Author: Riyad Riffai
Sri Lanka investors wooed by Maldives
Jan 04, 2009 (LBO) – The new government in the Maldives, in move to privatize the economy, is looking at selling state-owned businesses and becoming more investor friendly, the Maldivian leader said on a visit to Colombo. We come here to open the country for business. We are looking at an ambitious decentralization program. We […]
Sri Lankan rupee overvaluation hurting apparel orders, jobs
Dec 26, 2008 (LBO) – Sri Lanka’s apparel exporters could win back 15 percent of orders now lost due to an overvalued rupee caused by high domestic inflation, if there was a realistic exchange rate, an industry official said. The Sri Lanka rupee has fallen against the US dollar in December after the Central Bank […]
Sri Lanka opposition to take cabinet, central bank to task over oil hedge
Dec 02, 2008 (LBO) – Sri Lanka’ main opposition United National Party says the cabinet of ministers and the central bank is also responsible for a hedging deal that has gone wrong, and would use parliamentary powers to take them to task. Zero cost instruments had been recommended by a study group formed in 2006, […]
Sri Lanka should tap IMF, get economic antibiotics: economists
Nov 17, 2008 (LBO) – Sri Lanka should tap the International Monetary Fund for a stabilization package early as the country is heading for balance of payments trouble and unsustainable budget deficits, a top economist has said. IMF conditions bring fiscal prudence, and tight monetary policy, making it difficult for politicians to coddle loss making […]
Sri Lanka Allianz unit expands into life
Nov 14, 2008 (LBO) – The Sri Lanka unit of Allianz Insurance, a German insurer, is expanding into life after making inroads in the corporate insurance market since it started three years ago, officials said.“We have achieved 257 percent growth in 2007 in general insurance business so now we want enter the life insurance market […]
Sri Lanka to tailor tourist promotions to Indian states
Oct 23, 2008 (LBO) – Sri Lanka’s tourism promotion agency will market Sri Lanka to Indians on a state by state basis, with the Gujarat in Andhra Pradesh as its pilot project, officials said. Head of Sri Lanka Renton de Alwis says India is a large market but it is difficult to market due its […]
Sri Lanka small tea farmers to get fertilizer subsidy
Oct 23, 2008 (LBO) – Sri Lanka is offering a fertilizer subsidy to small tea farmers three times a year, at a cost of 4.7 billion rupees a year, officials said, while Colombo tea prices slid on a commodity bubble collapse. Sri Lanka’s populist vote-buying subsidies have been blamed for the large budget deficits in […]
Sri Lanka agro firm warns price controls are hurting quality
Oct 22, 2008 (LBO) – A top Sri Lankan agro enterprise has warned that state controls of prices would block quality gains of agricultural produce with government slapping price ceilings on rice in the wake of a global bubble in April. “In the question of price control of rice what has happened is that you […]
Sri Lankan Airlines says turnaround strategy working
Oct 02, 2008 (LBO) – Sri Lankan Airlines has significantly reduced losses in July and August and is confident that the red ink can be contained for the rest of the financial year, its chief executive Manoj Gunawardena says. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 […]
‘s Colombo University to teach farmers online
Sept 15, 2008 (LBO) – Sri Lanka’s University of Colombo is starting an online agro technology degree program for rural farmers, with a pilot project already showing spectacular results, a senior academic said. The university will first start a certificate level course leading to a diploma and eventually a Bachelor of Science (B.Sc) degree. Each […]