Category: Economy and Markets
Sri Lanka on cusp of growth, say officials at Singapore Investment Summit
Highlights – Agreement with IMF possible mid April: Governor Central Bank – GDP growth seen at 6.5 pct, budget deficit at 5.9 pct vs 6.0: Governor – USD10 mln investment going into East, says Brandix – Initial discussion on FTA with Japan: Finance Minister Singapore, Mar 15, 2016 (LBO) – The Sri Lanka Investment Summit, […]
Sri Lanka gives official go ahead for China Port City; CHEC welcomes approval
Mar 15, 2016 (LBO) – Sri Lanka’s government officially informed the Chinese investors of resuming the construction of the Port City project in capital Colombo, yesterday one year after its suspension, a foreign news agency reported. According to China’s state media, Xinhua Sri Lanka’s Ministry of Ports and Shipping, in an official letter to the CHEC Port […]
Asia is ray of hope for global recovery: Narendra Modi
New Delhi, Mar 13, (LBO) – Prime Minister Narendra Modi said Asia, which is the most dynamic region in the world, brings a ray of hope for global economic recovery. Mr Modi delivered the opening keynote at the three-day high-level conference in New Delhi themed “Advancing Asia: Investing for the Future.” The conference is co-hosted […]
Monetary policy cannot substitute for structural reforms: Raghuram Rajan
New Delhi, Mar 13, 2016 (LBO) – “Structural reforms, typically ones that increase competition, foster innovation, and drive institutional change, are the way to raise potential growth,” said Raghuram Rajan, Governor of Reserve Bank of India (RBI). Rajan was speaking at a three-day high-level conference in New Delhi themed “Advancing Asia: Investing for the Future.” […]
Sri Lanka Investment Summit to kick off in Singapore
Mar 12, 2016 (LBO) – Sri Lankan and international delegates will congregate at the Sri Lanka Investment Summit in Singapore on Tuesday, with the island positioning itself as one of the fastest growing economies in Asia, the organizers said. The conference is expected to bring together Sri Lanka’s financial sector specialists and regional portfolio managers […]
IMF capacity development centre to be setup in India
New Delhi, Mar 12, 2016 (LBO) – Christine Lagarde, Managing Director of the International Monetary Fund (IMF) and Minister Arun Jaitley agreed today to establish a capacity development center in New Delhi. “I would like to thank Prime Minister Modi, Minister Jaitley and the Indian Government for offering to host the center and for their substantial […]
PTL Watch: Subdued trading, Rs20 bln in foreign selling
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Aitken Spence Hotel Holdings invests Rs500mn in Golden Sun Resorts
Mar 11, 2016 (LBO) – Aitken Spence Hotel Holdings has decided to accept 50 million shares of its fully owned subsidiary Golden Sun Resorts private limited in lieu of certain funds advanced by the Company. Aitken Spence hotel Holdings in a stock exchange filing said it has from time to time advanced funds to the […]
Sri Lanka stocks close up 1.5-pct; Continued foreign in-flow
Mar 10, 2016 (LBO) – Sri Lankan stocks closed up 1.46 percent after two consecutive days of losses with gains in index heavy stocks, brokers said. The Colombo benchmark All Share Price Index (ASPI) closed at 5,862.35, up 85.88 points or 1.46 percent. The S&P SL20 closed 50.54 points at 3,143.46 up 1.63 percent. Turnover […]
Standard &’s revises Sri Lanka outlook to Negative
Mar 10, 2016 (LBO) – Standard & Poor’s Ratings Services on Thursday revised the outlook on its ‘B+’ long-term sovereign credit ratings on Sri Lanka to negative from stable on rising fiscal and external imbalances . “We also affirmed the long-term rating and the ‘B’ short-term credit rating and left our transfer and convertibility risk […]
Government proposals may lead to lubricant market fragmentation: Chevron
Mar 10, 2016 (LBO) – Chevron Lubricants Lanka, a leader in the island’s lubricant industry says the market may be at risk of further fragmentation as the government proposed to open up the lubricant market. “We have concerns about the 2016 budget proposals in respect of the lubricant industry,” said Kishu Gomes, Chief Executive Officer […]
Business Conclave: Why invest in Sri Lanka?
March 10, 2016 (LBO) – “This is the best time to invest in Sri Lanka,” Minister of Finance Ravi Karunanayake urged at the successful Investment and Business Conclave 2016 organised by the Ceylon Chamber of Commerce, raising the question ‘Why is it the best time to invest in Sri Lanka?’ Admitting that everything is not […]