Category: Economy
Probability of US March rate hike drops, eyes on Davos
Jan 20, 2016 (LBO) – The probability of a rate hike by the U.S. Fed by March fell to 40 percent with equity markets off to a bad start this year, as focus turns to the World Economic Forum in Davos. JPMorgan expects the next US interest rate hike in June, and some analysts predict […]
Prime Minister to attend World Economic Forum
Jan 18, 2016 (LBO) – Prime Minister Ranil Wickremesinghe is due to leave Sri Lanka on 19th January 2016 for the World Economic Forum that will be held in Davos-klosters, Switzerland from 20th to the 23rd January 2016. This is the first time Sri Lanka has been invited to participate in the World Economic Forum. […]
Interview: Controlled tea liberalization possible, says Tea Board Chief
Jan 18, 2016 (LBO) – Better marketing and branding of Sri Lankan teas overseas, together with the potential for liberalising the industry, were just some of the issues discussed with Rohan Pethiyagoda, the newly inducted Chairman of the Sri Lankan Tea Board, in an interview with the Oxford Business Group. Tea export volumes out of […]
Sri Lanka targets USD5 bn FDI in next three years, Malik to visit China
Jan 18, 2016 (LBO) – Sri Lanka is targeting five billion US dollars worth of foreign direct investments (FDI) in the next three years, Minister of Development Strategies and International Trade said. “We are targeting 5-6 billion US dollars in FDI the next three and I am quite optimistic that we will get there,” Malik […]
Sri Lanka’s reconciliation process key to its economic success: UK Minister
Jan 14, 2016 (LBO) – Sri Lanka commitment to reconciliation will be a driver of its future economic development, a visiting Minister said. “It is reconciliation that will, I believe, be the bedrock on which Sri Lanka’s future economic success will be built,” Hugo Swire, Minister of State at the Foreign and Commonwealth Office in […]
Finance Ministry delays budget proposals on VAT & NBT
Jan 13, 2016 (LBO) – Sri Lanka’s Finance Ministry has suspended implementing the budget proposals on VAT and NBT until the relevant legislative enactments are passed by Parliament. However, considering the cost of living impact, restriction on the exempt supplies applicable on wholesale and retail trade (deemed VAT) is removed with effect from 01.01.2016, the […]
Obama gives last state of the union address
Jan 13, 2016 (LBO) – U.S. President Barack Obama gave his final state of the union address on Tuesday attempting to bridge an optimistic assessment of the nation’s progress with public anxiety over terrorism abroad. In a wide-ranging speech Obama painted a hopeful portrait of the nation after seven years in office. “As frustration grows, […]
Medium term growth prospects for Sri Lanka market: CT CLSA
Jan 12, 2016 (LBO) – The Sri Lankan economy is forecast to grow 6 percent 2016 with fiscal proposals to stimulate manufacturing, export and construction offering growth prospects in the medium term, CT CLSA Securities said in its Sri Lanka Outlook 2016 report. “The 2016E fiscal proposals to stimulate manufacturing, export and construction sectors are […]
An investor to park USD1 bln in dollar deposits, says Finance Minister
Jan 12, 2016 (LBO) – An investor has promised to park 1 billion dollars in dollar deposits in Sri Lanka to help the island nation defend its currency, according to a media report quoting the finance minister. The investor was Belgian and was working with a Sri Lankan partner, Finance Minister Ravi Karunanayake told Reuters. […]
Sri Lanka foreign reserves at USD7.3 bln end Dec
Jan 11, 2016 (LBO) – Sri Lanka’s official foreign reserves was slightly higher at 7.29 billion dollars at the end of December, up from 7.28 billion dollars at the end of November, figures released by the Central Bank shows. This figure is down from 8.21 billion dollars in foreign reserves at the end of 2014. […]
Norway pledges support for recently resettled communities in Sri Lanka
Jan 08, 2016, (LBO) – The Government of Norway and UNDP Sri Lanka are partnering to improve access to justice and livelihood opportunities of the recently resettled communities in the Jaffna District, a statement said. Country Director of the United Nations Development Programme [UNDP] in Sri Lanka, Joern Soerensen and Ambassador of Norway to Sri […]
Sri Lanka can’t continue as low income country: PM
Jan 08, 2015 (LBO) – Sri Lanka should take note of global economic conditions and its own shortcomings which will enable the island to become a high income nation in the region, Prime Minister Ranil Wickramasinghe said. “Sri Lanka has a unique chance to go on a unique journey after the end of a decade’s […]