Sri Lanka crossed 512,281 tourist arrivals in the first half of 2013 (1H13) edging closer to the targeted 1.25 million arrivals by the end of this year.
Nearly two months into a policy rate cut in May, the Central Bank Governor, Ajith Nivard Cabraal has signaled again another round of monetary easing in September or October, a decision that appears to be dependent on inflation expectations.
Registrations of reconditioned vehicles in Sri Lanka continued to recover parallel to a decline in brand new registrations during the month of June.
The imposition of the value-added tax (VAT) net has eroded the margins of wholesale and retail businesses in the country and the impact has now begun to be felt through the value chains as the producers too have had to bear some of the impact, Mirror Business observes.
The restrictions on land ownership by foreigners brought in by the government this February has disturbed the country’s industrialists the most, as fears of such restrictions would hamper foreign investments in the manufacturing sector, according to Sri Lanka’s apex industrial body.
The International Monetary Fund (IMF) yesterday cautioned the government of the changing debt dynamics, which could have unfavourable repercussions in the years to come and called for immediate fiscal adjustments.
The European Chamber of Commerce of Sri Lanka (ECCSL) recently launched the European Union-Sri Lanka (EUSL) Investor Dialogue, to identify barriers and constraints faced by the European investors in Sri Lanka and find solutions to these issues.
The Sri Lankan rupee edged down to a near eight-month low in early trade yesterday as the Central Bank asked banks not to buy dollars beyond 130.60 with the local currency remaining under pressure on concerns of further foreign outflows.
Prolonged heavy showers and strong gale force winds have drastically impacted tea production with some estates having recorded only 40 percent of their estimated average yield in the past two months, Planters' Association said in a statement.
Overtaking China, Japan became the single largest development finance provider to Sri Lanka during the first four months.
The total outstanding debt of t he country’s non-financial state-owned business enterprises (SOBEs) has swollen by as much as Rs.12 billion during the first five months to Rs.333.3 billion by the end of May 2013, Mirror Business observes.
Hot on the heels of Moody's downgrading the outlook on Sri Lanka; the Central Bank (CB) expressed its displeasure over the rating action by the international rating agency and said it actually warrants an upward revision given the constructive policy measures taken by the authorities.
M.V. Leon - M fuel tanker from Singapore called at the Magam Ruhunupura Mahinda Rajapaksa Port (MRMRP) recently with several loads of Marine Gas Oil for testing and pre-commissioning of the bunker facilities of the port, upon completion of its Phase I.
International rating agency, Moody's has slashed outlook on Sri Lanka's B1 sovereign rating from positive to stable due to slow growth of the country's foreign reserve position and higher debt burden
Oceanpick is set to embark on Sri Lanka’s first ever oceanic farm for finfish this August with an investment of approximately US$ 2.5 million.
Aggressive policy rate cut in May followed by a reduction of the Statutory Reserve Requirement (SRR) by commercial banks may insert inflationary pressure, pushing headline inflation even beyond 10 percent over the next 12 months, a local stockbrokerage warned.
Newly elected Chairman of the Ceylon Chamber of Commerce (CCC), Suresh Shah called for improved cooperation among private sector entities in order to respond to both economic and socio-political challenges besetting Sri Lanka.
The Central Bank of Sri Lanka (CBSL) will be reducing the Statutory Reserve Requirement (SRR) on all rupee deposit liabilities of commercial banks by 2 percent to 6 percent with effect from July 1, 2013, in a bid to induce banks to cut lending rates.
The recent electricity tariff hike is expected to hinder the corporate earnings of most listed companies during the June quarter and the early part of the September quarter this year, with companies having to absorb the rising cost in the immediate short term, according to a research arm of a local stockbrokerage.
The long term Treasury bill yields fell at the T-bill auciton held yesterday to re-issue Rs.12 billion maturing bills, the Public Dept Department of the Central Bank said
International Monetary Fund (IMF) resident representative Koshy Mathai reiterated the need to attract Foreign Direct Investment (FDI) to the country in order to continue the growth path Sri Lanka has set herself with the end of the 30-year long conflict.
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