Tag: Sri Lanka
Sri Lanka state petroleum firm lose US$260mn
Apr 26, 2011 (LBO) – Sri Lanka’s state run petroleum distributor Ceylon Petroleum Corporation has lost 28.6 billion rupees in 2010 as due to rising cost and arbitrary political control of its retail prices, official data show. Sri Lanka has no cost-basis for fuel pricing and prices are controlled by arbitrary by the state while […]
Soaring food prices a threat across Asia
MANILA, April 26, 2011 (AFP) – Soaring global food prices threaten to push tens of millions of Asians into extreme poverty and cut the region’s economic growth this year, the Asian Development Bank warned in a report Tuesday. Cereal inventories globally will shrink further unless production rises at least 2.0 percent this year, the report […]
Sri Lanka raises taxes on imported vehicles
Apr, 25, 2011 (LBO) – Sri Lanka has raised import duties on several categories of petrol-engined cars and three wheelers with steeper increases seen in larger hybrid vehicles, which had exceptionally low taxes earlier, officials said. At the current rates even the large hybrids are taxed at a lower rate than smaller petrol cars. Update […]
Sri Lanka gets nanotechnology patents
Apr 22, 2011 (LBO) – A Sri Lankan private-public sector partnership has been able to acquire five international patents in nanotechnology in its first year of operations in a drive to commercially exploit the technology. Similarly, the export of nano carbon tubes and nano titanium dioxide in place of the raw minerals that are exported […]
UN rejects Sri Lanka call to hold back war crimes report
UNITED NATIONS, April 21, 2011 (AFP) – The United Nations insisted Thursday that a report on alleged war crimes in Sri Lanka would be released in full, rejecting demands by the government to hold back the study. “It remains our intention to publish the report of the panel of experts on Sri Lanka in full […]
UN heads for rights confrontation with Sri Lanka
UNITED NATIONS, April 22, 2011 (AFP) – The United Nations hurtled toward a high-profile confrontation with the Sri Lankan government Friday over international action on alleged war crimes during a military offensive against Tamil separatists. Rejecting a Sri Lankan demand to keep a report by a panel of experts secret, the United Nations said the […]
Sri Lanka industrial productivity up 10.9-pct in 2010
Apr 21, 2011 (LBO) – Labour productivity in Sri Lanka’s industry rose 10.6 percent in 2010 racing ahead of economy-wide gains which were dragged down slower increases in agriculture and services, according to official data. Overall labour productivity in all three sectors rose 6.6 percent from a year earlier to 343,000 rupees. Labour productivity is […]
Sri Lanka asks UN not to publish war crimes report
April 21, 2011 (AFP) – Sri Lanka asked the United Nations on Thursday not to publish a forthcoming report on alleged war crimes during the island’s ethnic war, saying it could set back reconciliation efforts. President Mahinda Rajapakse has asked his supporters to turn this year’s May Day rally into a demonstration against any UN […]
Sri Lanka watchful; US dollar weakness pushes gold higher
Apr 20, 2011 (LBO) – Gold futures hit a new high of 1,500 US dollars an ounce amid concerns about the US currency and budget deficits, with one state passing a law to make gold and silver legal tender. Modern fully paper fiat money, which a central bank can pass to the population in unlimited […]
Sri Lanka opposition demands probe over UN report
April 20, 2011 (AFP) – Sri Lanka’s main opposition party on Wednesday urged the government to respond to United Nations allegations of war crimes by launching an immediate official investigation. Fonseka quit the army and challenged Rajapakse at January 2010 presidential elections, but after losing the election he was arrested and jailed for 30 months. […]
Sri Lanka central bank profits fall in 2010; sells gold
Apr 19, 2011 (LBO) – Profits of Sri Lanka’s central bank fell 65. 1 percent to 11.7 billion rupees in 2010 as the cost of domestic monetary operations and rupee appreciation generated losses but made capital gains from gold sales. In 2009 the Central Bank made profits of 33. 6 billion rupees largely as a […]
So what if the US credit rating is cut?
WASHINGTON, April 19, 2011 (AFP) – For the first time a top credit ratings agency has seriously hinted the United States might be forced to welch on its debts, a warning experts say could herald dramatic changes for the country and the world. In the world of credit a “AAA” rating is a gold star […]