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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 ...
- Yet another year of success for NSB (Category: Business)
- Pan Asia Bank posts strong all-round growth momentum in 3Q (Category: Business)
- Sampath Bank posts steady results for First Quarter of 2024 (Category: Breaking News)
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, ...
- IFC To Double Commitment (Category: Breaking News)
- IFC pledges fullest cooperation to Sri Lanka (Category: Business)
- Optimistic IFC to expand in Sri Lanka (Category: Business)
- IFC Regional Vice President signals support for Sri Lanka s reforms and growth agenda (Category: Breaking News)
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)
PORTLOUIS(Reuters) :Tourism revenues in Mauritius rose by 10 percent in 2011, helped by higher visitor numbers, official data showed on Tuesday. The Bank of Mauritius said revenues in what is a key industry for the Indian Ocean island reached 43.40 billion rupees ($1.48 billion) from 39.45 billion in 2010. Tourist arrivals in Mauritius rose by ...
- Mauritius tourism earnings up 15.6% in Q1 (Category: Business)
- Mauritius says 2012 tourist arrivals to rise 3% to 1 m (Category: Business)
- Emirates and Mauritius join forces to promote the destination worldwide (Category: Business)
- Mauritius cuts its 2012 tourist arrivals forecast again (Category: Business)
BANGKOK (Reuters): Thailand’s economy, which shrank a record 10.7 per cent in the fourth quarter due to devastating flooding, is expected to bounce back sharply this year as the government and major exporters step up reconstruction spending after the disaster. While some economists said the worst performance on record in the final quarter of 2011 ...
- Growth is better than expected – CB (Category: Business)
- Credit growth to slow to 27% by December – Cabraal (Category: Business)
- Sri Lanka Q3 GDP seen expanded 8.0%; full year 8.1% (Category: Business)
- Sri Lanka records an 8.6 % growth (Category: Breaking News)
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 ...
- IFC To Double Commitment (Category: Breaking News)
- IFC pledges fullest cooperation to Sri Lanka (Category: Business)
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 ...
- IFC Regional Vice President signals support for Sri Lanka s reforms and growth agenda (Category: Breaking News)
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 ...
- ACCA Sustainability Reporting Awards today (Category: Business)
- Rewarding transparency - ACCA Sustainability Reporting Awards on 14 February (Category: Business)
- Top corporate entities felicitated at ACCA Sustainability Reporting Awards (Category: Business)
- Lucia Real Martin at the awards ceremony (Category: Business)
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 ...
- Forex Trade (Category: Business)
- Economic Freedoms (Category: Business)
- Peg Balance (Category: Business)
- Sri Lankan forex market led down by speculation – Ex-Central Banker (Category: Breaking News)
“We have the responsibility to ensure that together with the freedom we have won, we can also have economic independence that will enable our people to live a good life. Let us act to drown out poverty, inability and conspiracies against the people in an abundance of prosperity. That is our singular expectation,” said President ...
- Crowds throng for Deyata Kirula (Category: Breaking News)
- DEVELOPMENT PROJECTS IN ANURADHAPURA WILL BE CONTINUOUSLY MONITORED (Category: Breaking News)
- Deyata Kirula-2013 (Category: Breaking News)
- Deyata Kirula ends (Category: Breaking News)
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 ...
- Emirates to launch flights to Zambia and Zimbabwe (Category: Business)
- Emirates launches flights to the Americas (Category: Business)
- Emirates boosts Rome services with third daily flight (Category: Business)
- Emirates wins Gold “Airline of the Year” at ATN Awards (Category: Business)
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...
- US govt. supports Lanka’s tourism development (Category: Breaking News)
- USAID support generates jobs and investments (Category: Business)
- US Government grant to support five local organisations’ work with the disabled (Category: Business)
- US Embassy supports further development in Batticaloa (Category: Business)
Asia Pacific Business Coalition on AIDS CEO attends event The Lanka Business Coalition for HIV and AIDS (LBCH) on Monday launched its HIV and AIDS awareness campaign for this year at an event graced by the CEO of its umbrella Asia Pacific organisation. Stephen Grant, CEO of the Asia Pacific Business Coalition on AIDS (APBCA) ...
- Lankan corporates unite to pass pillow of awareness on World Aids Day (Category: Business)
- HNB and DFCC continue to support Lanka Business Coalition’s AIDS awareness program (Category: Business)
- Creating awareness’ on HIV and AIDS is just a click away (Category: Business)
- LBCH ‘passes on the pillow’ to JKH Chairman under AIDS awareness program (Category: Business)
NDB Investment Bank (NDBIB), the premier investment bank in Sri Lanka, concluded its most successful year to date, raising approximately Rs. 38 billion funds and retaining its unrivalled position as the market leader in investment banking. NDB Group Investment Banking Cluster CEO Vajira Kulatilaka commenting on this feat said: “We are proud to have retained ...
- NDB Investment Bank makes history at Euromoney Awards for Excellence 2012 (Category: Business)
- NDB reports strong financial results in 1Q (Category: Business)
- NDB’s PAT Up 115% (Category: Breaking News)
- Serendib Flour Mills raises Rs. 3.6 b to enhance business (Category: Business)
Sri Lanka and Indonesia this week set an ambitious goal of tripling bilateral trade to $ 1 billion within the next three years. The two countries have taken a decision to establish a Working Group on Trade and Investment to operationalise this goal, External Affairs Ministry said after the conclusion of Indonesia’s Foreign Minister Dr. ...
