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India FDI up 41-pt to US$22.5bn to September
NEW DELHI, Nov 25 (AsiaPulse) – Foreign Direct Investment in India surged by 41 per cent to US$22.5 billion during the January-September period this year, despite the uncertain global economic environment. During January-September 201O, the country had attracted Foreign Direct Investment (FDI) worth US$15.97 billion. Experts maintained that the government should further streamline policies and […]
How not to do public policy: Messy visa changes in Sri Lanka
Nov 25, 2011 (LBO) – In most countries, visa fees are set through subordinate legislation. In Sri Lanka, it comes in the National Budget, read by the President, after more than a year of public vacillation. The end result is good, but the process was atrocious. It’s case study of how not to do public […]
Sri Lanka food processing, education, heath interests UAE: visiting minister
Nov 25, 2011 (LBO) – Sri Lanka’s food processing, education and health sectors and business process outsourcing sectors are of interest to the United Arab Emirates, visiting minister of foreign trade Lubna Al Qasimi has said. Minister Bathiudeen said Sri Lanka has free and preferential trade agreements with India and Pakistan and South Asia giving […]
Sri Lanka overnight rates hit two year high
Nov 24, 2011 (LBO) – Sri Lanka’s overnight gilt backed repos rose as much as 8. 35 percent and call rates hit a two year high of 9.25 percent Thursday, dealers said, as liquidity tightened amid defence of a dollar peg. Stocks closed 2.7 percent lower. Sentiment in Sri Lanka’s financial markets have also been […]
Sri Lanka should reveal data on interventions, forex reserves: civil activist
Nov 24, 2011 (LBO) – Sri Lanka should reveal data on interventions and foreign exchange reserves and the rationale for a step devaluation of the rupee instead of a market determined float, a civil society activist has said. Chandra Jayaratne, a former head of Sri Lanka’s largest business chamber, said the Central Bank should reveal […]
Sri Lanka stocks plunge, rates up
Nov 24, 2011 (LBO) – Sri Lankan shares tumbled Thursday, crashing below the 6,000 point mark amid uncertainty among investors about government policy after takeover of businesses and a snap devaluation of the rupee. The main All Share Price Index fell 2.79 percent (168.61 points) to 5,886.75, while the more liquid Milanka index fell 2. […]
Expressway Expertise
Nov 24, 2011 (LBO) – Japan will provide funding for an electronic toll collection ‘touch-and-go’ card system on Sri Lanka’s first expressway that is to be officially opened on November 27. The 95 kilometre southern expressway, linking the capital Colombo with the southern port town of Galle, is designed for 100 kilometres per hour speeds […]
Currency Option
Nov 24, 2011 (LBO) – Sri Lanka’s Commercial Bank of Ceylon is now offering Non-Resident Foreign Currency (NRFC) accounts in Chinese yuan following its inclusion as a ‘designated currency’ by the Central Bank. A statement said the move comes several weeks after the bank began offering customers the option of transacting in yuan for export […]
Sri Lanka tourist arrivals to hit target ahead of schedule
Nov 24, 2011 (LBO) – Tourist arrivals to Sri Lanka have been growing faster than expected and the island expects to achieve its original target of attracting 750,000 tourists for the 2011 year later on Thursday. In the nine months to September 2011, total arrivals rose 34.3 percent to 598,006, official data showed. Tourist arrivals […]
Indian firms look for cost savings as rupee falls
NEW DELHI, Nov 24 (AsiaPulse) – Indian FMCG firms are turning to efficient cost management and local procurement of raw materials to offset increasing pressure on margins due to the weakening of the rupee that has spiked input costs. Having already taken a series of price hikes this year, the firms have little room to […]