Sri Lanka’s vehicle population is set to double within the next decade, creating the need for larger roads, but financial uncertainty and a growing loan burden are posing challenges. A study released by the Transport Ministry this week showed that the current vehicle population in Sri Lanka is 130 vehicles per 1,000 people and this ...

Reuters: Sri Lanka’s rupee ended weaker on Wednesday on importer dollar demand, as traders shrugged off Central Bank intervention signals and rating agencies warned the sovereign rating may be at risk due to a potential balance-of-payments problem. The rupee closed at 121.80/122.00 to the dollar, against Tuesday’s close of 121.40/60, on importer dollar demand in ...

The demand for vehicles in Sri Lanka remains buoyant according to a report prepared by the Ceylon Chamber of Commerce (CCC) analysing import statistics for 2011. The expenditure on import of vehicles and parts recorded a growth of 87% in 2011. The value of imports increased from Rs. 117 billion to Rs. 219 billion by ...

By Cheranka Mendis Gathered to discuss the implications, opportunities and challenges of the sudden announcement and introduction of the Government’s new policies, the export community was advised by a panel of experts to watch ahead, be prepared and make their own judgments from the information provided. With the country facing no immediate risks of getting ...

In a change of sentiment, the Government is asking people to step onto the streets and protest the possible US resolution Sri Lanka is facing at the United Nations Human Rights Council sessions, which kicked off yesterday. It was reported that over 150 protests were organised by different parties around the country and in an ...

Subsidies? Well yes, but make them smart subsidiesNigeria: Subsidising the neighbours Nigeria’s Central Bank Governor, Sanusi Lamidi Sanusi, had a problem. In a recent live interview with the Aljazeera TV, he said that his country had to raise the retail prices of all petroleum products to match the rising international prices, despite the violent and ...

Reuters: Sri Lanka expects crude imports from Iran to drop by at least 10 per cent this year due to a range of inflation-fighting policies that should cool demand, potentially helping it find a way around US sanctions, a Government official said on Friday. The island is facing one of the biggest squeezes from the ...

Avoiding a crisis The Pathfinder Foundation (PF) commends the Treasury and Central Bank for the policy measures introduced recently. This has prevented an external payments crisis. Without remedial action, the country would not have been able to meet its debt obligations and/or finance essential imports within a short period of time. The increases in the ...

THE effects of the fuel price hike and its effect on public expenditure is finally beginning to surface. The Finance Ministry has directed all Government institutions to limit their consumption of fuel and electricity as a priority following the upward revision of prices. The Ministry has emphasised that this is a national responsibility entrusted on ...

The Government says that oil imports from Iran have been stopped and that purchases are being made from alternative sources. Petroleum Minister Susil Premajayantha has told parliament that Sri Lanka has commenced purchasing Arabian Light Oil instead of Iranian Light Oil. He has said that Sri Lanka could no longer purchase oil from Iran due ...

The local arm of the professional body Chartered Institute of Logistics and Transport (CILT) has expressed concern over the manner in which the recent bus fares were increased by the Government. Given the serious implications of the hike as well as the Government’s apparent deviation from the previously agreed method for revisions, the CILT Sri ...

The Colombo stock market is increasingly showing signs of rebirth as its value has risen by Rs. 153 billion in a week after slumping sharply on 2011 Valentine’s Day. Bullish sentiments saw the Bourse up over 2% yesterday with market capitalisation improving by Rs. 41 billion to Rs. 1.987 trillion bringing the total to Rs. ...

‘Let style be your substance’ screams at me from a billboard in Colombo as I find my way through traffic generated by one of our No. 1 imports – motor vehicles. Latest models pass me, blaring their horns in a hurry to get to their destinations and I know that no way are these magnificent ...

Safety and food hygiene of Colombo eating houses quite poor, says CMC’s Chief Medical Officer By Cheranka Mendis Even though Colombo has over 750 eating houses (from five-star hotels to roadside ‘bath kades’), only 290 obtained trade licenses last year, CMC Chief Medical Officer Dr. Pradeep Kariyawasam said. Speaking at the Indexpo food and management ...

For over 120 years the name Mercedes-Benz has guaranteed trucks of highest quality. In the European and Latin American markets Mercedes-Benz Trucks today is still synonymous with reliability and economy, first-rate quality in product and service as well as global competency in customer-focused transport solutions. This applies to the Actros, Axor and Atego truck lines ...

