Lankan labour force and employment plunge in 2012

The economically-active population aged 10 years and above- popularly known as a country’s labour force - declined in Sri Lanka by 1.1 percent to 8.465 million due to migration of economically active persons during 2012, the Central Bank annual report showed.

Colombo Port gears for mega vessels from July

With the construction of the first phase of the South container terminal project nearing completion, the first berth will open up for ship traffic starting July, enabling the Colombo port to accommodate mega vessels that was not possible before, a top Sri Lanka Ports Authority official said.

March tea output up 11% YOY

Sri Lanka’s March tea production rose 11.3 percent from a year earlier due to favourable weather, pushing up output of the island nation’s top agricultural export by 8.1 percent in the first quarter of 2013, data from the state-run Tea Board showed on Thursday.

Export earnings, import expenditure, trade gap down in February

Sri Lanka’s export income fell 2.9 percent Year-on-Year (YoY) to US $ 797.5 million in February with both agricultural and industrial exports slowing down, the data released by the Central Bank showed.

Export earnings down in February

Sri Lanka's export income fell 2.9 percent Year-on-Year (YoY) to US $ 797.5 million in February with both agricultural and industrial exports slowing down, the data released by the Central Bank showed

Fitch affirms Sri Lanka at 'BB-' with stable outlook

Issuing the sovereign credit rating and the country outlook for 2013, Fitch Ratings yesterday affirmed Sri Lanka's long-term foreign and local currency Issuer Default Ratings (IDRs) at 'BB-'

February tourist arrivals up 11.6% YOY

Tourist arrivals to Sri Lanka in the month of February rose 11.6 percent year-on-year (YoY) to 93,232, helped by increased arrivals from East Asian and Western and Eastern European blocks, the official data provided by the Sri Lanka Tourism Development Authority showed.

Loose monetary policy to widen savings-investment gap

The likely loosening of the monetary policy will increase the savings - investment gap, which narrowed to 6.6 percent of GDP or Rs.503 billion in 2012, increasing the dependency on foreign financing to feed the investment hungry nation, a global bank alerted.

Wage hike to make Lankan teas most expensive

The recent wage increase granted to plantation sector workers has pushed the cost of production of Sri Lankan teas to the highest in the world, the Planters’ Association of Ceylon claimed.

Cairn evaluates options to commercialize discovered gas

Cairn India Limited said it is currently evaluating the options of converting gas into commercial use, one and a half years after identifying natural gas in the Sri Lanka’s Mannar Basin.

Bangladesh mulls FTA with Sri Lanka

Bangladesh is tipped to sign a Free Trade Agreement with Sri Lanka to strengthen bilateral trade between the two nations, according to visiting Bangladesh Foreign Secretary Ambassador, Mohammed Shahidul Haque.

Divi Neguma breathes life into dying roof tile industry

The roof tile industry which was on the decline has been revived under Divi Neguma national programme, with 156 tile factories back in operation.

New law to cut foreign labour in Gulf countries

 The Gulf Cooperation Council (GCC) is expected to soon pass a law to regulate foreign labour in member countries, similar to the one passed by Saudi Arabia that seeks to reserve 10 percent jobs for locals, foreign media reports said.

Consumer durables to see weak demand

Demand for consumer durables such as televisions, refrigerators, washing machines, kitchen appliances, digital cameras et are expected to a see a slowdown in 2013 if energy prices are increased, according to Fitch Ratings Lanka Limited.

FDIs top US $ 1.3bn; but 2012 target missed

Foreign direct investment (FDI) inflows to Sri Lanka grew by 26 percent year-on-year (YoY) reaching US $ 1.34 billion in 2012, missing the US $ 1.75 billion target set by the government, the recently released Central Bank Annual Report for the year 2012 noted.

CB holds policy rates steady

The Central Bank has taken a decision yesterday to hold key policy rates at current levels for the fourth straight month, despite the inflation falling down to 7.5 percent in March from 9.8 percent a month ago.

Postal Dept. operating loss up 8% to Rs.5 bn

The Department of Posts (DOP) incurred a substantial operating loss of Rs.5 billion during 2012 which was an increase of 8 percent as against the previous year, following a 52 percent increment in 2011, the Central Bank’s annual report 2012 stated.

Sri Lanka sends over 10,000 housemaids in 2012

Despite calls by various pressure groups to end the practice of sending Sri Lankan housemaids to the Middle Eastern countries, the number of women departed seeking to be employed as housemaids in 2012 increased by 10,735 to 118,235 in 2012, the latest Central Bank Annual Report showed.

SOE reforms vital to reap benefits of infrastructure development: CB

The progress in infrastructure development needs to be supplemented with an effective institutional reform agenda to harness maximum economic and social benefits, according to the Central Bank’s Annual Report 2012.

External debt up at US$ 28 bn; debt to GDP ratio rises to 79 %

Sri Lanka’s total external debt grew by 13.8 percent Year-on-Year (YoY) to US$ 28.4 billion in 2012, the Central Bank annual report for the year 2012 released yesterday showed.

Sri Lanka misses 2012 growth, deficit targets

Sri Lanka’s post-war economic growth slowed down to 6.4 percent in 2012, after two years of consistent growth at 8.0 percent in 2010 and 2011, the Central Bank annual report for 2012 released yesterday showed.

Hoteliers cry foul over unfair CEB treatment

The Hotels Association of Sri Lanka (THASL) has charged the Ceylon Electricity Board (CEB) for singling out the hotels sector and imposing a tariff higher than the normal industry tariff applicable to industrial sector.

Mobile phone users surpass 20 mn mark

The number of mobile phones used by 20.8 million Sri Lankans hit over 20.3 million for the fist time at the end of December 31, 2012, Central Bank data showed.

Estate workers get 18% pay hike

Tea and rubber estate workers have won an 18 percent hike in their basic daily wage from April 01 effective for two years, which may cost firms in excess of Rs.250 million rupees a year, industry officials said.

Rupee at year high on remittances, exporter dollar sales

Rupee firmed to its highest close in nearly a year yesterday on high remittances and selling of dollars by exporters ahead of a festival season, currency dealers said, while stocks rose on foreign buying of bank shares.

Export earnings continue to go downhill

Depressed export earnings continued into year 2013 with January figures declining 18.2 percent Yearon-Year (YoY) to US $ 726.7 million, despite trade deficit narrowing 24 percent YoY to US $ 780.4 million, data released by the Central Bank showed.

Cost competitiveness key for tea industry survival: TPL Chief

Tea sector stakeholders need to be mindful of their cost competitiveness in relation to global costs, especially due to the emergence of new producer countries with lower costs posing a threat to local teas, a leading plantation company official stated.

Market interest rates will decline this year

Sri Lanka’s market interest rates will ease this year as the Central Bank maintains a loose monetary policy stance despite high lending rates and a recent spike in Treasury bill yields, the head of t he monetary authority said yesterday.

India, a stumbling block for Lankan Fund Managers: Promoter

One of the biggest obstacles of attracting foreign direct investments (FDIs), development finance and portfolio investment to Sri Lanka is her neighbour, India, a promoter of Colombobased private equity fund told Mirror Business in a brief interview.

World Bank provides US $ 200 mn to improve health sector

The World Bank has provided US $ 200 million to further enhance health sector services in Sri Lanka, a communiqué by the Colombo office of the global lender said.