Last Updated : 31-07-2014 03:45

 
 

Economy

Rupee under appreciation pressure at the moment: CB

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The Sri Lankan rupee, which hit a record low at the end August, is under appreciation pressure and the Central Bank has been intervening to curb a sharp rise, the Central Bank Governor said yesterday.
Views: 1811

Sri Lanka targets US $ 2bn FDIs from CHOGM

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Sri Lanka’s investment promotion bureau, the Board of Investment (BoI), said it would expect at least US $ 2.0 billion worth of foreign direct investments (FDIs) in 2014 from the Commonwealth Heads of Gover nment Meeting (CHOGM) alone.
Views: 2459

Cairn in discussion with govt. to commercialise Dorado well

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Cairn India is currently in discussions with the Sri Lankan government to commercialize the Dorado well in the Mannar Basin, probably including a pipeline from the well to Norochcholai.
Views: 2231

Indian expert urges to use satellite technology for development

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Satellite imaging technology has several potential public sector applications that could help the development process of any country, according to India’s National Remote Sensing Centre Deputy Director Dr. P.G. Diwakar.
Views: 2520

Indian pharma giant in licencing agreement with local firm

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Local pharmaceutical manufacturer, Lina Manufacturing Private Limited, a subsidiary of Akbar Brothers, has offered to manufacture respiratory care products for the Indian multinational pharmaceutical giant, Ranbaxy Laboratories Limited, under a licencing agreement, according to a top official.
Views: 1878

August exports up; trade deficit narrows

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Sri Lanka’s trade deficit in August contracted 24.2 percent amid earnings from exports rising 10.7 percent year-on-year (YoY) to US $ 917.8 million. The import expenditure during the month fell 7.7 percent to US $ 1.61 billion.
Views: 1311

IFC invests US $ 136mn FY13; doubles investment portfolio

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International Finance Corporation (IFC), a member of t he World Bank Group, has invested US $ 136 million in Sri Lanka in the fiscal year 2013 to promote inclusive growth and job creation, the organisation said in a statement yesterday .
Views: 2970

Marketing cess on tea finally to be utilized

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The Sri Lanka Tea Board will be releasing part of its Rs.3.5 billion marketing cess fund in order to launch an aggressive promotional campaign for Ceylon tea in key markets, according to Plantations Minister Mahinda Samarasinghe.
Views: 1740

Resolute Central Bank cuts policy rates by 50bps

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Amidst calls by various quarters to hold on to the current monetary policy stance due to possible inflationary fears, the Central Bank (CB) surprisingly cut its key policy rates by 50 basis points (bps) yesterday.
Views: 2174

Apparel exporters insist on flexible labour laws, revisions to energy tariffs

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Amendments to Sri Lanka’s electricity tariff structure and labour laws are being sought by Sri Lankan apparel exporters in order to facilitate apparel manufacture by lowering cost of production.
Views: 2309

September tourist arrivals up 26%

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Tourist arrivals to Sri Lanka in the month of September rose 26.2 percent from a year ago to 89 761, Sri Lanka Tourism Development Authority statistics showed. During the first nine months of 2013, the arrivals rose 15.5 percent Year-on-Year (YoY) to 801, 210.
Views: 1896

Labour, next major challenge for apparel: Cabraal

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Labour shortages as a result of Sri Lanka’s anticipated transition into a middle-income country status will be the next major challenge for the country’s apparel and manufacturing sectors, according to Central Bank of Sri Lanka (CBSL) Governor, Ajith Nivard Cabraal.
Views: 1425

HSBC appointed primary dealer in govt. securities

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The Central Bank has appointed The Hongkong and Shanghai Banking Corporation Limited – Colombo Branch Office (HSBC) of 24, Sir Baron Jayatilaka Mawatha, Colombo 01 as a primary dealer in government securities.
Views: 2381

Finance companies call CB to revisit penal rate cut

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Finance companies, supposedly the most penalised sector by the recent penal rate cut charged on default loans, have written to the Central Bank (CB) requesting to reconsider the new rule, Mirror Business learns.
Views: 1812

Gas hopes!

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Sri Lanka plans to strike a sales agreement with Cairn India within this year and hopes to join the natural gas producing nations club by 2017-2018, according to the head of Sri Lanka’s state-run petroleum exploration unit.
Views: 1823

Mauritius keen to establish air links with SL

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Mauritius, which is positioning itself to become an ocean economy, has expressed interest in signing an Air Services Agreement with Sri Lanka to boost bilateral trade between the two countries, a communiqué by Sri Lanka’s Industry and Commerce Ministry quoting Mauritius Foreign Minister Avin Boolell said.
Views: 1967

IRCON to connect Pallai to Northern railway network soon

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A ballast train reached Pallai, in Sri Lanka’s war-torn Northern Province achieving yet another milestone of the steadily progressing Northern Railway restoration project.
Views: 1844

Sri Lanka will find difficult to borrow overseas in future: Economist

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Sri Lanka will find it very difficult to borrow from abroad in the future due to the Fed’s stimulus tapering that is likely to happen sooner or later, which will pull back the excess liquidity in the global economy, according to a senior economist in the country.
Views: 5178

Japan to continue aid to Sri Lanka; Basil receives grand welcome

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Japan will continue to help Sri Lanka’s economic progress by developing her infrastructure and human resources.
Views: 3285

IMF argues against import substitution

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The International Monetary Fund (IMF) last week warned against the populist policy of import substitution as it has often proved ineffective in accomplishing economic prosperity.
Views: 1882

Overseas remittance inflows heavily used for consumption: Economist

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Migrant worker remittances received by Sri Lanka are almost entirely spent on consumption and are not mobilized in to investment generating activities, raising concerns over its ability to provide economic value addition in the long run.
Views: 2286

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