Category: Economy
Mass transit essential for Colombo to succeed: UDA DG
Feb 09, 2016 (LBO) – The critical role earmarked for joined-up public transport in Colombo’s development and what can be done to boost lending for housing were two topical issues explored by senior figures at the Urban Development Authority (UDA) with the Oxford Business Group. The UDA’s director general Nayana Mawilmada said Sri Lanka’s inadequate […]
Nikkei falls 5 pct on negative interest rates, global growth
Feb 09, 2016 (LBO) – Japan’s Nikkei fell 5 percent on Tuesday on weaker banking shares after the Bank of Japan allowed negative interest rates, while a stronger yen dragged down stocks across the board. The Nikkei dropped fell to 16,139 points in mid morning trade while China and Hong Kong markets were closed for […]
Sri Lanka official reserves drop by USD1bn in January
Feb 08, 2016 (LBO) – Sri Lanka’s official reserves have dropped by one billion US dollars to 6,301. 25 million dollars in January 2016 from 7,303.64 million dollars from a month ago, Central Bank data showed. Sri Lanka’s reserves are categorized in terms of five main items namely: foreign currency reserves, IMF reserves, special drawing […]
Labour cost not critical to attract multinationals: economist
Feb 08, 2016 (LBO) – Inter-country differences in labour cost do not seem to explain differences among developing countries in their success in joining global production networks, an economist said. Global production networks or GPN refer to interrelations among global firms specializing in different segments of a given product. These networks focus on vertically integrated […]
IMF urges Sri Lanka govt to narrow fiscal deficit
Feb 05, 2016 (LBO) – The International Monetary Fund urged the Sri Lankan government to narrow the fiscal deficit after a staff mission to Colombo this week to discuss economic developments. “The mission has advised the government to urgently make a stronger effort to narrow the fiscal deficit and put the public finances on a […]
Megapolis plan aims for flexible working hours
Feb 05, 2016 (LBO) – Sri Lanka’s recently unveiled Megapolis plan of development envisages flexible working hours as one aspect of transport demand management to address Colombo traffic congestion. “Flexible working hours can be introduced in public and private institutions to spread peak load of traffic flow,” the Megapolis masterplan states. “Employees can adjust their […]
Interview: Sri Lanka needs to be brave and open up, says Harsha
Feb 03, 2016 (LBO) – Sri Lanka’s Deputy Minister of Foreign Affairs said that closing boarders in fear will not help small countries like Sri Lanka to move forward. “Look at Vietnam they are opening up and signing the Trans Pacific Partnership – they brought in close to 15 billion dollars in foreign direct investments […]
Ceylon Chamber Investor Forum attracts foreign interest
Feb 03, 2016 (LBO) – The upcoming ‘Sri Lanka Investment & Business Conclave 2016,’ organized by the Ceylon Chamber of Commerce is getting interest from international parties, the Chamber said in a statement. Over 30 investors from countries such as Australia, Bangladesh, China, Egypt, Germany, Georgia, Kuwait, Pakistan and Singapore have registered to take part […]
India rates tied to fiscal discipline, Rajan signals Modi
Feb 03, 2016 (LBO) – India held interest rates unchanged on Tuesday with Reserve Bank of India Governor Raghuram Rajan sending a message to Prime Minister Narendra Modi that continued fiscal discipline was necessary for further interest rate cuts. “The Indian economy is currently being viewed as a beacon of stability because of the steady […]
Paypal to discuss Sri Lanka inward payments
Feb 01, 2016 (LBO) – The regional head of PayPal is to have discussions with Sri Lanka’s officials over freeing Paypal inward payments for citizens in the country, Telecommunications and Digital Infrastructure Minister Harin Fernando said. “Regional head of PayPal will visit Sri Lanka this Wednesday. He is scheduled to have talks with Central Bank […]
Vietnam can access South Asian markets through Sri Lanka: Harsha
Jan 31, 2016 (LBO) – Sri Lanka’s Deputy Minister of Foreign Affairs said the island intends to strengthen and forge stronger economic links with Vietnam while the nation could enter the South Asian market through investments here. “More and more Vietnamese business ventures could explore the potential of Sri Lanka’s business and market environment where […]
Sri Lanka deepening trade agreements, exploring China FTA: Malik
Jan 29, 2016 (LBO) – Sri Lanka is deepening its free trade agreements with India and Pakistan, and negotiating an FTA with China, Malik Samarawickrama, minister of development strategies and international trade, said. “PM Modi’s ‘Make in India’ strategy will create opportunities for linking into new and expanding value chains in domestic as well as […]