Tag: Sri Lanka
Price Cut
Dec 19, 2008 (LBO) – Lanka IOC, a unit of Indian Oil Corporation, is cutting the retail price of petrol to 100 rupees a litre on an order by Sri Lanka’s Supreme Court, an official said Friday. The court order came following a public interest petition which said the government was charging 72 rupees of […]
Sri Lanka looking for alternative foreign financing: Central Bank
De 19, 2008 (LBO) – Sri Lanka is looking for alternative sources of foreign funding, the central bank said, as global financial markets remained in turmoil and risk premiums high despite unprecedented rate cuts by reserve currency central banks.The Central Bank says a major part of speculative capital that came into the government securities market […]
Sri Lanka inflation falling faster than expected: Central Bank
Dec 19, 2008 (LBO) – Sri Lanka’s inflation is falling faster than expected, the Central Bank said, as a global collapse in commodities washed into the country and the country’s money growth was also kept in check. Sri Lanka’s central bank targets the monetary base, which is expected to influence growth in other monetary aggregates, […]
Stand Off
Dec 19, 2008 (LBO) – Sri Lanka’s cabinet of ministers had not revised oil prices after meeting for a second time, with a court decision to cut prices still to be officially conveyed, an official said. The cabinet is expected to meet again on the issue, he said. Sri Lanka’s Supreme Court directed the government […]
Developed countries urged not to curb migrant workers
Dec 18, 2008 (LBO) – Developed countries should not shut out migrant workers at times of economic crisis as they still face labour shortages and workers need to send money home to fight poverty, International Organization for Migration (IOM) said. They should see migrants as part of the solution during economic crises, the IOM said […]
Sri Lanka growth expected to slow in last quarter
Dec 17, 2008 (LBO) – Sri Lanka’s economic expansion is likely to slow in the last quarter as an external slowdown hits demand for its products, resulting in year-end growth of around 6.0 percent, officials said. In the third quarter the economy expanded by 6.3 percent, the government’s statistics office said, helped by high agricultural […]
Fed cut rates to near zero; desperate efforts to bring inflation back
WASHINGTON, December 17, 2008 (AFP) – The Federal Reserve used up its ammunition on monetary policy Tuesday by slashing its base lending rate to virtually zero but pledged further efforts to stimulate credit and revive a moribund economy.The actions by Fed chairman Ben Bernanke and his colleagues put the central bank on track toward the […]
Oil Commission
Dec 16, 2008 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation (CPC) was instructed to consider a bigger commission to its dealers, by the island’s Supreme Court, as part of directions issued on a new pricing formula.CPC’s newly appointed chairman, Asoka Thoradeniya was instructed to discuss the issue with Laugfs, a distributor that went to […]
Sri Lanka economy expands 6.3 pct in third quarter: statistics office
Dec 16, 2008 (LBO) – Sri Lanka’s economy expanded 6.3 percent in the third quarter of 2008 over the same quarter the previous year, and against 7.0 in the second quarter of this year, the governments statistics office said. Services grew by 5.5 percent, industry 5.6 percent and agriculture by 12.4 percent, statistics director Suranjana […]
Sri Lanka rupee pressured as IMF praises Hong Kong currency board
Dec 15, 2008 (LBO) – The International Monetary Fund has praised the robust ‘hard peg’ (currency board) of Hong Kong with the US dollar even as Sri Lanka rupee’s ‘soft peg’ is under severe pressure from central bank liquidity injections. The Hong Kong Monetary Authority (HKMA) has maintained a fixed exchange rate system or currency […]
Court Formula
Dec 15, 2008 (LBO) – Sri Lanka’s Supreme Court said the island’s taxation of petroleum products was irrational and asked the Treasury not to tax petrol more than 100 percent of cost and margins. He rejected suggestions that diesel was sold at a loss, saying the government was charging 21 rupee of taxes a litre. […]
Sri Lanka sovereign rating downgraded by S&P to B
Dec 15, 2008 (LBO) – Rating agency Standard & Poor’s (S&P) said it has downgraded Sri Lanka’s long term foreign currency sovereign credit rating to B from B+ with a stable outlook due to its deteriorating external liquidity position. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 […]