Sri Lanka News Events

Gold price hits record after 'Sri Lanka purchase'

2009-12-01T20:30:00.000-08:00

LONDON, November 6, 2009 (AFP) - The price of gold hit a record high above 1,100 dollars an ounce in trading here on Friday following a report that Sri Lanka had joined India in purchasing the precious metal in favour of the US currency.
"The Central Bank of Sri Lanka has announced that it is buying gold to diversify its reserves," industry body the World Gold Council (WGC) said in a statement issued before gold struck a record high of 1,101.42 dollars.

It later pulled back to stand at 1,092.65 dollars an ounce in late London trading.

Gold had struck a series of highs already this week after the IMF said it had carried out a massive sale of the precious metal to India.

"Over the past year central banks, which have been net sellers of gold are now a new and increasingly important source of demand," WGC chief executive Aram Shishmanian said in the council's statement.

"This latest announcement demonstrates that many central banks are reassessing their reserve asset management policies."

Gold had reached a record high of 1,087.80 dollars on Tuesday as the IMF said it had sold 200 tonnes of gold to India's central bank over a two-week period last month for 6.7 billion dollars to bolster its finances.

Gold and other commodity prices have surged in recent months amid a move away from the dollar, which has been slumping. The move accelerated last month on a report that Gulf states may stop using the greenback for oil trading.

The metal is also winning support from fears over a possible spike in inflation, as gold is widely regarded by investors as a safe store of value.

The sale to India was nearly half the 403.3 tonnes of gold that the IMF has targeted for sale over the coming years.

The Washington-based IMF, which currently holds 3,217 tonnes of gold, is the third-largest official holder of the precious metal after the United States and Germany.

India is the world's biggest consumer of gold, importing between 700 and 800 tonnes of the metal every year or 20 percent of global demand.

A senior IMF official said that the IMF was "lucky" in selling the 200 tonnes to India for roughly 1,045 dollars an ounce, compared with 850 dollars an ounce in April 2008.

Gold's price, which has risen more than 20 percent this year, has a bright future thanks to improving demand caused by the financial crisis, industry experts said this week.

"Although it's difficult to predict in the short term, the overall picture is very healthy," Mark Lynam, an executive for AngloGold Ashanti -- the world's third largest gold producer -- told the London Bullion Market Association annual conference in Edinburgh.

Plush London department store Harrods last month surprised the retail industry by starting to sell gold bars, with prices fluctuating according to the current market price.

(Information source :http://www.lankabusinessonline.com)

World Bank grants US$ 24 million to improve health care in Sri Lanka

2009-06-23T20:28:00.000-07:00

June 24, Colombo: The lending arm of the World Bank on Tuesday approved a US$24 million credit to provide further support to improve the health care in Sri Lanka, especially to meet the health needs of the Internally Displaced Persons in the North and East.

Issuing a press release today the World Bank said with the end of the war the country is facing challenges in its efforts to resettle and reconstruct the region. Providing basic health services to the 285,000 displaced and to the conflict-affected people in the Northern and Eastern Provinces is an immediate challenge, it said.

According to the World Bank Country Director for Sri Lanka, Ms. Naoko Ishii half the amount, US$12 million will be allocated to meet the health needs of the conflict-affected population in the Northern and Eastern Provinces.

"This reflects the Bank's commitment to addressing consequences of the conflict whenever we can," Ms. Ishii said.

“An upcoming health needs assessment for the north and east will determine the specific activities the project will finance, but it could include mobile clinics at IDP camps, rehabilitation of disabled, treatment of traumatized persons, and other immediate priorities,” she added.

According to the World Bank, the project will continue to support decentralization of health service delivery, including strengthening of district and provincial capacity for planning and implementation of health programs. It will also support efforts to improve service delivery and renovate health facilities, provide training for health workers, and provision of medical supplies and equipment.

