Tag: business

Jun 22, 2013 (LBO) – Gold prices in Sri Lanka’s domestic market have started to rise after the state slapped a 10 percent on imports, industry players said.On Friday a gold sovereign (about 8.1 grams) the most popular benchmark price was quoted around 47,500 rupees for 22 carats up about a 1,000 rupees from a […]

June 20, 2013 (LBO) – A European Union – Sri Lanka Investor Dialogue will take place in July 09 in Colombo, to foster explore new partnerships and expand existing ones, a business chamber of businesses linked to Europe said.The European Chamber of Commerce of Sri Lanka (ECCSL) said investment promotion minister Lakshman Yapa Abeywardene and […]

June 18, 2013 (LBO) – Sri Lanka’s gross domestic product grew 6.0 percent in the first quarter of 2013 from a year earlier, slowing from 8.0 percent last year and 6.3 percent in the fourth quarter of 2012, the state statistics office said. In services, wholesale and retail trade grew just 1.0 percent with import […]

June 18, 2017 (LBO) – A tendency to look to the government for solutions as well as practical constraints like high interest rates and lack of business skills like marketing, academics who are helping improving management skills in the country said. “When you give so many subsidies people or businesses they start depending on the […]

June 17, 2013 (LBO) – Sri Lanka’s investment promotion ministry said a new fast-track unit will be opened from July 01, to give approvals for projects within three months.Investment promotions minister Lakshman Yapa Abeywardene expects the procedure to provide all necessarily approvals, within three months, the statement said. The Board of Investment of Sri Lanka […]

June 17, 2013 (LBO) – Sri Lanka is expecting 7.5 percent growth this year despite a slowdown in exports, and adverse weather hitting fisheries, Central Bank Governor Nivard Cabraal said. The hotel sector as doing well and lots of investments were taking place, he said in addition to other areas like remittances, which were also […]

June 14, 2013 (LBO) – Sri Lanka’s gaming taxes could be made to be on par with the rest of the world, investment promotions minister Lakshman Abeywardena said amid queries why gaming levies are being brought down.He said casinos were now located haphazardly in Colombo and some were near schools and in a recent budget […]

June 14, 2013 (LBO) – A weakness in Sri Lanka’s rupee is a “logical adjustment” coming amid falling Asian currencies including the Indian rupee and Japanese Yen that will also ward off import pressure, Central Bank Governor Nivard Cabraal said.“There are different ways of looking at this,” Cabraal said. “The Indian rupee has weakened significantly. […]

June 14, 2013 (LBO) – An annual economic policy forum will bring universities and business together in a bid to bridge a perceived gap between their needs and the output of local universities its organizer, Ceylon Chamber of Commerce said. A speech by Gehan Amaratunga, head, electronics, power and energy conversion group, Cambridge Engineering Faculty […]

June 13, 2013 (LBO) – Sri Lanka plans to ban foreign investments into steel, cement, retail trade, small scale agriculture and beauty care products, to ‘protect’ domestic investors, according to decision by the cabinet of ministers.Cabinet spokesman Keheliya Rambukwelle said relevant regulations would be made known later. He said existing investors in the sectors will […]

June 11, 2013 (LBO) – Sri Lanka’s state workers and pensioners have taken 56 cents out of every tax rupee collected from the people in 2012, not counting tax slashed car permits, official data shows. An analysis by the finance ministry shows that in 1.79 public sector workers took home 348 billion rupees in salaries […]

June 7, 2013 (LBO) – Sri Lanka’s bank lending rates are expected to ease in the second half of 2013 with reduced bank borrowings by the state, the Central Bank said holding policy rates in June, after a cut last month. In May the monetary authority cut its policy rate corridor by 50 basis points. […]