As the world decides vote on Sri Lanka on the methods used on the eradication of terrorism in the country, my mind goes back to the December 2008 when three of us were organising the staging of the first Industrial Exhibition in Jaffna so that the north gets connected to south on an economic front. ...

It is pleasant to lead a peaceful life with no encumbrances and without debts. In the modern world, debt has become a part of life like breath. In Sri Lankan society, it has not been the case and the practice before. It has been a burden and a commitment for somebody to live in a ...

As per the latest research report by the World Bank on the theme ‘More and Better Jobs in South Asia,’ a new piece of information has been revealed is the working population in Sri Lanka in relation to the non working people being the highest on the ratio with a value at around 2.2%, which ...

Janashakthi Insurance PLC, Sri Lanka’s third biggest insurer, posted a total income of Rs. 7.27 billion rupees, while total Gross Written Premium income rose 16.0 per cent to Rs. 7.13 billion for the year- ending December 31, 2011, the best ever performance of the company. Non-life insurance business rose 18.0 per cent to Rs. 5.256 ...

Doha: A high-profile banking delegation is currently on a three-day tour in the oil-rich country of Qatar to market Sri Lanka’s impressive post-war economic growth and attract more foreign investments to the country. The 11-member delegation, led by the Governor of the Central Bank of Sri Lanka, Ajith Nivard Cabraal, is seeking investments in in ...

Measures are underway to develop the national road network this year. People’s Bank will assist the Government with an allocation of around Rs. 12 billion for road development and rehabilitation projects this year. The rehabilitation of the Anuradhapura-Trincomalee road (97kms), Ibbagamuwa-Madagalla road via Kubukgate (34.19kms) and Giriulla-Narammala road (16.03kms) will be undertaken with ...

Scanning through the papers recently after the Central Bank of Sri Lanka published its 2011 external sector performance report, I was reminded of a pithy observation made by William W. Watt: “Do not put your faith in what statistics say until you have carefully considered what they do not say.” Some of the data were ...

People’s Bank recently opened a Small and Medium Scale Business Centre in Kurunegala at No. 03, Wathimi Road, under the patronage of Dr. P. B Jayasundera, Secretary to the Treasury, the Secretary to Ministry of Economic Development and the Secretary of Ministry of Finance & Planning. With a target to develop Small and Medium Scale ...

By Uditha Jayasinghe Unperturbed by the unfolding UNHRC sessions or a mounting debt midst weakening rupee, the Government has signed Rs. 56 billion worth of loans for infrastructure development. Acting Cabinet Spokesman Minister Lakshman Yapa Abeywardana told media that Rs. 54 billion worth of loans were signed between Sri Lanka and Japan International Cooperation Agency ...

The first Government University of Australia that has set up in the country, the Ballarat University, staged an interesting evening last week under the banner ‘The Ballarat Debate,’ to a select club of professionals at the City Campus that discussed some interesting ideas on Sri Lanka’s economy. One of Sri Lanka’s award-winning marketers and former ...

By Cheranka Mendis Gathered to discuss the implications, opportunities and challenges of the sudden announcement and introduction of the Government’s new policies, the export community was advised by a panel of experts to watch ahead, be prepared and make their own judgments from the information provided. With the country facing no immediate risks of getting ...

The NDB Group’s profit after tax for the year was Rs. 2.94 billion, an impressive growth of 35% over the previous year. The profit attributable to shareholders for the year was 2.70 billion and compares with Rs. 2.1 billion for 2010, a growth of 29%. This significant increase in group profits was attributable to the ...

The Nation Trust Bank (NTB) has closed the year 2011 with a post-tax profit of Rs. 1.5 billion, a growth of 41% over 2010.   Current year achievement was driven by a noticeable growth in business volume, modest growth in top line revenue despite falling NII margins, controlled growth in operating expenses, provision reversals and ...

Affirms commitment to inclusive growth, private sector development in Sri LankaIFC, a member of the World Bank Group, has affirmed its commitment to take a more active role in promoting inclusive growth in Sri Lanka by working closely with the Government and the private sector. On his first official visit to the country last week, ...

Worker remittances inflow in 2011 crossed the $ 5 billion mark, reflecting a 25% increase over 2010. The Central Bank said cumulative inflows on account of workers’ remittances grew by 25% to $ 5,145 million in 2011. In 2010 it rose by 23.6% to $ 4.1 billion. Central Bank in its roadmap for 2012 and ...

