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Global giant Standard Chartered Bank tips Sri Lanka’s economic growth to rebound in 2013, after contracting this year from 2011. It is forecasting economy to grow by 7.5% in 2013 and by 7.7% in 2014 from 6.8% this year. However, forecasts for the next two years are lower in comparison to record 8.3% growth achieved ...
The place isn’t a paradise for minorities but the economy is recovering By Sam Baker Asuasentinel.com: The Government of Mahinda Rajapaksa in Sri Lanka has probably botched its dealings with the United States, the European Union and the United Nations. Still, the disenchantment with Colombo may be overblown three years after the end of the ...
Despite a reversal in the rate of exports decline and evidence of some improvement, Sri Lanka is actively moving to help its exporters to face the global downturn, with a challenging new $ 12 b export goal set for 2102. “Since you, the distinguished exporters, who account for nearly 80 per cent of Sri Lanka’s ...
The global escalation of commodity prices in the latter part of last decade impacted Sri Lanka’s rice market, with retail prices showing sharp increases for the consumer. The regulatory forces with a ceiling on consumer prices and guaranteed price for paddy did alleviate this problem to some extent. Today it has taken a different turn ...
Reuters: Saudi Arabia is concerned about high oil prices and will take steps to moderate them, its oil minister said, in a statement that some in the oil market read as a signal to consumer nations that there is no need to release emergency oil reserves. “Saudi Arabia is concerned about rising oil prices in ...
WASHINGTON (Reuters): Obama administration officials told energy experts this week they worry a release of crude from U.S. emergency reserves would do little to temper global oil prices partly driven by tighter supplies of refined fuel like gasoline. At an informal consultation on Thursday, mid-level officials from the National Security Council, the Department of Energy ...
The SAFA-CMA Management Accounting Summit 2012 held in June this year revolved around the theme ‘Corporate Social Responsibility and Sustainability Practices,’ of which the highlight was the final session of the two-day summit, the CEO and CFO Forum. The panel featured Dialog PLC Group CEO and Managing Director Dr. Hans Wijayasuriya, John Keells Holdings Finance ...
Achievements so far The authorities have achieved significant success in reducing the budget deficit from 9.8% of GDP in 2009 to 6.8% in 2011. The bold measures introduced in February/March 2012 to increase fuel and electricity prices, passing on higher global costs, have gone a long way towards reducing the off-balance sheet losses of 2% ...
Perhaps in anticipation of better times ahead, retailers with improved sentiments returned to the CSE in large numbers yesterday, as the Bourse saw its value rise by Rs. 23 billion with over 10,000 trades done as opposed to July-month’s daily average of 4,000 plus. Most brokers and analysts said retailers made a strong comeback yesterday ...
Reuters: Asian shares rose to a two-week high on Thursday after Federal Reserve minutes raised hopes for fresh monetary stimulus, but a survey suggesting that China’s manufacturing sector is contracting capped the gains. Ahead of the euro zone’s flash PMI and a German-French meeting over Greece, financial spreadbetters called London’s FTSE 100 .FTSE, Paris’s CAC-40 ...
The Colombo Bourse yesterday produced a mini-rally with its value rising by Rs. 23 billion led by resurgence in blue chips and foreigners continuing to be net buyers. The benchmark ASI gained by 1.27% and the blue chip MPI sharply by 3% whilst the S&P SL20 was up 1.45%. Despite speculated withdrawal of foreign investors ...
Reuters: Brent crude fell below $113 a barrel on Friday as a sharp slowdown in China’s trade flows heightened worries about demand for fuel, putting to one side hopes of stimulus measures aimed at lifting global growth that could boost oil use. China’s July exports rose just 1 per cent from a year earlier, undershooting ...
Reuters: India’s industrial output fell for the third time in four months in June, adding to pressure on new Finance Minister Palaniappan Chidambaram to move quickly and pull Asia’s third-largest economy from its worst slowdown in almost a decade. The manufacturing-led slump provided further ammunition to the slew of private economists who downgraded their growth ...
The country has entered into an era that was not witnessed for past 25 years. Growth rates of the economy cannot even be compared during this period as the ground situation in micro terms have changed drastically that was never before during a quarter of a century. The volatility and events of macro factors make ...
UNP MP Dr. Harsha De Silva yesterday called upon the Government to take urgent steps to reverse the decline in apparel exports. He said that the Central Bank had announced that apparel exports fell every month this year in spite of the depreciation of the currency in February. Monthly exports amounting to US$ 367 million ...
