Category: Economy and Markets
Sri Lanka opposition backs new state salary hike
July 07, 2008 (LBO) – Sri Lanka’s main opposition United National Party (UNP) is backing calls for new salary hikes for the island’s already bloated state sector, continuing a tradition that has created a class of super citizens and high inflation in the country.The UNP and its trade union arm, the Jathika Sevaka Sangamaya (JSS), […]
Sri Lanka nature reserve threatened by politicians, business say activists
July 06, 2008 (LBO) – One of the three top nature reserves in Sri Lanka, a biodiversity hotspot, is being threatened by encroachment and commercial cultivation involving corrupt politicians, bureaucrats and business, a new report says.“Once title is given, the land soon passes to the politically powerful or their cronies,” says Environmental Foundation Ltd., which […]
Sri Lanka exchange rate policy under fire
July 05, 2008 (LBO) – Sri Lanka’s central bank which has debauched the rupee since its creation in 1950, has made a strong case for a stable national currency, but a top industrialist warned that high inflation was making the policy backfire on industry. Sri Lanka lost exchange rate stability shortly after 1950, when a […]
Sri Lanka DIMO price drops after share buy-back
July 04, 2008 (LBO) – The share price of Diesel and Motor Engineering (DIMO) dropped below 100 rupees Friday amidst investor concern that last month’s share buyback at 160 rupees would push up debt and trim profits. The overall market ended lower, continuing the weak trend as investors believe high inflation and interest rates could […]
Sri Lanka firm to lobby G8 on water
July 3, 2008 (LBO) – Sri Lanka’s Hayleys group has joined top global firms to lobby the eight leading industrial nations to make water availability a priority at an upcoming meeting in Japan next week, the company said. Hayleys is one of 19 companies that have signed the CEO Water Mandate, an initiative of the […]
Sri Lanka private sector calls for prudent reforms
July 03, 2008 (LBO) – Sri Lanka’s private sector has called on the government to implement politically difficult reforms and austerity measures to put the economy on a better footing. Anura Ekanayake, deputy vice chairman of the Ceylon Chamber of Commerce, said the government should do reforms to correct the wrong policies that hinder growth […]
World Bank appoints new South Asia chief
July 3, 2008 (LBO) – The World Bank has appointed Isabel Guerrero, country director for India as vice president for the South Asia region, replacing Praful Patel who retired on July 02, the multilateral lender said. “It is a most special privilege to be invited to take on this role in one of the most […]
Sri Lankan share prices sink again
July 03, 2008 (LBO) – Sri Lankan shares sank again Thursday with large trades in John Keells Holdings boosting turnover, brokers said.The All Share Price Index fell 0.55 percent (13.29 points) to end at 2,420.06 while the more liquid Milanka was down 1.11 percent (32.59 points) to 2,913.77. Turnover was 530 million rupees. “Foreigners were […]
Sri Lanka fuel subsidy cuts a good move: Daim
July 2, 2008 (LBO) – Cutting fuel subsidies when the national budget is de-stabilized is a necessary move to keep the economy stable and development ticking, former Malaysian finance minister Daim Zainuddin has said.In Sri Lanka, left-oriented political parties led by the Janatha Vimukthi Peramuna (JVP) pushed state policy towards subsidizing imported commodities from mid-2004 […]
Sri Lanka government treasury chief says subsidies inefficient
July 02, 2008 (LBO) – The Sri Lankan government treasury secretary P B Jayasundera has described subsidies as an inefficient way of managing economic affairs and said the government was moving to reduce the burden of handouts with price increases in a range of commodities. “Any form of subsidy is inefficient,” Jayasundera, who is also […]
Sri Lankan share prices ease further
July 02, 2008 (LBO) – Sri Lankan shares continued their slide Wednesday with investor nervousness about a forthcoming anniversary of anti-Tamil riots that sparked the ethnic war adding to concerns over high inflation and interest rates, brokers said.The All Share Price Index fell 0.27 percent (6.61 points) to end at 2,433.35 while the more liquid […]
Sri Lanka British embassy land; gentry wanted
July 01, 2008 (LBO) – The former British High Commission property in Sri Lanka is for sale with the owners preferring the highest bidder to have a high pedigree as well, the auctioneers said. This could value the deal as much as 2.5 billion rupees, making it the single largest land auction in the island.The […]