Tag: lbo
Lame Excuse
May 16 (LBO) – A top economist tells Sri Lanka not to delay petroleum pricing reforms by taking cover behind potential oil reserves. Sri Lanka is a net oil importer, with a fuel bill in the region of 1.6 billion dollars (160 billion rupees) last year, over 800 million dollars the year before, driven upwards […]
War fears batter investor confidence in Sri Lanka
COLOMBO, May 16, 2006 (AFP) – Fears Sri Lanka could return to civil war have punched a hole in investor confidence and wiped millions of dollars off the value of local shares, analysts said Tuesday The tiny Colombo Stock Exchange has shed nearly 53 billion rupees (5.3 million dollars) of its value since the crisis […]
Foreign loans, overseas remittances, keep Sri Lanka floating
May 15 (LBO) – Sri Lanka’s balance of payments (BOP) has recorded a 150 million dollar surplus for the three months to March, the Central Bank said Monday as it maintained key interest rates for the fifth straight month. The balance of payments is a record of the island’s total payments to foreign countries, including […]
New Wing
May 11 (LBO) – The government has given state oil giant Ceylon Petroleum Corporation the go ahead for a feasibility study to double capacity at its Sapugaskanda refinery. “We have got Cabinet approval for a feasibility study as well as a million dollars to fund the study,” M H M Fowzie, Minister for Petroleum Resources […]
Breaking Ground
May 11 (LBO) – Sri Lanka began construction of it first coal power plant on Thursday in Norachcholai on the island’s West Coast, amidst protests by environmental lobbies. The 300 Megawatt plant is being built at a cost of 455 million dollars, largely funded by a 20-year concessionary loan from the China Export and Import […]
Violence, oil cast shadow on Sri Lanka
May 11 (Dow Jones)–The course of Sri Lanka’s peace process has become crucial to the country’s economy, as high oil prices threaten double-digit inflation. High oil prices may also force the central bank to hold back an anticipated cut in interest rates, which could have spurred the economy and offset some of the pressure caused […]
New Deal
May 08 (LBO) – The Power Ministry said Monday that it would pump in funds to upgrade 100 state held fuel sheds, left over from privatising Sri Lanka’s retail fuel sector. Sri Lanka’s retail fuel market is shared by state oil giant Ceylon Petroleum Corporation and Indian Oil Corp., each holding a one third stake […]
Going Upstream
May 2 (LBO) – Sri Lanka is setting up an upstream oil company as the country gets ready to auction several off-shore oil exploration blocks, Petroleum Minister A H M Fowzie said. An upstream petroleum company engages in exploration and production of oil. At present Sri Lanka imports crude oil and the state-owned Ceylon Petroleum […]
World Bank unlikely to cut cheap aid to Sri Lanka despite rising incomes
May 03 (LBO) – The World Bank has not taken a decision to end concessionary lending to Sri Lanka despite the tsunami-hit island reporting more than 1,000 dollar per capita income for the third-straight year, a top official said Wednesday. Sri Lanka’s 24 billion dollar economy boasted a 1,250 dollar per capita income for 19.5 […]
Government agencies claim two rates of growth for Sri Lanka
May 01 (LBO) – The claims of two different growth rates for Sri Lanka by two agencies have highlighted inherent shortcomings in the preparation of national income accounting and also added fuel to sceptics who do not believe economic growth numbers. A tale of two economies
Iranian Shadow
LONDON, Apr. 28 (AFP) – World oil prices eased Friday on receding worries over US motor oil supplies but held above 70 dollars per barrel on rising tensions over Iran’s disputed nuclear programme. UN nuclear chief Mohamed ElBaradei was expected to report that Iran had failed to meet Friday’s deadline to stop enriching uranium, opening […]
‘s April inflation swings up
Apr. 28 (LBO) – Sri Lanka’s inflation rate for April rose over consumer demands for bananas, fresh fish, milk foods and vegetables during the traditional New Year season, the Census & Statistics Dept. said Friday. On a point-to-point basis inflation for April rose to 9.2 percent over 6.4 percent reported in March, as the government […]