanka IOC has put a break on future imports, citing an unpaid 7.44 billion rupee subsidy payment at the centre of a dispute with the government. A unit of the Fortune 500 Indian Oil Corp., Lanka IOC says they have sufficient stocks to cover 43 […]
Continuing violence slowing down aid projects: World Bank
May 19, 2006 (LBO) – An upsurge in violence in the north east part of Sri Lanka could slow down progress post-conflict development projects, a top World Bank official said Friday. The bank, which lends around 80-100 million dollars to Sri Lanka each year, has a few medium-term projects in the north east. “We are […]
Sinking Further
May 17 (LBO) – Petroleum retailer Lanka IOC, Friday reported a 7.1 billion rupee loss for the year ended March 31, as the Sri Lankan government fail to settle its subsidy bills. A unit of the Fortune 500 Indian Oil Corp., LIOCs financial health has been deteriorating since total subsidy claims climbed up to 7.695 […]
U.S. gives million dollars to spruce up tsunami shelters
May 18, 2006 (LBO) – The United States Thursday gave Sri Lanka a one million dollar grant to upgrade and improve the living conditions in 40,000 transitional shelters built after the December 2004 tsunami. Nearly 20,000 people still live in transitional shelters, of which around 40 percent are in need of upgrades, the U.S. said […]
Sri Lanka joins ADB initiative to combat corruption
May 17, 2006 (LBO) – Sri Lanka Wednesday joined an Asian Development Bank- Organisation for Economic Co-operation and Development initiative to develop an action plan to combat corruption. “Knowledge – Commitment – Action against Corruption in Asia-Pacific”, a book that explores innovative reforms discussed at the ADB OECD 5th Regional Anti-Corruption Conference for Asia-Pacific in […]
Quantum Leap
May 17, 2006 (LBO) – Runaway global oil prices is expected to cost Sri Lanka 2,250 million dollars this year, the government said Wednesday, in a broad hint that a retail fuel price revision was around the corner. Sri Lanka is a net oil importer, with last year’s fuel bill climbing up to 1.64 billion […]