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Sri Lanka 2011 budget target to be met: Central Bank
Nov 21, 2011 (LBO) – Sri Lanka is likely to meet the deficit target of 6.8 percent of gross domestic product set for 2011, with the gap in the first eight months contained at 5. 3 percent of GDP down from 5.6 percent a year earlier, the Central Bank said. In rupee terms the gap […]
Sri Lanka economy to grow over 8.5-pct in 2012: Central Bank
Nov 21, 2011 (LBO) – Sri Lanka’s economy is expected to grow between 8. 5 to 9.0 percent in 2012 and inflation would be kept in the mid single digits, the Central Bank said in a report released ahead of the budget. Exports are projected at 14 percent and imports at 10 percent. Growth in […]
Sri Lanka expropriations will hurt economy: EIU
Nov 21, 2011 (LBO) – A Venezuela-style law to expropriate dozens of private enterprises will hurt the economy, undermine policy predictability and scare investors despite state assurances that it will be a ‘one off’, UK-based Economist Intelligence Unit said. EIU said the law which deemed some 37 firms as ‘under-utilized’ or ‘under-performing’ also resembled similar […]
Mortgage Profits
Nov 20, 2011 (LBO) – Profits at Sri Lanka’s HDBC Bank, a mortgage lender fell 52 percent to 8. 1 million rupees in the September 2011 quarter from a year earlier, despite better margins, due to lower fee income, interim accounts showed. The firm reported earnings of 1.27 rupees per share for the quarter. It […]
Legal Basis
Nov 20, 2011 (LBO) – A Sri Lankan activist who had petitioned courts to review an expropriation law says recent interpretations given by state spokesmen may mislead citizens whose property was seized. Sri Ameresekere, an accountant who has been involved in several public interest petitions said statements by Sri Lanka’s central bank and information minister […]
Sri Lanka budget to cut deficit, maintain capex
Nov 20, 2011 (LBO) – Sri Lanka’s budget for 2012 to be presented to parliament on Monday will seek to further narrow a deficit, maintain public investment and create an environment to improve productivity, officials have said. According to earlier statements, the 2012 plans to cut the deficit to 6.2 percent of gross domestic product […]
Finance Growth
Nov 19, 2011 (LBO) – Profits at Sri Lanka’s Vallibel Finance, rose 157 percent to 60.1 million rupees in the September 2011 quarter from a year earlier, helped by strong loan growth and other income, interim accounts showed. Lost loss provisions rose 42 percent to 2.8 million rupees. Other income rose 195 percent to 25. […]
Malaysia sovereign fund to invest in India
MUMBAI, (Asia Pulse) – Khazanah Nasional, the sovereign wealth fund of the Malaysian government, plans to invest in sectors like financial services, infrastructure and energy in India in the near future. “We are looking at sectors like financial services, infrastructure and energy for investment in the near future,” Khazanah Nasional executive director Michael Jude Fernandes […]
Indian govt, to moot South Asian postal union
NEW DELHI, (AsiaPulse) – The Indian government is likely to discuss the proposal to form South Asian Postal Union, a move that will enhance regional cooperation and can lead to reduction of postal tariffs among SAARC member states. “The proposal to set up South Asian Postal Union (SAPU) is scheduled for discussion in the Cabinet […]
Lessons for Sri Lanka: Vietnam President Sang reveals secrets of FDI success
Nov 19, 2011 (LBO) – Vietnam’s remarkable success of drawing foreign direct investment, even from former foes involved in a bitter civil war, came from a combination of foreign and economic policy, Vietnam President Truong Tan Sang said. France, a former colonial power with which the first Indochina war was fought, has invested 2.9 billion […]