Tag: economy
Sri Lanka to supply free domestic power connections to resettled families in the North and East
Aug 03, 2015 (LBO) – Sri Lanka’s government plans to restore provision of electricity connections free of charge to 20,000 resettled families in the North, Cabinet Spokeman Rajitha Senaratne said.At present, 232,828 families (796,342 members) are resettled in the Northern and Eastern Provinces, with the end of Tamil tiger war in 2009.The government will also […]
Polonnaruwa to become a metro city at cost of Rs16 bn
July 30, 2015 (LBO) – Sri Lanka’s north central heritage city Polonnaruwa to develop as a metro city at a cost 16,650 million rupees, cabinet spokesman Rajitha Senaratne said at a media briefing held Thursday. Polonnaruwa town and its nodal points known as Polonnaruwa, Kaduruwela and New Town are growing fast as Heritage City, Commercial […]
Sri Lanka exporters urged to be focused and add value: Harsha de Silva
July 30, 2015 (LBO) – Sri Lanka’s exporters should focus and export more value added goods and services with a target of surpassing Gross domestic product (GDP), Deputy Economic Policy Minister Harsha de Silva said.“I would like to see exports to GDP surpassing, that means more than 100 percent of GDP,” Silva said.“So that is […]
Sri Lanka rating supported by growth, constrained by govt finances: Moody’s
July 30, 2015 (LBO) – Sri Lanka’s credit outlook could improve if the government debt and interest payment ratios were to stabilize at considerably lower than current levels, Moody’s Investors Service said in a recent credit outlook report. Sri Lanka’s state credit is rated ‘B1’ below investment grade, by the rating agency. “Sri Lanka’s B1 […]
Sri Lanka private sector credit growth expands, Policy rates to be maintained: Central Bank
July 24, 2015 (LBO) – Sri Lanka Central Bank says credit to the private sector by commercial banks grew by 17.6 per cent, year-on-year, in May 2015, given the low interest rate environment in the Island. In absolute terms, credit to the private sector expanded by 48.6 billion rupees in the month of May and […]
Sri Lanka’s official reserves USD 6.8bn in May 2015
July 23, 2015 (LBO) – Sri Lanka’s gross official reserves stood at 6.8 billion US dollars in May 2015, equivalent to 4.2 months of imports, while total foreign assets amounted to 8.7 billion US dollars, equivalent to 5.3 months of imports, data showed. Sri Lanka’s gross foreign reserves rose to 7.5 billion US dollars in […]
‘s General Treasury lends Rs544.9mn to pay Golden Key depositors tomorrow
July 23, 2015 (LBO) – Sri Lanka’s government will provide 544.3 million rupees of tax payers money as the first tranche to start paying the much talked of “Golden Key Depositors” who invested in a ponzi scheme to get a bigger share of the failed Golden Key Credit Card Company from tomorrow (24), a statement […]
Sri Lanka’s exports flat in May while imports up: Central Bank
July 22, 2015 (LBO) –Sri Lanka’s exports earnings recorded a marginal decline of 0.1 per cent, year-on-year, to 883 million US dollars in May 2015, led by lower performance in tea, sea food, gem, diamond and jewellery exports, and the Central bank said. Earnings from industrial exports increased by 3.3 per cent to 661.3 million […]
Disruptive Innovation, A challenging wave for organizations and leaders
July 21, 2015 (LBO) – Innovation can disrupt an organization, creating a new set of challenges to the leadership which some traditional companies are not aware of even, an official said. “This might completely dislodge you from your present industry,” Deepal Sooriyarachchi, Commissioner and Chairman of Sri Lanka Inventors Commission said. “And some of the […]
Sri Lanka obtains Rs 684 bn borrowings for the 4 months to April 2015
June 22, 2015 (LBO) – Sri Lanka’s new administration has obtained 684.2 billion rupees gross borrowings for the first four months to April 2015, the cabinet spokesperson said last week. The approved amount of loans to be taken in the year 2015 is 1,780,000 million or 1780 billion.According to the data submitted by Ministry of […]
‘s state-owned enterprises in commercial business skew the market: Mano
June 22, 2015 (LBO) – Sri Lanka State-Owned Enterprises in commercial business have an unfair advantage over other private companies which leads to a skewed market, a private enterprise leader said. This problem is compounded when the public is not aware of the situation due to an unavailability of information, he added. “ In my […]
Fairway Holdings to invest USD10.3 mn in mid-income apartment project
June 22, 2015 (LBO) – Sri Lanka’s Fairway Holdings, a luxury high-rise developer says that they will be venturing into a 10.3 million US dollar mid-income apartment project. “We have recognized that there is a need for mid-income apartments in the country,” Shivanka De Zoysa, Chief Operating Officer, Fairway Holdings said. “So with this in […]