The SAARC Chamber of Commerce and Industry organized fourth SAARC Business Leaders Conclave with theme “Peace and Prosperity through Regional Connectivity” in collaboration with Federation of Nepalese Chambers of Commerce and Industry on 20-22 September in Kathmandu, Nepal. The Conclave was supported by the Friedrich Naumann Foundation, Regional office New Delhi and the World Bank ...

Analysts upbeat new valuation will spur fresh buyingProving Daily FT’s concerns right, the Colombo stock market yesterday crashed to its lowest level in 2011, but a chorus is growing that new valuation will spur a fresh round of buying with some already collecting available quantities. The benchmark All Share Index (ASI) dipped by 1% or ...

Professionals are shy to raise critical issues in public!It is believed that the single focus advocacy proposal of the Joint Chambers of Commerce and Industry for the Budget 2012 to address is the continuing high priority of enhancing the ‘ease of doing business in Sri Lanka’. A president of a chamber holds a publicly articulated ...

Market’s rapid slide threatens to make the month year's worst ever with Rs. 116 b wiped off in value already ASI 24 points short of sinking to 2011’s lowest level Analysts say institutional and retail investors need to be optimistic and return to market on a buying mood October is special for the capital markets ...

Global banking giant HSBC is upbeat on Sri Lanka’s external trade, predicting exponential growth above global average over the next 15 years. In its October 2011 dated HSBC Trade Connections Trade Forecast Quarterly Update, HSBC said Sri Lanka’s external trade would grow in volume terms by 105% by 2025 and value wise by 83% to ...

With a focus on uplifting the business environment of the country through strengthened internal systems and procedures, the Merchant Bank of Sri Lanka (MBSL Bank) is taking advantage of the improved economic climate to provide a wide array of corporate finance activities. Among these are Project Financing for startup companies, business expansions and business acquisitions ...

Ceylinco Insurance, Sri Lanka’s pioneering insurance industry giant, recently launched a book that traces its unique journey of growth. Authored by J. Godwin Perera, current Chairman of the company, the book titled ‘When the Going Gets Tough the Tough get Going’ covers the 72 year history of the company. The book is essentially a journey ...

Arguably the world’s most powerful leader, Barak Obama, underscored that the Eurozone crisis is “scaring the world”. It comes as no surprise then that his Treasury Secretary Tim Geithner heads the international clamour for more action to solve the burgeoning sovereign debt problem that has dominated financial markets in recent times. George Osborne, Britain’s current ...

Ganesan calls for grand opposition alliance Leader of the Democratic People’s Front (DPF) Mano Ganesan is once again in the limelight of country’s political scene, following his impressive performance at the recently-concluded local authority elections. Ganesan told the Daily FT that defeating the Government could only be done through a grand opposition alliance and that ...

Growth assets are a good investment in the current climate Felix Stephen is the Manager Investment Strategy and Research at Advance Asset Management Ltd., Sydney, aapart of Westpac, which is one of the big four banks in Australia. He spoke to the Daily FT about the global economy and investment, the climate in Europe, the ...

The Colombo stock market yesterday is back to negative return territory for the second time in three months as Rs. 22 billion in value was wiped off due to lack of confidence and other concerns. The All Share Index (ASI) dipped by nearly 1% bringing its year-to-date return to a negative 0.48%. On Monday it ...

The world’s economies are competing for investment, in order that they create jobs for their citizens and trade effectively in goods and services in this globalised world economy. Barriers and restrictions are tumbling down as nation states compete against each other, to become attractive to investors.Competitiveness is a comparative concept of the ability of a ...

HSBC Chief Economist in region forecasts 6.8% growth in 2012, lower from 8.1% estimate for 2011; lists global recession hitting exports, inflows and upward pressure on inflation as key risksDescribing that the world was at present running in two speeds with risks, a top regional economist last week declared that Sri Lanka remained resilient though ...

MP charges that Government is focusing only on physical infrastructure and adopting a top-down development approach instead of a more inclusive and participatory humane political futureUnited National Party Parliamentarian Eran Wickramaratne asserts that the Government is depleting the resources of the municipality on an election extravaganza. In a candid interview with the Daily FT, the ...

Accelerated by global meltdown largely and partly due to Sri Lanka’s failure to remain a credible case for investment, net foreign selling at the Colombo bourse has now topped the Rs. 17 billion mark year to date. The Rs. 17 billion mark was crossed this week whilst at end September the figure was Rs. 16.96 ...