The US$24 million credit, which is an addition to the International Development Association (IDA) grant of US$60 million approved in 2004 to Health Sector Development Project (HSDP), has 20 years to maturity with a 10-year grace period.

End of 30 years curse in Sri Lanka

2009-05-18T20:26:00.001-07:00

His Excellency Mahinda Rajapaksa , President of Sri Lanka and Commander in Chief of the Armed Forces has been officially informed about the successful task accomplishment by the country's top defence officials this evening (May 18).

Secretary Defence Gotabaya Rajapaksa, Chief of Defence Staff, Air Chief Marshal Donald Perera, Army Chief, Lieutenant General Sarath Fonseka, Navy Chief, Vice Admiral Wasantha Karannagoda, Air Force Chief, Air Marshal Roshan Goonathilake, Inspector General of Police Jayantha Wickramarathne and Director General of Civil Defence Force Sarath Weerasekara officially reported to the president that the task entrusted on them to liberate the nation from clutches of terrorism has been successfully accomplished and the nation is free from terror. The reporting was made at a charm ceremony held at Temple Trees.

Information Source : http://defence.lk

Forex Trading Information

2009-05-04T20:49:00.000-07:00

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Central Bank eases monetary policy stance

2009-04-23T00:06:00.000-07:00

Since around October 2008, the Central Bank of Sri Lanka has taken a number of steps to promote market liquidity and thereby stabilise money and credit markets, in view of the implications of the turbulent conditions that have prevailed in financial markets the world over.
Since the beginning of this year, the Central Bank has also gradually eased its monetary policy stance, in view of the improving outlook on inflation with a considerable deceleration in monetary aggregates. Inflation, on an year-on-year basis, as per the Colombo Consumers’ Price Index (2002=100) reached a five-year low of 5.3 percent in March 2009.

The expansion in the money supply has decelerated to 9.9 percent together with a sharp deceleration in credit to the private sector to 5.6 percent by February 2009.

Given the continuing decline in the general price level and the demanding conditions facing the real sector, the Central Bank is of the view that its monetary policy stance should be eased further. Accordingly, the Monetary Board has decided to reduce the Penal rate of interest charged on reverse repurchase transactions with the Central Bank by 175 basis points to 13.0 percent.

The Monetary Board has also decided to reduce its Repurchase rate by 125 basis points to 9.0 percent to encourage commercial banks to lend their surplus funds to customers rather than entering into repurchase agreements with the Central Bank. Both these measures are to take effect immediately.

The Central Bank expects that these measures would result in more active lending by commercial banks supported by a reduction in their lending rates in accordance with the reduction in policy rates, thereby augmenting credit flows to the economy.

In view of the lower than expected inflation, moderation of growth prospects and the downward revision in the Statutory Reserve Ratio (SRR) in February 2009, the Central Bank has decided to revise its reserve money targets for the last three quarters of the year 2009.

Accordingly, the targeted growth in annual average reserve money has been brought down from 5 percent to 2.8 percent. The revised targets for the three remaining quarters of the year 2009 are given below. The revised reserve money targets would provide sufficient space for the Central Bank to relax the monetary policy further, if necessary.

Rescue mission becoming success, Several thousands of civilians rescued - Puthumathalan

2009-04-19T23:42:00.000-07:00

Sri Lankan soldiers have been able to rescue several thousands of civilians held hostage by the LTTE terrorists in the government declared No Fire Zone this morning (Apr 20).

According to the defence sources , troops have been able to open up a safe route for the civilians to come out of the NFZ after the soldiers of 58 Division successfully destroyed the LTTE fortifications in the Puthumathalan area.

Troops of 11 Sri Lanka Light Infantry (11 SLLI), 9 Gemunu Watch (9 GW), 8 Gajaba Regiment (8 GR), Special Force (SF) and Army Commandos (CR) captured 2 1/2 Km long stretch of LTTE built earth bund in the Puthumathalan area early this morning destroying the terrorists' ability to attack the civilians seeking refuge with the armed force.

