Tag: economy

Oct 22, 2013 (LBO) – Sri Lanka is kicking off the budget process for 2014 presenting spending limits or appropriations for ministries in parliament Tuesday. Among key spending amounts set for ministries include 253 billion rupees for defence and urban development down from 289 billion rupees a year earlier, ports and highways 144 billion rupees […]

Oct 17, 2013 (LBO) – Allianz Lanka, a unit of Germany’s Allianz insurance group said it was supporting the Paralympic movement in Sri Lanka. Allianz has a partnership with the International Paralympic Committee since 20006 has tied up with Sri Lanka’s National Federation of Sports for the Disabled (NFSD). Surekha Alles, Allianz Lanka chief executive […]

Oct 15, 2013 (LBO) – Sri Lanka is valuing fixed state assets as part of efforts to move into accrual accounting and about 75 percent of land and buildings have been valued so far, an official said.State agencies do not have proper documentation such as survey plans, which makes valuation difficult, he said. The Valuations […]

Oct 15, 2013 (LBO) – Sri Lanka stands to lose about 120 billion rupees a year from gaming revenues from planned casinos and taxes will be imposed if the opposition comes to power, a legislator said.John Keells Holdings has not asked for a tax holiday for gaming revenues, he said. De Silva said even if […]

Oct 15, 2013 (LBO) – Sri Lanka’s Institute of Policy Studies has released its annual ‘State of the Economy’ policy report. This year’s report ‘Sri Lanka’s Transition to a Middle Income Economy.’ The report covers areas of international trade, exports, state investments and spending and other policy issues. A full statement on the report released […]

STOCKHOLM, October 14, 2013 (AFP) – US trio Robert Shiller, Eugene Fama and Lars Peter Hansen won the Nobel Economics Prize on Monday for groundbreaking work on spotting trends in markets, the jury said. It was established in 1968 by the Swedish central bank to celebrate its tricentenary, and first awarded in 1969.The other prizes […]

Oct 10, 2013 (LBO) – Sri Lanka’s central bank is encouraged by economic activity so far and the focus is shifting to the next year, Governor Nivard Cabraal said.Consumer prices rose 6.2 percent in the year to September, slowing from a month earlier and the widely watched Colombo Consumer Price Index fell absolutely during the […]

Oct 09, 2013 (LBO) – A business forum coinciding with the Commonwealth Heads of Government Meeting (CHOGM) in Sri Lanka is targeting about 2 billion US dollars of investment leads, an official said.Foreign minister G L Pieris said Sri Lanka was showcasing its advantages of location, free trade deals with key economies and human resources […]

Oct 04, 2013 (LBO) – Consumer prices in Sri Lanka’s urban centres rose 9.7 percent in the 12-month to September slowing from 9.9 percent in August, an index compiled by private citizens showed. The CAL Urban Price Index, compiled by CAL Research, a Colombo based equity research house, fell 1.8 percent in the month with […]

Oct 04, 2013 (LBO) – A high level conference on building ‘future ready enterprises’ kicked off in Colombo where over 40 resource persons from Sri Lanka and the region are sharing their knowledge and debate issues.Readers of LBO can participate live by at this link. http://www. “The areas of discussion are not what one commonly […]

COLOMBO, October 4, 2013 (AFP) – Sri Lanka’s navy has rescued 70 would-be illegal immigrants drifting on the high seas in the country’s first detected case of people-smuggling since Australia tightened restrictions on asylum-seekers, officials said Friday.A naval craft picked up the Sri Lankans, including 17 women and 14 children, who had been drifting for […]

Oct 03, 2013 (LBO) – Sri Lanka’s economy is forecasted to grow 6.8 percent in 2013 and inflation would be 7.0 percent, the Asian Development Bank said in revised projections released this week. “Foreign holdings of government securities dipped in late August, which further weakened the rupee by 5 percent against the US dollar from […]