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By Shanuka Tissera The private sector of Sri Lanka and Singapore yesterday in Colombo spearheaded a fresh deal to boost bilateral business on the sidelines of a visit by the city-state’s Foreign Minister. The Singapore Business Federation (SBF), which has brought down a delegation, and the Sri Lanka Singapore Business Council (SLSBC) affiliated to the ...
Key insights to state of the economy and market and future prospects from NDB Stockbrokers’ latest Sri Lanka Equities report Uncertainty in the macro environment The robust economic growth and steep rise in global crude oil prices increased Sri Lanka’s import bill by 51% in 2011. As a result the trade deficit widened, putting the ...
After the LTTE was defeated, a campaign designed to promote Sri Lanka as a leisure and investment destination labelled ‘The Small Miracle’ was shot down, ostensibly on the ground that the miracle was in no way ‘small’. The marketing value in Sri Lanka’s compact size, our rich biodiversity, the diversity of leisure locations and physical ...
Last week’s resignation of Dr. Nalaka Godahewa from three tourism entities whilst remaining Tourism Development Authority Chairman as exclusively reported by the Daily FT is being linked by industry circles as a direct fallout with Treasury Secretary Dr. P.B. Jayasundera. The strained relationship between the Tourism Chief and subject Ministry Secretary (Treasury Chief Dr. Jayasundera ...
People’s Bank recently opened a small and medium scale business centre located at No. 130, Katugastota Road, ceremoniously opened under the patronage of Central Province Chief Minister Sarath Ekanayake. Launched under the budget proposal of 2012 following the agenda of Mahinda Chinthana Idiri Dakma, this new centre will strengthen small and medium scale business sectors ...
Finance Ministry launches Annual Report, says economy on track despite tough trade deficit, adopts wait-and-see approach with policies; urges banks to lend more to agriculture and manufacturing sectors Treasury Secretary Dr. P.B. Jayasundera yesterday gave the economy a clean bill of health for 2012, saying that the Budget goals were on track and that the ...
Reuters: Tourism revenues in Mauritius rose 15.6% in the first quarter to March compared to a year ago although arrivals were slightly lower, data showed this week. “Gross tourism receipts for the first quarter of 2012 were estimated by the Bank of Mauritius at 13.81 billion rupees ($465.77 million)… compared to 11.94 billion estimated for ...
A new fund that invests exclusively in Treasury Bills and Treasury Bonds has been launched by Ceylon Asset Management Co. Ltd (CAM), following the success of the Ceylon Income Fund, which emerged as the best performing fixed income fund over 2010/11 as well as 2011/12 financial years. The high interest rates available on Government Securities ...
Saudi Arabia, the Arab world’s largest economy, wants a joint council to boost trade ties with Sri Lanka, the Ministry of Industry and Commerce announced this week. The Ministry quoted Dr. Mohammed H. Al-Kathiri, the Deputy Minister for Foreign Trade of Kingdom of Saudi Arabia as saying, “It would be necessary to complete appropriate procedures ...
The Foreign Minister of Singapore will be visiting Sri Lanka from 26 May to 2 June 2012 accompanied by a high-powered delegation from the Singapore Business Federation (SBF). One of the key expectations of the delegation is to establish mutually-beneficial relationships with key Government officials as well as the Sri Lankan business community during ...
Opens three branches in Nelliady, Chunnakam and Chavakachcheri Steeped in a rich history of 32 years, LOLC’s strategic vision and agility have enabled its companies to leverage growth opportunities evolving in the national landscape. With primary business interests in the financial services sector, the LOLC Group – one of the leading blue chip companies of ...
The best hotels, hotel architecture, interiors, construction and design across the entire Asia Pacific region were celebrated at The J W Marriott Hotel in Kuala Lumpur on 27 April. The leading companies behind these winning hotels and hospitality projects were invited to attend to receive the prestigious awards. The Asia Pacific Hotel Awards in association ...
Under Secretary of the Ministry of Foreign Affairs of Philippines Erlinda F. Basilio met Minister of Economic Development Basil Rajapaksa today at the Economic Development Ministry. At the outset Minister Rajapaksa said at the moment Sri Lanka will always remember the help extended by the Philippines in various international forums recently. Longstanding friendship between the ...
SRI LANKA has ambitious goals for development and needs investment to push up growth to the expected levels of eight per cent or more. Even though the country has fared well in 2010 and 2011 by posting eight per cent and 8.3 per cent growth consecutively for the first time in history, there is increasing ...