According to the latest information over 10,000 civilians are trying to seek refuge with soldiers.

Rs.600 million Grant from Japan

2009-04-07T21:47:00.000-07:00

The Government of Japan has provided a grant of Japanese Yen 520 million (approximately Rs 600 million) under its food production grant aid program to purchase agricultural machineries and equipments of Japan for use by underprivileged farmers.

The agricultural machineries and equipments will be made available to the farmers through Agrarian Service Centres of the Department of Agrarian Development, Agrarian Service Centres and Government Seed Farms through the Department of Agriculture. This will facilitate improving the quality of agricultural products of the targeted farmers. Since 1977, Sri Lanka has been a recipient of grant assistance under the food production program annually.

Part of the value of the sales proceeds of the agricultural machineries and equipments will be deposited as counterpart funds which will be utilized for financing of projects aimed at economic and social development including the increase of food production.

The signing of Exchange of Notes pertaining to the above grant took place today at the Ministry of Finance and Planning. Mr. Kaoru Shimazaki, Chargè ď Affaires a.i. of the Embassy of Japan in Sri Lanka signed on behalf of the Government of Japan. A Grant Agreement was also signed between the Government of Sri Lanka and the Japan International Cooperation Agency (JICA). Dr. Atsushi Kaneko, Chief Representative of JICA Sri Lanka Office signed on behalf of JICA. Mr. Sumith Abeysinghe, Secretary, Ministry of Finance and Planning signed both the Exchange of Notes and Grant Agreement on behalf of the Government of Sri Lanka.

Recommended Diabetic Food Intake

2009-04-05T23:47:00.000-07:00

Low Glycemic Index - doesn't create rapid peaks and troughs in blood glucose levels.

Complex high-fiber carbohydrates - Scientific evidence show that diet high in dietary fiber is protective against diabetes. Fiber is capable of slowing down the digestion and absorption of carbohydrate and increasing the sensitivity of tissues to insulin, thereby preventing rise s in blood sugar. It is advisable to restrict the intake of refined carbohydrates and avoid high fat foods.

Example : Oats, cereals, legumes, wholegrain products, dried beans, peas, lentils, fruits, vegetables.

Alpha-lipoic acid - Is a vitamin like antioxidant that enhances the glucose uptake and improves diabetes nerves damage of diabetes patient.

Omega 3 - Protect against the hardening of arteries.

Example : Cold water fish like salmon, tuna, mackerel, herring).

Omega 6 fatty acid - Protect against the development of diabetes neuropathy.

Example : Blackcurrant oil, primrose oil, borage oil).

Artificial sweeteners - such as aspartame and saccharin.

Make Money Online

2009-04-03T02:18:00.000-07:00

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2009-04-03T02:15:00.000-07:00

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What is Online Banking?

2009-04-03T00:28:00.000-07:00

Online banking is the practice of making bank transactions or paying bills via the Internet. Thanks to technology, and the Internet in particular, we no longer have to leave the house. We can shop online, communicate online, and now, we can even do our banking online. Online banking allows us to make deposits, withdrawals and pay bills all with the click of a mouse. It doesn't get much more convenient than that.

The benefits are many.

For the online banking customer, the convenience factor rates high. No longer does a person have to wait for the bank statement to arrive in the mail to check account balances. One can check the balance every day just by logging onto one's account. In addition to checking balances and transactions, one can catch discrepancies in the account right away and deal with them swiftly. The best part is that this can be done anywhere! As long as one has Internet access, one can practice online banking.

Since bills are paid online, the necessity of writing checks, affixing postage and posting the payment in the mail is eliminated. Once the amount is entered and the payee is checked off, the funds are automatically deducted

Lanka will solve ethnic issue after finishing terrorists

2008-10-22T23:36:00.001-07:00

New Delhi, Oct 22 (ANI): Sri Lanka today promised to address the decades-old ethnic conflict in the island nation through a political settlement but only after finishing terrorists.

