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Maintaining that the Government was on the right course, Treasury Secretary Dr. P.B. Jayasundera yesterday urged the private sector to adapt as well as tap unprecedented growth potential, harnessing supportive policies and other measures. Delivering the keynote at the first plenary session of the Ceylon Chamber of Commerce Sri Lanka Economic Summit, Dr. Jayasundera in ...
- Treasury Chief urges help for balance of payments (Category: Business)
- Expert views on key issues (Category: Business)
- Believe us today like when the going was good: Dr. PB (Category: Business)
- Treasury Secy. says need further monetary tightening (Category: Business)
Following is the full text of Secretary to Ministry of Finance and Planning and Ministry of Economic Development Dr. P.B. Jayasundera’s keynote address titled ‘Sri Lankan Economy in Perspective’ at first plenary session of the Ceylon Chamber of Commerce Sri Lanka Economic Summit yesterday under the theme ‘Positioning Sri Lanka in the Global Economy’ Chairman, ...
- Govt. on right course, private sector must adapt and grow: Dr. P.B. (Category: Business)
- Accelerating growth: catching the wave or missing the bus (Category: Business)
- A resolute Sri Lankan economy (Category: Business)
- Does Wage Growth Retard Economic Growth? (Category: Breaking News)
Poor rainfall throughout Sri Lanka during the past few months has caused a drought unheard of during recent history. Particularly affected Districts are Kurunegala, Puttalam, Anuradhapura, Polonnaruwa, Batticaloa, Ampara, Nuwara Eliya and Badulla. Farmers complain that their crops are being ruined or are on the verge of being ruined. Some villages complain of the shortage ...
- Drought and lessons learned (Category: Business)
- Paddy farmers’ problems (Category: Business)
- Mahaweli Project – North Central Province canal: A tunnel in the wilderness? (Category: Breaking News)
- Lack of irrigation water for paddy cultivation: A way out (Category: Breaking News)
Like Sri Lanka, India is also facing a fuel crisis. However, some Indian economic experts had analysed the situation and expressed an opinion, which is applicable to Sri Lanka as well. In 1970 America insisted that all petroleum (crude oil) dealings should be in US dollars. Several countries purchased excess US sdollar to be kept ...
- Internationalization of Rupee – India’s Big Leap (Category: Breaking News)
- Foreign Navies request SLN training (Category: Breaking News)
- Bilateral Links (Category: Business)
- All-women delegation from India to visit Sri Lanka (Category: Breaking News)
Reuters: Sri Lanka’s inflation rate accelerated to a 41-month high in June driven by the rupee’s sharp depreciation, while food prices were hit by supply constraints due to drought and government policies to discourage selected imports. Annual inflation hit 9.3% in June from a year earlier, its highest since January 2009 and up from 7.0% ...
- Inflation seen at 42-month high in July (Category: Business)
- November annual inflation eases to 4.7% (Category: Business)
- Inflation seen at 2012 high in May: Reuters Poll (Category: Business)
- CB says policy rates appropriate (Category: Business)
India on Friday slashed fuel prices in a bid to bring relief to consumers, putting the stagnant oil prices in Sri Lanka under stronger focus. As the rupee continues to dip, there is ever-increasing pressure on the Government to take action on keeping the cost of living bearable – a tough task at the best ...
- CPC implications (Category: Business)
- Another CPC controversy (Category: Business)
- Taming the ‘monsters’ (Category: Business)
- Price Balance (Category: Business)
A solution for loss-making SOEs? In the USA, a new corporate entity referred to as a Benefit Corporation (B-Corp) has been brought into being. The states of Maryland, New Jersey, Virginia, California and Vermont have legislation which permits companies to combine the profit motive with the purpose of making a positive impact on society and ...
- Taming the ‘monsters’ (Category: Business)
- Corporatism: A step beyond state capitalism (Category: Business)
- Experimenting with State-Owned Enterprises (Category: Breaking News)
- IMF-led privatisation, land and resource grab in Sri Lanka (Category: Breaking News)
By Marianne David MP and consultant economist Dr. Harsha De Silva yesterday alleged that THE UNP’s criticism over the mismanagement of the economy and the Central Bank as well as the EPF’s investments in banking stocks have been emphatically validated by global rating agency Standard and Poor’s.“Standard and Poor’s reiterated what we have been saying ...
