Tag: Sri Lanka
Sri Lanka gets US$218mn FDI in first quarter 2013
May 14, 2013 (LBO) – Sri Lanka has received 218 million US dollars of foreign direct investments in the first quarter of 2013 and is targeting two billion dollars for the full year, investment promotion minister Lakshman Abeywardena said.In 2012 Sri Lanka received 1,338 million US dollars in FDI up from 1,066 million US dollars […]
Sri Lanka to set tax of around 10-pct for foreigners leasing land
May 14, 2013 (LBO) – Sri Lanka’s new restrictions on foreign ownership of property will have provisions that will allow non-nationals investing in the country to lease land with a tax of 5 to 15 percent, senior government officials said.Large investment projects may be given permission to purchase land by special approval. Ferdinando said listed […]
Sri Lanka invited to invest in textiles in Uganda, funds training centre
May 13, 2013 (LBO) – Sri Lanka has been invited to invest in textile plants in Uganda an exporter of cotton, where the companies from the island are already building mini hydro plants, during a state visit by President Mahinda Rajapaksa.Talks with Uganda’s President Yoweri Museveni had focused on agriculture, energy and trade, Sri Lanka’s […]
Bunker Edge
May 13, 2013 (LBO) – Bunker fuels sold from Sri Lanka’s ports was of higher quality with less particles that damage engines on average than even Singapore but prices have to fall to be more competitive, industry officials said. As states set standards for lower sulfhour content, cat fines, or hard aluminum and silicone dioxide […]
Sri Lanka in bid to boost Middle Eastern visitors
May 12, 2013 (LBO) – Sri Lanka has promoted wildlife and natural assets in the Arabian Travel Mart in Dubai this month as part of a drive to grow Middle Eastern visitors 60 percent to 90,000 in 2013, the state tourism office said.It is also best part of the year for beach tourism in the […]
‘s President Rajapaksa on state visit to Uganda
May 11, 2013 (LBO) – Sri Lanka’s President Mahinda Rajapaksa has begun a four day trip to Uganda arriving at Entebbe International Airport accompanied by a business delegation, his office said. President Rajapaksa is due to have talks with President Yoweri Museveni, and attend a Commonwealth conference on local government. He will also visit a […]
Innovation part of corporate DNA: 3M regional chief at Sri Lanka forum
May 11, 2013 (LBO) – Listening to the unarticulated voice of the customers of 3M has helped the firm drive innovation, which is central to its corporate culture, a top regional official of the US-based multi-national said in Colombo. The company makes more than 55,000 products are year, adding new ones continuously. “It’s easy if […]
Sri Lanka has to watch inflation, banks, taxes and draw more FDI: IMF
May 10, 2013 (LBO) – Sri Lanka has to watch inflation, bank credit, tax revenues, keep monetary policy tight and avoid guaranteeing bank forex borrowings and instead create an environment for foreign direct investments, the International Monetary Fund has said.The executive board of the IMF in a review of Sri Lanka’s economy said Sri Lanka’s […]
Sri Lanka cuts rates to boost credit – Update
May 10, 2013 (LBO) – Sri Lanka has cut its policy interest rate corridor by 50 basis points to 7.0 and 9.0 percent to boost credit, saying inflationary pressures were in check, amidst warnings by the International Monetary Fund to be careful. “[T]here is now a need to stimulate the domestic economy, particularly in the […]
Japan ready to continue support for Sri Lanka: Finance Minister
Apr 03, 2013 (LBO) – Japan will continue to support Sri Lanka if peace is maintained and with the economy also on a growth path, visiting Japanese deputy prime minister and finance minister Taro Aso said.“Considering that the Sri Lankan economy keeps on the current growth trajectory and given that peace and security would be […]
Sri Lanka has scope for easing policy: CB Governor
May 03, 2013 (LBO) – Sri Lanka has scope to ease policy, because credit growth is slowing and the Central Bank has been selling down its Treasuries stock, Governor Nivard Cabraal said. When its Treasuries are sold down, through a ‘quantity tightening’ policy can be tight, analysts say, regardless of the actual policy rate. T-bill […]
Sri Lanka SOE losses hurt investment and jobs: IMF
May 03, 2013 (LBO) – Massive losses at Sri Lanka’s state enterprises have a negative impact on people’s lives that are beyond accounting losses in the balance sheet, which hurts investment and jobs an International Monetary Fund official said.Last year state-run Ceylon Petroleum Corporation and Ceylon Electricity Board lost more than 150 billion rupees. “It […]