Achieving another remarkable milestone in the country’s booming tourism industry, Sri Lanka Tourism welcomed the arrival of the record 800,000th tourist in 2011 at the Bandaranaike International Airport last evening. Sri Lanka Tourism Chairman Dr. Nalaka Godahewa and Managing Director Rumy Jauffeur warmly welcomed John and Nadia Chambi   from UK who were the savoured 800,000th ...

International Consultants Chairman Ranjiv Goonawardena had kindly invited the Sri Lanka Tourism Promotion Bureau to participate by showcasing the great opportunity that Sri Lanka has to offer, at the Islamic Real Estate Finance (IREF) Summit and Gala Dinner Awards Ceremony of which it was a sponsor. International Consultants sponsored for the second year the ninth ...

Sri Lanka is preparing to receive the Prime Minister and the Minister of Foreign Affairs of the State of Qatar, Sheikh Hamad Bin Jassim Bin Jabr Al-Thani on Monday when he arrives in Sri Lanka on a two-day official visit to strengthen the bilateral relations between the two countries. The Qatari Prime Minister visiting Sri ...

Sri Lanka’s trade deficit rose 137.4% to US$ 905.2 million in September from $ 381.4 million in the same month last year, the Central Bank said yesterday in its monthly review. September imports rose 61.3% to US$ 1.76 billion compared to $ 1.09 billion a year earlier making the trade deficit in the first three ...

The Sri Lanka Government has hit its highest-ever Foreign Direct Investment (FDI) reaching over US$ 1 billion this year, more than doubling the amount in 2010, a Minister said yesterday. Economic Development Deputy Minister Lakshman Yapa Abeywardana told media that during 2011, FDI had jumped to nearly US$ 1,070 million, which is almost double the ...

Around 100 attend New World Securities event; Ambassador Karannagoda and Lankan  firms highlight post-war rebound and potential Nisthar Cassim reporting from Tokyo December 8: Around 100 Japanese firms and investors today got a thorough update on post-war Sri Lanka’s rebound and unprecedented opportunities at an Investment Forum organised in Tokyo by New World Securities. Held ...

Defining public diplomacy Public Diplomacy (PD) is a relatively new term in international relations and is designed to influence foreign audiences. PD is being vigorously promoted and pursued by many countries owing to recent developments in communications technologies. PD came into prominence with the founding of the Fletcher School of Law & Diplomacy at the ...

The Ceylon Income Fund recorded an after-tax net return of 12.39% to emerge as the best performing fixed income fund in Sri Lanka for the financial year ending 31/03/2011. It is also the best performing fund of all Unit Trusts in Sri Lanka during the 10 months to October 31, 2011* while being amongst the ...

“Vietnam and Sri Lanka have now become very close friends. This is a very favourable condition for the businessmen of both countries to do business with each other. It is time for you to take action,” said Ton Sinh Thanh, Ambassador for Vietnam in Sri Lanka at the First Annual General Meeting of the Sri ...

Expo 2012 promoted to national event as catalyst to reach US$ 15 b in exports by 2015 Powerful Cabinet committee appointed; over 1,000 delegates from 30 countries expected Five international road shows done in 2011 as pre-publicity Offers from EU and S. Asian countries to be exhibitors Sri Lanka’s first international export show, which is ...

CIMB and the Colombo Stock Exchange jointly concluded a Sri Lanka Corporate Day in Kuala Lumpur, Malaysia on 30 November 2011, themed ‘Invest Sri Lanka: Opportunities in a New Era’. This conference aim was to provide a snapshot of what lies ahead for the Sri Lankan economy and why Sri Lanka is one of the ...

Last week my phone beeped and the text message read ‘The Chairperson of the Security and Exchange Commission Indrani Sugathadasa had resigned citing reasons of values and principles for her resignation’. My mind went back to the time when this lady when she was the Board Director at EDB. Whenever tough decisions had be taken ...

By Cheranka Mendis Sunquick Sri Lanka, the much loved super concentrated fruit quash will today bring home the prestigious Co-Ro Best country award also known as the Global Sunquick best awards. The award is an annual presentation by the brand owners of Sunquick, Co-Ro Food A/S, a Danish Company awarded for the country that marks ...

Cabraal says that reserves were built to weather demanding situation, calls on the non-banking sector to seek funds from capital markets and wants it to target 70% of GDP by 2016 By Uditha Jayasinghe Central Bank Governor Ajith Nivard Cabraal yesterday defended declining reserves, insisting that they were built up to be used in times ...

First-of-its-kind innovative financing in the regionThe International Finance Corporation (IFC), a member of the World Bank Group, has extended a seven-year US$ 65 million (approximately Rs 7.4 billion) financing facility to the Commercial Bank of Ceylon PLC to expand the latter’s lending to Small and Medium Enterprises (SME). IFC’s largest financial markets investment in Sri ...

