Category: Economy

Nov 10, 2010 (LBO) – Sri Lanka passed a gaming law which allowed casinos to be set up in areas designated by a minister, legalizing an activity that has anyway operated as clubs with members earlier. The bill was labeled by Sri Lanka’s main opposition United National Party as a move that will hurt “the […]

Nov 09, 2010 (LBO) – World Bank chief Robert Zoellick has fired a debate on a return to gold as a monetary anchor with the United States engaging in new money printing, threatening to send food and other commodity prices higher. Federal Reserve chief Ben Bernanke dubbed ‘Bubble Ben’ by his detractors who are critical […]

November 9, 2010 (AFP) – A Sri Lankan government campaign against bread and other wheat products has forced some 2,000 bakers out of business and left many more under threat, an industry body said Tuesday. The All Ceylon Bakery Owners’ Association said more than a quarter of bakers in the island had closed down this […]

Nov 08, 2010 (LBO) – Sri Lanka’s unemployment fell to 5.4 percent of jobseekers in the second quarter of 2010, down from a peak of 6.2 percent a year earlier, but there was fall in industrial workers. Compared to the first quarter of 2010, unemployment rose from 5. 0 percent. In the first quarter farming […]

Nov 08, 2010 (LBO) – The World Bank said it will give Sri Lanka 125.4 million US dollars for three projects to support Small and Medium Enterprises, tourism and local service improvements in the former north-east war zone. “The three projects will help Sri Lanka reap maximum benefits of the peace dividend and make further […]

Nov 06, 2010 (LBO) – Growing credit and imports may reduce excess rupee reserves in Sri Lanka’s banking system which built up as the central bank bought foreign exchange to stop the currency appreciating, deputy governor Dharma Dheerasinghe said. “Credit is moving,” he said. “Total credit growth is now about 15 percent.” In 2009 credit […]

Nov 04, 2010 (LBO) – Sri Lanka was retained its place at 102 in a ranking of 183 countries for ease of doing business, by the World Bank group for 2011 though some of its neighbors made gains. Maldives moved up to 85th place from 96, Bangladesh moved up to 107 from 11, and India […]

Nov 04, 2010 – (LBO) – Sri Lanka is not looking to increase Treasuries sales to foreigners but would like them to buy private debt once capital markets are opened further, central bank’s deputy governor Dharma Dheerasinghe said. Sri Lanka’s rupee market has more than a 100 billion rupees as excess bank reserves which are […]

Nov 04, 2010 (LBO) – Sri Lanka’s Board of Investment (BOI) said it will continue to honour all contractual obligations and to accept new investment applications with priority being given to identified ‘thrust’ sectors. The investment promotion agency said in a statement it was clarifying reports that the BOI) has suspended the acceptance of investment […]

Nov 03, 2010 (LBO) – Sri Lanka’s government has bought liquefied petroleum gas distribution operations of Royal Dutch Shell in the island for 63 million US dollars, officials said. Another 24 million US dollars had been invested in building other infrastructure. Hiran Seneviratne, a company official, said the agreement was signed at 11.00 am. Sri […]

Nov 03, 2010 (LBO) – A 2011 budget that will broaden the tax base and cut tax holidays will help improve the outlook on Sri Lanka’s credit rating, but an contingent liabilities can undermine its credit, Moody’s Investors Services has said. Aninda Mitra, senior analyst and vice president of Moody’s Investors Services said the rating […]

Nov 01, 2010 (LBO) – Sri Lanka’s budget performance for the first eight months of the year is broadly on track though a gap between revenues and current spending has overshot the the full year target, official data show. The revenue deficit in the budget which involves cash items such as salaries puts pressure on […]