Tag: economy

Nov 18, 2013 (LBO) – Profits and revenues at Singer (Sri Lanka) Plc, a top consumer durables seller dropped 67 percent to 62 million rupees in the September 2013 quarter from a year earlier, amid tight economic conditions.Furniture, transport and agro products also dropped. But communications sector rose to 871 million rupees from 338 million […]

Nov 17, 2013 (LBO) – Small states are seeking endorsement from Commonwealth leaders at a in their bid to regain access to cheap finance from multilateral lenders, at a summit meeting in Sri Lanka. Without the ability to depreciate the currency, rulers lose the principle ability to impoverish the population and their path is clear […]

Nov 15, 2013 (LBO) – Sri Lanka’s gross domestic product expanded 7.8 percent in the third quarter of 2013 from a year earlier, and accelerating from 6.8 percent in the second quarter, the state statistics office said.The statistics office said agriculture grew 7.0 percent against a 0.5 percent contraction last year with tea down 5.1 […]

WASHINGTON, November 14, 2013 (AFP) – Janet Yellen, the White House nominee to lead the Federal Reserve, said Thursday that the central bank’s stimulus must remain in place to bolster an economy where growth remains fragile. Staking out her support for policies crafted by current chairman Ben Bernanke, Yellen, the Fed vice chair, told senators […]

Nov 15, 2013 (LBO) – Sri Lanka’s exports rose 11 percent to 890 million US dollars with apparel exports surging 27 percent to 386 million US dollars amid a recovery in US and European markets, the Central Bank said. Apparel exports rose 30.7 percent to the US and 27.7 percent to the EU. Rubber product […]

Nov 15, 2013 (LBO) – The Commonwealth was home to half the world’s hungry and their pain can be eased by freeing access to food, Australian Prime Minister Tony Abbot said at a summit meeting in Sri Lanka, while a top official called for greater travel freedoms.The Commonwealth is made up of countries in the […]

Nov 12, 2013 (LBO) – A three day Commonwealth business forum kicks off today where investment prospects of Sri Lanka and several countries will be showcased and emerging trends in Asia and Africa will come under the spotlight.President Mahinda Rajapaksa will inaugurate the sessions with a keynote address. The first session chaired Rahul Bajaj, chairman […]

Nov 12, 2013 (LBO) – A Commonwealth business forum in Colombo can forge new partnerships that can create wealth and reduce poverty, Sri Lanka’s President Mahinda Rajapaksa said. Sri Lanka has seen strong economic growth thanks to pragmatic policies, and there was a strategy to go forward making the country an economic hub, he said. […]

Nov 12, 2013 (LBO) – A Commonwealth Business Forum underway in Sri Lanka’s capital Colombo is the largest in the history of the organization, and can be an opportunity to solve employment and skills challenges, officials said.Sri Lanka after the end of a 30-year war presents opportunities for investment as it strives to be an […]

Nov 11, 2013 (LBO) – Sri Lanka kept its policy rate corridor steady at 6.50 percent to withdraw excess cash and 8.50 percent to inject money in to the banking system, saying the inflation outlook was benign and state credit demand was reducing. The date for the release of the next regular statement on monetary […]

Nov 10, 2013 (LBO) – Revenues at Sri Lanka’s Ceylon Tobacco Company dropped in the September 2013 quarter from a year earlier amid multiple tax hikes showing that demand for the addictive product is not as inelastic as earlier envisaged.But the state this time as not been able to gain as much taxes as hoped […]

Nov 09, 2013 (LBO) – A Commonwealth Business Forum to be held from November 12 to 14 has attracted over 1,100 participants including 500 foreign delegates which will provide exposure to many local businesses, a top trade chamber said. Any Delegate who has not received this access code and password may contact the Ceylon Chamber […]