Last Updated : 23-04-2014 18:23

 
 

Economy

Sri Lanka truly shines in Beijing

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“Sri Lanka Shines in Beijing,” a Rs. 150 million mega promotional campaign by Sri Lanka Tourism’s promotional arm, Sri Lanka Tourism Promotion Bureau (SLTPB) was concluded in Beijing, China, yesterday with the support of the Chinese government and the Sri Lankan Embassy in Beijing.
Views: 3431

Gem & jewellery and tourism go hand-in-hand: Amunugama

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Sri Lanka needs to develop its gem and jewellery industry with the country’s tourism sector in mind, and the government is devising plans to expand the two industries simultaneously, a senior minister told a forum yesterday.
Views: 1816

We no longer seek aid but trade: CB Governor

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The Governor of the Central Bank yesterday said that Sri Lanka was no longer a country which seeks foreign aid but would only need trade with the international community.
Views: 2836

NSB to sell minimum of US $500mn 5-yr bond

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Sri Lanka's state-run National Savings Bank (NSB) plans to raise a minimum $500 million through the sale of a likely five-year bond with a target yield around 7 percent, sources close to the deal told Reuters on Monday
Views: 1689

Hambantota Port sees increase in ship traffic this year

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The second international sea port in Sri Lanka, Magam Ruhunupura Mahinda Rajapaksa Port (MRMRP) in Hambantota has received 100 vessels since it opened for berthing in November 2010, Sri Lanka Ports Authority (SLPA) said.
Views: 3046

SAFTA aims to boost regional trade through ‘sensitive list’ slashing

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All members of the South Asian Free Trade Area (SAFTA) representing approximately 1.6 billion people aim to push for the reduction of their sensitive lists substantially, and for the first time the entire bloc is openly calling for stronger private sector involvement in moving forward.
Views: 1295

Trade deficit widens in June

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Sri Lanka’s June trade deficit expanded 25 percent Year-onYear (YoY) to US $ 829.1 million amid a sharp increase in import expenditure, though trade gap for the first six months narrowed 7.1 percent YoY to US $ 4.55 billion.
Views: 1300

T-bill yields flat, 3-month bids rejected

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Sri Lanka’s Treasury yields edged down at yesterday’s Treasury bill auction with bids for 3-month bills were rejected, a press statement issued by the Public Debt Department of the Central Bank showed.
Views: 1343

Fitch says FDI inflow to Sri Lanka modest; urges to mobilise domestic savings

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Fitch Ratings in a report yesterday said Sri Lanka’s strong economic growth is attracting foreign capital but foreign direct investment inflows remain modest compared with rated peers, leading to rising external indebtedness.
Views: 2624

Lankan banks in ‘highest risk’ category: S&P

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While observing the economic imbalances building up in Sri Lanka with the pickup in growth in private sector credit, a global rating agency, Standard & Poor’s Rating Services (S&P) identified the country’s banking sector as having a very high risk in the South and South East Asian region, slightly better than only Vietnam and Cambodia.
Views: 3570

SL records US $ 537 mn FDIs in first half

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Central Bank said the country has received US $ 537 million worth Foreign Direct Investments (FDIs) in the first half of 2013.
Views: 1311

Loose regulations fuel gold loans

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Loose regulatory guidelines with regard to gold-backed loans have been identified a key contributor to a ‘runaway growth’ in pawning loans, exposing the Sri Lankan banking industry to higher loan defaults, international credit agency Standard & Poor’s (S&P) said in a special report.
Views: 2776

Central Bank seen keeping rates steady

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The Central Bank is expected to keep key monetary policy rates steady, a Reuters poll showed, as it reviews the impact of policy easing in recent months.

Views: 1364

Banking sector capital adequacy figures not all rosy: Fitch

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The capital adequacy of the Sri Lankan banking sector to withstand sudden solvency risks is not as healthy as reported statistics, a top Fitch Ratings official told a recent forum in Colombo.
Views: 1885

IMF cautions on aggressive monetary easing

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International Monetary Fund (IMF) said they were very concerned about the aggressive monetary policy easing pursued by the Lankan authorities to spur growth amid looming inflationary pressures.
Views: 1426

Construction sector must establish presence overseas for sustainability: Prof. Jayawardena

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Sri Lanka’s construction industry must look to secure contracts overseas in order to ensure longterm sustainability, according to University of Moratuwa Vice Chancellor Professor Ananda Jayawardena.
Views: 1856

Belarus looking for agro - automotive JVs in Sri Lanka

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Belarus, a former Russian Federation country with an industry-driven economy has expressed interest in assembling agro-automotives such as tractors and other heavy duty automobiles in Sri Lanka.
Views: 1618

New terminal, breakwater open for business

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President Mahinda Rajapaksa yesterday officially opened South Asia’s only container terminal that can handle Triple-E vessels and the new breakwater of Colombo Port stretching 400 metres to the sea.
Views: 1974

Bleak outlook for financial sector in 2013

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Sri Lanka’s banking, finance, insurance and real estate sector (financial sector) will have a bleak outlook for 2013 on the back of low credit growth and deteriorating asset quality, an equities research report by a leading securities trading firm said.
Views: 2608

Sri Lanka eyes South Asian hub with Chinese mega port

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A US $ 500 million Chinese-built port opens today in Colombo, giving Beijing a vital foothold on the world’s busiest international shipping lane as it seeks to secure maritime supply routes.
Views: 2938

Government pushing private sector out of growth equation?

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The growth in the Sri Lankan economy happens without the expansion of the private sector and the country does not see the private sector participation in the economy, according to a leading economist in the country.
Views: 1715

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