President Mahinda Rajapaksa's senior adviser Basil Rajapaksa is scheduled to visit India next week to discuss the issue with the Indian leadership.

Sri Lankan Minister of Rural Industries and Self Employment Promotion S B Nawinna said the government is committed to protecting Tamils in the restive northern region and that it had made efforts to supply food and other essential items to those affected.

"The government will end the conflict through a political settlement. After liberating the eastern region from the LTTE, the Government conducted elections and has made a Tamil as the Chief Ministers. Likewise, due representation will be given to people in north also," he told reporters on the sidelines of a function here.

"We will settle the (ethnic) issue after finishing terrorists," Nawinna said.

His comments assume significance as India has been insisting that Sri Lanka should address the ethnic issue through a political settlement, as there could be no military solution to the problem. (ANI)

Friday 13th June' - NO PETROL DAY

2008-06-10T21:26:00.000-07:00

Dear Friends !!!

Petrol in Pakistan Rs. 17 per litre
Malaysia Rs. 18 per litre
In India it's Rs. 48 per litre
In Sri Lanka it is Rs. 157 per litre

Why this difference in Asia itself?
World Market CRUDE Oil is not
the reason for this. It's all Gain for private owners?
As we are the general public, or
Common Man as R.K.Laxman would
have said, we have to raise our voice,
let's raise thru Emails.

Forward this to all
Indians and Sri Lankans who cares.

IT HAS BEEN CALCULATED THAT IF
EVERYONE DID NOT PURCHASE A
DROP OF PETROL FOR ONE DAY
AND ALL AT THE SAME TIME,
THE OIL COMPANIES WOULD
CHOKE ON THEIR STOCKPILES.

AT THE SAME TIME IT WOULD HIT
THE ENTIRE INDUSTRY WITH A
NET LOSS OVER 4.6 BILLION DOLLARS
WHICH AFFECTS THE BOTTOM LINES
OF THE OIL COMPANIES.

THEREFORE 'Friday 13^th June'
HAS BEEN DECLARED
'STICK IT UP THEIR BEHIND' DAY
AND THE PEOPLE OF THIS NATION
SHOULD NOT BUY A SINGLE DROP
OF PETROL THAT DAY.

THE ONLY WAY THIS CAN BE DONE IS
IF YOU FORWARD THIS E-MAIL TO AS
MANY PEOPLE AS YOU CAN AND AS
QUICKLY AS YOU CAN TO GET THE
WORD OUT. WAITING ON THE
GOVERNMENT TO STEP IN AND
CONTROL THE PRICES IS NOT GOING
TO HAPPEN.

REMEMBER ONE THING, NOT ONLY
IS THE PRICE OF PETROL GOING UP
BUT AT THE SAME TIME, AIRLINES ARE FORCED TO RAISE THEIR PRICES,
TRUCKING COMPANIES ARE FORCED
TO RAISE THEIR PRICES WHICH AFFECTS
PRICES ON EVERYTHING THAT IS
SHIPPED. THINGS LIKE FOOD, CLOTHING, BUILDING SUPPLIES MEDICAL SUPPLIES
ETC.

WHO PAYS IN THE END?

WE DO!

WE CAN MAKE A DIFFERENCE.
IF THEY DON'T GET THE MESSAGE
AFTER ONE DAY, WE WILL DO IT
AGAIN AND AGAIN. SO DO YOUR
PART AND SPREAD THE WORD.
FORWARD THIS EMAIL TO
EVERYONE YOU KNOW .
MARK YOUR CALENDARS AND MAKE
June 13^th A DAY THAT THE
CITIZENS SAY

'ENOUGH IS ENOUGH'

We forward so many junk email to
many of our friends, now let us do it
for some useful cause to cut down the
price of the petrol .. ....

