Tag: Sri Lanka
Drill Deal
Nov 16, 2010 (LBO) – Cairn Lanka, which bought Sri Lanka’s first offshore oil exploration block has hired a Japanese ship to start drilling wells from July 2011, the Japan Drilling Company had said. The firm will use the ship ‘Chikyu’, owned by Japan Agency for Marine-Earth Science and Technology (“JAMSTEC”) to drill three wells […]
Sri Lanka holds policy rates, amid stronger credit growth
Nov 16, 2010 (LBO) – Sri Lanka’s central bank said it was holding its policy rates steady with credit growth picking up to 15. 5 percent in September 2010 from a year earlier and inflation despite an increase in commodity prices. “However, broad money growth remains compatible with the targeted path, with year-on-year growth in […]
Sri Lanka forex sales pick up amid excess liquidity
Nov 15, 2010 (LBO) – Sri Lanka’s central bank has sold 288. 7 million US dollars in foreign exchange markets in October in one of the biggest monthly sell-off of accumulated reserves in two years. In a sustainable pegged exchange rate regime such sales are an automatic quantity adjustment process that trims the monetary base […]
US money printing lifts oil prices, for now: IEA
PARIS, November 12, 2010 (AFP) – Easy-money policy by the United States is pumping up the oil price to about 90 dollars, but medium-term growth of oil demand should slow and contain the price, the IEA said on Friday. “Physical market developments through October have stoked expectations of inexorably higher prices even though the framework […]
Gas Action
Nov 12, 2010 (LBO) – Sri Lankan liquid petroleum gas supplier Laugfs Gas, whose share issue to raise 2. 5 billion rupees was oversubscribed, plans to acquire a vessel and build an unloading terminal in a new port, an official said. Laugfs managing director Thilak de Silva said the firm wants to be able to […]
Sri Lanka floods force up to 300,000 from their homes
November 11, 2010 (AFP) – Sri Lanka sent in troops to rescue residents marooned in the capital Colombo on Thursday after the heaviest rains in 18 years flooded the city, forcing up to 300,000 people from their homes. At least one man was struck down by lightning and killed while a woman was injured when […]
” perceptions: WGC
Nov 12, 2010 (LBO) – India, the top global consumer of gold, will see higher demand helped by a stronger perception that the metal is a reliable and safe “monetary asset” amid rising inflation, an industry body said. The report from the World Gold Council, an body representing mining interests, came shortly after Robert Zoellick, […]
Sri Lanka in new campaign to promote tea
Nov 11, 2010 (LBO) – Sri Lanka’s tea industry will launch a marketing campaign to promote Ceylon tea next year with funds from a new export tax on exports, a senior Tea Board official said. The levy of 3.50 rupees a kilo that came into effect in November will raise about a billion rupees or […]
Sri Lanka capital flooded, rains lash island
Nov 11, 2010 (LBO) – Parts of Sri Lanka’s capital Colombo went under water as unprecedented rains lashed the island, and authorities warned residents to use public transport to avoid traffic jams amid flood warnings in other parts of the country. Many of Colombo’s streets, including the approach roads to Sri Lanka’s parliament was impassable […]
World moving towards new monetary system: Zoellick
SINGAPORE, November 10, 2010 (AFP) – The global economy is moving towards a new monetary system with gold emerging as a preferred alternative to existing asset, World Bank president Robert Zoellick said Wednesday. “So in relative terms, gold is appealing to people who ask ‘where should I put my money’…. it’s a hedge on uncertainty.” […]
Sri Lanka passes gaming law
Nov 10, 2010 (LBO) – Sri Lanka passed a gaming law which allowed casinos to be set up in areas designated by a minister, legalizing an activity that has anyway operated as clubs with members earlier. The bill was labeled by Sri Lanka’s main opposition United National Party as a move that will hurt “the […]
Sri Lanka tightens grip on foreign aid workers: officials
November 10, 2010 (AFP) – Sri Lanka’s government said Wednesday it had ordered foreign and local aid workers to register with the defence ministry in a move to put them under greater state control. The government information department said there were 250 international and some 1,000 domestic aid agencies working in Sri Lanka, which would […]