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‘s ITES Sector: People are still the problem
July 4, 2011 (LBO) – In post-war Sri Lanka the hopes placed on IT enabled services (made up of software exports and business process outsourcing (BPO) are second only to those placed on tourism. Not only are these service industries seen as quick wins in terms of immediate creation of jobs and exports, they are […]
Sri Lanka approves investments of US4.0bn in first half
July 4, 2011 (LBO) – Sri Lanka’s Board of Investment, the state investment promotion agency, had approved 4.0 billion dollars of local and foreign investments in 28 projects in the first half of 2011, its acting chairman A M C Kulasekera said. Among known large projects in the pipeline are two hotel and shopping complexes […]
Sri Lanka to continue tight macro-management after IMF deal: CB Governor
July 4, 2011 (LBO) – Sri Lanka will manage macro-economic policy prudently on its own after an International Monetary Fund deal ends in December, Central Bank Governor Nivard Cabraal said. Coomaraswamy said Sri Lanka has had a history of deficit spending and high inflation over the past 30 years and a seal of approval by […]
Sri Lanka ranked 82nd in innovation index
July 04, 2011 (LBO) – Sri Lanka has been ranked 82nd, in a global innovation index issued by Insead, an international business school, behind India but ahead of other key south Asian countries. Switzerland topped this year’s ranking in the Global Innovation Index (GII), while Sweden took second place and Singapore third. The GII 2011 […]
Sri Lanka on track to meet deficit, FDI targets: Treasury Secretary
July 04, 2011 (LBO) – Sri Lanka is “well on track” to keep the 2011 budget deficit within 7. 0 percent of gross domestic product, and foreign direct investments of 2.0 percent of GDP, Treasury secretary P B Jayasundera said. With first quarter GDP at around 8. 0 percent, per capita GDP is on track […]
Sri Lanka state revenues up 19.8-pct to May
July 04, 2011 (LBO) – Sri Lanka’s state revenues rose 19. 8 percent to 358.2 billion rupees in the five months to May from a year earlier, a finance ministry report said, with a surge in imports helping pad up revenues. The state extracted 23.8 percent more taxes from the people, totaling 319. 7 billion […]
Sri Lanka diplomats to plug tourism
July 3, 2011 (LBO) – Sri Lanka’s diplomats will promote the country abroad in the future and the state tourism promotion office will gradually sever links with private public relations firms, deputy economic development minister Lakshman Yapa Abeywardene said. “The government has decided do slowly distance ourselves from private public relations firms,” Abeywardene told reporters. […]
Sri Lanka state-run cashew firm losing money
July 03, 2011 (LBO) – State-run Sri Lanka Cashew Corporation is losing money, has low productivity of its lands, and is depending on Treasury handouts to operate, a finance ministry report said. The Cashew Corporation made one percent of the country’s annual production of 8,000 metric tonnes but there wasn’t enough focus on developing cashew […]
‘s frustrated migrant workers rise up
BEIJING, July 3, 2011 (AFP) – Migrant worker Yue Yaowei has lived in Beijing for six years but is not recognised as a resident of the Chinese capital — and so cannot get health insurance, buy a car or purchase a house. “I am under big pressure here,” Yue, 24, told AFP at a duck […]
” of treasure found in Indian temple
THIRUVANANTHAPURAM, July 2, 2011 (AFP) – A treasure trove of gold and silver jewelry, coins and precious stones said to be worth billions of dollars has been found in a Hindu temple in southern India, officials said on Saturday. A necklace found on Thursday was 18 feet (six metres) long. Thousands of gold coins have […]
Vodafone takes full control of Indian mobile group
NEW DELHI, July 2, 2011 (AFP) – British mobile phone giant Vodafone is taking full control of its Indian joint venture by buying out its local partner Essar Group, a statement said Saturday, ending a troubled relationship. Vodafone, which has sought to make India a crown jewel in its expanding emerging markets portfolio, said it […]
Sri Lanka state-run airport firm profits up 40-pct
July 02, 2011 (LBO) – State-run Airport and Aviation Services (Sri Lanka) Ltd, which has a monopoly airport operations in the island has reported a profit of 1.3 billion rupees for 2010, up 40 percent from a year earlier. AASL is also planning a 400 million dollar expansion of Katunayake, according to other reports. Revenues […]