The Police Fraud Investigation Bureau is to bring to notice of several international and local banks operating in the country regarding certain bank practices that threaten the security of the deposits of the bank customers. “We have received a large number of complaints regarding frauds that had taken place using bank accounts. In several instances [...]
June 14, 2011 | Posted in
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The International Monetary Fund (IMF) has urged Sri Lanka’s central bank on Friday to avoid continuous sales of foreign exchange and allow a flexible exchange rate to ease pressure on balance of payments. Completing the seventh review of its $2.6 billion loan to the island, the International Monetary Fund said Sri Lanka’s macro economic performance [...]
June 11, 2011 | Posted in
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Sri Lanka’s exports surged 54 percent in March to 1,057 million dollars, topping a billion dollars for the first time helped by a steep increase in industrial goods as well as rising commodity prices, official data showed. Textile and apparel, the country’s key industrial export rose 68.3 percent to 473 million US dollars, rubber products [...]
May 31, 2011 | Posted in
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Tata Motors (TAMO.NS) said on Saturday it launched its small Nano model in Sri Lanka, its first foreign market since sales of the vehicle began in April 2009. The firm has sold 110,000 Nanos, touted as the world’s cheapest car, since then. Tata Motors, India’s largest truck and bus maker, is also introducing five new [...]
May 28, 2011 | Posted in
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Sri Lankan cellco Dialog Axiata has launched a pilot of 4G Long Term Evolution (LTE) mobile broadband network technology in the Colombo Fort, Colombo 2 and Colombo 3 districts of the capital, and has demonstrated data speeds of 40Mbps-50Mbps (download) outdoors under ‘actual’ mobile network conditions, as well as downloads of up to 100Mbps in [...]
May 10, 2011 | Posted in
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Sri Lanka’s telephone density rose to 100.8 lines per 100 persons in 2010 showing that fixed and mobile connections had overtaken the population, in a telling demonstration of the results of ending a state monopoly. Telephone density rose from 86.6 in 2009 in a country with a population of 20.6 million, according to data published [...]
April 20, 2011 | Posted in
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Sri Lanka’s current chicken consumption will increase to 8 kg per person from the current 5Kg next five years, Chairman of the Ceylon Grain Elevators (GRAN), Cheng Chih Kwong Primus said recently reviewing the company’s annual performance. “With rapid development, change in lifestyle and purchasing power, we expect the consumption would increase in such a [...]
March 31, 2011 | Posted in
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The earthquake in Japan has affected all areas of the country’s life. The largest corporations Toyota Motor and Honda Motor have suspended production at their plants. Because of this forced action the supplies to the U.S. of Toyota Yaris, Scion XD, Scion XB and the Honda Fit / Jazz will be temporarily suspended. Nissan and [...]
March 23, 2011 | Posted in
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The Public Health Department revealed that of the food samples taken from hotels and eating houses in the city, eighteen percent had been contaminated but the cooking water had not been contaminated. Chief of the Public Health Department, Dr. Pradeep Kariyawasam said that the germs had to be either in cooking utensils, the raw materials [...]
March 21, 2011 | Posted in
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The highest ever recorded price for gold in the international market, has been reported. According to the National Gem and Jewellery Authority, a 24 carrot gold sovereign in the local market, is valued at Rs 42,000. During a period of one month, the price of gold in the international market has increased by $86. Analysts [...]
March 10, 2011 | Posted in
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A senior Finance Ministry official told Lanka News Web that the Colombo Stock Exchange (SEC) is facing the risk of crashing in the near future due to the artificial manipulation of the stock market by a few racketeers wielding political powers in order to make unwarranted gains. He said that the purchase of stocks The [...]
February 26, 2011 | Posted in
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Sri Lanka has told the European Union it does not want to renew a trade deal that was withdrawn over EU concerns about human rights abuses in the island’s ethnic war, a visiting EU lawmaker said. Jean Lambert, member of the European Parliament, said talks with Sri Lankan government officials indicated the island no longer [...]
February 25, 2011 | Posted in
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Dismissing the recent opinion made by opposition political parties that the issuance of the new Rs.5, 000 note signified that the government had also accepted there is inflationary pressure in the market, the Central Bank GovernorAjith Nivard Cabraal last week said the new note was only introduced to make cash transactions more simpler and to [...]
February 16, 2011 | Posted in
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A large denomination banknote issued by Sri Lanka’s monetary authority is a testament to the recent high inflation created in the country, an economist and opposition lawmaker has said. Sri Lanka’s central bank issued a 5,000 rupee note, more than twice the value of 2,000 rupee, note also issued after the post-2004 inflation bubble in [...]
February 7, 2011 | Posted in
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