Avoiding a crisis The Pathfinder Foundation (PF) commends the Treasury and Central Bank for the policy measures introduced recently. This has prevented an external payments crisis. Without remedial action, the country would not have been able to meet its debt obligations and/or finance essential imports within a short period of time. The increases in the ...

PORTLOUIS(Reuters) :Tourism revenues in Mauritius rose by 10 percent in 2011, helped by higher visitor numbers, official data showed on Tuesday. The Bank of Mauritius said revenues in what is a key industry for the Indian Ocean island reached 43.40 billion rupees ($1.48 billion) from 39.45 billion in 2010. Tourist arrivals in Mauritius rose by ...

BANGKOK (Reuters): Thailand’s economy, which shrank a record 10.7 per cent in the fourth quarter due to devastating flooding, is expected to bounce back sharply this year as the government and major exporters step up reconstruction spending after the disaster. While some economists said the worst performance on record in the final quarter of 2011 ...

Executive Vice President and CEO says IFC will explore a good mix of enhanced financing and advisory services on a range of sectors apart from promoting FDIs to the country Encouraged by the post-war optimism the World Bank’s private sector investment arm – International Finance Corporation (IFC) yesterday revealed plans to expand its support in ...

A high-profile delegation led by Executive Vice President and CEO of International Finance Corporation (IFC) Lars H. Thunell, met Minister of Economic Development Basil Rajapaksa yesterday at the Parliament premises. IFC, a member of the World Bank Group, is working with policymakers and private sector players to help meet Sri Lanka’s ongoing development agenda through ...

  Aitken Spence Hotel Holdings PLC., was adjudged the winner in the Medium Scale Category for the second consecutive year at the ACCA Sustainability Reporting Awards and once again joins the ranks of being one of the most transparent companies in the region.  The awards evaluate companies’ sustainability reporting under the categories of completeness in ...

Vallibel Finance PLC opened its first service centre for the New Year with a state-of-the-art operation in Negombo. The latest addition to the network expanding rapidly across the island was opened by Managing Director Jayantha Rangamuwa amidst a large gathering recently. The fully-functional Service Centre is in the middle of Negombo town, placed strategically to ...

The Central Bank yesterday explained some of the events that led to the erosion of reserves that led to the depreciation of the rupee and assured that pressure on the exchange rate would ease, apart from projecting a balance of payments surplus this year. Noting that the current developments in forex market were ‘temporary,’ the ...

“We have the responsibility to ensure that together with the freedom we have won, we can also have economic independence that will enable our people to live a good life. Let us act to drown out poverty, inability and conspiracies against the people in an abundance of prosperity. That is our singular expectation,” said President ...

Effects policy rate hike by 50 basis points for the first time since 2007 Tells banks to reduce lending growth to 18%; extra 5% room if funds sourced from abroad Says move will reduce import and its impact on trade deficit Allows 20 cent rupee depreciation The Central Bank yesterday opted to its ways to ...

Emirates, one of the world’s fastest growing airlines, has extended its reach into Africa with the launch of a new linked service to Lusaka and Harare. Now flying to 22 points within Africa, Emirates will connect Zambia and Zimbabwe to key markets across Europe, the Far East, Australasia and the Indian Subcontinent. The Dubai-Lusaka-Harare service ...

Private equity and investment banking boutique, Mercantile Merchant Bank Ltd., (MMBL) and family-owned leisure giant Jetwing Group are together taking the road less travelled to create new opportunities in the former war torn North by commissioning the biggest ever private sector investment in the region. The two firms, via an equally-owned joint venture will be ...

At a ceremony on January 30, the United States Agency for International Development (USAID) helped launch Sri Lanka’s first “Tourism Roadside Signage Guidelines.”  USAID, the U.S. Government’s development arm, simultaneously released a manual, “Start Your Tourism Business,” designed to assist hospitality sector entrepreneurs.  Both publications, develo...

Asia Pacific Business Coalition on AIDS CEO attends event The Lanka Business Coalition for HIV and AIDS (LBCH) on Monday launched its HIV and AIDS awareness campaign for this year at an event graced by the CEO of its umbrella Asia Pacific organisation. Stephen Grant, CEO of the Asia Pacific Business Coalition on AIDS (APBCA) ...

NDB Investment Bank (NDBIB), the premier investment bank in Sri Lanka, concluded its most successful year to date, raising approximately Rs. 38 billion funds and retaining its unrivalled position as the market leader in investment banking. NDB Group Investment Banking Cluster CEO Vajira Kulatilaka commenting on this feat said: “We are proud to have retained ...