The STING Corporate Accountability Index is an independently researched analysis of the standing of corporate Sri Lanka against a model of responsible business practices. It is published in order to encourage more companies to adopt a holistic system of corporate responsibility. The adoption of such a system and making this the usual way of operating, ...

The entry in to Sri Lanka by Malaysia’s sovereign wealth fund Khazanah Nasional Berhad via John Keells Holdings (JKH) is being hailed as a all round boost for the country, the Colombo stock market as well as the premier blue chip. JKH which has many first to its credit is also the first stock on ...

Today is 19 March 2012. The day and the month of March are significant in the lives of many people – some celebrating birthdays, some wedding anniversaries, while others nurse what is yet left over from the hangover of the three day drawn encounter that we experienced a week ago or the limited over Royal ...

MANILA, PHILIPPINES: Economic growth in the Pacific region is expected to slow to 6.0% in 2012 from 7.0% in 2011, according to the latest Pacific Economic Monitor released yesterday by the Asian Development Bank (ADB). The slowdown is driven by lower growth in large resource-exporting economies that dominate regional growth. The Pacific region continues to ...

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. ...

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 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 ...

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, ...

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 ...

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 ...

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 ...

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 ...

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...

External trade in November turned exponential to reach a record figure of almost $ 3 billion with imports shooting up to a near $ 2 billion as exports showed signs of losing steam though higher in comparison to a year earlier. The rapid rise in imports, up 78% to $ 1.98 billion, highest ever, and ...

LONDON(Reuters): Cleaner and better-managed seas and coasts would help boost economic growth and reduce poverty and pollution, a United Nations Environment Programme (UNEP) report said on Wednesday. The report, produced with several other U.N. organizations, highlights the huge potential of a marine-based economy some five months before world governments meet to discuss pathways to more ...

LAUGFS Leisure Limited a fully owned subsidiary of LAUGFS Gas PLC announced yesterday the appointment of veteran hotelier Sirilal Miththapala to its Board of Directors. Miththapala joins LAUGFS Leisure Board at a time the company is taking serious initiatives to be a leading player in the hospitality industry in Sri Lanka. LAUGFS Leisureis currently involved ...

Facing the short-term economic challengesThe macroeconomic imbalances Sri Lanka has achieved a growth rate of 8.3% last year and inflation fell to 4.9% year-on-year in December 2011. These are noteworthy achievements at a time when the global economic landscape has been hostile with a slowdown in the US and a crisis in Europe; key markets ...

Developing countries should prepare for further downside risks, as Euro Area debt problems and weakening growth in several big emerging economies are dimming global growth prospects, the World Bank said yesterday in the newly-released Global Economic Prospects (GEP) 2012. The bank has lowered its growth forecast for 2012 to 5.4 per cent for developing countries ...

By Dinali Goonewardene The Institute of Chartered Accountants (CA Sri Lanka) ceremonially inducted its 21st President, Sujeewa Rajapakse, at a ceremony at the Cinnamon Grand hotel yesterday. Rajapakse, who is the Managing Partner at BDO Partners, the fifth largest audit firm globally, took over for a two-year term from outgoing President Sujeewa Mudalige. Newly-inducted President ...

Sri Lanka readying for dedicated trade talks in MarchBeing the first FTA for India and Sri Lanka, the 1998 Indo-Sri Lanka Free Trade Agreement carries substantial sentimental value for Sri Lanka. Together, both countries can play a major role in elevating Indo-Sri Lanka economic relations from the current level to a much higher plane. The ...

The Central Bank appeared to be unmoved by scepticism over its upbeat outlook for 2012, which was reiterated yesterday following the January monetary policy review leaving policy rates unchanged. UNP MP and Consultant Economist Dr. Harsha de Silva as well as Standard Chartered Bank have separately questioned some of the upbeat 2012 forecasts.   However, ...

“Our sense is that if we do not act boldly and if we do not act together, the economy around the world runs the risk of a downward spiral of uncertainty, financial instability and potential collapse of global demand… we could run the risk of what some commentators are already calling the lost decade” – ...

The Standard Chartered Bank (SCB) has opined the Central Bank’s forecast of $ 25 billion foreign inflow as “optimistic” given external headwinds whilst cautioning that pressure was mounting on the rupee given the rising import demand. This view along with weaker GDP forecast is contained in SCB's latest country update titled 'A challenging year ahead' ...

Highly confident Central Bank outlines ambitious forecasts for 2012 and beyond 2011 GDP growth at record 8.3%; 2012 outlook revised to 8% from 9% previously Eyes over $ 25 b inflows in 2011 Low interest rates helped to reduce Govt. expenditure by Rs. 15.5 b CB profit transfers to Government over Rs. 46 b between ...

UNP MP Harsha de Silva yesterday alleged Central Bank Governor Nivard Cabraal’s 2012 and beyond road map was “nauseatingly one-sided propaganda” whilst it failed to address the balance of payments issue. Here is the full statement of Dr. de Silva. Without taking away from the hard work of the private sector for having driven this ...