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Sri Lanka apparel exporters losing orders, market share
Nov 06, 2008 (LBO) – Sri Lanka’s apparel export industry faces a tough year next year with slowing demand in key markets and the likely loss of GSP+ duty free exports to Europe, a senior official said. “I think we’re heading for somewhat of a crisis next year and the industry is gearing itself for […]
Sri Lanka govt to buy shares in apparel firm
Nov 06, 2008 (LBO) – Sri Lanka’s government will buy shares in apparel export firms under a support scheme to help them cope with a possible loss of duty free access to European markets, a senior official said. Ajit Dias, chairman of the Joint Apparel Association Forum, an industry umbrella body, said the government has […]
Fuel Costs
Nov 06, 2008 (LBO) – Sri Lankan president Mahinda Rajapaksa said Wednesday the government had slashed retail fuel prices with immediate effect in an effort to bring down transport costs and inflation. “From today, the price of a litre of diesel will be reduced by 30 rupees,” Rajapaksa told parliament when he presented the government’s […]
Sri Lanka budget deficit projected at 6.5-pct of economy
Nov 06, 2008 (LBO) – Sri Lanka raised trade barriers and cut neutral value added taxes in its 2009 budget which is projected to have a deficit of 336 billion rupees or 6.5 percent of gross domestic product. Revenues were estimated at an optimistic 855 billion rupees, though the island failed to meet the original […]
Sri Lanka proposes range of taxes and import cesses
Sri Lanka has proposed sweeping levies on imported foods, and consumer durables, jacked up a turnover based levy on international trade, trimmed value added taxes and widened income tax slabs of workers in productive sectors. Personal income tax slabs had been widened with a 300,000 rupee tax free slab remaining. The next 400,000 rupee slab […]
Sri Lanka ruling party champions fiscal prudence, as opposition scrapes bottom
Nov 06, 2008 (LBO) – Sri Lanka’s ruling party, whose fiscal profligacy caused high inflation and high interest rates while endangering the entire economy with foreign commercial borrowings, has slammed a sunshine ‘budget’ of the opposition. The main opposition United National Party which gained a name for long term budgeting that brought the country out […]
Sri Lanka 2008 economic growth 6.0 to 6.5: Central Bank
Nov 06, 2008 (LBO) – Sri Lanka’s economic growth is likely to fall to between 6.0 and 6.5 percent in 2008, the island’s central bank has said, downgrading a previous forecast of 6.5 to 7.0 percent amidst a global slowdown. In 2007 Sri Lanka’s economy expanded by 6.8 percent in 2007, according to the country’s […]
Sri Lanka bond markets tight amid foreign selling
Oct 05, 2008 (LBO) – Sri Lanka sold 2-year bonds maturing in September 2010 in an auction Tuesday at an average of 20.43 percent, a day after bonds maturing in April 2010 were traded at 22.00 percent amid foreign selling, dealers said. The September 2010 bond was last auctioned also at 20.34 percent on October […]
Sri Lanka shares up on thin volumes, plantations rally
Nov 05, 2008 (LBO) – Sri Lankan shares continued their rise, Wednesday, on thin trading volumes with plantations stocks rallying on retail investor interest, but a full recovery of the market was likely to be slow, brokers said. There was a single crossing of Chevron Lubricants Lanka of 182,500 shares done at 105 rupees. To […]
Sri Lanka tea auction demand recovers: brokers
Nov 05, 2009 (LBO) – The Sri Lankan tea auctions in Colombo stabilized this week with demand picking up and much less unsold teas although prices of some varieties still fell, brokers said. The Tea Board did not buy this week and has delayed payment for its purchases of a million kilos last week, with […]
Health Growth
Nov 05, 2008 (LBO) – Sri Lanka™s Nawaloka Hospital’s new eight floor complex developed at a cost of 1.5 billion rupees would increase the hospital’s capacity by 85 rooms to 405 with competition in the sector ratcheting up, officials said. The expansion would widen the total floor area of Nawaloka by 80,000 to 300,000 square […]
Kenya erupts in joy as favourite son Obama takes White House
KOGELO, November 5, 2008 (AFP) – Hundreds of villagers in Kogelo, Barack Obama’s Kenyan family homestead, erupted into song and dance at the news that the nation’s favourite son had won the US presidential election. Swinging twigs and chairs in the air, men cheered and clapped while women ululated and shouted “Obama!Obama!” in the village […]