Tag: Sri Lanka
Kero Trend
Sept 20, 2012 (LBO) – Sri Lanka’s kerosene sales have come down after a price hike in February that reduced a subsidy given by tax payers, while highly taxed petrol sales continue to grow, official data show. Data released by the Central Bank shows that kerosene sales fell 26. 7 percent in June to 11,000 […]
Sri Lanka pushes up food prices to increase farmer profits
Sept 19, 2012 (LBO) – Sri Lanka has pushed up food prices of the people to provide greater profits to the farming lobby, while another tax on canned fish has also been raised, a notice published by the finance ministry said. The finance ministry said a tax on potatoes has been raised by 30 rupees […]
Sri Lanka keeps policy rates unchanged, says credit slowing
Sept 18, 2012 (LBO) – Sri Lanka’s Central Bank kept its key policy rate at which money is injected to the economy at 9. 75 percent saying credit was slowing and balance of payments pressure and inflation was easing. The central bank said average monthly bank credit volumes had fallen to about 27 billion rupees […]
Sri Lanka banks on cricket to repair image
COLOMBO, Sept 17, 2012 (AFP) – Sri Lanka is banking on cricket to repair the damage to its blood-stained image after the brutal end to a 37-year ethnic war as it stages the biggest tournament in the nation’s post-independence history. Since declaring an end in 2009 to a conflict that claimed up to 100,000 lives, […]
Sri Lanka economy grows 6.4-pct in 2Q: statistics office
Sept 17, 2012 (LBO) – Sri Lanka’s economy grew 6.4 percent in the second quarter of 2012 from a year earlier, slowing from 7.9 percent in the first quarter, gross domestic product estimates by the state statistics office showed. The statistics office said agriculture grew 9.1 percent from a year earlier, industry grew 9. 5 […]
Sri Lanka should cut corruption, opaque rules to draw investors: Blake
Sept 14, 2012 (LBO) – Sri Lanka should cut corruption and create transparent processes for investors and also avoid unpredictable actions such as expropriating property, a senior US State Department official said. “In general we want to see the government do as much as they can to reduce some of the impediments – bureaucratic impediments […]
Sri Lanka to keep credit ceilings in place, policies working: CB Governor
Sept 14, 2012 (LBO) – Sri Lanka’s will keep credit ceilings in place as banks still have enough space to lend, and policies taken to fix balance of payments pressure is bringing results, Central Bank Governor Nivard Cabraal said. Governor Cabraal says measures taken earlier in the year, including credit ceilings are now taking effect […]
Commonwealth ready to help Sri Lanka fix institutions, build capacity: Secy Gen
Sept 13, 2012 (LBO) – The Commonwealth is ready to help Sri Lanka strengthen its public service and key institutions, build leadership capacity of senior officials and uplift professionalism of the media, a top visiting official said. Sharma said the Commonwealth is also looking at developing youth entrepreneurship in rural areas, sports and development for […]
Fake Lubes
Sept 12, 2012 (LBO) – There was a thriving business in Sri Lanka involving the sale of unlicensed lubricants, adulterated and counterfeited brands and recycling used oil, which can damage vehicles engines, industry officials said. Such products used by unwary consumers could damage vehicle engines, he warned. Sri Lanka’s lubricant market was estimated at 60 […]
Petro Regulation
Sept 11, 2012 – Petroleum products are expected to be brought under Sri Lanka’s multi sector utilities regulator which is already overseeing the power sector, from the beginning of 2013, with enabling legislation now being drawn up, officials said. PUCSL director general Damitha Kumarasinghe said the regulator would allow reasonable costs to suppliers but will […]
Sri Lanka budget deficit 4.0-pct of GDP in first half
Sep 10, 2012 (LBO) – Sri Lanka has run a deficit of 4. 0 percent of gross domestic product in the first half of the year, though there are signs that more taxes are being extracted out of citizens to cover state spending, official data shows. The revenue deficit or the gap between money spent […]
‘s ruling party sweeps local polls
Sept 9, 2012 (AFP) – Sri Lanka’s ruling party secured victory in three provincial council elections including one area ravaged by the island’s ethnic war that ended in 2009, according to results released on Sunday. President Mahinda Rajapakse’s United People’s Freedom Alliance (UPFA) swept the council polls in the north-central and central regions with near […]