Tag: lbo

June 03, 2014 (LBO) – Sri Lanka’s public sector officials had been given a grant of 215 million yen (245 million rupees) in scholarships to follow Masters’ programs in Japan, the finance ministry said.The Japanese Grant Aid for Human Resources Development Scholarship Programme (JDS) was started in 2010 is aimed at building capacity in executive […]

June 03, 2014 (LBO) – Sri Lanka has seen weak demand for chicken in 2013 a top poultry firm while costs were elevated, a poultry firm said, as the country emerged from a balance of payments crisis and steep currency depreciation. However the price of eggs had now risen from 11 rupees to 15 rupees […]

June 02, 2014 (LBO) – Sri Lanka’s foreign remittances is expected to peak in 2017 with those seeking employment abroad beginning to decrease, Central Bank Governor Nivard Cabraal has said. “We believe that in time to come there will be a reverse migration that will take place in our country,” Cabraal was quoted in transcript […]

May 31, 2014 (LBO) – Distilleries Company of Sri Lanka, the island’s largest alcohol maker which was hit by tax hikes and incomes decimated from currency depreciation, reported a small increase in gross revenues in the March 2014 quarter. DCSL said revenues with taxes rose 1.8 percent to 12.9 billion rupees in the March 2014 […]

May 30, 2014 (LBO) – Sri Lanka wants foreign investors to set up joint ventures where the output will be allowed to be sold to the domestic market, investment promotion minister Lakshman Abeywardena said, amid fears of new protectionism.When import duty protected industries expand, the state also loses tax revenues as taxes that would have […]

May 30, 2014 (LBO) – The outlook for Sri Lanka’s economy was positive with low inflation and stronger growth driven by exports, but the country should watch out for a slowdown in developed nations and a domestic drought, an International Monetary Fund official said.Todd Schneider, who headed mission for annual ‘Article IV’ consultations, said recent […]

May 30, 2014 (LBO) – Sri Lanka’s consumer prices rose 3.2 percent in the year to May 2014, slowing from 4.9 percent in April, though prices rose 0.6 percent during the month, data from the state statistics office showed. As credit is weak the exchange is facing appreciation pressure, but the Central Bank has kept […]

May 29, 2014 (LBO) – Sri Lankan firms are experiencing a downturn, despite apparently high gross domestic product growth last year due to weak domestic consumption growth, an economist said.Amal Sanderatne, head of Frontier Research, an economics consultancy said their clients are asking why demand is weak when Sri Lanka registered the second highest economic […]

May 29, 2014 (LBO) – Sri Lanka has allowed foreign investors to buy debt securities of unlisted private companies also relaxed a series of exchange controls on letters of credit and education expenses. The liberalization will takes effect from May 28, the Central Banks said. The full statement from the Central Bank is reproduced below:- […]

May 29, 2014 (LBO) – Foreign direct investments into Sri Lanka doubled from a year earlier to 442 million US dollars in the first quarter of 2014, investment promotion minister Lakshman Abeywardena said.This year Sri Lanka is expecting 1.5 billion US dollars Minister Abeywardena said. He said 36 percent of the investments came into tourism, […]