Category: Economy

Dec 14, 2010 (LBO) – Sri Lanka’s 2010 state spending is on track with a planned 8.0 percent of gross domestic product deficit, and a new budget for next year has reformed taxes, but inflation is rising, the International Monetary Fund said. The government also announced an intention to end sweeping tax holidays which if […]

Dec 13, 2010 (LBO) – Sri Lanka is keen on partnerships between the public and private sectors in developing its economy, the International Finance Corporation, which is supporting the initiative, said in a statement. Sri Lanka is actively considering options to increase private participation in development,” it quoted Sarath Amunugama, Sri Lanka’s Senior Minister of […]

Dec 12, 2010 (LBO) – Lanka Spice Limited, a Sri Lankan-based spice firm has successfully registered its trademark ‘McCurrie’ over objection of McDonalds, a US-based fast food chain, a media report said. Lanka Spice has been in the market since 1982 The Sunday Times newspaper said. The report quoted Lanka Spice chairman Nalin Pathikirikorale as […]

Dec 11, 2010 (LBO) – Sri Lanka should have consistent government policies to increase private sector confidence to invest more in the economy which in turn would boost economic growth, a senior chartered accountant said. A total of 57 awards were given out at the ceremony for finance, banking, hotel, health, manufacturing and insurance sectors. […]

Dec 08, 2010 (LBO) – Sri Lankan government efforts to prevent labour trouble in recent years despite tough economic conditions should be considered part of its effort to support the business community, central bank governor Nivard Cabraal said. “If we have good roads, that’s a relief. If we have employment, 24-hour electricity and coverage throughout […]

Dec 09, 2010 (LBO) – Sri Lanka will borrow 760 million US dollars from two state-banks in China to upgrade more than one thousand kilometres of roads in the island including key roads in former war-torn areas in the Northwest of the country, the government said. The government will borrow 500 million dollars from China […]

Dec 07, 2010 (LBO) – Sri Lanka and China are emerging as key destinations for services investments, while Phillipines has overtaken India as the top ranked outsourcing centre, a report by IBM, a global information technology firm has said. In IBM’s Global Location Trends report for 2010 Philippines claimed top place displacing India for the […]

Dec 06, 2010 (LBO) – Sri Lanka is hoping to bring down unemployment lower than the current 5. 2 percent and keep inflation and interest rates low to bring down poverty with higher growth, Central Bank Governor Nivard Cabraal said. “Poverty to has been brought down to 7.6 percent which would have taken many poeple […]

Dec 06, 2010 (LBO) – Sri Lanka’s full-year economic growth for 2010 is estimated at 8. 0 percent is based on the latest data, Central Bank Governor Nivard Cabraal said, firming an earlier forecast of 7.5 to 8.0 percent. “It is estimated by our statistics team that Sri Lanka will record a growth of 8. […]

KUALA LUMPUR, December 4, 2010 (AFP) – Malaysia has cut subsidies for fuel and sugar, a report said Saturday, in a bid to reduce its budget deficit by saving the government 1. 18 billion ringgit (376 million dollars). The opposition scored unprecedented gains in elections in 2008 which saw it claim five states and a […]

Dec 02, 2010 (LBO) – Sri Lanka may use extra foreign reserves in a proposed export import bank to be set up next year to finance exporters and contractors, Central Bank Governor Nivard Cabraal said. China transferred a part of its foreign reserves to a forex management agency after issuing Treasury bills to its central […]

November 30, 2010 (AFP) – A 5.6-magnitude earthquake struck the South Indian Ocean on Wednesday, the US Geological Survey said, although there were no immediate reports of damage and there was no tsunami warning in effect. The quake hit at a shallow depth of 15. 3 kilometres (9.5 miles) at 02:19 local time (21:19 GMT […]