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High Commissioner of India in Sri Lanka Ashok K. Kantha recently launched Sri Lanka’s first-ever Corporate Fuel Card and XtraPremium Euro 3 at. Felix Perera, Lanka IOC’s flagship retail outlet in Colombo 7. This new Corporate Fuel Card has been launched by Lanka IOC in a tie-up with Dialog and will be issued to corporate ...
- LIOC makes request for price hike (Category: Breaking News)
- Lanka IOC limits pumping fuel for light vehicles (Category: Breaking News)
- Lanka IOC to introduce Euro III petrol in Sri Lanka (Category: Breaking News)
- STF bust large scale fuel pilfering racket (Category: Breaking News)
CIMB Group Holdings Berhad (CIMB Group) and John Keells Stock Brokers (Pvt) Ltd. (JKSB) yesterday announced a strategic collaboration to promote and facilitate trading on the Colombo Stock Exchange (CSE) and provide co-branded research for CIMB’s clientele. JKSB, a founder member of the CSE and a subsidiary of John Keells Holdings PLC, the largest listed ...
- Sri Lanka to bag yet another ASEAN MoU (Category: Business)
- SGX and Bursa Malaysia connect on ASEAN Exchanges (Category: Business)
- AirAsia establishes regional base in Jakarta, AirAsia Asean (Category: Business)
- Troubled EU eyes ASEAN boost (Category: Business)
Reuters: The International Monetary Fund (IMF) on Monday forecast Sri Lanka’s economic growth would cool to less than 7.5% due to its tighter monetary policy and currency depreciation measures, aimed at cutting the trade and current account deficits. The global lender has withheld the last $800 million left in a $2.6 billion loan program since ...
- IMF cuts Sri Lanka’s growth forecast but says future stable (Category: Business)
- IMF wants flexible policies maintained (Category: Business)
- Credit growth to slow to 27% by December – Cabraal (Category: Business)
- CB may take act on high credit growth (Category: Business)
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 ...
- HSBC boosts RMB trade settlement service to 59 markets (Category: Business)
- HSBC tips Sri Lanka’s external trade to grow exponentially (Category: Business)
- HSBC clinches award for best Sri Lanka deal (Category: Business)
- All set for new chapter in exports as Expo 2012 opens today at Bmich (Category: Business)
Tyranny of the international capital markets Dr. Indrajit Coomaraswamy, ex-Central Banker and International Civil Servant, did not mince words when he addressed the country’s exporters last week. The veteran economist, having made an assessment of the risks associated with Sri Lanka’s external sector crisis, warned that the country will have to grapple with “the tyranny ...
- High costs of poor performance or high returns of sound management (Category: Business)
- Appreciating exchange rates: Not a boon always (Category: Business)
- Flexible exchange rates and impact on exporters (Category: Business)
- No more IMF loan for Sri Lanka (Category: Breaking News)
The Treasury has defended the Government’s recent decision to increase fuel prices ranging from 30% to 50%, linking it to spikes in global prices, rising losses for CPC and the need to safeguard subsidies to the people. In a statement posted on the Treasury’s website, the Finance Ministry has responded to various allegations as well ...
- Bangladesh raises fuel prices to cut subsidy (Category: Business)
- Flammable economy? (Category: Business)
- GOVERNMENT DEPLORES UNP ATTEMPTS TO EXPLOIT THE OIL CRISIS FOR POLITICAL GAINS (Category: Breaking News)
Ford this week announced the winning project under their Environmental Conservation and Grants program in Sri Lanka. The ‘Fire Prevention in Knuckles Forest Reserve’ project was selected as the winner after heavy jury examination and will receive up to $ 10,000 from Ford Motor Company to implement their proposal. Ford Motor Company’s Conservation and Environmental ...
- How to develop an effective marketing plan (Category: Business)
- Organisational sustainability (Category: Business)
- Central Bank’s key suggestions (Category: Business)
The Central Bank last night said the revision of Sri Lanka Foreign Currency Rating Outlook from ‘Positive’ to ‘Stable’ and lowering of the country’s long-term local currency rating from BB- to B+ by Standard & Poor’s was unwarranted. In a statement, the Central Bank said the Sri Lankan economy is estimated to have grown by ...