- Harsha claims Govt., CB lack credibility (Category: Business)
- UNP draws guns on “military control” of Rupee (Category: Business)
- S&P’s soother! (Category: Business)
Sri Lanka is on a drive to reduce manufacturing costs by slashing industry power consumption. “I am pleased to announce that My Ministry has implemented a much needed industry grade energy efficiencies at factory level, using the Public Private Partnership (PPP) model. We are targeting to reduce industrial energy consumption by 10% initially,” said Minister ...
- Eighth Power International Expo kicks off in Colombo (Category: Business)
- CEMS Global to hold eighth ‘Power Sri Lanka’ international exhibition (Category: Business)
- India and Sri Lanka Forge Robust Partnership in Renewable Energy Sector (Category: Breaking News)
- Keen interest in Lanka’s energy sector at first Swiss-SL Investment Forum (Category: Business)
By Cheranka Mendis in Kathmandu A 400kv electricity integration project between Sri Lanka and India at an approximate investment of US$ 400 million is now at the final stage of discussion and is expected to commence work in the near future. To be financed by the Asian Development Bank (ADB), the project will transmit electricity ...
- Sri Lanka uses 100 mln USD Indian credit for solar panels in govt institutions, religious places (Category: Breaking News)
- India-Lanka power grid link feasibility study likely by Dec (Category: Breaking News)
- Seven agreements signed between Sri Lanka and India . (Category: Breaking News)
- Northern peninsula electrified after 25 years (Category: Business)
Lanka IOC has raised the price of diesel. It has for some time been asking that it be allowed to determine its own prices. But unfortunately it caters to too small a market share and cannot afford to get too far out of step without losing business. Now that world oil price is slipping, there ...
- Petroleum Industries Ministry to fight LIOC price stranglehold (Category: Breaking News)
- CPC chairman reveals reasons for fuel price hike (Category: Breaking News)
- CPC chairman reveals reasons for fuel price hike (Category: Breaking News)
- Fuel price drop in the world market can be considered only after six weeks – Petroleum Minister (Category: Breaking News)
Peter Kropotkin is a Russian revolutionist who has commented in his book ‘The Conquest of Bread’ what he considers to be the weaknesses of the economic systems of capitalism and how poverty and scarcity thrives on. However, Kropotkin did not believe in the theory of state and is known as an anarchist. The issue of ...
- Sri Lanka state finances would improve with domestic domestic restructure: think tank (Category: Breaking News)
- Limits of statist development or state capitalism (Category: Business)
- Sri Lanka net government debt soars in 2021 despite zero foreign deficit finance (Category: Breaking News)
- Rupee depreciation: A powerful tool to drive growth and employment? (Category: Business)
With highest-ever top and bottom line performance premier blue chip JKH says knowing exactly who were are, what we stand for and where we are headed makes all the differenceI am pleased to present the Integrated Annual Report, and the Statement of Accounts, for the Financial Year ended 31 March 2012. The Report encapsulates the ...
- Jumbo profit at JKH (Category: Business)
- Stellar 3Q for JKH (Category: Business)
- JKH forges with solid growth (Category: Business)
- Good start by JKH in “challenging” FY13 (Category: Business)
Given one month extension pending reconstitution Adding to the confusion and controversies, the Board of Directors of the BOI is in limbo with subject Ministry Secretary Dr. P.B. Jayasundera giving it a month’s extension. The move follows the tenure of the members of the Board ending recently and until the latest extension indicated this week, ...
- BOI says approvals up 100%, agreements signed by 25% in 1Q (Category: Business)
- Challenges for FDI (Category: Business)
- Ministry of Economic Development breaks silence; responds to tourism, BOI issues (Category: Business)
- FDI exceeds 1.5 billion USD target set by BOI for 2023 -State Minister of Investment Promotion (Category: Breaking News)
Fuel prices are again the topic of public debate. Even Parliament had a discussion over it, with the Opposition calling for a reduction in prices but the Government hedging against passing on the savings from a global cost decrease to cover at least part of the Rs. 60 billion losses incurred over successive years by ...
