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In mid February, the Ceylon Electricity Board (CEB) informed consumers of their intention to revise their electricity charges from the following month. The March electricity bill issued to the consumer by the meter-reader was based on previous rate. The April bill based on revised rates with the addition of fuel surcharge for March was sure ...
Parliament told EPF has lost Rs. 4.2 b in value over investments in five listed companies alone Last audited accounts of EPF presented in Parliament was for year 2009 only The main Opposition UNP yesterday in Parliament stepped up its charge on alleged mismanagement of funds of the EPF by the Central Bank, raising fresh ...
Sri Lanka’s top policy administrator, Dr. P.B. Jayasundera, popularly known by the initials of his name PB, is reported to have proclaimed that Sri Lanka should stop altogether the importation of tea from abroad for blending purposes for it would tarnish the reputation which the country has earned for centuries as the best tea producer ...
Planned divestiture of subsidiary – the sole private savings bank in the country – not advertised Deal with in-out-and-in Navara Capital under fire as Rs. 562 m strike price falls below Board recommendation Analysts label deal price as “cheap” when CB is unlikely to be generous in issuing new Specialised Bank licences in the future ...
A word about ‘The Business of Sport’ column that appears in the Daily FT, which I have deeply enjoyed. Here is a series of articles that touched the ‘inner depth’ of Sri Lanka’s popular sport arenas. It is a pity that the sport enthusiasts in Sri Lanka are denied
Dear Editor, During the past few months, I have observed criticism, mainly by the Opposition Parliamentarians, about the manner in which the Sri Lankan economy has been managed. In my view, their attempts seem to be designed to impose blame on the Governor, Central Bank, perhaps to weaken his resolve and strength and discourage him. ...
CB asks banks overnight for their forex commitments for Thursday and Friday; steps up bank visits Convenes meeting with treasury heads of banks; rupee crisis figures in monthly CB-bank CEOs meeting as well Dealers say no room for speculation given the very narrow net open positions; new rules apart from lack of dollars could be ...
Peradeniya Uni's Dr. Perera says exchange volatility is temporary and acceptable IMF's Mathai says no crisis but stability measures taken By Cheranka Mendis UNP MP Dr. Harsha de Silva yesterday made a compelling case that the ‘feel good’ party that the President Mahinda Rajapaksa Government tried to propagate among the people post-war was over, warning ...
Less than a year after starting up on its own, the company prepares to replicate its Indian success in Sri LankaJubilant FoodWorks, the master franchisee of Dominos Pizza for South Asia, last year set up its own subsidiary company in Sri Lanka, moving away from the franchisee partnership which held the fort for the Group ...
The Sambhashana discussion organised by Transparency International Sri Lanka will focus on ‘The Rupee Crisis’ on 25 April at the auditorium of the Organisation of Professional Associations (OPA), Stanley Wijesundara Mawatha, off Bauddhaloka Mawatha Colombo 7 from 4 to 6 p.m. MP Dr. Harsha de Silva, Senior Lecturer of University of Peradeniya Dr. Prasanna Perera ...
Clarifies 2011 per capita GDP computation technically correct but given fall in Rupee’s value in 2012 Central Bank should have been honest with greater disclosure and putting data in context As per IMF staff report Net International Reserves in 2011 alarming low at $ 4 b; Net Open Position below $ 3 b; Short Term ...
The Central Bank, in its latest Annual Report, has downgraded its growth forecast for 2012 from eight per cent to 7.2 per cent. This is due to a combination of adverse global developments and the negative effects of domestic policy misalignments. The contractionary measures introduced to address the imbalance in the trade account (i.e. to ...
Many readers would have by now heard and read about the annual Oxford – Cambridge boat race over the weekend, where a spoiler sprang an underwater surprise and about an oar that broke. All this led to what I would term as a less than wholesome win awarded to Cambridge. Almost three weeks ago, I ...
The Daily FT on Thursday featured on page 1 a story based on some startling comments and allegations by UNP MP Dr. Harsha De Silva and young business leader Dilith Jayaweera. The headlines and the contents wouldn’t have been a good read for President Mahinda Rajapaksa
By Cheranka Mendis While Sri Lanka’s largest mega trade, investment and tourism promotion initiative ‘Expo 2012’ has been welcomed by stakeholders as a timely affair, stallholders shared mixed feelings on the order of the show. Some were elated having received inquires just two days into the event, while others expressed disappointment with regard to the ...
