Tag: economy

Mar 17, 2014 (LBO – A 10 million US dollar warehouse and logistics centre will be set up in Sri Lanka by Glowbal Outlet Stores, a firm founded by Canadians of Lebanese origin, the state investment promotion agency said.Ramzey Hammound president of Glowbal Outlets and Board of Investment of Sri Lanka chairman Lakshman Jayaweera had […]

Mar 17, 2014 (LBO) – Sri Lanka’s gross domestic product grew 7.3 percent in 2013 with the economy estimated to have grown 8.2 percent in the fourth quarter from a year earlier, the state statistics office said. For the full year, agriculture grew 4.7 percent, industry 9.9 percent and services 6.4 percent. Sri Lanka is […]

Mar 14, 2014 (LBO) – Unsolicited deals and awarding massive state contracts without competitive bidding has become the norm in Sri Lanka paving the way for corruption and inflated costs for the tax payer, legislators have charged.The constitution along with one in 1972 is also blamed for destroying the country’s independent public service headed by […]

Mar 13, 2014 (LBO) – Sri Lanka has approved 3.6 billion US dollar equivalent in investment projects in 2013 including 1.3 billion US dollars from domestic investors, an official said. “Last year we have signed agreements worth about 2.3 billion US dollars (from investors) and on top of that we also signed 1.3 billon US […]

Mar 13, 2014 (LBO) – Sri Lanka’s Ceylon Tobacco Company, a unit of British American Tobacco said it was eyeing e-cigarettes as fears are rising in many countries of children being drawn into smoking through the product. Last week Los Angeles passed a law to ban the product where smoking is banned. “I am most […]

Mar 12, 2014 (LBO) – Sri Lanka has a potential gross domestic product growth of about 6.75 percent a year after the end of a civil war and near term moderate growth may help keep the economy stable, an International Monetary Fund Study has suggested. Proponents of the so-called ‘output gap’ believe that an economy […]

Mar 10, 2014 (LBO) – Sri Lanka is no longer “uncomfortable” with the blot of high inflation in its economic record when meeting international agencies and visiting businessmen, a top official said.“We no longer feel uncomfortable to speak to the International Monetary Fund, the World Bank, the international rating agencies, the international business community, all […]

Mar 08, 2014 (LBO) – Sri Lanka’s interest rates have been kept higher than underlying conditions required, in order to protect savers, Treasury Secretary P B Jayasundera said.Jayasundera said price reforms in state energy utilities, transport and water distribution had resulted a public sector deficit reversal of around 2 percent of gross domestic product. “And […]

Mar 07, 2014 (LBO) – Sri Lanka firms and start-ups could gain wide visibility which will win them more business and financial backing after the island joined the AllWorld Network, a grouping of fast-growing companies, officials said.“Those companies are not growing at 5 percent,” Anne Habiby, co-founder of AllWorld Network told a forum in Colombo […]

Mar 04, 2014 (LBO) – Profits at Singer Sri Lanka Plc, a consumer durables retailer, fell 71 percent to 93 million rupees in the December 2013 quarter from a year earlier, but sales are no longer shrinking, the firm said. The group reported earnings of 74 cents per share. For the full year to December […]

Mar 04, 2014 (LBO) – A directive by Sri Lanka’s central bank has plugged a hole in newly introduced International Financial Reporting Standards (IFRS) which made accounts of banks opaque and confused the general public and even analysts. Under IFRS, banks which were earlier disclosing total non-performing loans and deposit with break downs to the […]

Mar 04, 2014 (LBO) – A free trade deal that is being negotiated in countries bordering the Bay of Bengal, will open new avenues for co-operation, Sri Lanka’s President Mahinda Rajapaska said meeting of the regional grouping.ASEAN is usually looked upon as an example of a successful regional organization. ASEAN (the Association of South East […]