Tag: business
‘s foreign reserves moving towards USD 9 bn: Ravi Karunanayake
May 29, 2015 (LBO) – Sri Lanka’s government plans to increase the Island’s foreign reserves to 9 billion US dollars, Finance Minister Ravi Karunanayake said. Sri Lanka’s foreign reserves would be close to 8.3 billion US dollars after proceeds from a 988 million dollar sovereign bond and development bond injection to the economy. “That is […]
Maldivian hotel operator to build a water villa in North West Coast, Sri Lanka
May 27, 2015 (LBO) – A Maldivian Hotel operator, Sun Siyam said that it plans to develop an overwater villa resort in Kalpitiya, Sri Lanka as the hotel plans to expand across the Island.This project comes at the perfect time for overseas expansion of Maldivian brands, Ahmed Siyam Mohamed, Chairman and Managing Director of Sun […]
Sri Lanka should move from debt finance led growth to export and FDI directed growth: Saman Kelegama
May 22, 2015 (LBO) – Sri Lanka’s economy should move towards export and foreign direct investment led growth, to maintain a sustainable growth, a senior economist said. “Sri Lanka needs to shift from debt finance investment and consumption led growth to a more export and foreign direct investment led growth,” Saman Kelegama, Executive Director, Institute […]
‘s Haycarb profit margins squeezed by high charcoal prices
May 19, 2015 (LBO) – Sri Lankan coconut shell-based activated carbon manufacture Haycarb’s March 2015 quarter profit after tax rose 18.33 percent to 279 million rupees from 236 million rupees last year, the interim accounts filed with the stock exchange revealed. “The increase in price of the primary raw material, coconut shell based charcoal impacted […]
’s govt. will not allocate money for development projects with no agreements: Finance Ministry
Mar 10, 2015 (LBO) – Sri Lanka’s Finance Ministry will not allocate funds for the development projects which don’t have legitimate agreements, Minister Ravi Karunanayake said earler today in Colombo. “We have not reduced a single cent from the allocation of the development projects which are legitimate,Karunanayake told journalists.We won’t pay the money,if there is […]
Sri Lanka govt. investigation on Port City to be closely monitored by China
Mar 09, 2015 (LBO) – Sri Lanka to be closely watched by Chinese government with regard to suspension work of the 1.4 billion US dollar sea reclamation project, an official said The new rulers decided to temporarily suspend the controversial Colombo Port City project last week in line with the review outcomes of relevant Technical […]
’s order to halt work
Mar 08, 2015 (LBO) – A Chinese firm who build the port city in Sri Lanka said it has received official communication from the Sri Lankan government to postpone ongoing work of the 1.4 billion US dollar project, with immediate effect and will comply accordingly. However the firm also said that it will all necessary […]
Sri Lanka Policy Planning ministry issued a statement on bond auction : Alleged malpractices to be probe
Mar 07, 2015 (LBO) – Sri Lanka’s Ministry of Policy Planning and Economic affairs has issued a statement on the controversial bond auction and said that the government would investigate on alleged malpractices which are taking place at the Public Debt Department during bond auctions and private placements. It will also investigate the alleged malpractices […]
Sri Lanka postpones setting a foreign direct investment target
March 05, 2015 (LBO) – Sri Lanka’s 100 day administration has taken a back seat in setting a foreign direct investment goal for this year after authorities failed to meet their targets in the recent past. Board of investment which comes under the purview of the investment promotion ministry dejected after it sets a target […]
’’– off tax measures do not establish a step towards an effective tax system: IMF
Mar 04, 2015 (LBO) – Sri Lanka new government’s one –off tax, which proposed in interim budget 2015 to finance the budget has not established a step towards an effective tax system, an International Monetary Fund official said. The mission and the authorities agreed on the need for more comprehensive reforms to streamline the tax […]
IMF urges Sri Lanka to consider contingency measures if revenue measures fail
Mar 04, 2015 (LBO) -The International Monetary Fund (IMF) urged Sri Lanka to have contingency measures in achieving the revised budget deficit target of 4.4 percent of gross domestic product if planned revenues fails, International Monetary Fund official said. “In the missions assessment, achieving a deficit of 4.4 percent of GDP will be challenging and […]
Sri Lankan loans based on consensus, says china: Report
Mar 03, 2015 (LBO) – Sri Lanka’s loans obtained from China were based on consensus through consultations between the two countries, quoting Chinese foreign ministry, Xinhua news agency said. The news published by Xinhua, the official press agency of China is reproduced below. BEIJING, March 2 (Xinhua) — China’s loans to Sri Lanka were based […]