By Ian The President in his speech at the opening of the Southern Expressway said that this could be the beginning of building a modern society. He also mentioned that had there been such an expressway linking the north with the south the extremists would not have succeeded in capitalising on the mistrust among communities. ...

The defeat of the LTTE in May 2009 has wrought a perceptible change in Sri Lanka’s economic climate, recognised by international financial institutions, foreign media and economic analysts, says in an article on Bangkok Post published on November 28. “Today they see Sri Lanka as one of Asia’s fast-growing nations with huge potential”, the report ...

Veteran golfers from all parts of India will converge on Sri Lanka’s celebrated Victoria Golf Course in Digana, Kandy, to work off the finals of the Touché Golf League (TGL) on Saturday, 4 December. SriLankan Airlines joins this prestigious event and will fly in the winning teams from India, which includes top celebrities as Kapil ...

Corporate athletism programme to be launched to the private sector Each year globally the top four business professionals in a country who practice the values of Rotary, gets selected for a Group study exchange programmes(GSE) to different parts of the world by Rotary International. Some of the countries that Sri Lanka have partnered are Brazil, ...

Says depreciation by Budget only a one off, admits other sectors will suffer but notes growth will offset negatives By Uditha Jayasinghe The detriments of depreciation must be countered by aggressive growth in exports, the Central Bank Governor said yesterday, insisting that impediments to the industry had been removed by the latest Budget. Speaking for ...

Lankem Group made a strategic investment in the leisure sector by taking control of the award-winning boutique hotel Galle Fort Hotel with an investment of US$ 7 million, it said in a stock exchange filing. GFH is an award-winning boutique hotel in the UNESCO World Heritage Site of Galle Fort in Southern Sri Lanka. The ...

Arrenga Capital Research takes a deeper look at Budget 2012 and impact on select listed companies 1. A challenging deficit target – 6.2% of GDP in 2012 I. Government revenue targeted to grow by 20.2% YoY to Rs. 1,126.1 b (14.7% of GDP) II. Total Government expenditure to rise 14.1% YoY to Rs. 1,594.9 b ...

The rupee trading froze on Monday after President Mahinda Rajapaksa announced a surprise three per cent devaluation with immediate effect in the 2012 Budget speech to help exporters and cut import costs. Central Bank Governor Ajith Nivard Cabraal said the devaluation would take effect from Tuesday, but assured that there wouldn’t be any further cut ...

President Mahinda Rajapaksa presents development-oriented fiscal programme for 2012 and medium-term policy framework with support for almost all key segments of society and economy In their initial takes, overall welcome tone from private sector, though a few express concerns on select proposals President and Finance Minister Mahinda Rajapaksa yesterday presented what the Government described as ....

By Marianne David, Dinali Goonewardene, Cheranka Mendis, Cassandra Mascarenhas, Devin Jayasundera and Chamitha Kuruppu Brandix CEO Ashroff Omar Overall, we are glad that all that we had asked for, having worked with the Treasury before the Budget, has come in. There are slight tweaks from our proposals to what has been given, but overall we ...

Exports, imports up in Sept; Healthy financial inflows Two commercial banks infuse $ 250 m capital from overseas sources; corporate offshore debt capital raising tops $260 m Private sector borrowing averages Rs. 37 b per month in 2011 CB leaves policy rates unchanged for 10th straight month despite benign inflation and the inflation outlook Urges ...

Etisalat was the proud principle sponsor of the Taprobana 4×4 Challenge 2011, which took place on the on the 7th October 2011. The support extended beyond the basic parameters of a sponsorship, by aiding The Four Wheel Drive (FWD) Club of Sri Lanka in its endeavors and providing internet coverage in the middle of think ...

Export of sub-standard products will ruin Sri Lanka’s reputation in the international market as a supplier of high quality spices to the world but the Export Development Board has already been facilitating Good Manufacturing Practices (GMP) to the cinnamon industry to improve local Cinnamon quality according to Minister of Industry and Commerce Rishad Bathiudeen. Minister ...

Expolanka Holdings PLC said yesterday it has sustained its consolidated NPAT for the first half of FY 2011/12 at Rs. 668 m, with a consolidated NPBT at Rs. 862 m. These results have been achieved against the backdrop of the many challenges faced by the Group in the international trading sector with its global economic ...

Diversified conglomerate Aitken Spence PLC posted a pre-tax profit of Rs. 1.7 billion for six months ended 30 September 2011, an increase of 7.5% from the corresponding period last year. Half-year results released to the Colombo Stock Exchange on Wednesday, show a rise of 8% in group revenue to Rs. 13 billion.   Profit attributable ...