UNP demands closure of Mihin Lanka and halt inconstruction of new tower UNP MP Dr. Harsha de Silva yesterday demanded that the Government give subsidies that will support families with the increasing prices. On the kerosene subsidy that the State said would be given, he noted that Rs. 200 was inadequate to support rising costs. ...

Contrary to exaggerated claims the EPF investments in to the stock market last week had amounted to only less than 10% of market activity and unlike some past contentious buys, this time around it had focused on blue chips. The total turnover of the Colombo bourse last week was Rs. 8.6 billion and local purchases ...

Sharp reduction in vegetables prices thanks to higher output could help soften an otherwise sharp spike in inflation following the unprecedented fuel hike and devaluation of the rupee, according to analysts. In recent weeks, prices of vegetables have dropped by as much as 50% or more and this development will make the additional cost following ...

Reuters: Iran, facing sanctions that could cripple its oil exports, has told world powers it wants to resume long-stalled talks with “new initiatives”, and France said it might be open to addressing suspicions about its nuclear programme. Tehran made the offer in a letter to the EU’s foreign policy chief obtained by Reuters on Thursday, ...

The third edition of Jaffna International Trade Fair 2012 was held recently at Durayappah Stadium, Jaffna. This event showcased a wide range of products and services from various industries and brought together the business community in the Northern territory. The Nations Express Centre offered visitors an opportunity to experience a range of financial products such ...

Sri Lanka’s cricketing fortunes seem to be changing of late. The team’s better performance has raised hopes among many fans, while the Sports Ministry’s decision to finally pay the cricketers through a Rs. 600 million loan from the Bank of Ceylon will raise moral still higher. The financial fallout that resulted from the co-hosting of ...

A fisherman was shot dead allegedly by the law enforcement authorities  during protests in Chilaw on Wednesday. While this finally pushed the Government into giving fuel subsidies for the fishermen, a graver problem has opened up with fishermen continuing to protest – for justice. It has been reported that several eyewitnesses saw Police and Army ...

ASI gains by 5% as Bourse’s value swells by Rs. 96 b Brokers positive after fresh meeting with SEC EPF, private institutional and high networth investors active on attractive valuations The Colombo stock market yesterday produced a major rebound gaining by 5% thanks what some described as “spirited support” whilst others emphasised it was largely due ...

Sri Lanka fishermen shot to death in fuel protest

By Uditha Jayasinghe Despite a fuel adjustment charge coming into effect from midnight yesterday, the Ceylon Electricity Board (CEB) will remain in the dark with a whopping Rs.97 billion subsidy from the Government. The Public Utilities Commission (PUC), while announcing its new fuel adjustment charges, told the media that the CEB expense is projected at ...

One person was killed and several others received injuries during a demonstration held by the fishermen in Chillaw yesterday against the fuel price hike, the police said. Sri Lanka Police Media Spokesperson Superintendent of Police Ajith Rohana said an individual died due to gunshot injuries at an unruly protest held in Chilaw. The police had ...

SRI LANKA is still electrified by the unprecedented fuel hike and the fallout continues to grow. On Wednesday a fishermen was shot dead as protestors clashed with the police in Chilaw prompting the Government to issue an immediate subsidy. JVP protesters were tear-gassed and the Political rhetoric continued for a fourth day as the Government ...

(Bloomberg): Sri Lanka doesn’t need to further tighten monetary policy for now even though an increase in fuel and transportation costs and a weakening currency may stoke inflation, the head of the central bank said. The central bank’s rate increase earlier this month will have a “demand-driven impact” and help moderate inflation, its Governor Ajith ...

Sri Lanka’s benchmark stock index, the world’s worst performer this year, may extend its slump as the central bank raises interest rates to curb inflation, according to HSBC Holdings Plc’s private banking unit. HSBC Private Bank, which oversees about $499 billion, will wait for stock valuations to fall to “single digit” multiples before it considers ...

TKS Securities yesterday described the fuel price revision by the Government as a bold move though it will have an impact on inflation. “We consider the ret   action which has sent shockwaves amongst the masses,” the broking firm said an economic update. “Given the current global and domestic economic scenario we believe the Sri Lanka ...