The Janatha Vimukthi Peramuna (JVP) spokesman and parliamentarian Anura Kumara Dissanayaka in an interview with the Daily FT critiques the on-going sessions of the UN Human Rights Council (UNHRC), the state of bad governance, deteriorating law and order and the economic crisis in the country.
The country’s forex market encompassing highly dependent importers and key source exporters was yesterday rocked by what analysts described as the sharpest day gain in the US dollar exchange rate. Before mid-day the Rupee touched a new low of Rs. 127 and then on to Rs. 128 prompting many to assume the rate had bottomed ...
With just 12 days to go, Sri Lanka’s largest mega trade, investment and tourism promotion initiative ‘Expo 2012’ has attracted close to 1,200 people, exceeding the expected 1,000 mark, EDB Chairman Janaka Ratnayake said yesterday. Speaking to the Daily FT, he asserted
By Cheranka Mendis Despite the Central Bank’s forecast reading 7.2% growth for 2012, RAM Ratings Lanka CEO Adrian Perera is confident that the country can touch the 7.5%-7.6% mark by the end of the year. Perera told the Daily FT that the new projection is a realistic number from the 8% noted
Malaysia’s second largest financial services provider CIMB Group is bullish on post-war Sri Lanka and prospects for financial services. Early this week CIMB entered into a strategic collaboration with John Keells Stock Brokers as part of a phased entry in to Sri Lanka. CIMB Group is also one of ASEAN’s leading universal banking groups and ...
Thousands of women in the apparel industry deserve respect for being partners in Sri Lanka’s highest foreign exchange earning sector By Uditha Jayasinghe Sri Lanka’s apparel industry clothes the world and earns the largest amount of foreign exchange but is struggling to retain its workforce as an estimated 30,000 vacancies remain open in hundreds of ...
Benito Mussolini, the fascist ruler of Italy, during World War II, said that his brand of fascism ‘should be more appropriately called Corporatism, because it is a merger of state and corporate power’. Compare this with the dictionary definition of capitalism: ‘A system in which a country’s business and industry are controlled and run for ...
World famous photographer Shahidul Alam expresses his views on resistance and furthering the social movement through the medium of photography Colombo Art Biennale has taken the city by storm this week and while attending one of the ‘Art Talks’ sessions titled ‘Building Bridges – The South Asian Context’ held in the picturesque setting of Nuga ...
Contrary to Government assurance of minimal impact from the unprecedented fuel hike of Sunday, a set of upward price revisions including on bus fares and electricity will become reality from today. Striking private bus operators yesterday won their demand with the Government agreeing to let fares up by 20% with minimum ticket priced at Rs. ...
Fuel hike fires up fresh crisis Unprecedented rise to rocket cost of living; Opposition says hike anti-poor; subsidy scheme impractical Import bill in 2011 first 11 months at $ 4.1 b far above 2010 full year figure of $ 3 b Experts urge country to go back to automatic monthly price revision Hike likely to ...
This is the 14th article in the Daily FT’s fortnightly series titled ‘Business of Sports,’ focusing on the back office of the various sports administered and played in this country. Readers are invited to share their views and express their opinion via email to editor@ft.lk
Economic Development Minister Basil Rajapaksa is charging that UNP MP and its Chief Economic Spokesman Dr. Harsha de Silva’s outburst and criticism over growing economic cooperation between Sri Lanka and China was in bad taste and made with dangerous political twist. “He (de Silva) is trying to pit China against Sri Lanka’s friendly nations such ...
Hon. D.E.W. Gunasekera Chairman, Committee on Public Enterprises (COPE) Parliament of Sri Lanka Sri Jayawardenepura Kotte. Dear Chairman, Action on COPE and other reports? Reference the aforementioned, I attach the following: 1.Daily Mirror front page News Report of Saturday, 21.1.2012 headlined ‘Bribery, CID Officers to be summoned by COPE. D...
Country records second successive year of over 20% growth in exports; 2011 full year value tops $ 10 b; when ICT exports included total figure to rise to $ 11 bConfirming resilience and an improved competitive mindset amidst global and local difficulties, Sri Lanka’s exports sector has concluded its second year of over 20% growth. ...
Part 3: Inalienable power is in the people, exercised in trust by the organs – the legislature, executive and judiciary – and prohibits transfer of power from one organ to anotherIn the public interest to create awareness of the issues involved, the FT will continue to publish extracts adapted from the Petition filed by public ...