Tag: business

Aug 26, 2013 (LBO) – South Asian nations have to cut negative lists to improve the people’s trade freedoms, a top regional official had said following a ministerial meet in the Island nation.Ahmed Salem, Secretary General of the South Asian Association for Regional Co-operation had said a goal was established at a 2011 regional summit […]

Aug 26, 2013 (LBO) – Aerospace Long-March International, a Chinese state firm is seeking joint ventures in power and waste disposal, Sri Lanka’s economic development ministry said.The company is already involved in Sri Lanka’s Lotus Tower project. A team led by the firm’s President Guo Zhaoping had met Sri Lanka’s economic development minister Basil Rajapaksa. […]

Aug 26, 2013 (LBO) – Sri Lanka aims to be among the 30 easiest places to do business in the world by 2016 and maintain stable economic conditions comparable to advanced nations, Central Bank Governor Nivard Cabraal said.Sri Lanka which was at one time ranked around 100 in a ease of doing business indicator compiled […]

SINGAPORE, August 21, 2013 (AFP) – Growth-hungry Asian economies which bypass industrialisation and leapfrog from agriculture to the services sector may fall into a “middle income trap”, the Asian Development Bank (ADB) cautioned Wednesday.ADB chief economist Changyong Rhee said the region’s low-income economies should focus on developing their manufacturing sectors, which would in turn generate […]

Aug 18, 2013 (LBO) – Sri Lanka’s northern Jaffna peninsula, which has emerged from a 30-year civil war, has untapped potential for greater investment and trade officials said. “The area has a high cash flow where at least one member of the family or relations is living in overseas,” Aasim Mukthar , general manager of […]

Aug 17, 2013 (LBO) – A low inflation level maintained by Sri Lanka’s central bank is likely to support its credit rating in the future, a senior sovereign credit analyst at Standard & Poor’s said. Sri Lanka’s inflation eased to 6.1 percent in the 12 months to July from after spiking to 9.8 percent in […]

Aug 16, 2013 (LBO)- Sri Lanka has kept policy rates steady in August with inflation moderate but the external sector will be watched closely amid currency turmoil in trading partners, the Central Bank said. “Such inflows display that the foreign investor confidence on Sri Lanka has remained unchanged despite the volatility caused by global markets […]

Aug 16, 2013 (LBO) – Sri Lanka will target mid-single digit inflation from next year from the current single digit, Central Bank Governor Nivard Cabraal said. Inflation spiked to near 10 percent earlier in 2013 following high credit growth and balance of payments trouble which sent the rupee reeling to 130 to the US dollar […]

Aug 16, 2013 (LBO) – Sri Lanka hopes to have a current account surplus in the balance of payments after 2016 Central Bank Governor Nivard Cabraal said. A capital account deficit country, or a country that builds up foreign reserves could have a current account surplus. “Sri Lanka will have inflows to the country,” Cabraal […]

WELLINGTON, August 12, 2013 (AFP) – New Zealand on Monday rejected allegations from Sri Lanka that its dairy products were contaminated with a farm chemical, accusing industry rivals of exploiting fears stirred by a recent botulism scare.While no infants fell ill after consuming tainted product, the scandal hurt Fonterra’s brand in the massive China baby […]

Aug 09, 2013 (LBO) – Sri Lanka’s Fonterra unit said it was recalling some product from the market on a health ministry directive but the chemical alleged to be in milk powder was not toxic and its use had been stopped last year. Fonterra Lanka chief Leon Clement said two batches of Anchor and Anchor […]

Aug 09, 2013 (LBO) – Sri Lanka probably has ‘mamma’ bear forex reserves an International Monetary Fund official said responding to the official position that the country had ‘goldilocks’ reserves that were just right. The Central Bank also has to repay the IMF about another 250 million US dollars in the second half of 2013, […]