- Fuel a price change (Category: Business)
- Another CPC controversy (Category: Business)
- Taming the ‘monsters’ (Category: Business)
- Experimenting with State-Owned Enterprises (Category: Breaking News)
By Damien The Secretary to the treasury Dr. P.B Jayasundera recently made statement that the country is wasting the foreign currency on things that can be made in this country. I would like to add to this by stating that as a country we should have clear targets and policies that are aimed at both ...
- Subsidized student loan scheme through commercial banks in addition to existing interest-free st... (Category: Breaking News)
- Banks lift overseas spending limits imposed on credit cards as dollar liquidity improves (Category: Breaking News)
- Ten problems; one solution (Category: Business)
- Causes Of Economic Crisis In Sri Lanka & Lessons For A New Age (Category: Breaking News)
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 ...
- ‘Rupee Volatility – In Search of Equilibrium’ (Category: Business)
- Forex crisis: CB explains and assures (Category: Business)
- Economic growth to rebound in 2013: SCB (Category: Business)
- Raising the bar: The rise of the Sri Lankan economy (Category: Business)
Adding to its rapidly developing branch network, Union Bank of Colombo PLC (UBC) opened its newest branch on 23 May, in Chilaw offering a host of financial services delivered through superior customer care to Small and Medium enterprises and retail customers. The new branch counts as the 33rd branch of UBC branch network. Located at ...
- Union Bank opens in Ratnapura (Category: Business)
- Union Bank Piyawara children’s art competition (Category: Business)
- Centier Bank names new Merrillville branch manager (Category: USA, Indiana)
- Union Bank opens in two historic cities (Category: Business)
In mid February, the Ceylon Electricity Board (CEB) informed consumers of their intention to revise their electricity charges from the following month. The March electricity bill issued to the consumer by the meter-reader was based on previous rate. The April bill based on revised rates with the addition of fuel surcharge for March was sure ...
- More power cuts after China-built plant fails again (Category: Business)
- In the Chinese-built coal power plant of Norchcholai, there are more questions than answers. (Category: Breaking News)
- Chinese firm says coal plant failed after overuse (Category: Business)
- CEB is not a burden on national economy, says Power Minister (Category: Business)
Reuters: Sri Lanka expects a U.S. waiver of sanctions on imports of Iranian crude after it took steps to cut them by up to 38 percent, switching to alternatives from Oman and Saudi Arabia, the island's oil minister said on Tuesday. Susil Premajayantha said Sri Lanka, which is dependent on crude imports, has taken steps ...
- Oil Supply (Category: Business)
- Sri Lanka cleared from Iran oil sanctions (Category: Breaking News)
- Sri Lanka looking to import more crude oil from Saudi Arabia (Category: Breaking News)
- U.S. punishing small nations, says Rajapaksa (Category: Breaking News)
Vesak is a time to revisit and refocus on the core of Buddhism. It is also the time to see how Buddhist principles of truth, peace, honesty and kindness can be promoted in the country. At the start of the week, just a cursory glance at the newspapers reveals many things that could do with ...
- Tactful Diplomacy Will Bring Durable Solution (Category: Breaking News)
- Notre Dame Federal Credit Union raises minimum wage to $16 an hour (Category: USA, Indiana)
- Museums' hidden treasures unveiled (Category: Technology)
- It's not a land of ‘mañana,’ but it is a good land (Category: USA, New Mexico)
President Mahinda Rajapaksa along with his officials early this week held a meeting with the senior management of SriLankan Airlines to discuss the progress and future plans of the national carrier. As per the Central Bank 2011 Annual Report, revenue of SriLankan Airlines had increased by 16.3% to Rs. 78.9 billion, while operating expenditure increased ...
- Economy Exercise (Category: Business)
- Social Media (Category: Business)
- New Wings (Category: Business)
- Flexible Flights (Category: Business)
American Express card members stand a chance to win Rs. 25,000 daily this May. They simply need to spend Rs. 2,500 to win. Every Rs. 2,500 spent per day through the American Express Credit Card entitles the card member to one entry for the daily draw. Multiples of Rs. 2,500 spent will entitle the card ...
