Tag: Sri Lanka
Offshore Riches
April 15, 2008 (LBO) – Sri Lanka’s Central Bank has called for the setting up of a high-powered decision-making body, possibly headed by the president, to handle oil exploration. A well-structured institutional arrangement should exist for policy formulation, management, regulation, and supervision of oil exploration, development and production, it said in its newly released 2007 […]
Hedging Profits
April 15, 2008 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation (CPC) said it had earned profits of 7 million US dollars in March reducing losses from retailing petroleum below-cost in that month. . “In March we lost 3,769 million rupees retailing fuel, but a hedging contract with Citibank earned us about 580 million rupees,” […]
Singleton
April 15, 2008 (LBO) – Sri Lanka will only award one out of three offshore oil blocks in the north west of the island for which international oil companies gave bids, petroleum minister A H M Fowzie said. . “We are only evaluating the block for which we received three bids,” Fowzie told reporters Tuesday. […]
” of commodity bubble; what can Sri Lanka do?
April 14, 2008 (LBO) – Countries pegged to the US dollar have felt the ‘full brunt’ of recent increases in commodity prices, a top IMF official said raising questions about the monetary policy options available for Sri Lanka to counter ‘imported’ inflation. Pressure for commodity prices to rise have been building up amid loose US […]
Ron Paul slams Federal Reserve as US money printing de-stabilize world
April 13, 2008 (LBO) – Texas Congressman Ron Paul has slammed the Federal Reserve for printing money to manipulate interest rates and undermining the salaries of workers and savings of older people. Paper money from pure fiat central banking, backed by nothing other than government debt – a process that was born after the gold […]
Sri Lankan president urges unity as 10 more deaths reported
April 12, 2008 (AFP) – Sri Lankan President Mahinda Rajapakse called for national unity Saturday in his traditional New Year message as 10 more deaths were reported in the conflict-racked nation.“It is my conviction that we would be strengthened by engaging in New Year traditions and customs as one nation,” Rajapakse said in a message […]
Sri Lanka lifts tax surcharge from personal incomes
April 12, 2008 (LBO) – Sri Lanka has lifted a surcharge on personal income tax from February 2008, but it would remain in place for companies, the government said Saturday. The government said by public advertisement that a ‘social responsibility levy’ charged from personal income taxes would be withdrawn. Sri Lanka charged a one percent […]
Cooling inflation in Sri Lanka and Vietnam a priority rather than growth: IMF
April 12, 2008 (LBO) – Though some Asian nations are worried about slower growth in the wake of financial turmoil in the US, countries like Sri Lanka and Vietnam should focus on inflation, a top IMF official said. “I would say Vietnam is a case, inflation is running close to 20 percent. They need to […]
Sri Lanka JVP lawmaker arrested in latest twist in split drama
April 11, 2008 (LBO) – A lawmaker of Sri Lanka’s Janatha Vimukthi Peramuna (JVP) party was arrested Friday for stealing tax-free vehicles bought by rebel members of the party in the latest twist in an unfolding political drama following a major split in the party. Parliamentarian Jayantha Weerasekera was remanded till April 17 after he […]
Sri Lanka budget off target, real revenues fall in 2007
April 10, 2008 (LBO) – Sri Lanka’s state revenues were sharply lower than budgeted and current expenditure soared in 2007 while taxes slipped in real terms, newly released government data showed. The government’s total revenues were off target by 34.7 billion with only 565 billion rupees out of the 599.8 billion rupees flowing into government […]
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April 10, 2008 (LBO) – A host of media rights groups from around the world have written to Sri Lankan president Mahinda Rajapakse urging him to ‘stop the war on journalists’ and probe a spate of recent attacks on the island’s media. “The international press freedom and human rights community is extremely concerned that journalists […]
‘s Central Bank says IMF inflation study is wrong
April 09, 2008 (LBO) – Sri Lanka’s central bank has strongly disputed findings in an International Monetary Fund study, which went against official claims that the island’s record high inflation was mostly caused by foreign factors. The research study came amid calls for fundamental monetary reform in the island. In March inflation hit 23.8 percent […]