- S&P revises Sri Lanka FC rating outlook to stable from positive (Category: Business)
- Fitch Affirms Standard Chartered Sri Lanka Branch at ‘AAA(lka)’ (Category: Business)
- S&P’s revision of Foreign Currency Rating Outlook is unwarranted – Sri Lanka (Category: Breaking News)
- Fitch labels Lanka a ‘highest-risk financial system’ (Category: Business)
By Cheranka Mendis Asian economies must face the rising issues of energy by getting their act together and moving forward even though the countries in the region seem to be facing discrimination from the West in the area of using nuclear power as an alternative source to non-replaceable oil sources. Independent Power Producers Association of ...
- SL the only country with excess energy in the region (Category: Business)
- No Pakistan-funded nuclear power plant in Sampur: Champika (Category: Breaking News)
- South Asia least integrated in world: WB (Category: Business)
- Lanka issues statement on Indian nuclear plant (Category: Breaking News)
Managed to divert from crisis to stability through policy changes By Cheranka Mendis Sri Lanka, teetering on the brink of a crisis, just managed to save itself through the recent policy measures taken by the Government such as the exchange rate changes, said the Commonwealth Secretariat Economic Affairs Division’s former Director Dr. Indrajit Coomaraswamy yesterday. ...
- Flexible exchange rates and impact on exporters (Category: Business)
- Local tea industry in a fix (Category: Business)
- Sri Lanka may need to consider easing monetary policy: PB (Category: Business)
- Borrowed surplus looming, warns Harsha (Category: Business)
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 ...
- Quotable Quotes! (Category: Business)
- More Price Increases In The Offing Economist Warns (Category: Breaking News)
- Way out to fix the sick external sector: Getting back to IMF’s fold a must now (Category: Business)
In a change of sentiment, the Government is asking people to step onto the streets and protest the possible US resolution Sri Lanka is facing at the United Nations Human Rights Council sessions, which kicked off yesterday. It was reported that over 150 protests were organised by different parties around the country and in an ...
- Protests in Sri Lanka against proposed U.N. rights resolution (Category: Breaking News)
- People Will Have To Pay Says UNP (Category: Breaking News)
- After Geneva (Category: Breaking News)
- US to discuss LLRC at UNHRC (Category: Breaking News)
Subsidies? Well yes, but make them smart subsidiesNigeria: Subsidising the neighbours Nigeria’s Central Bank Governor, Sanusi Lamidi Sanusi, had a problem. In a recent live interview with the Aljazeera TV, he said that his country had to raise the retail prices of all petroleum products to match the rising international prices, despite the violent and ...
- Treasury defends fuel revisions (Category: Business)
- Nigeria regulator announces end to fuel subsidies (Category: Business)
- CPC implications (Category: Business)
- Commendable start; now for the finish (Category: Business)
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 ...
- Rupee depreciation: A powerful tool to drive growth and employment? (Category: Business)
- Taming the ‘monsters’ (Category: Business)
- Do not do too little too slowly to boost growth (Category: Business)
- Accelerating growth: catching the wave or missing the bus (Category: Business)
THE effects of the fuel price hike and its effect on public expenditure is finally beginning to surface. The Finance Ministry has directed all Government institutions to limit their consumption of fuel and electricity as a priority following the upward revision of prices. The Ministry has emphasised that this is a national responsibility entrusted on ...
- Govt. says will allocate Rs. 1.9 b a month as relief from high fuel prices (Category: Business)
- Treasury directs State sector to rationalise fuel, electricity expenses (Category: Business)
- Champika to cut expenses by 10% (Category: Business)
- Schools closed tomorrow due to fuel crisis (Category: Breaking News)
Safety and food hygiene of Colombo eating houses quite poor, says CMC’s Chief Medical Officer By Cheranka Mendis Even though Colombo has over 750 eating houses (from five-star hotels to roadside ‘bath kades’), only 290 obtained trade licenses last year, CMC Chief Medical Officer Dr. Pradeep Kariyawasam said. Speaking at the Indexpo food and management ...