- Sri Lanka, Indonesia target US$ 1 billion trade by 2015 (Category: Breaking News)
- Most powerful Arab woman visits SriLanka (Category: Breaking News)
- Bilateral trade boost (Category: Breaking News)
- UAE trade minister to arrive in Sri Lanka tomorrow on trade mission (Category: Breaking News)
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 ...
- Ballooning trade deficit beats 2010 (Category: Business)
- Trade deficit tops $ 5 b mark by July (Category: Business)
- Sri Lanka’s trade deficit rises 137.4% year-on-year: CB (Category: Business)
- 2012 starts with near $ 1 b trade deficit (Category: Business)
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 ...
- G20 Web economy seen at $4.2 trillion by 2016 – BCG (Category: Business)
- Evergreen Marine to step up CKYH alliance cooperation (Category: Business)
- Forests 'vital for green growth' (Category: Technology)
- Rio+20 and the developing world (Category: Business)
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 ...
- Srilal elected as Fellow of Institute of Hospitality (Category: Business)
- Gas Share (Category: Business)
- LAUGFS Gas records Rs. 1.14 b profit in FY12 (Category: Business)
- Niche Show (Category: Business)
By Uditha Jayasinghe Sri Lanka’s impressive economic growth is motivating the US Department of Commerce to urge their companies to have a second look at the island nation, a top official said yesterday. US Department of Commerce Deputy Assistant Secretary for Africa, the Middle East and South Asia Holly Vineyard told the media that the ...
- US investors concerned, but will do business (Category: Breaking News)
- US to decide on GSP on 24 January (Category: Business)
- FLASH: US investors concerned over human rights (Category: Breaking News)
- US Govt. officials to visit Sri Lanka, Maldives (Category: Business)
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 ...
- CCC says no room for complacency (Category: Business)
- Commendable start; now for the finish (Category: Business)
- Raising the bar: The rise of the Sri Lankan economy (Category: Business)
- Enhancing confidence in the Sri Lankan economy (Category: Business)
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 ...
- WB urges developing countries to strengthen domestic fundamentals (Category: Business)
- World Bank forecasts South Asia to grow by 6.4% in 2012 (Category: Business)
- Global economic outlook slowly improving but remains fragile (Category: Business)
- Asian economies: Managing spillovers and advancing economic rebalancing (Category: Business)
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 ...
- Induction of Sujeewa Rajapakse as 21st ICASL Chief today (Category: Business)
- Five new directors appointed to Asian Alliance Insurance Board (Category: Business)
- Harry’s daughter, Rusi Captain among new faces on HNB Board (Category: Business)
- Inaugural General Assembly of Young Chartered Accountants Forum held (Category: Business)
The Comprehensive Economic Partnership Agreement (CEPA) seems to be set to hit the headlines again, after the Industry and Commerce Minister on a recent visit to India expressed strong interest in expanding business ties with Sri Lanka’s closest neighbour. Readers will remember that all past attempts to sign CEPA have resulted in many local businessmen ...
- Campaign Against CEPA (Category: Breaking News)
- Trade Debate (Category: Business)
- CEPA benefits Sri Lanka as well as India, Indian MP says (Category: Breaking News)
- Trade Liberties (Category: Business)
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 ...
- Indian Commerce & Industry Minister here today (Category: Breaking News)
- Fast-growing Tamil Nadu’s powerful biz arrive in numbers (Category: Business)
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, ...
- CB says considerable improvement in forex inflows in March (Category: Business)
- Policy Stance (Category: Business)
- CB says policy changes working (Category: Business)
- World Bank forecasts South Asia to grow by 6.4% in 2012 (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)
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' ...
- Economic growth to rebound in 2013: SCB (Category: Business)
- Value investors enter as speculators exit (Category: Business)
- Central Bank sees rupee firming helped by inflows (Category: Business)
- Standard Chartered revises Sri Lanka credit outlook to stable from positive (Category: Business)
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 ...
- Govt. keen to support private sector: Cabraal (Category: Business)
- Financing of 2011 Budget goes haywire (Category: Business)
- Harsha says CB has moral responsibility to be more transparent (Category: Business)
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 ...
- Lankan team for U19 World Cup (Category: Business)
- Lankan high commissioner criticizes Canada over inquiry calls (Category: Breaking News)
- JVP holds public rally to create awareness among its membership (Category: Business)
Support from the US Agency for International Development (USAID) project Connecting Regional Economies (CORE) has increased incomes for over 14,000 households in the Eastern Province, Anuradhapura District and Monaragala District through business training and the introduction of new farm technologies and crops. On 16 December, USAID – the US Embassy’s development arm – hosted a ....
- CORE Burns Out (Category: Breaking News)
- USAID Support Jobs and Investment (Category: Breaking News)
- USAID support generates jobs and investments in Sri Lanka (Category: Breaking News)
- US Govt. supports tourism development in Sri Lanka (Category: Business)
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