English | 中文版 |  Русский

Breaking News:

srilanka

editor picks 

Editor PicksView All

srilanka

First Private Equity fund from Sri Lanka

Singapore based investment company, Calamander, is going to create the first private equity fund focused on Sri Lanka, after three decades of civil war.

Calamander plans to invest between $50 million and $75 million in the island nation's rubber, tea, timber, coconut, bank and ceramics businesses in the next 18 months, Managing Director Roman Scott said in a telephone interview on June 19. The fund aims to earn a return of as much as 35 percent, he said. "It's not a big fund by world standards but for Sri Lanka you can actually do a lot of damage with that kind of money," Scott said. "There's a huge opportunity to do a lot." Interest in Sri Lanka is growing after its military defeated the Tamil Tiger rebels last month, ending Asia's longest running civil war. Investor Jim Rogers, who correctly predicted a commodity price rally in 1999, says he sees "wonderful opportunities" in Sri Lanka, while HSBC Private Bank says the country could become the "Hong Kong of India." "The end of the war has greatly enhanced Sri Lanka's prospects," said Jan Zalewski, a London-based analyst at IHS Global Insight, an economic forecasting company. "But the future depends upon the government's initiative to satisfactorily address the root causes of the conflict." Calamander's Scott said the private equity market in Sri Lanka could grow to between $1 billion and $3 billion in five years provided the government gets its "economic and political policies right."

read source article

editor picks 

Other Important News In Srilanka


Hope to rebuild life after the war

The central Bank of Sri Lanka is planning to open credit re-finance for people at refugee camps. it is more than 200.000 people live in this locations. According to government, more than 80 percent would have a better live condition in less than a year.

Credit scheme would help people to start over and rebuild lives. The Central bank governor Nivard Cabraal said that "re-finance credit scheme would be within our reserve money." Analysts don't agree with governor Cabraal because credit scheme is printed money that increase inflation and unbalance the currency. However, Mr. Cabraal is very determinate to keep the inflation under control. In fact, the inflation went down in the one year to April to 2.9 percent. The rural credit schemes re-financed with printed money stimulated high inflation numbers in the 80's decade. The Sri Lanka's central bank has cutting rates by 750 points in 2009, however the reserve money growth is almost flat after a seasonal spike last month.

read source article

Sri Lanka Negotiates with IMF for $1.9 Billion Loan

The global economic crisis is sending many national government looking for temporary financial assistance.

The global economic crisis is sending many national government looking for temporary financial assistance. Earlier today, the Central Bank of Sri Lanka announced that it has been working with the International Monetary Fund to receive a loan worth $1.9 billion to help support its economy of $32 billion. Although details of the agreement have not been announced, Central Bank Governor Ajith Nivard Cabraal reported that the Central Bank would not be restricted in using the funds to support the rupee, which is expected to continue to decline in value.

read source article

Sri Lanka Trade Deficit Rises Sharply in 2008

Sri Lanka's trade deficit increased to $5.871 billion during 2008, compared to last year's trade deficit of $3.656 billion.

Sri Lanka's trade deficit increased to $5.871 billion during 2008, compared to last year's trade deficit of $3.656 billion. But on a positive note Sri Lanka's cumulative exports recorded a growth of 6.5%. As a result of the economic meltdown, the trade deficits increased in part to the decline in commodity prices. Tea exports fell 22.5% in December, despite prices at the Colombo Auction remaining higher than similar auctions centers around the world. The Central Bank in Sri Lanka expects the low import growth to continue through this year.

read source article

Sri Lanka's BoI Gives Approval to UAE Firms to Build Refinery in Hambantota

The Sri Lankan Board of Investment (BOI) has given its approval to two UAE petroleum firms to build a refinery in the southern town of Hambantota.