REMEMBER :
June 13^th Friday 2008

Britain condemns LTTE bus bomb attacks targeting civilians

2008-06-09T00:16:00.001-07:00

The last few months have seen an increasing number of violent attacks targeting civilians. Lives have been lost in all communities and in all regions of Sri Lanka. My thoughts and condolences are with the victims and their families. There is no justification for practices which targets civilians or puts them in danger", the British Foreign Office Minister Lord Malloch-Brown, said condemning the two bomb blasts on Friday which left 24 civilians killed and over 50 wounded.

"There is an urgent need to end the senseless loss of lives caused by such acts of violence and for all parties to the conflict in Sri Lanka to take responsibility for the protection and safety of the civilian population," he further asserted.

Bomb explosion in Wellawatta

2008-06-04T00:28:00.000-07:00

A bomb has been exploded in a location along the rail track between Wellawatta and Dehiwala railway stations this morning, June 04. It is believed that the bomb had been triggered off targeting the Colombo bound highly crowed passenger train.

According to the available information, explosion occurred around 7.10 a.m.

The director of the Kalubowila teaching hospital said that 18 civilians, 15 males and 3 females, who suffered minor injuries have already been admitted to the hospital following the explosion.

Minor damages reported to the railway track, police sources added.

27000 persons affected by flood in Sri Lanka

2008-06-01T20:36:00.001-07:00

Around 27,000 persons of nearly six thousand families have been affected by flood conditions that prevailed during the last two days.

The National Disaster Relief Services Centre says the highest number of the affected persons are reported from the Kalutara district. Over 22 thousand persons are affected in the Divisional Secretariat of Palinda-Nuwara and Bulathsinhala which are the worst affected. The Divisional Secretariats of Ayagama, Kalawana and Kuruvita of the Ratnapura district are also seriously affected. The Baduraliya town has been completely submerged.

Transportation has been affected along several routes as a consequent of torrential rains. The main roads from Horana to Matugama via both Negoda and Kalawellawa has been submerged due to the overflowing of the Kalu Ganga. Transportation has come to halt along the road from Matugama to Kalawana and Kelin-kanda. Bus operations have been suspended in the Akuressa area. Several sections of the Ranapura-Panadura Highway are also affected by floods. Several sections of the Awissawella-Colombo Low Level road are also impassable due to floods

Private sector salary hike by June 30

2008-06-01T20:33:00.000-07:00

Labour Relations and Manpower Minister Athauda Seneviratne yesterday said that the proposed 15-25 per cent salary increase in the private sector will come into effect by the end of this month.

The Gazette notification in this regard will be issued before June 30. “Since it was reported that some business enterprises were not in a position to pay the full 25 per cent wage increase according to the monthly income received by them, the percentage of salary increment will depend according to the nature of each establishment,” Minister Seneviratne told the Sunday Observer.

A Labour Ministry delegation, led by Minister Seneviratne held extensive talks with officials of the Wages Control Board last week on the directive of President Mahinda Rajapaksa.

The Ministry has sought the views of all stakeholders in the private sector in this connection within the next few days.

Lanka IOC raises diesel prices for the second time

2008-05-28T21:57:00.000-07:00

Lanka IOC Ltd, the Sri Lankan unit of Indian Oil Corporation, raised diesel prices for the second time this year to narrow losses amid record-high crude oil costs.

Lanka IOC today increased the price of diesel by 20 rupees (19 US cents) to 100 rupees a litre, said Managing Director K Ramakrishnan in a telephone interview. The Colombo-based company held the price of petrol.

Crude oil rose to a record above $135 a barrel in New York on concern that supplies are inadequate after US stockpiles unexpectedly dropped last week.

Sri Lankan oil companies have been free to set prices since June 2006, although Lanka IOC sells fuel below cost because larger state rival Ceylon Petroleum Corp caps prices to help the government control inflation.

