Author: lbostgadmin
Big Jump
Sri Lankas import bill for April overtook the countrys export revenues, despite higher earnings from money spinners like apparels and tea, the Central Bank said Wednesday.Trade deficit for April widened for US$ 259 mn from US$ 230 mn, as foreign inflows from tourism, ports, private transfers and net inflows of portfolio investments eased the pressure […]
Hard Landing
Sri Lankas economic growth is expected to have fallen sharply in the first quarter of 2004 from the previous three months, as the services sector suffered from the islands political turmoil.The average estimate of several economists polled by Dow Jones Newswires put first quarter GDP growth at 5.2% on year, down from 6.9% in the […]
Pipe Dreams
An independent US economic think tank says that a potential trade pact with the United States will help the Sri Lankan economy grow by at least three-percent.The International Institute for Economics (IIE) in an ongoing study says that a US-Lanka free trade pact “will have far reaching positive implications on Sri Lankas economy and predicts […]
Pricey Jam
Traffic jams in and around Colombo are not just driving people insane with frustration; its costing the country a thumping Rs 20 bn a year.ldblquote The congestion cost in Sri Lanka is around Rs 20 bn a year and this is just a conservative estimate, dblquote Professor Amal Kumarage from the National Transport Commission (NTC) […]
Lets Chat
The United States says it is keen to pursue a trade pact with Sri Lanka and agreed to meet in October to iron out issues.US Trade Representative, Robert B Zoellick told visiting Sri Lankan Trade Minister Jeyraj Fernandopulle that the TIFA process should be deepened to facilitate business and investment issues between the two countries.rn […]
Talk Shop
Insurance consultant Chandra Fernando thought very little when he signed up for a Dialog GSM connection on March 30, 1995.The 54 year old Fernando recounts that he just walked into the Dialog Arcadia Shop out of curiosity, after hearing about the new GSM cellular network.rn rnHe said he was lured by a pretty sales girl […]
Dead End?
Sri Lankas public utilities need regulating, the regulatory body is manned, trained and ready to go but has nothing to regulate.The Public Utilities Commission of Sri Lanka (PUCSL), the countrys multi sector regulator, is up and about for almost one year now but cannot do its job.rn rnThe lack of political will to implement reforms […]
Repair Job
Local transport authorities want to scrap the current system of private mass transport for a more service oriented and easy to monitor system. The National Transport Commission (NTC) says reliability of services of private buses has deteriorated, while idling buses, rivalry and accidents have increased.rn rnContrary to popular belief, even productivity in the private mass […]
Wake Up
Sri Lankas top trade chambers have asked the government to wake up to the realities facing the economy and for legislators to stop misbehaving in parliament.The Joint Business Forum or JBiz, says while parliament remains adjourned to accommodate political campaigning for next months Provincial Council polls, legislators are blissfully unaware of lquote adverse international economic […]
Mobile Mania
With taxes slashed and handsets smuggled in, Sri Lanka is becoming a mobile phone paradise where even the islands prisons are awash with cell phones.With the price of handsets falling by about 35 percent this year, owning a mobile has never been so affordable in Sri Lanka, where vegetable vendors, taxi drivers and pavement hawkers […]
Blowing Cold
Is South Asia actually heading towards an area of free trade or towards free floating discussions for a never never land? SARRCs committee of experts met for a third round of discussions on taking the South Asia Free Trade Agreement (SAFTA) forward, earlier this month in Colombo.rn rnThe next round of talks is fixed for […]
Call Waiting
Sri Lanka Telecom has picked UBS Warburg and Standard Chartered Bank as arrangers to its upcoming US$ 100 mn bond issue.The five-year loan will carry a fixed interest rate. Mobitel will use up around 65 percent of the bond, and the balance spent to retire some of SLTs existing debts and roll out its network. […]