Following the success of Boat Show Sri Lanka 2008 and 2010, South Asia’s largest international boat exhibition sets sail in its third edition on 18, 19 and 20 June at the BMICH. Setting the platform to develop the boating industry and promote the leisure, pleasure and sport boating sector with the assurance of promoting Sri ...

Commercial ties offer many profitable opportunities, says Pakistan’s High CommissionerFollowing is the statement of the High Commissioner of Pakistan Seema Ilahi Baloch, on the occasion of the ‘Made in Pakistan’ exhibition 2012 Pakistan and Sri Lanka have traditionally enjoyed excellent relations.  We also need to strive to add more substance to our economic cooperation and ...

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 ...

SINGAPORE (Reuters): The Ceylon Petroleum Co (Ceypetco) has unexpectedly shut a unit at its 50,000 barrels-per-day refinery, reducing its jet fuel production, a company source said on Monday. The shutdown is expected to last a week, said the source who was speaking on condition of anonymity as he was not authorised to speak to the ...

Reuters: Sri Lanka will face a challenge in meeting this year’s budget deficit target as the recent monetary and fiscal tightening measures may hurt revenue growth, the island nation’s central bank chief told Reuters on Monday. The $59 billion economy has agreed with the International Monetary Fund (IMF) to target a budget deficit of 6.2 ...

Sri Lanka will continue Iran crude, but will have to reduce Sri Lanka indirectly penalised by US sanction – Basil Reuters: Sri Lanka could trim Iran crude imports up to 20 per cent in the face of US sanctions, the island nation’s economic development minister said on Tuesday as it had taken strong measures to ...

The Government has revised upward import tariffs and excise duties intensely for all motor vehicles and spare parts except on agricultural tractors, buses, lorries and trucks with effect from 31 March 2012. According to the Government, the current upward revision was effected to achieve the objective of controlling the sharp increase of import bills and ...

UNP MP Dr. Harsha de Silva yesterday charged that the Government and the Central Bank seriously lacked credibility, whilst the people were being taken for a ride with falsehood. He alleged that a few months ago the Government, especially the Central Bank, was hoodwinking the masses saying the economy was robust and fiscal and monetary ...

COLOMBO (Reuters): Sri Lanka’s central bank will have room to raise interest rates by at least another 50 basis points if April trade and inflation data show signs of stabilizing, the treasury secretary said on Wednesday. “Since we have already raised policy rates by half a percent (in February), maybe another 50 basis points upward ...

Fitch Ratings has affirmed Sri Lanka Telecom PLC’s (SLT) Long-Term Foreign-Currency (FC) and Local-Currency (LC) Issuer Default Ratings (IDRs) at ‘BB-’, respectively, as well as its National Long-Term rating at ‘AAA(lka)’. The Outlook is Stable. SLT’s IDRs are constrained by the respective sovereign IDRs of ‘BB-’. This is principally due to the Gover...

$ 427 m released to boost reserves bringing total to $ 2.13 b under $ 2.6 b SBA; balance likely in mid-July Emphasises Govt. has taken several positive measures to stem current account deficit, reserve loss and bolster fiscal performance Says recent tax hike on vehicles “unexpected” but shows Govt.’s seriousness in dealing with Balance ...

While the government is fully capable of dealing with any pressures that come from Geneva, New York or Washington, it is the public servants and heads of corporations who should ensure good governance to improve the image of the country internationally, said President Mahinda Rajapaksa. Addressing a gathering of public servants, heads of state corporations, ...

Sri Lanka is to get a $ 400 million lifeline following what is anticipated as a favourable decision on the part of the International Monetary Fund (IMF). The IMF Board was scheduled to meet Monday evening Washington Time, and its Resident Representative Koshy Mathai is scheduled to hold a briefing today in Colombo at 2.00 ...

IPS: Most things in Sri Lanka are becoming expensive these days. In early February fuel prices were increased by margins ranging from eight to 49 per cent, with the all-important diesel, used widely in commercial transport and power generation, going up by 36 per cent. The Sri Lankan rupee that was trading at 107 rupees ...