Sri Lanka this week successfully hosted the 28th General Meeting and Conference of the prestigious and influential Asian Bankers Association. ABA’s membership currently includes over 100 of the leading banks from some 23 countries in the Asia Pacific region. The General Meeting of the regional body, Chairmanship of which is held by Sri Lanka’s HNB ...

Reuters: China warned Washington it is “adamantly opposed” to a proposed U.S. bill aimed at forcing Beijing to let its currency rise, saying its passage could lead to a trade war between the world’s top two economies. In a coordinated response, the Chinese central bank and the ministries of commerce and foreign affairs accused Washington ...

By Cheranka Mendis Asia, which is estimated to contribute 52 per cent to the world’s GDP by 2050, has turned back a 260-year spell of declining contribution to the global GDP within a 80-year period and is now poised for better growth. Central Bank Governor Ajith Nivard Cabraal addressing the Asian Bankers Association General Meeting ...

RAM Ratings Lanka has assigned respective long- and short-term financial institution ratings of B- and NP to Prime Grameen Micro Finance Ltd (“Prime Grameen” or “the Company”); the long-term rating has a stable outlook. The Company’s ratings are pressured by its small size, weak asset quality, performance and liquidity, and short track record after the ...

More inflows into service, capital, financial accounts, says CB Rupee was under pressure due to heavy imports in Aug., Sept. Currency dealers wary on rupee stability By Shihar Aneez Reuters: Pressure on Sri Lanka’s rupee currency will recede in coming months due to increasing inflows into the country’s service, capital and financial accounts, the Central ...

In the previous two ‘My Views,’ the following five popular fallacies of appreciating the exchange rate were discussed: Fallacy One: A Government can fix the exchange rate at any level it wishes. Fallacy Two: An appreciated exchange rate is a symbol of a country’s strength and prestige. Fallacy Three: The appreciation of the exchange rate ...

By Catherine Weerakkody Hatton National Bank Managing Director and Chairman Asian Banks Association (ABA) Rajendra Theagarajah says the ABA plays a critical role by stimulating high level regional networking, developing policy advocacy initiatives and strengthening the regional voice in global economic forums. Following are excerpts of an interview: Q: What role does the ABA play ...

By Simon Montlake Forbes.com: On my first trip back to Sri Lanka since February 2010, I noticed plenty of positive changes. New construction, cleaner streets and a lighter security presence (a bloody civil war ended in May 2009). The IMF predicts Sri Lanka’s economy will expand this year by 7.5%, keeping pace with next-door giant ...

Sri Lanka Ports Authority (SLPA) Chairman Dr. Priyath B. Wickrama made an exclusive presentation at the International Port Security Conference in the Netherlands on 28 September 2011. Expressing views delivering the keynote address at the International Port Security 2011 conference on the subject of the past successes of securing Sri Lankan ports and the predicted ...

Reuters: Rahul Gandhi, heir to the family dynasty that has dominated politics in the world’s biggest democracy for generations, was trying to make himself heard in the uproar of Parliament. Looking nervous, he read haltingly from a prepared statement, criticising as “anti-democratic” a popular anti-corruption campaign led by activist Anna Hazare, whose hunger strike was ...

The 2011 Annual Sessions of the Sri Lanka Economic Association (SLEA) slated for 14 and 15 October will focus on the theme ‘Achieving National Economic Goals in the midst of Global Challenges’. The Inaugural Session on Friday 14 October (4 to 7 p.m.) will be followed by the Theme Seminar on the following day, Saturday ...

Introduction Growth has stalled in the global economy. Stock markets have plummeted. Risk appetite has declined and there has been a flow of resources to safe havens. The IMF has stated that the world economy has entered its most dangerous phase since the financial crisis of 2008. The ammunition available to policymakers is much reduced ...

The Securities and Exchange Commission (SEC) yesterday announced the appointment of a top-level and well represented Consultative Committee for the development of capital markets currently facing challenging times. The move was a direct outcome of the two-day Capital Market Development Workshop which the SEC held in Negombo in June. “A key recommendation which was put ...

Justice and fair-play is paramount Justice and fair-play are of paramount importance to all members of the world family consisting of 193 nations expecting justice and fair-play equally. It is the principle on which the United Nations was established in place of the less-effective League of Nations, in order to settle differences among nations based ...

What defines development? Surely everyone would agree to the fact that education is one of the pillars to equitable and sustainable economic growth. However, despite the lapse of more than two years since the end of the war, Sri Lanka’s expenditure on education remains abysmally low. A new report launched by the World Bank over ...