Plantation sector boosts Sunshine Holdings profits

Sunshine Holdings PLC, backed by the plantation sector performance, posted a profit of Rs 98.3 million for the quarter ended 30th September 2012, improving drastically over a loss of Rs 5.57 million during the same period last year.

Budget 2013 eyes growth, tariffs to protect industry

Sri Lanka is aiming to accelerate the pace of economic expansion to 7 percent with its 2013 budget, government officials said, by pumping in money for post-war infrastructure projects, while raising import tariffs to protect local industries.

Foreign firms operated during wartime to be honoured

Global Commerce Excellence Awards 2012, which is to be held shortly, will honour the international businesses that helped to run the Sri Lankan economy and create jobs against all odds, during the terror period of the LTTE.

Long term T-bill yields up

Treasuries yields rose on long term bills during today's auction while yields on short term bills remain flat, the Public Debt Department of the Central Bank said.

September trade gap narrows significantly

Sri Lanka’s September trade gap narrowed as significantly as 43.3 percent yearon-year (YoY) to US$ 513.1 million, while the cumulative trade gap for the period from January to September narrowed 0.3 percent to US$ 6.7 billion.

SLTPB participates in World Travel Mart

World Travel Market (WTM), the leading global event of Travel and Tourism Trade, is scheduled to kick off today (November 5) at the Excel Exhibition Hall, London.

Tea industry in doldrums

The Planters Association of Ceylon (PA) yesterday said that the cost of production in Sri Lanka’s historic tea industry has sky rocketed with labour costs accounting for the largest component in the production process.

Economy to grow 6-6.5% next 10 years - RAM

Sri Lanka’s economy has been forecast to grow at 6.0%-6.5% on average for the remainder of this decade, according to a report from RAM Ratings (Lanka) Ltd.

Ceypetco seeks more oil barrels

Sri Lanka’s Ceylon Petroleum Corp (Ceypetco) is seeking 870,000 barrels of oil products for delivery in November, as the country’s sole refinery is shut after exhausting its supply of mainly Iranian crude oil, industry sources said yesterday.

September tea output up 11.9 percent on improved weather

Sri Lanka’s tea production rose in September for a second straight months on improved weather, data from the state-run Tea Board showed, after output dropped for six straight months from February as an extended drought hit output of the island nation’s top agricultural export commodity.

Cinnamon export earnings to target $1bn by 2020

Sri Lanka's sole export market monopoly commodity, cinnamon, aspires to generate value added export earnings of US$ 1 billion by 2020, The Spice Council (TSC) Chairman Sarada De Silva stated.

Wijeya Newspapers – Digital Media Webcasts via Lanka Bell

Wijeya Newspapers has signed up Lanka Bell as its Internet partner / bandwidth provider for streaming all LIVE Webcast events of the group.

GSP+ loss tops US$ 1bn

The loss of Sri Lanka’s GSP+ facility to the European Union may have cost the country’s garment industry as much as US$ 1 billion, according to former Secretary General of the Joint Apparel Association Forum, Rohan Masakorala.

Borrowings high, should boost exports: Dr. Mathai

Sri Lanka must take steps to boost export competitiveness in order to maintain sustainable debt to GDP levels over the medium-long term, according to International Monetary Fund (IMF) Resident Representative, Dr Koshy Mathai.

Sri Lanka plans 26% rise in defence, urban development spending

Sri Lanka plans to increase spending on defence and urban development by 25.9 percent to Rs.289.5 billion ($2.26 billion) in 2013, a budget appropriation bill presented to parliament showed yesterday.

Lankan exports now feeling GSP+ pinch

The removal of the GSP+ facility is one of the main causes of the current downward trend in Sri Lanka’s export sector performance, according to economist and former Director of Economic Affairs at the Commonwealth Secretariat, Dr. Indrajith Coomaraswamy.

Lanka imposes tax hikes on fags to cut deficit

Sri Lanka last Saturday increased taxes on tobacco products with a view of bridging the looming budget deficit.

August tea output up marginally

Tea production in the month of August increased by 0.1% year-on-year to 25.4 million kg in the midst of the most severe drought conditions in the country since 1992.

Severe drought slashes tea production; high grown output dips 11.6% during January - August

The Planters’ Association of Ceylon highlighted the plight of the Regional Plantation Companies (RPCs), which are facing a drastic drop in crop intake due to the severe drought, with high grown output coming down by 11.6 percent during January to August this year.

Budget deficit fears loom

Despite an increase in government revenue during the first seven months of 2012, the current expenditure of the government rose significantly compared with the previous year, signalling that the government may not be able to meet its budget deficit target of 6.2 percent of the Gross Domestic Product (GDP).

Emerging Asian economies need structural reforms - Top economist

Emerging economies in Asia will require deep reaching structural reforms in order to avoid stagnation and promote a second wave of growth, according to visiting associate professor from the Lee Kuan Yew School of Public Policy at the National University of Singapore, Razeen Sally.

Rupee gains on bank, exporter dollar sales

The Sri Lankan rupee strengthened yesterday as banks sold dollars on stock related inflows, dealers said.

ADB lends $130 mn to upgrade power supply

The Asian Development Bank (ADB) is lending $130 million to help Sri Lanka expand the reach and quality of its electricity supply, with a focus on former conflict areas in the north and east of the country. It will also improve transmission and distribution network efficiency and develop renewable energy in other parts of the country.

FDIs hit US$ 450mn in first 6 months

Sri Lanka has been able to attract US$ 452 million as foreign direct investments (FDIs) by the end of June this year, as opposed to US$ 413 million in the first six months of 2011, a government minister said.

CB releases ‘Public Debt Management’ periodical

The Central Bank of Sri Lanka has released its annual publication on Public Debt Management for 2011- “Public Debt Management in Sri Lanka, Performance in 2011 and Strategies for 2012 and beyond”.

SL needs tight monetary policy little longer - CB Chief

Sri Lanka’s falling external deficits should allow the central bank to review its tight monetary and credit policies towards the end of the year, Governor Ajith Nivard Cabraal told Reuters yesterday.

Telecom sector loses Rs.8bn on rupee depreciation - TRC DG

Sri Lanka’s telecommunication sector has lost approximately Rs.8 billion by way of exchange losses, as the majority of telecom firms operating in the country are exposed to foreign exchange borrowings, according to Telecommunication Regulatory Commission (TRC) Director General Anusha Palpita.

Vehicle importers demand extension of reconditioned vehicles' age limit

The Vehicle Importers Association of Sri Lanka has submitted a proposal requesting the government to extend the stipulated age limit of used vehicle imports from two years to three and a half years.

Lanka sells US $ 121mn in 3-year bonds

The latest issues of Sri Lanka Development Bonds were oversubscribed by 2 times with a total bid of US $ 121.05 million being received.

Sri Lanka’s Q2 GDP growth seen at 6.7%: 6.6% for 2012

Sri Lanka’s economic growth in the second quarter of this year likely expanded by 6.7 percent year-on-year, slowing from 8.2 percent a year earlier, a Reuters median forecast of 10 analysts showed ahead of the official data release on recently.