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Finance Ministry 2011 Annual Report lists key factors Raps promotional agencies BOI, Sri Lanka Tourism, EDB Tea Board and others for bureaucracy and lack of coordination Private investment needs to be increased to 30% of GDP from 24% in 2011 Despite the end of the war three years ago, the full potential for higher investments ...
Reuters: The Central Bank said on Thursday it still believed the battered rupee would stabilise at levels stronger than 125 to the dollar, despite comments from a senior bank official. Chief Economist Swarna Gunaratna told Reuters on Wednesday that the Central Bank expected the currency to stabilise at current levels, which are now around 132. ...
Reuters: Central Bank expects the rupee to stabilise at current levels of around 132 to the dollar without intervention, a senior official said on Wednesday, abandoning its earlier stance where it had expected the currency to settle at a higher level. The rupee was trading around 132 per dollar on Wednesday. Both the Central Bank ...
In the 21st century change is the only constant. We have witnessed that large economies can fail in brisk time frames and that strong currencies can be devalued in a matter of days. Today markets respond to ideas and products from anywhere in the world anytime, it is no longer based on a country or ...
Key insights to state of the economy and market and future prospects from NDB Stockbrokers’ latest Sri Lanka Equities report Uncertainty in the macro environment The robust economic growth and steep rise in global crude oil prices increased Sri Lanka’s import bill by 51% in 2011
Wide publicity has been given to the events unfolding at the Sri Lanka Tourism regarding the resignation of the Chairman from Sri Lanka Tourism Promotion Bureau, Sri Lanka Institute of Tourism and Hotel Management and Sri Lanka Convention Bureau and the performance of the Board of Investment. The media reports have given the impression that ...
International arrivals into Asia/Pacific1 destinations grew by a collective 7% year-on-year during the first two months of 2012, according to preliminary data released by the Pacific Asia Travel Association (PATA) last week. At this point Southeast Asia is the fastest growing destination, followed by South Asia, however, both sub-regions generated somewhat slower growth than last ...
The Sri Lanka Economic Summit 2012 on the theme ‘Positioning Sri Lanka in the Global Economy’ will be held from 10 to 12 July 2012 at the Cinnamon Grand, Colombo. The first session of the event titled ‘Sri Lankan Economy in Perspective’ is scheduled to take place from 9 a.m
Sri Lanka has once again been featured as one of the leading destinations for leisure travellers in the United Kingdom by Emirates, the award-winning Dubai-based international airline. An exclusive luxury holidays brochure produced by Emirates for the UK market devotes 12 pages to Sri Lanka, one of 14 destinations featured in the 2012 edition. Produced ...
The Royal Bank of Scotland Group’s Head of Rating Advisory Raymond Woo had recently called on Economic Development Minister Basil Rajapaksa. “Sri Lanka was able to control the impact of internal and external crisis successfully due to the efficiency of the political, economic and administrative management of President Mahinda Rajapaksa,” Minister had told Woo. Minister ...
Ballooning trade gap Even with the multitude of measures taken to curb imports, Sri Lanka's cumulative trade deficit widened to nearly US$ 1.7 billion in the first two months of the year with earnings from exports increasing marginally by 3.3 per cent to US$ 1.8 billion whilst import expenditure shooting by 24.7 per cent to ...
The unaudited financial results of AVIVA NDB Insurance presented for the three months ending 31 March 2012 recorded consolidated revenue amounting to Rs. 3 billion. Total Life sales in Gross Written Premium (GWP) terms were an encouraging Rs. 1,615 million. Continued decline in equity market conditions were offset by higher interest rates in bonds resulting ...
President Mahinda Rajapaksa has pointed out the need for proper management in lifestyles in line with the economic limits. Participating in an event to release the 2011 Annual Report of Ministry of Finance and Planning at the Ministry Thursday, the President has said that attention should be focused on the aspiration of youths and modern ...
Sri Lanka has thrown open it $ 1 billion packaging sector for the vital SMEs. It also wants the packaging sector to enter exports sector targeting India and China. “Since the future of packaging, appear to head towards niche consumer markets, and our region’s major buyers India and China are demanding more and more packaging ...
‘Sri Lanka’s Economy: Prospects and Challenges in a Still Unsettled World’ pointed o...
