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Sri Lanka’s trade gap for the first half of the year 2012 widened 11.8 percent Yearon-Year to US $ 4.7 billion, a statement released by the Central Bank noted.
The Central Bank said yesterday inflows to the services account of the balance of payments remain buoyant despite challenging conditions. It said earnings from tourism in June 2012 grew by 20.6%, year-on-year, to $ 63 million, while during the first six months of 2012, earnings from tourism have grown at a robust rate of 24.3%, ...
CB says recent policies have curbed imports The country’s trade deficit in June dipped to a 16-month low, aided by policies adopted by the Central Bank and the Government earlier in the year. The trade deficit in June amounted to $ 663 million, as against $ 848 million a year ago and $ 942 million ...
Fitch Ratings Lanka said yesterday it has revised Sampath Bank PLC’s (SB) Outlook to Stable from Positive. Its National Long-Term rating has been affirmed at ‘AA-(lka)’. Fitch has also affirmed SB’s subordinated debentures at ‘A+(lka)’. The Outlook revision reflects the weaker-than-expected build-up of SB’s core capitalisation relative to higher rated peer...
The MAS Holdings, Deutsche Bank and Dialog Summer Internship Program concluded on the 15 August 2012 at the Dialog Future World Academy. Students from the 2012 internship batch made presentations to the Boards of the three companies which included Deshamanya Mahesh Amalean (Chairman – MAS Holdings), Rohan Rodrigo (Country Head – Deutsche Bank) and Dr. ...
The 21st Annual General Meeting of the Industrial Association of Sri Lanka (IASL) was held on 16 August 2012 at the Cinnamon Lakeside Colombo. The Industrial Association of Sri Lanka (IASL) is the Apex body under the aegis of The Ceylon Chamber of Commerce which represents industrial and manufacturing interests in Sri Lanka. The Association ...
DFCC Vardhana Bank PLC (DVB)’s interim financial results for six months ended 30 June 2012, reflecting strong overall growth in both gross income and net earnings. A commercial banking subsidiary company of DFCC Bank, DVB’s unaudited interim financial results indicated a total income of Rs. 3,261 million on fund-based and fee-based activities. The bank recorded ...
By Uditha Jayasinghe An estimated 20,000 microfinance institutions in the country will be regulated under new legislation approved by the Cabinet of Ministers. On a proposal made by President Mahinda Rajapaksa, who is also the Finance Minister, all microfinance institutions will be brought under the direct supervision of the of the Central Bank, Cabinet spokesman ...
Why the Government should listen to the demands of university academics Sri Lanka is experiencing the dividends of peace at the moment. The Sri Lankan economy has expanded by a healthy growth rate of 7.9 per cent during the first quarter of this year, from the same period a year earlier. A Global Survey ...
By Amantha Perera IRIN: Rising temperatures, a late monsoon and dwindling rivers in parts of Sri Lanka are straining the energy sector and threatening crop yields. Local experts say water conservation has become an urgent necessity. In Moneragala District, in the east of the island, a man who gave his name as Somadasa said he ...
A fresh burst of buying across the Board yesterday boosted the Colombo Bourse, sending the benchmark All Share Index above the psychological 5,000 points level after a two-month languish. Brokers and analysts linked the revival yesterday to investor sentiments rebounding, a move which is likely to silence pessimists and doomsayers. The market’s value rose by ...
The Finance Houses Association (FHA) has launched a Code of Ethics for registered finance companies for the benefit of all stakeholders of the industry. FHA said the new Code of Ethics would be a guideline for business operations of member finance companies in terms of customer services, confidentiality of information, legal obligations, employee recruitment, competitive ...
Entrepreneurship plays a major role in Sri Lanka’s economic development. But entrepreneurs in Sri Lanka are facing greater challenge in the modern businesses environment under tough competition, rapidly changing new technologies and globalisation of products and services. India and China have contributed to the economic growth of the world by their Small and Medium Enterprises ...
Persistent flow of foreign buying lifted investor sentiments yesterday, resulting in the more active Milanka Index gaining though the All Share Index closed marginally down. Bringing the year-to-date figure to Rs. 28.2 billion, net foreign inflow yesterday was Rs. 108 million out of turnover of Rs. 367 million. The ASPI closed 0.39% down whilst the ...
Nations Trust Bank PLC (NTB) has signed up with a number of remittance partners worldwide such as MoneyGram, Coinstar Money Transfer, Xpress Money, UAE Exchange, Remit2home, Ria Money Transfer, Colombo Money Transfer Services and National Exchange Company of Italy to offer fast and convenient remittance services across its expanding branch network. In line with further ...