- Typhoid: Public Urged To Take Precautions (Category: Breaking News)
- CMC on kitchen cleaning spree (Category: Breaking News)
- Sri Lanka’s first-ever food certification firm set up with $ 1.3 m (Category: Business)
- Ind-Expo helps industries and hotels meet new food hygiene regulations (Category: Business)
UNP demands closure of Mihin Lanka and halt inconstruction of new tower UNP MP Dr. Harsha de Silva yesterday demanded that the Government give subsidies that will support families with the increasing prices. On the kerosene subsidy that the State said would be given, he noted that Rs. 200 was inadequate to support rising costs. ...
- CEYPETCO revise fuel prices from midnight today (Category: Breaking News)
- Fuel prices revised from midnight today (31) (Category: Breaking News)
- PAY MORE AT THE PUMP (Category: Breaking News)
- Fuel price increased announced (Category: Breaking News)
Contrary to exaggerated claims the EPF investments in to the stock market last week had amounted to only less than 10% of market activity and unlike some past contentious buys, this time around it had focused on blue chips. The total turnover of the Colombo bourse last week was Rs. 8.6 billion and local purchases ...
- Investor confidence worsens by the day; bourse loses Rs. 53 b in value (Category: Business)
- Crisis Colombo! (Category: Business)
- Foreign net inflow tops Rs. 3 billion (Category: Business)
- Aitken Spence draws biggest foreign buying as net inflow tops Rs. 1 b (Category: Business)
Sharp reduction in vegetables prices thanks to higher output could help soften an otherwise sharp spike in inflation following the unprecedented fuel hike and devaluation of the rupee, according to analysts. In recent weeks, prices of vegetables have dropped by as much as 50% or more and this development will make the additional cost following ...
- Food price increase leads to higher inflation rate in July – CB (Category: Business)
- Inflation decelerates in August says Central Bank (Category: Business)
- April inflation up owing to increase in food prices (Category: Breaking News)
- Sri Lanka ends 2011 with inflation remaining at single digit level (Category: Business)
The third edition of Jaffna International Trade Fair 2012 was held recently at Durayappah Stadium, Jaffna. This event showcased a wide range of products and services from various industries and brought together the business community in the Northern territory. The Nations Express Centre offered visitors an opportunity to experience a range of financial products such ...
- ERI Group, Your Radio team up for promotions (Category: Business)
- American Express and Abans make joint offer (Category: Business)
- Anything.lk, anywhere… everywhere! (Category: Business)
Sri Lanka’s cricketing fortunes seem to be changing of late. The team’s better performance has raised hopes among many fans, while the Sports Ministry’s decision to finally pay the cricketers through a Rs. 600 million loan from the Bank of Ceylon will raise moral still higher. The financial fallout that resulted from the co-hosting of ...
- Extremist Leader (Category: Business)
- Sanga Resigns (Category: Breaking News)
- Basnahira Cricket Dundee launches official team jersey (Category: Business)
- Sri Lanka Cricket crave for more matches against India (Category: Sports)
ASI gains by 5% as Bourse’s value swells by Rs. 96 b Brokers positive after fresh meeting with SEC EPF, private institutional and high networth investors active on attractive valuations The Colombo stock market yesterday produced a major rebound gaining by 5% thanks what some described as “spirited support” whilst others emphasised it was largely due ...
- Investor confidence worsens by the day; bourse loses Rs. 53 b in value (Category: Business)
- Crisis Colombo! (Category: Business)
- From bust to boom? (Category: Business)
- ‘Boom’ is back? (Category: Business)
SRI LANKA is still electrified by the unprecedented fuel hike and the fallout continues to grow. On Wednesday a fishermen was shot dead as protestors clashed with the police in Chilaw prompting the Government to issue an immediate subsidy. JVP protesters were tear-gassed and the Political rhetoric continued for a fourth day as the Government ...
