Tag: Finance

(08, Aug, 2014 LBO)- Sri Lanka will rebuild 151.3 kilometers of road from Badulla to Chenkaladi with an estimated cost of 140 million US dollars, a statement said. The road will be rebuild with funds taken from OPEC fund for International development and the Saudi Fund for Development ( SFD) with the balance contribution being […]

July 31, 2014 (LBO) – Sri Lanka’s consumer prices rose 3.6 percent in the 12 months to July 2014, with inflation accelerating from 2.8 percent in June, official data showed.The International Monetary Fund said yesterday credit has been slow, but inflation has to be watched and the Central Bank should be prepared to raise rates […]

July 30, 2014 (LBO) – The International Monetary Fund has cautioned Sri Lanka on foreign borrowings by the state and banks and urged authorities to watch inflation closely and be prepared to raise rates.“Recent improvements in the trade and current account balances notwithstanding, Sri Lanka remains vulnerable to external shocks,” the IMF’s executive board said […]

WASHINGTON, July 24, 2014 (AFP) – The International Monetary Fund warned Thursday that geopolitical risks in Ukraine and the Middle East are looming over a global economy already hit by slowdowns in the US and China. “In major advanced economies, there is a risk of stagnation in the medium term,” the IMF warned, recommending that […]

July 23, 2014 (LBO) – Sri Lanka has a strong record in debt repayment, but interest costs and debt levels are high compared to revenues and private external commercial borrowings are adding to state borrowings, a report by Moody’s a rating agency said. Some analysts have said that Sri Lanka’s key problem is a large […]

COLOMBO, July 24, 2014 (AFP) – Dale Steyn took two wickets in two balls to give South Africa a flying start in the series-deciding second and final Test against Sri Lanka in Colombo on Thursday.Steyn, the star of South Africa’s big win in the first Test at Galle, sent back opener Upul Tharanga and big-hitter […]

July 24, 2014 (LBO) – Central Bank of Sri Lanka and the Reserve Bank of India has inked a deal to buy up to 500 million dollars worth of securities in each other’s governments, in a bid to diversify reserve assets.July 24, 2014 (LBO) – Central Bank of Sri Lanka and the Reserve Bank of […]

July 23, 2014 (LBO) – Profits at Sri Lanka’s Ceylon Cold Stores, which has interests in consumer goods and retailing, surged 87 percent to 299.3 million rupees in the June 2014 quarter from a year earlier as revenues rose 18 percent. Sri Lanka is recovering from a balance of payments crisis where consumer spending power […]

July 21, 2014 (LBO) – Sri Lanka’s loans to private business from commercial banks slipped 7.9 billion rupees in May 2014 from a year earlier while credit to the state and state enterprises also contracted, official data shows.Private credit has contracted in four out of five months this year and is down 60 billion rupees […]

July 14, 2014 (LBO) – Sri Lanka’s Central Bank held policy rates at 6.50 and 8.00 percent and urged banks to tighten spreads to lower lending rates as private sector credit demand remained weak.In May credit to the central government from the banking sector has fallen by 11.5 billion rupees and loans to state enterprise […]

July 10, 2014 (LBO) – Sri Lanka’s Ceylon Chamber of Commerce said HSBC India Chairperson Naina Lal Kidwai will deliver the keynote address at its annual business forum.Naina Lal Kidwai, Chairperson of HSBC India, will speak on the second day of “Sri Lanka Economic Summit” organized by the Chamber on August 05 and August 06.Naina […]

July 08, 2014 (LBO) – Demand for water pipes and electrical switches have weakened during the past year, but appear to have bottomed out, Central Industries, a maker of plastic-based water supply and electrical products has said.“The PVC industry is currently plagued with overcapacity as anticipated growth in demand in the post conflict era has […]