Category: Featured
Sri Lanka exports up 6.3-pct to USD1.1Bn
Jun 01, 2018 (LBO) – Sri Lanka’s overall exports were up by 6.3 percent to US 1.1 billion dollars with an increase in industrial exports, data from the Central Bank showed Thursday. Performance of merchandise exports in March 2018, merchandise export earnings at US 1,108 million dollars, recorded the historically highest monthly value. The year-on-year growth of […]
Nawala, Dehiwala and Rajagiriya continue as property hot-spots : Report
By Lanka Property Web A recent study done by LankaPropertyWeb.com reveals the average residential land prices around Colombo and which areas the prices have gone up. In a comprehensive study done on land for sale asking prices (for-sale prices) around Colombo listed on their website, the suburbs of Nawala, Dehiwala and Rajagiriya have topped the […]
Sri Lanka inks deal with Chinese firm for flood mitigation in Colombo
May 31, 2018 (LBO) – Sri Lanka’s Ministry of Megapolis and Western Development signed an agreement with the China Petroleum Cooperation to construct two tunnels to channel floodwater out of Colombo, yesterday. The cost of the new project is estimated at US 322 million dollars, with part funding from the World Bank through a soft loan […]
Sri Lanka signs agreement for gas exploration services
May 31, 2018 (LBO) – Sri Lanka’s Minister of Petroleum Resources Development, signed an agreement with Eastern Echo DMCC, subsidiary of a major oilfield services company Schlumberger, Wednesday to explore prospects for oil and gas resources in selected offshore areas of the island. The company will collect, market and license of petroleum data on “multi-client” basis, enabling […]
Colombo Port shows second highest growth rate in global port rankings
May 30, 2018 (LBO) – Colombo Port has been ranked as the port that shows the second highest growth rate among container ports worldwide, Sri Lanka Ports Authority said. Ports Authority said Colombo Port recorded a 16.2 percent growth for the 1st quarter 2018 over the same quarter last year according to Alphaliner monthly 2018. […]
Dollar strengthening combines with political uncertainty in Sri Lanka: Moody’s
May 28, 2018 (LBO) – Strengthening of the Dollar in Sri Lanka has combined with domestic political uncertainty, weighing on the rupee, Moody’s Investors Service said.Moody’s said country-specific factors like in Sri Lanka have played a role in tightening financing conditions. Tightening financing conditions reflect various factors, including the appreciation of the US dollar. Moody’s, […]
Listed Sri Lanka hospitals have strong growth prospects: Fitch
May 25, 2018 (LBO) – Listed hospitals in Sri Lanka will continue to grow strongly given growing demand for private health care, although regulatory price controls will constrain profitability, Fitch Ratings said. Long-term demand drivers are intact for private hospital operators, the report on the sector said. “Increasing demand for private healthcare is driven by […]
VAT to be reduced by 2.5-pct by 2020 : Fin Min
May 25, 2018 (LBO) – Sri Lanka will reduce Value Added Tax (VAT) by 2.5 percent in 2020 in order to relieve masses of the burden of indirect taxes, Minister MangalaSamraweera said. “It is the poor people who mostly pay taxes to the government by way of indirect taxes. We should relieve them of this […]
Sri Lanka tea exports up in April 2018, Low grown production down
May 24, 2018 (LBO) – Sri Lanka’s tea exports for the month of April 2018 showed a gain of 0.7M/kgs when compared with the same period last year while bulk tea and tea bags show a marginal decrease, a new report shows. “When analyzing the total revenue realized of 17.1 billion rupees for April 2018, […]
Central Bank to create intervention rules for foreign exchange market
May 23, 2018 (LBO) – Sri Lanka’s Central Bank is to introduce several rules, the officials need to follow when they are intervening in the foreign exchange market, Central Bank Governor Indrajit Coomaraswamy said. Speaking at a recent event, Coomaraswamy, however, said Central Bank’s intervention in the forex market will only be limited to smooth […]
Fin Min says Sri Lanka economy on stable footing; Challenges MR for TV debate
May 23, 2018 (LBO) – Sri Lanka’s Finance Minister challenging former President Mahinda Rajapaksa to an open television debate on the economy said that sound macroeconomic fundamentals exist for stronger growth in the island. Addressing media on Tuesday he said that the islands economy has been strengthened with tax revenue, exports and foreign direct investments growing substantially […]
SL – China FTA would result in higher gains for Sri Lankan exports: Study
May 22, 2018 (LBO) – Sri Lanka – China FTA would result in higher gains for Sri Lankan exports compared to products imported from China which are already entering Sri Lanka duty free, a recent study showed. The study carried out by the Economics Research Team of Verité Research, however, noted that the analysis is […]