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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 ...
On Friday (7) afternoon, the eve of provincial council elections in three provinces, a certain gathering took place at 101, Rosmead Place, which houses the corporate offices of Democratic National Alliance (DNA) National List Parliamentarian, Tiran Alles. Consultations that lasted for hours, took place between Alles and UNP Deputy Leader Sajith Premadasa and a few ...
SINGAPORE (Reuters): Tyre makers snapped up rubber for nearby shipment before prices rise again on expectations of more stimulus measures from the U.S. Federal Reserve, dealers said, although there are some concerns about rising inventories in main consumer China. Tyre grades from Thailand, Indonesia and Malaysia for October/November delivery were sold overnight at between $2.63 ...
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% ...
Brand Finance’s Annual Global Nation Brand Analysis Prologue Over the past three years, nation branding has received an enormous amount of coverage in Sri Lankan newspapers. Whilst some of these are based on the need to provide a marketing approach to building a nation, and its brand; many of the articles focus on developing a ...
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 ...
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 ...
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 ...
Global Foreign Direct Investment (FDI) inflows rose 16 per cent in 2011, surpassing the 2005-2007 pre-crisis level for the first time, despite the continuing effects of the global financial and economic crisis and the current debt crisis in Europe, UNCTAD’s annual survey of investment trends reports. The World Investment Report 20121, subtitled ‘Towards a New ...
LONDON (Reuters): Oil retreated slightly on Wednesday, snapping five days of gains as U.S. Federal Reserve Chairman Ben Bernanke offered few signs of further monetary stimulus and a gloomy view of the economy of the world’s top oil consumer. Brent crude slipped 38 cents to $103.62 a barrel by 1017 GMT, after settling 63 cents ...
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 ...
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 ...
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 ...
Case study Middle East Sri Lanka is one of the most sought-after tourist destinations in the world. It is surrounded by the Indian Ocean strategically located between West Asia and South East Asia and has been an important stop on the silk route or the Silk Road. It has all requirements to be one ...
The Standard and Poor’s (S&P) Rating Services assigned a score of 8 (very high risk) to the Sri Lankan economy and banking industry last week. The role of ratings agencies in the lead-up to the global financial crisis (2008) was certainly highly questionable. There are also issues related to their accountability. Despite this, and setting ...
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 ...
Fuel prices are again the topic of public debate. Even Parliament had a discussion over it, with the Opposition calling for a reduction in prices but the Government hedging against passing on the savings from a global cost decrease to cover at least part of the Rs. 60 billion losses incurred over successive years by ...
Reuters: Oil prices near $100 a barrel are still a threat to a slowing global economy that is likely to consume less fuel than the International Energy Agency (IEA) had forecast, the IEA’s executive director said on Tuesday. Brent crude this week dropped to a 16-month low below $96 a barrel before recovering to around ...
By Damien The Secretary to the treasury Dr. P.B Jayasundera recently made statement that the country is wasting the foreign currency on things that can be made in this country. I would like to add to this by stating that as a country we should have clear targets and policies that are aimed at both ...