DFCC Bank is a pioneering financier of the renewable energy sector and has been instrumental in the development of the small hydro power sub-sector in Sri Lanka. This has been recognised internationally and by agencies such as the World Bank. While several foreign delegations have visited Sri Lanka to study the success of the sector, ...
Merchant Bank of Sri Lanka PLC (MBSL) has organised a seminar on ‘Implications of the new finance business Act’ which will be held at Cinnamon Lakeside Earls Court on 19 September. The guest speaker at the event will be the renowned President’s Counsel Dr. Dayanath Jayasuriya. The areas that will be elaborated upon consist of ...
“Best proof of successful Private-Public Partnership”: Rishad Strong presence of top Indian SME operators Sri Lanka’s leading national SME exhibition and forum, ‘SME 2012,’ will commence on Friday 24 August with strong Indian participation, and more importantly, first-ever SME automation. “The seventh in the series, this event has also become the best proof of o...
By Cheranka Mendis Seylan Bank’s CEO and MD Kapila Ariyaratne recently joined Daily FT for a brief chat on the performance of the bank, future plans and market trends. The bank as at now holds 11% shares in advances and 10.6% in deposits within the private local commercial bank market in the country. Q: How ...
What is sales management? Sales management is a business discipline which is focused on the practical application of sales techniques and the management of a firm’s sales operations. It is an important business function as net sales through the sale of products and services and resulting profit drive most commercial business. These are also typically ...
Good governance activist and former Chairman of the Ceylon Chamber of Commerce Chandra Jayaratne has submitted several key proposals for consideration in the 2013 Budget by President and Finance Minister Mahinda Rajapaksa. Here is the text of his letter containing the proposals sent to President Rajapaksa: 20th August 2012 H. E. Mahinda Rajapaksa, The President ...
It’s a question that has flitted through the minds of many an employer. The man sitting opposite the recruiting table had been an entrepreneur, a-would be businessman who had tried his hand at a venture. The venture had not succeeded. Why? Was it because the man was a poor performer? As thinking is a complex ...
Sri Lanka's Central Bank believes the rupee can strengthen to around 125 per U.S. dollar due to high foreign inflows into the economy, the head of the country's monetary authority said yesterday.
Reuters: The Central Bank believes the rupee can strengthen to around 125 per US Dollar due to high foreign inflows into the economy, the Head of the country’s monetary authority said of Monday. Since April, the Central Bank and Finance Ministry have repeatedly said the rupee should stabilise at around 125 per dollar, given the ...
Fitch Ratings Lanka said yesterday it has affirmed Sri Lanka-based John Keells Holdings Plc (JKH) ‘AAA (lka)’ National Long-Term rating at a Stable Outlook. JKH is a holding company with ownership of diverse operating assets; key sectors within which its investments operate include transport, leisure, consumer foods manufacturing and retail, financial services, and information technolo...
A high-level 15-member delegation from the Republic of Seychelles arrived in Colombo yesterday on a three-day visit. Led by President of Seychelles James Alix Michel, the delegation will comprise, among others, Minister of Foreign Affairs Jean Paul Adam, Minister of Natural Resources and Industry Peter Sinon, Delhi-based High Commissioner of Seychelles to Sri Lanka Waven ...
Phoenix Industries Limited was recently honored for their energy conservation initiatives at a ceremony organised by the Sri Lanka Sustainable Energy Authority which was presided over by Prime Minister D. M. Jayaratne. Phoenix Industries Makandura received the Gold Flame and was the highest rated facility in the ‘Large Scale Manufacturing’ category. They were also the only ...
DFCC Vardhana Bank (DVB) reinforces its dedication towards their customer base by presenting existing savings customers with an extensive range of rewards. Tailored to meet the varying needs of its loyal customers, the rewards provided include increased interest rates paid for savings deposits and special concessions for other services offered. Savings customers can reap benefits ...
HSBC Private Bank’s Private Wealth Solutions has topped Bloomberg’s annual Family Office ranking for the second consecutive year. The result confirms HSBC’s leading position in the Ultra High Net Worth (UHNW) market, with US$123.6 billion of total family office ‘assets under advisement’ as of December 31, 2011. Bernard Rennell, Global Head, Private Wealth Solutions, s...
Global Media Networks Ltd. (GMNet) has unveiled a Colombo Stock Exchange-based free game simulator VstoX Colombo Virtual Exchange (www.vstox.com) with a view of introducing a virtual simulation to investors on the Colombo Bourse’s activities for the first time in Sri Lanka. VstoX integrates the real life order placement system, commonly known as ATS (Automated Trading ...