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By Uditha Jayasinghe An estimated 20,000 microfinance institutions in the country will be regulated under new legislation approved by the Cabinet of Ministers. On a proposal made by President Mahinda Rajapaksa, who is also the Finance Minister, all microfinance institutions will be brought under the direct supervision of the of the Central Bank, Cabinet spokesman ...
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 ...
By Amantha Perera IRIN: Rising temperatures, a late monsoon and dwindling rivers in parts of Sri Lanka are straining the energy sector and threatening crop yields. Local experts say water conservation has become an urgent necessity. In Moneragala District, in the east of the island, a man who gave his name as Somadasa said he ...
A fresh burst of buying across the Board yesterday boosted the Colombo Bourse, sending the benchmark All Share Index above the psychological 5,000 points level after a two-month languish. Brokers and analysts linked the revival yesterday to investor sentiments rebounding, a move which is likely to silence pessimists and doomsayers. The market’s value rose by ...
The Finance Houses Association (FHA) has launched a Code of Ethics for registered finance companies for the benefit of all stakeholders of the industry. FHA said the new Code of Ethics would be a guideline for business operations of member finance companies in terms of customer services, confidentiality of information, legal obligations, employee recruitment, competitive ...
Entrepreneurship plays a major role in Sri Lanka’s economic development. But entrepreneurs in Sri Lanka are facing greater challenge in the modern businesses environment under tough competition, rapidly changing new technologies and globalisation of products and services. India and China have contributed to the economic growth of the world by their Small and Medium Enterprises ...
Persistent flow of foreign buying lifted investor sentiments yesterday, resulting in the more active Milanka Index gaining though the All Share Index closed marginally down. Bringing the year-to-date figure to Rs. 28.2 billion, net foreign inflow yesterday was Rs. 108 million out of turnover of Rs. 367 million. The ASPI closed 0.39% down whilst the ...
Nations Trust Bank PLC (NTB) has signed up with a number of remittance partners worldwide such as MoneyGram, Coinstar Money Transfer, Xpress Money, UAE Exchange, Remit2home, Ria Money Transfer, Colombo Money Transfer Services and National Exchange Company of Italy to offer fast and convenient remittance services across its expanding branch network. In line with further ...
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, ...
Merchant Bank of Sri Lanka PLC (MBSL) has organised a seminar on ‘Implications of the new finance business Act’ which will be held at Cinnamon Lakeside Earls Court on 19 September. The guest speaker at the event will be the renowned President’s Counsel Dr. Dayanath Jayasuriya. The areas that will be elaborated upon consist of ...
“Best proof of successful Private-Public Partnership”: Rishad Strong presence of top Indian SME operators Sri Lanka’s leading national SME exhibition and forum, ‘SME 2012,’ will commence on Friday 24 August with strong Indian participation, and more importantly, first-ever SME automation. “The seventh in the series, this event has also become the best proof of o...
What is sales management? Sales management is a business discipline which is focused on the practical application of sales techniques and the management of a firm’s sales operations. It is an important business function as net sales through the sale of products and services and resulting profit drive most commercial business. These are also typically ...
Good governance activist and former Chairman of the Ceylon Chamber of Commerce Chandra Jayaratne has submitted several key proposals for consideration in the 2013 Budget by President and Finance Minister Mahinda Rajapaksa. Here is the text of his letter containing the proposals sent to President Rajapaksa: 20th August 2012 H. E. Mahinda Rajapaksa, The President ...
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 ...
Fitch Ratings Lanka said yesterday it has affirmed Sri Lanka-based John Keells Holdings Plc (JKH) ‘AAA (lka)’ National Long-Term rating at a Stable Outlook. JKH is a holding company with ownership of diverse operating assets; key sectors within which its investments operate include transport, leisure, consumer foods manufacturing and retail, financial services, and information technolo...
A high-level 15-member delegation from the Republic of Seychelles arrived in Colombo yesterday on a three-day visit. Led by President of Seychelles James Alix Michel, the delegation will comprise, among others, Minister of Foreign Affairs Jean Paul Adam, Minister of Natural Resources and Industry Peter Sinon, Delhi-based High Commissioner of Seychelles to Sri Lanka Waven ...
Phoenix Industries Limited was recently honored for their energy conservation initiatives at a ceremony organised by the Sri Lanka Sustainable Energy Authority which was presided over by Prime Minister D. M. Jayaratne. Phoenix Industries Makandura received the Gold Flame and was the highest rated facility in the ‘Large Scale Manufacturing’ category. They were also the only ...
DFCC Vardhana Bank (DVB) reinforces its dedication towards their customer base by presenting existing savings customers with an extensive range of rewards. Tailored to meet the varying needs of its loyal customers, the rewards provided include increased interest rates paid for savings deposits and special concessions for other services offered. Savings customers can reap benefits ...
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 ...
By Shanuka Tissera A year to date, since the last annual general meeting of The Planters’ Association of Ceylon, there have been some turbulent changes in the tea, rubber and coconut industries due to the crisis in the Middle-East and EU. The 158th AGM of The Planters’ Association of Ceylon took place on 17 August ...
Protecting the small depositor One reason for poor communities the world over responding to the service facility provided by Micro Finance Institutions (MFI) to take in the small amounts of savings the poor generate on a daily or weekly basis is the security offered by the cash being securely looked after at a remote ...
THE Sri Lanka Navy has gone on record saying that the Australian Government’s proposal to set up offshore detention centres for refugees arriving by boat alone would not deter people from illegally trying to enter the country. On Thursday, the Australian Parliament passed an amendment to allow the re-opening of offshore detention centres for migrants ...
Hatton National Bank PLC the premier private sector commercial bank in Sri Lanka joined hands with Unimo Enterprises Ltd., and Orient Motor Company Ltd., which are fully-owned subsidiaries of United Motors Lanka Plc to promote the JMC and DFSK commercial vehicles.
Rajendra Theagarajah MD/CEO of Hatton National Bank PLC was conferred with the award for andlsquo;Outstanding Contribution to the Banking Industryandrsquo; in recognition of the valuable services rendered to the Banking industry by the Council of Association, at the 24thandnbsp;Anniversary Convention of the Association of Professional Bankers Sri Lanka held on 13 August 2012 at the Cinnamon Grand ...
This week, University of Sri Jayawardenepura, Professor of Accounting information systems and Chairman of Board of Management Studies, Faculty of graduate studies Dr. Kennedy D. Gunawardana, discusses the financial Statement of Sampath Bank PLC.
The Colombo Bourse’s most commendable achievement this year has been the fact that foreign investor confidence is growing, despite scepticism by locals over various issues within and outside the market. So far this year, the net foreign inflow of Rs. 27 billion is encouraging in the context that in 2011 the outflow was Rs. 19 ...
The 12th Annual Conference of The Chartered Institute of Marketing (CIM), Sri Lanka Region ended in grand success, helping Sri Lankan marketers to prepare their best defence to face challenging times. The conference was inaugurated by Attorney General Palitha Fernando on Monday 13 August while the technical sessions were held on Tuesday 14 August 2012 ...
Union Bank of Colombo PLC has launched a new three-month fixed deposit with unique features that will enable customers to take advantage of short-term investments. Union Bank’s new three-month fixed deposit pays an attractive interest of 14% p.a. and in addition pays the entire three months interest upfront to customers and charges no penalty charge ...
MBSL Savings Bank announced the opening of its relocated Extension Office at Galle recently at No. 57 Wakwella Road Galle. This new office continues the bank’s planned expansion of its Extension Office network. The relocated office makes it even easier for customers in Galle to access the bank’s wide range of personal and business banking ...