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PUC Commission to make Final Decision on Tariffs on the 14th Of September By Devin Jayasundera The Public Utilities Commission (PUC) had its annual Public Consultation regarding the Non-Conventional Renewable Energy Tariffs for 2012/2013 amidst the presence of its major stakeholders yesterday. According to PUC Director General Damitha Kumarasinghe this progressive step was taken ...
Commissioners given freedom to decide future course with regard to DG post Dr. Jayasundera says top professionals picked to give leadership to a sound capital market growth Priyantha and Sujeewa served as Commissioners under Indrani Sugathadasa as well Opposition and certain market segments decry choice of men given their conflicting roles By Nisthar Cassim Likely ...
Achievements so far The authorities have achieved significant success in reducing the budget deficit from 9.8% of GDP in 2009 to 6.8% in 2011. The bold measures introduced in February/March 2012 to increase fuel and electricity prices, passing on higher global costs, have gone a long way towards reducing the off-balance sheet losses of 2% ...
Foreigners most bullish with net buying up 20% or Rs. 5 b; Market’s value up by Rs. 48 b between 20 July and 24 Aug. Despite original reservations by some that President Mahinda Rajapaksa shouldn’t have met with capital market stakeholders, the Colombo stock market has proved otherwise, with the most bullish being foreign investors. ...
Given first half performance, believes several 2012 Roadmap targets will be missed UNP MP and its chief spokesman on the economy Dr. Harsha de Silva yesterday claimed that most of the Central Bank’s 2012 Roadmap targets were likely to be missed, based on below par performance on the external trade front during the first half. ...
By Shanuka Tissera Leading bankers were given the opportunity to discuss the method of approvals of OPIC funding and political risk insurance, facilitated by the International Executive Service Corps (IESC) and the American Chamber of Commerce Sri Lanka (AMCHAM) for US equity sponsored projects. The keynote address was delivered by the Governor of the Central ...
Seychelles President Seychelles President James Alix Michel concludes a historic state visit to Sri Lanka heralding a new chapter in Seychelles-Sri Lanka relations in pursuit of common endeavours towards strengthening closer friendship and economic cooperation between the two countries in a variety of fields, with enormous benefits for the two countries and their peoples. President ...
Good governance activist and former Ceylon Chamber of Commerce Chairman Chandra Jayaratne has called for an Ethics Guide for Public Service. This suggestion has been shared with several professional organisations such as the Organisation of Professional Associations, Sri Lanka Economic Association, the Institute of Chartered Accountants of Sri Lanka, Ceylon Chamber of Commerce, and Bankers ...
The Transparency International Sri Lanka (TISL) in a statement said yesterday that the resignation of Tilak Karunaratne as Chairman of the Securities and Exchange Commission (SEC) wasn’t a surprise and urged the Government to strengthen its resolve against the ‘stock market mafia.’ Following is the full text of the TISL statement: Mr. Tilak Karunaratne, who ...
The Central Bank said yesterday inflows to the services account of the balance of payments remain buoyant despite challenging conditions. It said earnings from tourism in June 2012 grew by 20.6%, year-on-year, to $ 63 million, while during the first six months of 2012, earnings from tourism have grown at a robust rate of 24.3%, ...
Several chambers of commerce and trade have praised the Government’s stable tax regime, according to the Ministry of Commerce and Industry. It said that during a meeting between Minister Commerce and Industry Rishad Bathiudeen and representatives of Ceylon Chamber of Commerce, the National Chamber of Exporters and the Industrial Association of Sri Lanka yesterday, they ...
Indo-Lanka relations Indo-Lanka relations have been cordial ever since the two countries gained independence. The most notable act of magnanimity on the part of India was to cede the Island of Katchchathivu to Sri Lanka through an agreement between the two countries. Relations have intermittently been strained due to domestic ethnic issue having had a ...
Why the Government should listen to the demands of university academics Sri Lanka is experiencing the dividends of peace at the moment. The Sri Lankan economy has expanded by a healthy growth rate of 7.9 per cent during the first quarter of this year, from the same period a year earlier. A Global Survey ...
Sri Lanka and Seychelles will establish a direct air link between the two countries immediately, enabling increased trade and tourism between the two island nations and neighbouring countries. At the discussion on Tuesday held between the visiting Seychelles President Alix Michel and Minister of Economic Development Basil Rajapaksa, it was decided to open up a ...
With just one-month to go before the start of the ICC World Twenty20 Sri Lanka 2012, the International Cricket Council (ICC) has announced the schedule of men’s and women’s warm-up matches which will be played in the lead up to the event proper. The fourth edition of the event, the first to take place in ...