1Q pre-tax profit up 42% to Rs. 2.4 b; bottom line higher by 34% to Rs. 1.6 b; revenue improves by 26% to Rs. 20 b Premier blue chip John Keells Holdings (JKH) has made a good start in the new financial year 2012/13 with turnover and profits up but its Chairman Susantha Ratnayake has ...
Reuters: India’s lawmakers voted for a new president on Thursday, ending weeks of wrangling and opening a much-hyped political window billed as the best chance for Prime Minister Manmohan Singh to launch a wave of reforms and reverse an economic slowdown. India’s markets are anticipating quick action to relax investment rules and cut subsidies once ...
Industry experts urge disillusioned local investors to ‘buy when it’s down and sell when it’s up’ In a highly volatile atmosphere and with low investor confidence in the Colombo Bourse, experts earlier this week went against the negative sentiments and instead stated that now is the time to buy. These views were aired at a ...
A SWISS-based company has emerged to negotiate a disputed payment deal the UAE-based Fujairah Petroleum Company had signed with the Ceylon Petroleum Corporation (CPC) to supply up to 160,000 tons of low sulphur oil. The blatant lack of transparency of this deal has raised new questions over the governance of CPC and why repeated transgressions ...
Standard Chartered Bank has revised Sri Lanka’s credit outlook to stable from positive and is advising bond investors to await the conclusion of Sri Lanka’s $ 1 billion Sovereign issue prior to getting involved in the country’s debt market opportunities. This advise is contained in SCB’s latest Asian sovereign credit coverage. “While we believe that ...
Opposition MPs warn post-war gains will be wasted unless Govt. puts house in order Insist on better policies, respect for law and order Call for common agenda for clear and consistent regulations By Uditha Jayasinghe Opposition politicians joined the private sector yesterday in calling for the Government to work on law and order and consistent ...
Maintaining that the Government was on the right course, Treasury Secretary Dr. P.B. Jayasundera yesterday urged the private sector to adapt as well as tap unprecedented growth potential, harnessing supportive policies and other measures. Delivering the keynote at the first plenary session of the Ceylon Chamber of Commerce Sri Lanka Economic Summit, Dr. Jayasundera in ...
Following is the full text of Secretary to Ministry of Finance and Planning and Ministry of Economic Development Dr. P.B. Jayasundera’s keynote address titled ‘Sri Lankan Economy in Perspective’ at first plenary session of the Ceylon Chamber of Commerce Sri Lanka Economic Summit yesterday under the theme ‘Positioning Sri Lanka in the Global Economy’ Chairman, ...
Reuters: Asian shares slid on Monday after U.S. jobs data and cooling inflation in China exacerbated worries about flagging global economic growth, with investors not particularly hopeful that a European meeting later in the day would bring further progress for the region’s banks. The euro hit a two-year low of $1.2225 in early Monday Asian ...
Like Sri Lanka, India is also facing a fuel crisis. However, some Indian economic experts had analysed the situation and expressed an opinion, which is applicable to Sri Lanka as well. In 1970 America insisted that all petroleum (crude oil) dealings should be in US dollars. Several countries purchased excess US sdollar to be kept ...
India on Friday slashed fuel prices in a bid to bring relief to consumers, putting the stagnant oil prices in Sri Lanka under stronger focus. As the rupee continues to dip, there is ever-increasing pressure on the Government to take action on keeping the cost of living bearable – a tough task at the best ...
A solution for loss-making SOEs? In the USA, a new corporate entity referred to as a Benefit Corporation (B-Corp) has been brought into being. The states of Maryland, New Jersey, Virginia, California and Vermont have legislation which permits companies to combine the profit motive with the purpose of making a positive impact on society and ...
By Marianne David MP and consultant economist Dr. Harsha De Silva yesterday alleged that THE UNP’s criticism over the mismanagement of the economy and the Central Bank as well as the EPF’s investments in banking stocks have been emphatically validated by global rating agency Standard and Poor’s.“Standard and Poor’s reiterated what we have been saying ...
Peter Kropotkin is a Russian revolutionist who has commented in his book ‘The Conquest of Bread’ what he considers to be the weaknesses of the economic systems of capitalism and how poverty and scarcity thrives on. However, Kropotkin did not believe in the theory of state and is known as an anarchist. The issue of ...
With highest-ever top and bottom line performance premier blue chip JKH says knowing exactly who were are, what we stand for and where we are headed makes all the differenceI am pleased to present the Integrated Annual Report, and the Statement of Accounts, for the Financial Year ended 31 March 2012. The Report encapsulates the ...