- Big wins for American Express card members (Category: Business)
- American Express extends Rs. 25,000 daily giveaway (Category: Business)
- American Express extends ‘Big Wins’ offer (Category: Business)
- American Express to reward spenders with Samsung Galaxy SIII giveaway (Category: Business)
Further highlighting its strong position as one of Sri Lanka’s fastest growing banks, Union Bank reported a noticeable upturn in its performance for the period ended 31 March 2012. The bank’s operating profit before VAT and corporate tax improved by 21.4 %, recording Rs 142.7 m up from Rs. 117.5 m for the period ended ...
- Union Bank Q2 income up by 58.6% (Category: Business)
- Sampath ends 3Q with group net profit up 51.7% to Rs.3.2 b (Category: Business)
- NDB group records Rs. 1 b profit in 1H (Category: Business)
Much has been spoken of the Sri Lankan economy by different bodies including the guardians of the economy (the Central Bank and Government Treasury). There is constant backlash to the Government bringing out historical events while portraying a very bleak future, although the Government has taken corrective action to address any major economic catastrophe. The ...
- Fitch affirms SLT at ‘BB-’ (Category: Business)
- Bartleet Finance launches ‘Bilindu’ (Category: Business)
- S&P fires warning on Sri Lankan banking system; ranked along with Nigeria (Category: Business)
Reuters: Sri Lanka’s annual inflation rate accelerated to a seven-month high of 6.1% in April from a year earlier mainly due to expensive imports after rupee depreciation and price hikes in fuel and electricity to reflect rising oil prices. Inflation rose to 6.1%, above the 6.0% expected by analysts and up from 5.5% in March, ...
- April annual inflation up 6.1% (Category: Business)
- Inflation rises to six month high of 5.5% (Category: Business)
- May annual inflation rises to 7% (Category: Business)
- September annual inflation eases to eight-month low (Category: Business)
VESAK is the festival of light. Yet this year it seems that the lights will have to be dimmed to reflect the reduced lustre of the country’s economy. As the Power and Energy Ministry organisers raffle draws for people who save electricity during the upcoming religious season there are many other efforts happening behind the ...
- Plane explodes near school (Category: South Australia)
- Hayleys Consumer’s ‘Light-Styles’ glow at architectural lighting showroom (Category: Business)
- No electricity tariff hike this year (Category: Business)
HNB Pathum Vimana, the biggest deposit draw in Sri Lanka, has rewarded countless Sri Lankans with amazing prizes over the last twenty years. The lucky winners of the Pathum Vimana 2011 draw received their prizes at a ceremony organized by Hatton National Bank. The prize presentation for the winners was held at HNB Towers on ...
- HNB donates school books in Nochchiyagama in conjunction with Deyata Kirula 2012 (Category: Business)
- HNB promotes Pathum Vimana 2012 (Category: Business)
- Independence Day launch for HNB Pathum Vimana 2012 (Category: Business)
- HNB launches Pathum Vimana 2012 on Independence Day (Category: Business)
The rupee edged down on Friday due to importer dollar demand despite the Central Bank saying $ 574 million inflows are expected within a month. The rupee ended at 120.20/30 against the dollar, weaker than Thursday’s close of 129.70/90. It fell to 130.60 intraday, but a State-owned bank sold dollars at 130.40, helping the currency ...
- Rupee on a yo-yo! (Category: Business)
- Stocks at three-week high; rupee steady (Category: Business)
- Sri Lanka Q3 GDP seen expanded 8.0%; full year 8.1% (Category: Business)
- Remittances, exporter conversions boost Sri Lanka rupee (Category: Business)
The release of the annual Central Bank report is a time for many to take a second look at the economy, particularly the performance of State-Owned Enterprises. It was reported that the Ceylon Petroleum Corporation (CPC) and the Ceylon Electricity Board (CEB) alone have made a combined loss of Rs. 119.5 billion in 2011 on ...
- Prove worthiness (Category: Business)
- Govt. Removes Rs. 15 Petrol Tax (Category: Breaking News)
- CPC and CEB cut losses: IMF (Category: Business)
- CEB is not a burden on national economy, says Power Minister (Category: Business)
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