Tag: economy

Mar 24, 2011 (LBO) – Sri Lanka’s foreign direct investments will pick up with planned projects in ports and hotels valued at 500 million dollars each, finance ministry secretary P B Jayasundera said. He said a concession agreement has been signed in the Colombo port for a new terminal that will need 500 million US […]

Mar 21, 2011 (LBO) – The commissioning of a coal power plant this week can reduce oil imports to Sri Lanka while also helping strengthen the finances of Ceylon Electricity Board, the state power utility. “That will reduce total oil bill,” Cabraal said. Oil is an important intermediate good for economic activity, fueling both transport […]

SINGAPORE, March 21, 2011 (AFP) – The massive quake and tsunami of March 11 could cost Japan’s economy up to $235 billion, or 4.0 percent of output, but reconstruction will spur recovery later this year, the World Bank said Monday. “If history is any guide, real GDP growth will be negatively affected through mid-2011,” the […]

Mar 20, 2011 (LBO) – Several years of accumulated ‘off-budget’ energy subsidies have now come home to roost in the Sri Lanka’s national debt, laying bare a tangled web of state energy price manipulation and budgeting. Sri Lanka’s Treasury, the agency that collects taxes from the people and also issues debt against future taxes collectable […]

Mar 17, 2011 (LBO) – Sri Lanka’s economy may not be much affected by the devastation in Japan in the short term but a global fallout may impact commodity prices and capital flows, analysts and officials said. “The direct impact of the Japanese natural disaster on the Sri Lanka economy should be small,” Heraymila Securities […]

Mar 17, 2011 (LBO) – New visa rules will allow investors and entrepreneurs who invest large sums of money or create jobs and “exceptionally talented migrants” to settle permanently in the UK faster, a statement said. The move is an effort to lure the wealthy and brainy from other countries like India to help the […]

Mar 17, 2011 (LBO) – The Sri Lankan government plans to allocate more funds to a campaign to eliminate the worst forms of child labour by 2016, a statement said. “The funds will be used to train duty bearers, raise awareness and promote behavioural change amongst communities vulnerable to the worst forms of child labour.” […]

Mar 16, 2011 (LBO) – Sri Lanka’s rising inflation and negative real rates have stumped markets with bond liquidity vanishing, quotes widening and forward dollar premiums doubling amid uncertainty and lack of direction, dealers said. The weighted average prime lending rate has also started to move up slightly to 9.25 percent in the week ending […]

Mar 14, 2011 (LBO) – Land prices in Sri Lanka are set to rise with interest rates seen “benign” this year and remittances from migrant workers who send money back to build homes staying strong, the central bank said. “When the asset prices fall, financial markets, investors and financial institutions are adversely affected and such […]

Mar 12, 2011 (LBO) – A pension fund of private Sri Lankan citizens managed by the state has made large capital gains by investing in stocks with the share of equity in the 900 billion rupees fund rising to 5.0 percent from 1.3 percent, its managers said. Sri Lanka’s Employees Provident Fund, which is made […]

Mar 11, 2011 (LBO) – The Japanese government handed over an 18 million rupee grant to two community development organizations for development projects in Sri Lanka’s Ratnapura and Trincomalee districts. The Association of Social Activities Development Sri Lanka (ASAD) was the recipient of a 10 million rupee grant for a conflict affected community development project […]

Mar 10, 2011 (LBO) – Sri Lanka’s economic development minister Basil Rajapaksa had told parliament that the state had ‘fully taken over’ a city hotel that is now managed by Hilton, an international chain. The Colombo Hilton is operated on a building owned by Hotel Developers Lanka, a state-controlled firm in which a majority stake, […]