Recognises Sugathadasa and Karunaratne as people of integrity; says didn’t call for their resignations but faults the regulatory system and officers within Disassociates with investor mafia if such exists; admits receipt of five letters of inquiry from SEC Says his presentation at President’s Forum was on behalf of like-minded investors Reiterates over-regulation and fear psychosis ...
DFCC Bank is a pioneering financier of the renewable energy sector and has been instrumental in the development of the small hydro power sub-sector in Sri Lanka. This has been recognised internationally and by agencies such as the World Bank. While several foreign delegations have visited Sri Lanka to study the success of the sector, ...
Since its inception in 2011, the rapid growth of IAS Solutions has been a tremendous success. IAS has embarked on many new projects, acquiring some major accounts in Sri Lanka and overseas. Hameedia, Vista Advertising, Luxeasia (member of the Expo Group), Footfalls and Labour Solutions Australia are some of those prestige accounts. In this digital ...
Expresses confidence on working with Sri Lanka to meet rising needs in ship building and repairing By Harsha Udayakantha Peiris The President of the Republic of Seychelles James Alix Michel, currently on visit in Sri Lanka, made a special courtesy call at Colombo Dockyard PLC yesterday. The President was accompanied by Minister of Fisheries and ...
Sri Lanka’s leading fashion brand and menswear specialist Hameedia recently had the unique honour of clothing celebrated international superstar Maxi Priest both for his Sri Lanka concert and his forthcoming music video. Famed around the world for his unique style of singing and his two hit songs ‘Close to You’ and ‘That Girl’, Maxi Priest ...
Aims to become Colombo’s leading sustainable city hotel by 2015 By Cassandra Mascarenhas Further incorporating sustainability into their processes and business and working towards enhancing the environmental performance of the hotel, the Cinnamon Grand in association with the Switch-Asia programme hosted a ‘green forum’ yesterday in order to enlighten a group of key stakeholders ...
By Andrew Fernando ESPNCricinfo: Considering the sheer number of complications the SLPL has suffered since its inception, it may not be unfair to say that if the SLPL had been a baby, its parents would probably have put it up for adoption. If it had been a racehorse, it would already be glue. If it ...
Sri Lanka's Central Bank believes the rupee can strengthen to around 125 per U.S. dollar due to high foreign inflows into the economy, the head of the country's monetary authority said yesterday.
Reuters: The Central Bank believes the rupee can strengthen to around 125 per US Dollar due to high foreign inflows into the economy, the Head of the country’s monetary authority said of Monday. Since April, the Central Bank and Finance Ministry have repeatedly said the rupee should stabilise at around 125 per dollar, given the ...
As continuously highlighted by the Daily FT and perhaps dumbfounding critics and locals, foreign craving for stocks in the Colombo Bourse is growing, with net inflow surpassing Rs. 28 billion yesterday with the addition of fresh buying worth Rs. 980 million. Non-nationals accounted for 28% of total market turnover with purchases amounting to Rs. 984.2 ...
Reuters: The International Monetary Fund on Monday raised concerns over the resignation of the Head of the Securities and Exchange Commission ilak Karunaratne, observing that the regulator had been taking the right steps to ensure market participants obeyed the rules. “It is sad to see the SEC lose yet another strong chairperson, and in such ...
Global Media Networks Ltd. (GMNet) has unveiled a Colombo Stock Exchange-based free game simulator VstoX Colombo Virtual Exchange (www.vstox.com) with a view of introducing a virtual simulation to investors on the Colombo Bourse’s activities for the first time in Sri Lanka. VstoX integrates the real life order placement system, commonly known as ATS (Automated Trading ...
Heritance Ayurveda Maha Gedara emerged the most energy efficient hotel in Sri Lanka by winning the highest accolade awarded in the large scale hotel sector at the Sri Lanka National Energy Efficiency Awards 2012 which concluded recently. This is the second consecutive year that Aitken Spence Hotels has been recognised at the awards. Last year ...
President of Seychelles James Michel will arrive in Sri Lanka today for a three-day official visit. During his visit from August 20-23, President Michel will meet President Mahinda Rajapaksa and hold bilateral discussions. On Tuesday (21) President Michel will deliver a lecture on ‘The Role of the Small Island State in the Global Tapestry’ at ...
Hatton National Bank (HNB) PLC MD/CEO Rajendra Theagarajah was conferred with the award for ‘Outstanding Contribution to the Banking Industry’ in recognition of the valuable services rendered to the Banking industry by the Council of Association, at the 24th Anniversary Convention of the Association of Professional Bankers Sri Lanka held on 13 August at the ...