Category: Featured
Sri Lanka wants LNG-driven power, to shift away from coal: Govt official
May 06, 2016 (LBO) – Sri Lanka wants more power generation from Liquefied Natural Gas (LNG), because natural gas is attractively priced in international markets, and will rely less on coal, a government official said. “It is a very compelling case to start gasifying Sri Lanka using, initially, imported LNG, and then at some point […]
Sri Lanka seeks FTAs with Singapore, Malayasia and Turkey
May 06, 2016 (LBO) – Sri Lanka is exploring free trade agreements with Singapore, Malaysia and Turkey, a minister said. ““Countries like Sri Lanka need to thrive on the export of products and services on the way to create vibrant economies,” Malik Samarawickrama, minister of development strategies and international trade, said. “We are now on […]
‘s high credit growth to private sector plateauing: Governor
May 05, 2016 (LBO) – Credit growth to Sri Lanka’s private sector by commercial banks is a key variable followed in determining monetary policy. This number has been running high in recent months, rising to 26.5 percent in February, compared with 25.7 percent in January on a year-on-year basis, although the figure is down from […]
‘s foreign debt servicing rises steadily
May 01, 2016 (LBO) – The amount Sri Lanka has spent on external debt repayment and interest has more than doubled over the last five years, Central Bank data shows. Earnings from exports, however, have not grown as much. Debt service payments increased to 4.7 billion dollars in 2015 from 1.8 billion dollars in 2011, […]
No reason to keep exporter’s money abroad: Central Banker
Apr 28, 2016 (LBO) – Sri Lankan exporters do not have a clear reason to keep their money abroad as the Central Bank has already removed restrictions on foreign currency withdrawals from foreign currency accounts, a senior official said. Deputy Governor of the Central Bank Nandalal Weerasinghe speaking at an event said the exporters will […]
‘s apparel: World Bank
Apr 27, 2016 (LBO) – Sri Lanka could enter into more trade agreements to help diversify export destinations for existing apparel products, a new World Bank report said. “The island could enter into more trade agreements to help diversify export destinations for existing products, such as active wear and intimate apparel,” World Bank report, Stitches […]
Sri Lanka budget deficit climbs, economy at USD82.3 billion
Highlights from press conference: – Budget deficit climbs to 7.4% in 2015 vs 5.7% in 2014 – Economy valued at $82.3 billion – Balance of payments deficit at $1.48 billion in 2015 – Credit to private sector 26.5% in Feb vs 25.7% in Jan – Technical agreement with IMF could be finalized this week Apr […]
Sri Lanka Lotus Tower land deed still not cleared
Apr 26, 2016 (LBO) – The Lotus Tower or Nelum Kuluna’s land is still in dispute and awaiting approval from the Urban Development Authority, a senior official told Lanka Business Online. “We are still waiting for the land issue to be sorted, it needs to be cleared by the Attorney General’s Department and then the […]
‘s emergency power plant request
Apr 25, 2016 (LBO) – Sri Lanka’s power regulator, Public Utilities Commission of Sri Lanka (PUCSL) in a letter denied the CEB a request to buy a 55 MW of emergency power plant that was approved by the cabinet. “Although approval was given by cabinet of ministers it was not in line with its least […]
George Soros looking at investment opportunities in Sri Lanka
Jan 07, 2016 (LBO) – Global investor George Soros said that his team is in the Island and are looking at investment opportunities. “In addition to my people connected to the Open Society Foundation, my investment person is also in Sri Lanka to look for opportunities,” George Soros, a global investor and Founder Chairman of […]
Sri Lanka currency adjustments terrible: Nishan de Mel
Dec 10, 2015 (LBO) – Sri Lanka’s currency adjustments which are poorly timed affect business planning and confidence of international community while having other effects, a senior researcher said.Nishan de Mel, head of research at Verite said that in Sri Lanka, the strength of rupee is incorrectly tied up with economic virility. “We know that […]
” mistakes in logistics, transport: CILT
Dec 07, 2015 (LBO) – Sri Lanka’s budget proposals for 2016 repeat many of the mistakes in previous budgets in the areas of logistics and transportation, the Chartered Institute of Logistics and Transportation says in its budget analysis. The institute said the “over-zealous” attitude to improve the road network is likely to continue with projects […]