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‘s John Keells Holdings in 650mn mixed resort
July 10, 2013 (LBO) – Sri Lanka’s John Keells Holdings said it was shortly expecting state approval as a ‘strategic development project’ for a 650 million dollar mixed development project in Colombo.The project will be on land occupied by subsidiaries Ceylon Cold Stores, John Keells Plc, John Keells Properties (Pvt) Ltd and Waterfront Properties in […]
Sri Lanka negotiating free trade deals with China, Japan: Treasury sec
July 10, 2013 (LBO) – Sri Lanka is in talks with China and Japan to sign free trade deals which will give more opportunities for exporters, Treasury Secretary P B Jayasundera told an economic policy forum.Sri Lanka has started to export solar panels to Japan. Existing deals with India and Pakistan will also be deepened, […]
India beat Sri Lanka to join them in Tri-nations final
PORT OF SPAIN, July 9, 2013 (AFP) – India overcame Sri Lanka and the almost continuous threat of inclement weather on Tuesday at Queen’s Park Oval to advance to the final of the Tri-Nation Series two days later against the same opponents.In yet another match in Trinidad severely affected by rain, the World Cup and […]
Sri Lanka expects to keep 5.8-pct deficit target in 2013: Treasury Sec
July 10, 2013 (LBO) – Sri Lanka is expecting to maintain a 5.8 percent budget deficit target with better tax revenues on the second half of 2013 and continued moderation of current expenses, Treasury Secretary P B Jayasundera said.Sri Lanka’s revenues have been hurt by slowing imports, particularly motor vehicles, but other taxes including value […]
Sri Lanka vulnerable to drop in capital inflows: Fitch
Aug 10, 2013 (LBO) – Sri Lanka was vulnerable to a drop in global capital inflows having two ‘red indicators’ related to external financing, Fitch Ratings said in a report amid global bond and forex market volatility. Government debt maturities in 2013 as a share of gross domestic product was 16.8 percent for Sri Lanka, […]
IMF cuts 2013 global growth forecast
WASHINGTON, July 9, 2013 (AFP) – The International Monetary Fund on Tuesday cut its global economic growth forecast, citing new downside risks in key emerging-market economies and a deeper recession in the eurozone.The IMF projected the world’s economy would grow 3.1 percent in 2013, down from its April estimate of 3.3 percent. China and other […]
Sri Lanka gold sales fall after tax: dealers
July 10, 2013 (LBO) – Gold purchases from dealers in Sri Lanka slowed after a 10 percent tax was imposed, despite prices falling further, industry players said.On Tuesday a gold sovereign (about 8.1 grams) the most popular benchmark price was quoted around 40,500 rupees for a 22 carats and 44,000 rupees for a 24 carats, […]
Sri Lanka needs free trade, FDI, better education, to sustain growth
July 10, 2013 (LBO) – Sri Lanka has to maintain economic stability free trade, draw more foreign investment and invest in education to boost productivity and sustain high levels of growth, officials said at the start of a policy forum.Ceylon Chamber of Commerce chief Suresh Shah said Sri Lanka had to export more to grow. […]
Sri Lanka forex markets in spot next mode
July 09, 2013 (LBO) – Sri Lanka’s forex markets continued to trade in the spot-next market where settlement is three days ahead, with the spot market remaining dry for the second day running and interbank liquidity high, dealers said. In the spot market, where deals are settled two days later there were no quotes amid […]
Sri Lanka stocks down 0.2-pct.
July 09, 2013 (LBO) – Sri Lanka’s stocks closed down 0.26 percent on Tuesday with the market down for the fifth consecutive day amid losses in index heavy stocks, brokers said. The benchmark Colombo All Share Index closed 15.48 points lower at 5,980.16 and the S&P SL 20 Index closed 03.53 points lower at 3,347.96 […]
Sri Lanka grows rubber in new areas
July 09, 2013 (LBO) – Sri Lanka has expanded rubber cultivation into the non-traditional dryer regions of the island™s Eastern and Northern regions with the crop showing high yields in several pilot projects, a senior official said. “We have introduced rubber into the Eastern and Northern region,” Gamini Seneviratne, director, Rubber Research Institute of Sri […]
Sri Lanka tea crop hit by heavy rains
July 09, 2013 (LBO) – Sri Lanka’s tea crop has been hit badly by heavy rain in June with some estates seeing production falling to less than half and losses in some firms mounting to 100 million rupees, an industry association said.The Ceylon Planters’ Association of Ceylon, representing about two dozen large firms said due […]