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Sri Lanka gets US$1.2bn in FDI by November: provisional data
Dec 03, 2013 (LBO) – Sri Lanka is estimated to have received about 1. 2 billion US dollars of foreign direct investment by November 2013, investment promotions minister Lakshman Abeywardene said. For 2013 Sri Lanka targeted 2.0 billion US dollars of investments and it is not clear whether the target will be met. The data […]
‘s third integrated resort to have foreign investment
Dec 03, 2013 (LBO) – Sri Lanka’s third integrated resort in Colombo with a 300 million US dollar investment will have 80 percent foreign investment, officials said.Tax breaks for the two projects were delayed following protests. Sri Lanka’s Rajapaksa administration has come under fire for lowering gaming taxes to 5 percent and lifting value added […]
Sri Lanka post program assessment by IMF
Dec 03, 2014 (LBO) – Sri Lanka’s inflation is easing and has weathered recent external turbulence well but the country has to be careful about external borrowing and effects of recent rate cuts, the International Monetary Fund has said. In the first post-program monitoring discussion with Sri Lanka, the IMF has also warned against a […]
Sri Lanka opposition legislator slams fiscal prudence: report
Dec 03, 2013 (LBO) – A prominent opposition legislator in Sri Lanka has slammed attempts by the current administration to prune state expenditure, especially subsidies to special interest groups, which have to be financed by more taxes on the people.Farmers get fertilizer subsidies and also tax protection from imports, keeping Sri Lanka’s food prices higher […]
Sri Lanka signs up US$1.9bn in foreign investments
Dec 03, 2013 (LBO) – Sri Lanka has signed up 105 investment agreements worth 1,942 million US dollars so far in 2013 and 870 million US dollars of foreign direct investments have flowed in by the third quarter, officials said.Investment promotions minister Lakshman Abeywardene said third quarter FDI was up 41 percent from a year […]
Sri Lanka seeks manager for central counterparty project
Dec 02, 2013 (LBO) – Sri Lanka is seeking a manager and consultant to establish a central counterparty for financial transactions, which is expected to minimize credit risks in settling financial transactions.At the moment listed private securities and government debt are cleared and settled through independent mechanisms. An expression of interest was jointly called by […]
Sri Lanka stocks close lower
Dec 02, 2013 (LBO) – Sri Lanka stocks closed lower with telco and diversified stocks losing ground amid foreign selling, brokers said. The Colombo benchmark All Share Price Index closed 0.99 points lower at 5,774.10, down 0.02 percent. The S&P SL20 closed 8.75 points lower at 3,165.88, down 0.28 percent. Turnover was 835.08 million rupees, […]
Bank Chief
Dec 02, 2013 (LBO) – Sunil Wijesinghe, an accountant and senior executive who had managed and chaired a number of private and public organizations has been appointed chairman of National Development Bank.Wijesinghe replaces Hemaka Amarasuriya. He is currently chairman of the Employers’ Federation of Ceylon, President National Chamber of Commerce and President of Sri Lanka […]
‘s Ratan Tata sees brighter future for upmarket Nano
NEW DELHI, November 30, 2013 (AFP) – India’s struggling Tata Nano, billed as the world’s cheapest car, could still have a strong future with a more upmarket image, says Tata group tycoon Ratan Tata, as the company looks to give the hatchback a new start. Tata told US business channel CNBC late Friday he still […]
‘s MCSL to sell Rs500mn subordinated debt
Nov 29, 2013 (LBO) – Sri Lanka’s MCSL Financial Services is planning a 500 million rupee subordinated debt issue, which has been rated ‘BBB-(lka)’ Fitch ratings said. MFSL’s National Long-Term Rating could be revised in the event of a change in the willingness and/or ability of BOC to support the company. This would include any […]