USAID - DAYA Apparel alliance uplifts Eastern living standards

The United States Ambassador to Sri Lanka, Patricia A. Butenis inaugurated an apparel factory in Thirukkovil, Ampara on Monday, set up under the Eastern Garment Alliance, a public-private alliance between the U.S. Agency for International Development (USAID) and Daya Apparel Pvt Ltd.

Bond issue gets favourable rating despite debt problems

The proposed US$ 1 billion bond issue by Sri Lanka has been rated positive by three global rating agencies, in line with the country’s sovereign rating, though not failing to cite the challenges the country’s economy is facing, stemming from high external debts it is burdened with.

SAARC countries should use trade to mend political differences - GL

Members of the SAARC region should look towards improving intra-regional trade as a pathway towards stronger political union, according to Minister for External Affairs, Prof. G.L. Peiris.

Fishing industry to get Rs.10 bn Japanese funding

A large scale Japanese fishing business entity has plans to invest Rs.10 billion in Sri Lanka’s fishing industry, which will include new technical knowledge related to fishing and other technology relevant to the industry, a Fisheries Ministry release stated.

Policy adjustments brought results - PB

Although the adjustments to the country’s economic policy haven’t been easy economically as well as politically, they have produced significant positive results, Treasury Secretary Dr. P.B. Jayasundara said.

Interest rates on the up; less hope for market recovery

Rising interest rates, rupee volatility and economic concerns led by a widening budget deficit is likely to cart off the possibility of a stock market recovery in the short term, though some investors and brokers try to blame it on the market regulator, which has become tough in the recent past under a new Chairman and a Director General.

SL attracts less FDIS in 2011 - Report

Sri Lanka attracted approximately US$ 300 million in Foreign Direct Investment (FDI) during 2011, as compared with US$ 478 million and US$ 404 million in 2010 and 2009, according to World Investment Report by UNCTAD (United Nations Conference on Trade and Development)

Greek bond investment losses offset by higher returns - CB

Although Sri Lanka has lost money on investing in Greece bonds, the losses incurred were comfortably offset by higher returns from other investment, the Central Bank said.

Sri Lanka to sign another ASEAN MOU

In the wake of the successful B2B MoU between Sri Lankan and S’Pore biz last May, is the next ASEAN bilateral B2B invitation – call for fully fledged MoU between Malaysia and Sri Lanka biz.

Fitch assigns Sri Lanka at BB- ; outlook stable

Fitch Ratings has affirmed Sri Lanka’s foreign- and local-currency IDRs at ‘BB-’. The outlook for both ratings is stable. The Country Ceiling has also been affirmed at ‘BB-’ and the short-term foreign currency IDR at ‘B’, according to a report from the agency.

BOI signs US$ 3bn deal for world-class tourism zone

The Board of Investment of Sri Lanka (BOI) has signed an agreement with tourism developer Katana City Developments (Pvt) Ltd., to assess and plan Sri Lanka’s first large-scale tourism zone in the Katana area, just adjacent to Colombo’s Bandaranaike International Airport.

Tea industry in grievous state - CTEA

No meaningful steps have been taken to accelerate replanting and other development work in the plantation industry, Ceylon Tea Services PLC (CTEA), Chairmansaid.

Promote Ceylon Tea at premium - PB

Tea industry stakeholders must create a new development framework and promote Ceylon Tea at a premium, setting aside the idea of making the country a tea hub, if the current export target of US$ 5 billion in tea export earnings is to be achieved, according to Secretary to the Treasury, Dr P.B Jayasundara.

Sri Lanka to remain on US GSP list

The United States has decided not to change the Generalized System of Preferences (GSP) benefits to Sri Lanka, and the country will continue to get GSP benefits from the US, a US trade representative said.

June inflation up 9.3 percent

Sri Lanka’s inflation for the month of June rose to 9.3 percent Year-on-Year, a 41 month high, amidst price increases in some food items, the data released by the Census and Statistics Department showed.

EPF loses Rs.12 billion in stock market -UNP

Sri Lanka’s Main Opposition, United National Party (UNP) yesterday claimed that the state-controlled pension fund Employees’ Provident Fund’s (EPF) share portfolio at the Colombo Stock Exchange (CSE) has made losses to the tune of a staggering Rs.12.2 billion.

Traitors will ruin tea industry – Dilmah boss

Everyone who supports free importation of orthodox style tea from other origins will turn out to be a traitor of Sri Lanka’s tea industry and the country, Ceylon Tea Services PLC (CTEA) Chairman stated.

Economy is 'militarized'

The United National Party (UNP) yesterday claimed that the country’s economy has been ‘militarized’, citing how the Central Bank’s actions brought the Lankan rupee market to a standstill last Tuesday.

Lanka needs right hotel mix – Report

Development of tourism in Sri Lanka will require stakeholders to strike a proper balance between developing 3-star and 4-star properties on the one hand, and luxury and boutique hotels on the other, in addition to implementing a more liberalized pricing structure, according to a report from Sri Lanka-based strategy consulting firm Vox & Co.

S&P & CSE launch ‘S&P Sri Lanka 20’

S&P Indices and Colombo Stock Exchange (CSE) yesterday announced the launch of the “S&P Sri Lanka 20”, which has been jointly developed by the two institutions.

Sri Lanka sells US$ 229mn in 3-year development bonds

REUTERS- Sri Lanka sold US$ 229.02 million in dollar-denominated three-year development bonds, the Central Bank said yesterday, to retire maturing similar securities used for development financing.

Post-war progress may beat financial risks- Moody’s

Though Sri Lanka’s financial strength is “low” on account of its large debt burden, the improved post-conflict environment may offset it, according to the international rating agency, Moody’s Investor Service.

Rupee poised to appreciate in the second half of 2012-Report

Despite several short-term challenges, the Sri Lankan rupee may appreciate to Rs 128 against the dollar over the course of the third and fourth quarters of this year, according to a report from Standard Chartered.

‘Banks are sound’ says CB

In response to Tuesday's statement by the international rating agency, Standard and Poor's (S&P), the Central Bank of Sri Lanka yesterday assured the public that the Sri Lankan banking system is sound and resilient and is not prone to high risk as indicated in the rating agency's statement.

Logiventures launches automotive logistics for H’tota port

The Hayleys group has begun offering comprehensive automotive logistics solutions through its logistics services subsidiary Logiventures, to importers clearing their vehicles at the Magam Ruhunupura Mahinda Rajapaksa Port in Hambantota.

Top UK diplomats express confidence in local tourism industry

Sri Lanka has a very good potential to be a top tourist destination in the region and is unique in its natural beauty, against any competitor in the region, a top diplomatic group from United Kingdom (UK) stated.

South Asia, least integrated - WB official

South Asia is the least integrated region in the world as the trade between the countries account for less than 2 percent of the Gross Domestic Product (GDP) of the region, according to World Bank Country Director for Nepal, Tasheen Szyed.

May tourist arrivals up

Total tourist arrivals to Sri Lanka reached 57,506 for the month of May, an increase of 17.5 percent year-on-year. The majority of visitors

TEA awaits govt. response to blending hub proposal

The Tea Exporters Association (TEA) is still awaiting a decision from the government with regards to its proposal on the importation of tea to Sri Lanka for the purposes of blending, according to TEA Chairman, Niraj De Mel.

Vehicle carriers call at H’tota Port

Two vessels carrying over 1000 motor vehicles will call at Sri Lanka’s Hambantota Port for transshipments today and tomorrow, Sri Lanka Ports Authority (SLPA) said.