Tag: Sri Lanka
Sri Lanka industries fear upcoming land ownership restrictions
July 15, 2013 (LBO) – Planned restrictions on land ownership in Sri Lanka by foreigners may hurt industrial expansion in the country, an association representing some of the largest industries in the country said. “A number of our member and other large manufacturing companies in Sri Lanka are foreign owned,” Pravir Samarasinghe, head of the […]
Petro Search
July 13, 2013 (LBO) – Sri Lanka is revamping its petroleum exploration law to provide better investor protection and to clearly separate regulatory and upstream activities, a top official said.Wickramasuriya told a business forum ahead of a bidding round that is to close in November that since the existing law which was drafted in 2003 […]
Sri Lanka BOC to finance Rs. 3.9 bn road project
July 12, 2013(LBO) – Sri Lanka’s state run Bank of Ceylon will provide a 3.91 billion rupee loan to the Road Development Authority to rehabilitate and upgrade a 48 kilometer stretch of road. The state information office said in a statement that the project which has approval from the cabinet of ministers will be completed […]
Oil Services
July 11, 2013 (LBO) – Sri Lanka’s Hayleys Energy Services, a unit of listed Hayleys Plc said it has started providing services to international oil firms through a business process outsourcing arm.Already ConocPhillips and TAQA were clients of its BPO service, chief executive Chas Charles told an oil and gas exploration conference in Colombo. He […]
Sri Lanka needs free trade, FDI, better education, to sustain growth
July 10, 2013 (LBO) – Sri Lanka has to maintain economic stability free trade, draw more foreign investment and invest in education to boost productivity and sustain high levels of growth, officials said at the start of a policy forum.Ceylon Chamber of Commerce chief Suresh Shah said Sri Lanka had to export more to grow. […]
Sri Lanka gold sales fall after tax: dealers
July 10, 2013 (LBO) – Gold purchases from dealers in Sri Lanka slowed after a 10 percent tax was imposed, despite prices falling further, industry players said.On Tuesday a gold sovereign (about 8.1 grams) the most popular benchmark price was quoted around 40,500 rupees for a 22 carats and 44,000 rupees for a 24 carats, […]
IMF cuts 2013 global growth forecast
WASHINGTON, July 9, 2013 (AFP) – The International Monetary Fund on Tuesday cut its global economic growth forecast, citing new downside risks in key emerging-market economies and a deeper recession in the eurozone.The IMF projected the world’s economy would grow 3.1 percent in 2013, down from its April estimate of 3.3 percent. China and other […]
Sri Lanka vulnerable to drop in capital inflows: Fitch
Aug 10, 2013 (LBO) – Sri Lanka was vulnerable to a drop in global capital inflows having two ‘red indicators’ related to external financing, Fitch Ratings said in a report amid global bond and forex market volatility. Government debt maturities in 2013 as a share of gross domestic product was 16.8 percent for Sri Lanka, […]
Sri Lanka expects to keep 5.8-pct deficit target in 2013: Treasury Sec
July 10, 2013 (LBO) – Sri Lanka is expecting to maintain a 5.8 percent budget deficit target with better tax revenues on the second half of 2013 and continued moderation of current expenses, Treasury Secretary P B Jayasundera said.Sri Lanka’s revenues have been hurt by slowing imports, particularly motor vehicles, but other taxes including value […]
Sri Lanka fisheries, port industries eyed by Russia: biz association
July 09, 2013 (LBO) – Russian investors are looking at Sri Lanka’s fisheries, agriculture and port industries in Trincomalee, a country’s senior envoy had said in Colombo, a business association said.The Sri Lanka – Russia business council of the Ceylon Chamber quoted counselor of Russian Federation, Evgeni Sergienko, as saying at their annual general meeting […]
India pushes Sri Lanka to share power with Tamils
July 9, 2013 (AFP) – India urged Sri Lanka Tuesday to honour international pledges and share political power with ethnic Tamils after Colombo signalled it will dilute an Indian-brokered devolution plan.India’s National Security Adviser Shivshankar Menon ended a two-day trip to Colombo urging an “early political settlement and national reconciliation”, the Indian High Commission (embassy) […]
Oil Bid
July 8, 2013 (LBO) – Ceylan Energy, a Sri Lanka based start-up oil firm will bid for an exploration block, partnering with international operators, a media report said.Sri Lanka’s The Sunday Times newspaper quoted Harry Kulasinghe, chairman as saying that the firm has a team of people with over 100 years collective oil and gas […]