Lanka IOC, which runs a third of the island's gas stations, expects to report a profit in the quarter ended March 31 after hedging oil imports and increasing reserves, Ramakrishnan said last month.

"We might be able to minimize the loss in the April-June quarter and we expect the government to also make revisions to prices,'' Ramakrishnan said today. "If we waited for the government, we would have come to a grinding halt."

Bus fares Increased

2008-05-28T02:40:00.000-07:00

Private bus fares will be increased by 27.2 per cent from 27th of May 2008 in the wake of Sunday’s fuel price hike, Private Bus Owners Association President Gamunu Wijeratne said yesterday after he met Transport Minister Dallas Alhaperuma and National Transport Commission officials.

Accordingly the minimum fare will be increased from Rs 6 to Rs 7 while the maximum fare from Rs 32 to Rs 42. But fares on CTB buses have been increased only by 17% considering the hardships faced by the commuters.

A Ministry spokesman said the Transport Minister, NTC officials and Private Bus Owners Association representatives were due to hold a joint news conference today to explain the national policy on bus fares and circumstances which led to the fare hike

He said the NTC is expected to officially announce the new fares on SLTB and private buses today while the revised rail fares are to be announced shortly by Sri Lanka Railways.

Minister Alahapperuma told Daily Mirror the government would further subsidize the public transport sector and thus reduce the burden on the commuters.

“The fare increase of the public transport sector is inevitable but we will do our best to reduce the burden on commuters. The Treasury has agreed to continue subsidizing the transport sector as the government does intend passing the full impact of the fuel increase to the commuters. The government is absorbing 50% of the world market fuel price by permitting the CPC to limit the price increase on a litre of diesel to only Rs. 30. The Transport Ministry meanwhile was able to convince the Treasury of the need to further subsidize the public transport sector,” Minister Alahapperuma said.

He said the Ministry had maded several suggestions to President Mahinda Ranapaksa on how best to offset the burden on the economy following the huge increase of fuel prices in the world market.

“One option is to pay a monthly travel allowance of Rs. 30,000 to public officers entitled to an official vehicle. The rationing of fuel was another option but it has to be carefully thought through before implementing it. The public must be encouraged to use public transport instead of their private vehicles. The traffic in cities annually use up fuel worth some Rs. 15 billion and this is a heavy burden on the economy,” the Minister said.

LTTE bomb explosion - Dehiwala

2008-05-26T21:26:00.000-07:00

According to the latest report received from the Kalubowila hospital, 9 civilians were killed including a pregnant mother and 84 more passengers suffered injuries when the LTTE terrorists exploded a bomb inside a highly crowded Colombo-Panadura train around 4.55 p.m yesterday.

Kalubowila hospital sources said that injured 84 civilians were admitted to the hospital following the explosion. Another pregnant mother is also among the victims and now she is being treated in ward 21, hospital sources said. Among the injured, 6 suffered severe injuries are being treated in Intensive Care Unit at Kalubowila hospital.

The director of the Accident Ward in National hospital Colombo, Dr Anil Jasinha, said that 8 victims suffered injuries, 6 females and 2 males, who were transferred from Kalubowila hospital were admitted to the National hospital last evening. "Three females are undergoing treatments in ICU from the time they were admitted and one of them succumbed to her injuries while being treated this morning (May 27)", Dr Jasinha said.

It is believed that the parcel bomb exploded had been placed on the luggage rack in the train, police sources said.

Earlier, LTTE terrorists detonated two bombs in two carriages of a highly crowded train at the same railway station killing more than seventy and wounding over hundreds of innocent civilians in the same manner on 24th July 1996.

LTTE is a ruthless terrorist outfit notorious for crimes against innocent civilians. In its pursuit for a mono ethnic separate homeland for Tamils, the outfit has killed and maimed over tens and innocent children, Tamil and Sinhalese political leaders in indiscriminate bomb attacks. FBI in a recent report called LTTE the most dangerous terrorist outfit in the world