- No light for CEB! (Category: Business)
- CEB is not a burden on national economy, says Power Minister (Category: Business)
- Electrifying losses (Category: Business)
- CEB threatens to cut power of all unpaid bills (Category: Business)
(Bloomberg): Sri Lanka doesn’t need to further tighten monetary policy for now even though an increase in fuel and transportation costs and a weakening currency may stoke inflation, the head of the central bank said. The central bank’s rate increase earlier this month will have a “demand-driven impact” and help moderate inflation, its Governor Ajith ...
- Sri Lanka stocks may slump more on rates – HSBC Private (Category: Business)
- CB Governor sees light at the end of the tunnel (Category: Breaking News)
- Rupee hits new low, but State intervenes (Category: Business)
- Rupee down (Category: Business)
Sri Lanka’s benchmark stock index, the world’s worst performer this year, may extend its slump as the central bank raises interest rates to curb inflation, according to HSBC Holdings Plc’s private banking unit. HSBC Private Bank, which oversees about $499 billion, will wait for stock valuations to fall to “single digit” multiples before it considers ...
- Stocks approach one-month low; rupee steady (Category: Business)
- China factory surveys signal economic growth stays soft in Q3 (Category: Business)
- Sri Lanka Stocks May Slump More on Rates, HSBC Private Says (Category: Breaking News)
- CB seen holding rates, SRR steady – Reuters poll (Category: Business)
By Chamitha Kuruppu The two main opposition parties yesterday blamed the Government for making false promises to the people and called the fuel subsidy was just another gimmick of the Rajapaksa administration. The United National Party accused the Government, claiming the fuel subsidy for the private transport services and fisheries sector was nothing but a ...
- Opposition political parties to stage protest against fuel price hike in the country (Category: Breaking News)
- Government unhappy over fuel price hike : Minister Sirisena (Category: Breaking News)
- Subsidy a hoax, UNP says (Category: Breaking News)
- Laugfs Gas requests price hike (Category: Business)
Are the Indian Army’s golf courses illegal? Sri Lanka’s fourth golf course opened by Air Force India’s national auditor, the Comptroller and Auditor General (CAG), has reported to Parliament that the country’s Army has turned large tracts of State military property into illegal privately-run ...
- Nuwara Eliya Golf Club elects Office Bearers at 123rd AGM (Category: Business)
- Opening of Lanka’s 4th golf course (Category: Breaking News)
- SriLankan flies Touché Golf League finalists to Kandy (Category: Business)
- Oman Air Golf Classic Tournament 2012 to tee-off in October (Category: Business)
The Central Bank of Sri Lanka recently unveiled its pioneering Sixth Strategic Plan – communicating in all transparency its plans for the forthcoming financial period – based on the theme ‘Raising the Bar’. The Sixth Strategic Plan, like its predecessors, takes root from the policy measures underscored in the ‘Mahinda Chinthana,’ and is formulated to ...
- A resolute Sri Lankan economy (Category: Business)
- Robust Roadmap! (Category: Business)
- Achieving economic goals amidst global challenges (Category: Business)
- CB says S&P’s revision unwarranted (Category: Business)
“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” – ...
- W. Bank’s Zoellick says double-dip recession unlikely (Category: Business)
- Flashing red - European debt crisis signals collapse of social welfare state (Category: Business)
- World economy fragile, faces “uneasy calm” – IMF (Category: Business)
- G20 backs Europe’s plans for overhaul to fight crisis (Category: Business)
If the Governor of Central Bank has an urge to enter politics, he should come to Parliament without playing politics inside the CB, charges United National Party Parliamentarian and well-known Economist Dr. Harsha de Silva. Dr. de Silva notes that Governor Nivard Cabraal should respect the sanctity of the Central Bank and therefore if Cabraal ...
- Treasury Chief urges help for balance of payments (Category: Business)
- Nivard sees weak rupee recovering to 125 (Category: Business)
- Central Bank sees rupee firming helped by inflows (Category: Business)
- Sri Lanka affirms flexible FX policy, but will intervene if needed (Category: Business)
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