By Cheranka Mendis The annual conference of Toastmaster’s District 82 ‘Ovation 2012’ will be held in Colombo, Sri Lanka this year starting today (Friday) with the presence of approximately 550 Toastmasters from the district. District Governor – District 82 DTM Zameen M. Saleem (second from right) at the media briefing flanked by Toastmasters International President ...
By an Analyst There is no doubt and there is near unanimity that overregulation by the previous Securities and Exchange Commission arising from inexperience, lack of knowledge and lack of correct strategies was the prime cause for the market collapse witnessed today. The SEC without any foresight and professionalism has introduced ad hoc legislation detrimental ...
Consistent policies have always been a challenge for Sri Lanka, but its importance has been brought to the forefront by the World Bank and the US on the same day, which shows the growing urgency for more commitment from stakeholders, particularly the Government. The World Bank releasing a statement on its ongoing Country Partnership Strategy ...
By The Lion Without Spot The Pure Ceylon Tea debate rages on. Though the dialogue so far has largely been confined to the print media on the way forward for Sri Lanka’s tea industry and it will no doubt open out the opportunity for discussion in other forums as well, in the days to come. ...
President Mahinda Rajapaksa returned to the country Wednesday morning after a successful tour in the state of Qatar. President Rajapaksa participated in the 12th Doha Forum and Enriching the Middle East Economic Future Conference as an international guest of honor on a special invitation from Emir of Qatar Sheikh Hamad bin Khalifa Al Thani. Addressing ...
The World Bank Group said that its Board of Directors on Tuesday discussed the Country Partnership Strategy (CPS) for the FY 2012-2016, dramatically increasing the resources available for Sri Lanka to achieve ambitious development goals as a Middle Income Country (MIC). Without disclosing actual figures, World Bank said the CPS captures key development goals identified ...
Sri Lanka’s first-ever satellite technology company took form yesterday with the signing of the BOI agreement and promising $ 320 million investment in the long-term. SupremeSAT Ltd., the Board of Investment-approved venture, said it has very ambitious plans to take Sri Lanka into the global space race. “With an initial investment of US$ 20 million, ...
Reuters: Sri Lanka’s central bank expects the steps it has taken to reverse a currency decline to drive the rupee past 125 to the US dollar, but it is not targeting a particular level, Central Bank Governor Ajith Nivard Cabraal said on Tuesday. The rupee is hovering around 129-130 despite a warning from the authorities ...
Concessionary financial assistance for two new major projects in education and urban development With the graduation of Sri Lanka to a middle income country status, the Government has paid further attention to develop education and urban development sectors in order to meet new challenges of the 21st century. In this context, it was decided to ...
Parliament told EPF has lost Rs. 4.2 b in value over investments in five listed companies alone Last audited accounts of EPF presented in Parliament was for year 2009 only The main Opposition UNP yesterday in Parliament stepped up its charge on alleged mismanagement of funds of the EPF by the Central Bank, raising fresh ...
Majorities in over half of the 21 Asian countries and regions Gallup surveyed in 2011 approved of their chief executives, with Lankan President Mahinda Rajapaksa among earning some of the highest marks. As per the survey released recently Laotians, Cambodians, and Sri Lankans were the most likely to express support for their leaders, with over ...
Gurcharan Das, the author of the international bestseller, ‘India Unbound’ is scheduled address the Sri Lanka Economic Summit 2012 to be held from 10 to 12 July, at the Cinnamon Grand. Das will address the inauguration ceremony of the Sri Lanka Economic Summit on the evening of 10 July. His address is titled ‘Are there ...
Former Army Commander Sarath Fonseka walked free from jail yesterday with a pardon from President Mahinda Rajapaksa, who appears to have bowed to growing international demands that he release his highest-profile rival while erasing the image of him as a victim. Ex-General Sarath Fonseka kissed his hands and raised them to a group of 2,000 ...
The Employees’ Provident Fund (EPF) yesterday categorically rejected the statement allegedly made by an Opposition Member of Parliament as reported in several news papers on 15 May 2012, where the EPF has been accused of fraudulent transactions in the stock market. "Such statement, read in conjunction with several past statements of a similar nature made ...
In an ever competitive economy, Union Assurance (UA) recognises the need to nurture its sales force by providing essential global exposure that matches the world-class ambitions of the organisation and industry. To maintain unmatched sales standards and to establish best business practices –