Tag: economy

May 27, 2013 (LBO) – Sri Lanka current administration is breaking the law in withholding information that should be filed in parliament under a fiscal responsibility law, which should be corrected from this year, a legislator has said.In the first three months of the year state and SOE borrowings from the banking system rose to […]

May 26, 2013 (LBO) – Bank credit to Sri Lanka’s state enterprises and central government surged to 100.6 billion rupees in March 2013 from 36.7 billion a month earlier, official data shows, perhaps the highest ever in a single month.But the broader public sector deficit with loss making energy enterprises was 8.6 percent of GDP […]

May 24, 2013 (LBO) – An economic policy forum in July aims to focus attention on critical areas of the economy that need more attention of policy makers, Sri Lanka’s Ceylon Chamber said.There had already been a focus on infrastructure development, north-east reconstruction, development of the less developed regions, and priority on agriculture and food […]

THE HAGUE, 2013 (AFP) – Europol on Wednesday said 18 people, mostly Sri Lankans, were arrested in joint police raids in Britain and France on suspicion of being part of a human trafficking ring that smuggled South Asian immigrants into Britain. “During the joint operation, 11 suspects were arrested in the UK and seven in […]

May 23, 2013 (LBO) – Sri Lanka’s opposition parties should call more general strikes to improve attendance among state workers, a government minister said following a failed strike over an electricity price hike.Also in Sri Lanka budget deficits bordering 20 percent of gross domestic product, partly financed with central bank credit (printed money) had driven […]

SINGAPORE, May 23, 2013 (AFP) – Oil extended its losses in Asian trade on Thursday on a stronger dollar after the US Federal Reserve hinted that it could ease its massive stimulus policy soon, analysts said. “The reality is that US crude inventory remains high, indicating weak demand as the driving season approaches,” said Spooner. […]

May 22, 2013 (LBO) – Sri Lanka has signed a deal with China Development Bank to borrow 580 million US dollars in 2013 for projects in 2013, the state information office said.The cabinet of ministers had approved a proposal by President Mahinda Rajapaksa as finance minister to sign a memorandum of understanding with CDB. CDB […]

May 21, 2013 (LBO) – A high level conference on building resilient brands kicked off in Colombo Wednesday featuring high level speakers and panelists from Sri Lanka and abroad. http://www.lankabusinessonline.com/summit/hangout Facebook page: https://www.facebook.com/pages/LBR-LBO/161852393984690 Event rundown IST: 0900 1045 HRS GMT/UTC: 0330-0515 HRS Resilient Brands, Resilient Enterprises Peter D’Almeida, Managing Director/N*able (session Char) Deshamanya J. C. […]

May 21, 2013 (LBO) – Sri Lankan conglomerates that had attracted strong foreign investor interest had built resilient investment brands, top executives involved in managing multi-national companies said.Punters in international markets also react like consumers do to brand, as conglomerates which are not easy hermes bags analyze, Lalith de Mel, chairman Hemas Plc and former […]

May 19, 2013 (LBO) – Sri Lankan firms are collaborating with universities to make new and higher value products and services, and was also consulting on management development, a business chamber said.The management and finance faculty of the University of Colombo had done a salary survey and restructuring for a public quoted company and a […]

May 18, 2013(LBO) – Sri Lanka’s obsession with trade deficits is misplaced because it ignores the broader exchanges including services that take place between citizens of one county and another, economists and officials have said.Saman Kelegama, head of the Institute of Policy Studies, a think tank, said the obsession was particularly strong in relation to […]

QUITO, May 16, 2013 (AFP) – A ring that smuggled immigrants from India and Sri Lanka into the United States through Ecuador has been broken up with the arrest of six people, Ecuadoran authorities said Thursday.Police, who said the arrests were made following a two-month investigation, seized documents, laptop computers and nearly $100,000 in cash. […]