By Cheranka Mendis Despite the Central Bank’s forecast reading 7.2% growth for 2012, RAM Ratings Lanka CEO Adrian Perera is confident that the country can touch the 7.5%-7.6% mark by the end of the year. Perera told the Daily FT that the new projection is a realistic number from the 8% noted at the beginning ...

My column today is an attempt to focus our attention on a few less spoken or untold developments that may have a profound influence on how we carve our way through in creating a desirable social, economic and political future for mankind on this only planet of ours. While I will not specifically touch on ...

Outlines OZO Colombo plans to provide a 4-star product at a 3-star priceQ: As a veteran and experienced hotelier as well as a prominent personality in the tourism sector, what are your thoughts on the hotel industry in Sri Lanka and what needs to be done? A: These are exciting times with great opportunities for ...

The Sri Lanka-Bangladesh Joint Economic Commission (JEC) sessions, held after almost two decades, concluded successfully yesterday in Dhaka, Bangladesh. “We effectively renewed bilateral trade cooperation and more importantly, have succeeded in regularising the important JEC series in the future,” announced Rishad Bathiudeen, Minister of Industry and Commerce of Sri Lanka in Dhaka at t...

Citizens Development Business Finance PLC (CDB) recently consolidated its presence in the Eastern town of Trincomalee, thereby offering its bouquet of products and financial services to the people of the city and surrounding areas. Operative at No. 266, Central Road, Trincomalee, this new outlet is equipped with all modern facilities and enables speedy access via ...

By Cheranka Mendis Sri Lanka’s export sector, looking at a revenue expectation of $ 12.5 billion this year, is hosting the country’s largest mega trade, investment and tourism promotion initiative Expo 2012 from 28-31 March at the BMICH. Held under the theme of ‘Partnering with the Hub of Asia,’ the expo is being held after ...

The Global Symposium for Regulators (GSR) of the ITU is scheduled to be held from 1 to 4 October, at the Colombo Hilton Hotel. It is an unique high profile global event intended to share and exchange information among National Regulatory Authorities from both developed and developing countries and key ICT stakeholders on regulatory subjects ...

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 ...

Over the weekend I met up with a cross section of business people, which gave me view of the current climate that exists in corporate world of Sri Lanka. One said that their production plant was closed last week as the cost of production was higher than the selling price given the devaluation of the ...

Sri Lanka Tourism Chairman Dr. Nalaka Godahewa addressed the members of The Council for Business with Britain (CBB) of the Ceylon Chamber of Commerce recently. He highlighted the vision of President Mahinda Rajapaksa for the tourism industry, the world’s largest service industry. The presentation was titled ‘Towards 2.5 million visitors by 2016 – Where are ...

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 ...

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 ...

In the latest UNWTO report, it is stated that tourism has become one of the world’s largest foreign exchange earners with the industry catapulting to US$ 900 billion and visitor numbers crossing 980 million visitors globally.The growth has been ignited with the launch of e-commerce where a holiday can be booked and paid for from ...

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 ...

DUBAI: The value of trade between the UAE and Sri Lanka has increased from $720 million to $1.1 billion in 2011, officials said. MM Abdul Raheem, Consul General of Sri Lanka in Dubai, said that Sri Lanka’s total export to the world has increased its values from $7,122 million in 2009 to $10,017 million in ...

SRI LANKA this week has seen new investors cutting the first sod for several of many new hotels to be built. As reported on today’s front page, construction of the world renowned Shangri-La’s much reported luxury hotel commenced in Colombo whilst today a similar exercise will take place in the deep South for its resort ...

The Rev. Prof. V. Ponnambalam, Chief Priest of the Sri Muthunaya Kovil in Palermo, along with Rev. Sellaya Viknesvaram, Satkuna and Chandradevi, participated at the 64th Independence Day celebrations held in Rome, despite the very heavy snow and adverse weather conditions. In his speech at the celebrations, Rev. Prof. Ponnambalam said it was the first ...

Turning a new chapter in domestic aviation, Senok Group of Companies recently launched its domestic helicopter charter service under the name of “Air Senok”, at a very prestigious ceremony held with the presence of President Mahinda Rajapaksa. Since the launch the company has already attracted the attention of the corporate, foreign agencies and as well ...

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 ...

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 ...

Reuters: Sri Lanka’s tea production rose a slight six per cent in January compared to the same month a year ago, when output was especially low, the State-run Tea Board said on Tuesday. January tea output was 22.41 million kg compared to 21.14 million kg in January 2011. “This is the normal output. The increase ...

Over 700 global participants already in says Ministry of Industry and Commerce Sri Lanka Expo 2012, the mega export show of international scale to be held after 15 years, has been boosted by active enlistment of country’s Department of Commerce for the show’s international outreach. The mega-show has also managed to successfully enlist increased number ...

One of Sri Lanka’s top thought leaders and respected corporate personalities Rohantha Athukorala addressing the Lions Club of Colombo Orient commented that whilst accepting the fact that the economy was into some rough times he went on to say that the first wave of post war success was the time period 2009-2011 where Sri Lanka ...

“With the end of terrorism a new era of peace and development had dawned upon our nation and as Sri Lanka continuing on the path of development, we have requested our friends in the international community to be partners in this process,” President Mahinda Rajapaksa said. “Strengthened by the basic structures in place for a ...

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 ...

The Daily FT spoke to the Immediate Past President of Sri Lanka Association of Inbound Tour Operators (SLAITO) and Chairman and Managing Director of Conniassance de Ceylan Ltd., on the state of post-war Sri Lanka tourism industry, the progress and key challenges as well as future prospects and how best they could be harnessed. Here ...

Blue chip conglomerate Aitken Spence PLC has reported its interim results to the Colombo Stock Exchange on Monday, showing Rs. 3.02 billion as pre-tax profit and Rs. 1.95 billion as profit attributable to shareholders for the nine months ended 31 December 2011; an increase of 24% and 20% respectively over the previous year. For the ...

The Ceylon Chamber of Commerce with a view to build a dependable, pragmatic, and advantageous relationship and to establish friendly and cordial relations between Sri Lanka and Chile, signed a Memorandum of Understanding with the National Chamber of Commerce, Services and Tourism Chile (CCC-Chile) recently. Signing of the MoU was facilitated by Dr. Mahinda Balasooriya, Ambassador ...

In tandem with the private sector rush to harness the post-war tourism rebound, the Government this week joined the trend by kicking off its own Rs. 300 million resort in Anuradhapura, though targeting domestic tourists. Minister of Economic Development Basil Rajapaksa on the sidelines of Deyata Kirula laid the foundation stone for a tourist resort ...

Hemas Holdings yesterday reported its best quarter year-to-date with consolidated revenues of Rs. 5.3 billion, reflecting a growth of 15.2% year-on-year, and net earnings of Rs. 350 million, a growth of 12.6%.  CEO Husein Esufally said earnings growth during the third quarter was fueled by the Leisure, Healthcare and FMCG sectors, which grew by 170.6%, ...