Tag: Sri Lanka
”’ bankrupts 2,000 bakers: industry
November 9, 2010 (AFP) – A Sri Lankan government campaign against bread and other wheat products has forced some 2,000 bakers out of business and left many more under threat, an industry body said Tuesday. The All Ceylon Bakery Owners’ Association said more than a quarter of bakers in the island had closed down this […]
World Bank chief fires gold standard debate amid Fed money printing
Nov 09, 2010 (LBO) – World Bank chief Robert Zoellick has fired a debate on a return to gold as a monetary anchor with the United States engaging in new money printing, threatening to send food and other commodity prices higher. Federal Reserve chief Ben Bernanke dubbed ‘Bubble Ben’ by his detractors who are critical […]
Sri Lanka unemployment lower in 2Q, but industry jobs fall: survey
Nov 08, 2010 (LBO) – Sri Lanka’s unemployment fell to 5.4 percent of jobseekers in the second quarter of 2010, down from a peak of 6.2 percent a year earlier, but there was fall in industrial workers. Compared to the first quarter of 2010, unemployment rose from 5. 0 percent. In the first quarter farming […]
Sri Lanka gets World Bank loans for small business, tourism
Nov 08, 2010 (LBO) – The World Bank said it will give Sri Lanka 125.4 million US dollars for three projects to support Small and Medium Enterprises, tourism and local service improvements in the former north-east war zone. “The three projects will help Sri Lanka reap maximum benefits of the peace dividend and make further […]
Sri Lanka credit pick up may reduce excess liquidity: Deputy Governor
Nov 06, 2010 (LBO) – Growing credit and imports may reduce excess rupee reserves in Sri Lanka’s banking system which built up as the central bank bought foreign exchange to stop the currency appreciating, deputy governor Dharma Dheerasinghe said. “Credit is moving,” he said. “Total credit growth is now about 15 percent.” In 2009 credit […]
Oil Plan
NEW DELHI, Nov 5 (Asia Pulse) – State-owned Indian Oil Corp is eyeing a contract to revamp and expand the sole refinery in Sri Lanka. IOC’s interest in upgrading and doubling capacity of Ceylon Petroleum Corp’s (CPC) Sapugaskanda Refinery to 4 million tonnes a year came up at a meeting between Indian Oil Minister Murli […]
Sri Lankan president postpones British visit: official
November 5, 2010 (AFP) – Sri Lankan President Mahinda Rajapakse has postponed a planned visit to Britain, due to a busy schedule rather than fears of a arrest over alleged war crimes, a foreign ministry official said Friday. Rajapakse had planned to address the Oxford Union during his tour later this month. But the Times […]
Sri Lanka stays in place in Doing Business 2011 ranking
Nov 04, 2010 (LBO) – Sri Lanka was retained its place at 102 in a ranking of 183 countries for ease of doing business, by the World Bank group for 2011 though some of its neighbors made gains. Maldives moved up to 85th place from 96, Bangladesh moved up to 107 from 11, and India […]
Sri Lanka would like foreigners to buy private debt in future: Deputy Governor
Nov 04, 2010 – (LBO) – Sri Lanka is not looking to increase Treasuries sales to foreigners but would like them to buy private debt once capital markets are opened further, central bank’s deputy governor Dharma Dheerasinghe said. Sri Lanka’s rupee market has more than a 100 billion rupees as excess bank reserves which are […]
Sri Lanka investment agency says will honour obligations
Nov 04, 2010 (LBO) – Sri Lanka’s Board of Investment (BOI) said it will continue to honour all contractual obligations and to accept new investment applications with priority being given to identified ‘thrust’ sectors. The investment promotion agency said in a statement it was clarifying reports that the BOI) has suspended the acceptance of investment […]
Gas Demand
Nov 04, 2010 (LBO) – A share issue by Sri Lankan liquid petroleum gas supplier Laugfs Gas to raise 2. 5 billion rupees was oversubscribed on the opening day Thursday itself, its promoters said in a stock exchange filing. Merchant Bank of Sri Lanka, Managers and Registrars to the IPO, said the issue would be […]
Sri Lanka buys Shell LP Gas unit
Nov 03, 2010 (LBO) – Sri Lanka’s government has bought liquefied petroleum gas distribution operations of Royal Dutch Shell in the island for 63 million US dollars, officials said. Another 24 million US dollars had been invested in building other infrastructure. Hiran Seneviratne, a company official, said the agreement was signed at 11.00 am. Sri […]