Sri Lankan President Mahinda Rajapaksa says, the international participants taking part in the Sri Lanka Expo 2012, which kicked off in Colombo today is an expression of growing trust in the new opportunities the country presents for investments.
Rajapaksa made this comment when he inaugurated the country’s largest export promotion exhibition.
“You are here today, with a [...]
March 28, 2012 2:53 PM | Posted in
Economy |
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United States says, top US Companies are currently bidding for key projects in Sri Lanka covering areas such as energy and transportation.
Valerie Fowler, The Charge’d Affairs of the US embassy in Colombo says, this will help bring in the urgently needed Foreign Direct Investment, state of the art technology and expertise to the country.
Fowler disclosed [...]
Sri Lanka’s January exports have slowed down marginally by 0.6% year on year to earn a sum of US$ 918 million.
Central Bank says this drop is largely attributable to the decline in earnings from agricultural exports and higher base recorded in January 2011.
Industrial exports, which contribute about 80% to the total exports, has grown by [...]
March 26, 2012 6:05 PM | Posted in
Economy |
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Sri Lanka has established a state owned company to maintain the “rest areas” of the Southern Expressway.
Accordingly, the newly formed Sri Lanka Insurance Resorts and SPAS Private Limited will take over the development, operation and maintenance of the rest areas on the Southern Expressway.
The new company, which is a subsidiary of the Sri Lanka Insurance [...]
March 22, 2012 1:49 PM | Posted in
Economy |
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Sri Lanka’s Regional plantation companies and privately owned tea factories are facing a serious cash flow problem as the tea prices are experiencing a downturn, a tea broker report said.
John Keells Tea Brokers says, apart from the downturn in prices, the production cost which has increased due to the recent wage hike and increases in [...]
March 22, 2012 11:15 AM | Posted in
Economy |
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Sri Lanka’s weekly Treasury bill auction conducted today saw the three month rates climbing by 32 basis points from last week’s rate to stand at 10.75%.
One year rate rose by 35 basis points to reach 11.11%.
The auction was oversubscribed with bids received running up to Rs. 18.66 billion, while the CBSL only accepted Rs. 8.12 [...]
March 21, 2012 2:33 PM | Posted in
Economy |
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A Sri Lankan entrepreneur received a grant of US$ 275,000 from the United States Development Agency to expand his Ice factory located in the once war torn Jaffna district.
The grant awarded under the USAID’s Biz+ program will help Thirunavukkarasu Senthan, the CEO of the ICE factory to expand his plant’s production capacity from six to [...]
March 21, 2012 11:43 AM | Posted in
Business & Finance,
Economy |
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Sri Lankan Central Bank’s former Deputy Governor K.G.D.D. Dheerasinghe says, the present slide in the rupee against the dollar is not a matter for concern when considering the macro economic status of the country.
Dheerasinghe says, the rupee which fell to its lowest on Monday where it traded at Rs. 131 range against the dollar will [...]
March 21, 2012 9:10 AM | Posted in
Economic Outlook,
Economy |
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Sri Lanka’s latest development bond issue has been oversubscribed by 2.2 times with total bid received running up to US$ 100 million.
The Government has accepted US$ 72 million in 3 year maturity and US$ Dollars 12 million in 4 year maturity at the market determined rates of US$ 6 month LIBOR + 385 bps and [...]
March 20, 2012 8:32 AM | Posted in
Economy |
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Sri Lanka’s total coconut production during the year 2011 has recorded a figure of 2,757.3 million nuts, a year on year increase of 1.6%.
During the year 2010, the coconut production recorded has been at 2,713.8 million nuts.
Sri Lanka’s highest nut production has been achieved during the year 2004, which saw the the figure standing at [...]
March 19, 2012 8:36 AM | Posted in
Economy |
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