Admits growth may be slower but insists that all assistance will be given for investment Despite a growth downgrade in 2012, Central Bank Governor Ajith Nivard Cabraal insists that the Government is focused on encouraging private sector investment and will provide maximum assistance. Cabraal made these points as the Guest Speaker at the American Chamber ...
Still recovering from decades of civil war, Sri Lanka has attracted some private equity interest but firms have found it hard to rally LP support for the country PE Asia: Sri Lanka’s golden sandy beaches lie not 50 kilometres from India’s closest point, but the distance between the two countries’ private equity markets is ...
Holders of UnionPay credit and debit cards can now withdraw money from more than 500 ATM terminals in Sri Lanka of the Commercial Bank of Ceylon, under a partnership between the Bank and China UnionPay. This partnership between the country’s largest private bank and one of the world’s largest payment card schemes will facilitate visits ...
CB gives appraisal on economy, admits 2012 start under pressure but insists new policies have smoothed road ahead By Uditha Jayasinghe Regardless of emerging pressures, the Central Bank is confident that Sri Lanka will be able to weather economic storms in 2012, a top official said yesterday, insisting that proactive policy measures would bear ...
The Central Bank on Friday said earnings from exports increased by 7.6% to $ 879 million in February 2012 while expenditure on imports increased by 27.9% to $ 1,581 million over the corresponding month of the previous year. The largest contribution to export earnings in February 2012 was from industrial exports. Industrial exports grew by ...
The Ceylon Chamber of Commerce (CCC) signed a cooperation agreement with the Chamber for Promotion and Economic Development of the BRICS Countries (Brazil, Russia, India, China and South Africa) called ‘BRICS-PED’ recently. This special agreement will initially promote an identified range of products/services between Sri Lanka and BRICS Countries and facilitate alliances on reciprocal ...
The highest oversubscription ever seen for a Sri Lankan international bond in April and KPMG’s latest positive Change Readiness Index ranking for Sri Lanka show the growing international investor confidence in the country, which prefers patient investments to hot money. “Sri Lanka has entered a new era of development thanks to the visionary leadership of ...
Sri Lanka spent Rs. 56 b on above-the-line advertising in 2011 Taking wing to India for meetings is a usual routine for any business leader attached to a multinational in Sri Lanka as most such organisations have their regional offices in India. During a recent visit to India, the hype surrounding IPL – 5th edition ...
The National Development Bank’s (NDB) corporate mission ‘to be dominant in the financial services sector, creating superior long-term shareholder value and contributing to economic development in Sri Lanka’ remains true to its roots even today, as it stays committed to fulfil its mission towards the nation, while creating long lasting relationships with its stakeholders. The ...
Finance Ministry Secretary Dr. P.B. Jayasundera yesterday insisted that the recent fall in the value of the rupee was unwarranted and blamed it on speculators as recent corrective policy actions had strengthened fundamentals for greater stability in the exchange rate. “The recent spike is due to speculation more than on fundamentals. I reiterate that the ...
President Mahinda Rajapaksa this week invited Korean business community to invest in Sri Lanka and to be a partner in the prosperous march of our nation. “I can confidently assure you that you will truly be happy that you took such a decision,” the President said, addressing the Sri Lanka-Korea Business Forum hosted by the ...
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 ...
As a tenfold growth in Sri Lanka – Qatar bilateral trade being reported, the first ever joint trade talks between Sri Lanka and fast growing Qatar are now in the offing. “We are now interested in convening the First Joint Council meeting between Sri Lanka and Qatar under the 2012 Agreement at an early date” ...
IFC, a member of the World Bank Group, is working with micro-insurance company SANASA Insurance to develop flexible, affordable, weather-based agricultural insurance products in Sri Lanka to minimise the impact of crop losses due to floods or droughts. IFC is helping SANASA Insurance expand access to insurance for up to 15,000 small farmers by offering ...
Reuters: Sri Lanka’s tea production fell 22.6 per cent year-on-year in March, the state-run tea board said on Tuesday, with industry experts attributing the drop to adverse weather. Sri Lanka’s March tea output was 27.21 million kg compared to 35.13 million kg in March 2011. Production in the first quarter dropped 6.7 per cent to ...
Reuters: The Central Bank said on Friday that despite heavy depreciation pressure on the rupee, there was no need to intervene in the market as the country would see $ 574 million of inflows within a month. On Friday, the currency was trading near its record low of 131.60 per dollar, hit on 19 March ...