Denying accusations that the Ceylon Electricity Board is a burden on the national economy, Minister of Power and Energy Champika Ranawaka points out its contribution towards the country’s development and claims the staggering loss of $ 42 billion predicted for 2012 was mainly due to the fuel price hike and rupee depreciation. Following are excerpts ...

With the recent relaxing of the rupee exchange rate and subsequent increase in fuel prices, trade unions and the opposition parties are conducting protest campaigns against the Government, demanding a reduction in oil prices and the cost of living. This article investigates the living conditions of citizens in the recent past and present, quality and ...

NDB‘s contribution to infrastructure development has been substantial during the last three decades. Having garnered the experience and expertise to cater towards the development process in Sri Lanka, NDB continues to focus on this vital component providing the necessary support that will help towards economic development in the country. NDB CEO Russell de Mel says, ...

Titan Fleet Management, France a specialist yacht management company places confidence in Colombo for their repair requirements on super luxury yacht Lauren L. This seven star category 90 meter long yacht called in for repairs on 1 February. The luxury yacht called in for her 10 year class survey repairs coupled with hull surface preparation ...

Says reserves depletion has been arrested Expects US Dollar exchange rate to settle down to below Rs. 125 Emphasises correction in rupee’s value after 'external shock' is positive all round with considerable savings and boost for local producers Claims future of IMF support is not a major concern but will be a bonus Likens affordable ...

Suren Rajanathan is Vice President of 3M Sri Lanka, an innovation-based company which boasts a catalog of over 1,000 products sold in Sri Lanka that span 25 different business categories. 3M has an income internationally of $30 billion in sales, employs about 84,000 people worldwide, and has operations in more than 65 countries with products ...

By Cheranka Mendis Dubai’s low cost airline, flydubai yesterday announced the increase of frequencies to Sri Lanka, going from five to seven weekly flights since 11 March following a surge in passenger numbers. flydubai CEO Ghaith Al Ghaith noted that with the changes in flight timing by moving on from four flights a week during ...

The Janatha Vimukthi Peramuna (JVP) spokesman and parliamentarian Anura Kumara Dissanayaka in an interview with the Daily FT critiques the on-going sessions of the UN Human Rights Council (UNHRC), the state of bad governance, deteriorating law and order and the economic crisis in the country.  Following are excerpts from the interview.   Q;  What are your ...

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 country’s forex market encompassing highly dependent importers and key source exporters was yesterday rocked by what analysts described as the sharpest day gain in the US dollar exchange rate. Before mid-day the Rupee touched a new low of Rs. 127 and then on to Rs. 128 prompting many to assume the rate had bottomed ...

Parent Company – The Mackwoods Group (ML) Possessing a history of over 170 years, Mackwoods Group the parent company of Mackwoods Energy Limited has a diverse portfolio of businesses consisting power and energy, healthcare, agri business and plantations, industry, Information and Communication Technology (ICT), hotels and leisure, infrastructure development, real estate and financial service...

Industry calls for higher productivity, new market development to ride out uncertainties Tea industry stakeholders say the industry needs to urgently improve productivity and generate new markets, as volatility in major Middle Eastern markets continue to dampen tea export earnings.   While there is strong demand for tea in global markets, price increases for Ceylon ...

CONCERN over the controversial Channel 4 documentary has reached a fever pitch. In fact it is so high that it is causing some politicians to talk deliriously and call for local consumers to boycott US products such as Pepsi and Coca Cola or return to the days of snail mail by forgoing Gmail. Even though ...

Preamble State ownership of public utilities dates back to the colonial period. The early post-independent years saw the State establish public enterprises that were involved in the production and distribution of key goods and services. The share of State ownership in the economy expanded steadily and gathered momentum in the 1970s when Government policy, in ...

SRI LANKA’S fabled post-war window of opportunity seems to be closing, with the Central Bank following the International Monetary Fund (IMF) in reducing growth rates for 2012. But does that mean only gloom awaits Sri Lanka or can we ride out the tide and reach the golden shores? The Central Bank had originally forecast this ...

Access Engineering Ltd. yesterday announced that its Rs. 500 million IPO was oversubscribed within a few hours of opening. As the IPO was oversubscribed, the subscription list closed on 6 March 2012, the official day of opening of the IPO, according to the regulations laid down by the Colombo Stock Exchange. The company issued 20 ...