The Sri Lankan Board of Investment (BOI) has given its approval to two UAE petroleum firms to build a refinery in the southern town of Hambantota. UAE's Trans Asia Gas International LLC and Star Petro Energy LLC will invest 1.2 billion dollars for this project. The refinery is said to produce about 100,000 barrels-per-day and its entire output will be exported to overseas markets. The refinery will create employment opportunities for 700 people in the town of Hambantota, one of Sri Lanka's underprivileged districts where rates of unemployment and poverty are high.

read source article

Harvard Business School Invites Sri Lankan to Speak at Asia Business Conference

The Harvard School of Business has invited Sri Lankan economist Mr. Chandula Abeywickrema to speak at the upcoming Harvard Asia Business Conference.

The Harvard School of Business has invited Sri Lankan economist Mr. Chandula Abeywickrema to speak at the upcoming Harvard Asia Business Conference. Mr. Chandula Abeywickrema is the Chairman of the Banking With The Poor (BWTP) Network and the Deputy General Manager of Personal Banking & Network Management at Hatton National Bank. Mr. Abeywickrema has a background in micro finance and leads the largest Micro Finance Network in Asia with membership of over 50 international financial institutions. Mr. Abeywickrema is the first Sri Lankan to speak at the conference. The annual conference is held by the Harvard School of Business and Alliance for Financial Inclusion. The conference is held in Boston and seeks to foster meaningful discussion on policies and trends that dominate the business and legal institutions of Asia. The conference is a collaborative effort between Harvard Business School, the Harvard Law School, and the Harvard Kennedy School of Government and attracts dignitaries with immense expertise and experience in Asian economic and legal affairs.

read source article

Global Slowdown to Impact Lanka's $2b Tea Export Target

The global economic slowdown can have a negative impact on Sri Lanka's ambitious goal of achieving $2 billion tea exports by 2020.

The global economic slowdown can have a negative impact on Sri Lanka's ambitious goal of achieving $2 billion tea exports by 2020. Sri Lanka now aims to seek the support of its neighboring countries by promoting tea exports to maintain price stability. The tea industry accounts for more than two third's of Sri Lanka's agricultural export earnings, contributing about 4 percent to the GDP.

read source article

Sri Lankan High Commissioner highlights trade opportunities under FTA with Pakistan

The Karachi Chamber of Commerce and Industry (KCCI) believed that two-way trade could be increased many times over with little effort. Both countries offer a number of goods which can be imported and exported to the other. However the currently bilateral trade is only around 300 million dollars.

Sri Lanka and Pakistan have signed the FTA to boost bilateral trade some time in the past, but it did not achieve the desired results. To boost bilateral trade,Pakistanis invited Sri Lanka to visit and see the beautiful country. The High Commissioner also invited the business community to participate in the SAARC country exhibition scheduled to be held in Colombo from August 28 -31, this year.

read source article

Rs. 17.5 Million for Domestic Cultivation in Sri Lanka

In an effort to reduce the amount of vegetation imports, the Ministry of Agriculture and Agrarian Services has allocated Rs. 17.5 million for a large-scale vegetable cultivation project.

In an effort to reduce the amount of vegetation imports, the Ministry of Agriculture and Agrarian Services has allocated Rs. 17.5 million for a large-scale vegetable cultivation project. The project should reduce Sri Lanka's dependence on other countries for agricultural imports and improve the income of farmers. Beans, dambala, green grams, and tomatoes will all be grown in the project.

read source article

Revenue From Taxes, ESC Increases by 25% in Sri Lanka

In Sri Lanka during the first five months of this year, total revenue from corporate profits tax, personal income tax, and tax on interest income stood at Rs.49,270 million, a 25% increase compared to the same period last year.

In Sri Lanka during the first five months of this year, total revenue from corporate profits tax, personal income tax, and tax on interest income stood at Rs.49,270 million, a 25% increase compared to the same period last year. Furthermore, revenue from the Economic Service Charge also increased. In 2007, income taxes reached 3% of the GDP.

read source article

Increased Export Earnings Provide Positive Balance in Sri Lanka

During the first four months of 2008, exports grew by 12%.

During the first four months of 2008, exports grew by 12%. Agriculture and tea exports increased by 37% and 11% respectively. On the other hand, imports increased by 37%, reflecting price hikes this past year for petroleum and other international goods.

read source article
most popular posts

Srilanka Special Articles

Browse More Articles
most popular posts

Srilanka Exclusives

Browse More Exclusives