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By Cassandra Mascarenhas In a knowledge economy, learning becomes a vital ingredient for power and furthering the need for continuous learning, the Chartered Institute of Chartered Accountants’ annual flagship event, the CIMA Business Leaders Summit 2012 conducted the technical sessions
Reuters: The Sri Lankan rupee fell to a record low of 133.60 against the dollar on Tuesday on importer demand for the US currency as an IMF delegation went into a sixth day of discussions on the last tranche of a $2.6 billion loan. “The highest trade was done at 133.60 to the dollar, though ...
Access Engineering Ltd., the first company which had an IPO in 2012 (March), has had a very successful year of operations in terms of the financial results released for the ensuing year. The fourth quarter turnover of Access Engineering was Rs. 2.79 billion with a comparative of Rs. 1.27 billion for the last financial year. ...
In a departure from the usual conflict allegations, Swiss cities Geneva and Zurich will this week hear the unprecedented post-war potential of Sri Lanka for business and investment under a private sector-led and public sector supported initiative. Branded as a ‘land of a thousand and one opportunities,’ two separate events titled Swiss-Sri Lanka Business and ...
A laudable goal that needs much more workSocial justice to be the Government’s development philosophy The development philosophy of the present Government, as pronounced in the Annual Report of the Ministry of Finance and Planning for 2011 released two weeks ago, is a blend of social justice with economic progress (p 14). This is a ...
Diesel and Motor Engineering Plc (DIMO) has announced plans to invest Rs. 5 billion over the next three years despite a tough environment to further bolster its business which enjoyed a windfall. “We are targeting investments totalling Rs. 5 billion over the three years ending 2013/14,” DIMO Chairman and Managing Director Ranjith Pandithage revealed in ...
THE developed world’s insatiable appetite for products like coffee and timber is threatening the biodiversity of developing countries, unearthing new challenges for sustainability in the local market. Academics at the University of Sydney spent five years tracking the world economy
Despite the first-ever negative return in 2011 in three years as well as continuing bearish run, Colombo Stock Exchange (CSE) Chairman Krishan Balendra has expressed optimism going forward given the planned fundamental transformation as well as other developments. Here is the full text of CSE Chairman Balendra’s review in the 2011 Annual Report, released ahead ...
Bold measures The Government of Sri Lanka introduced a number of bold macroeconomic stabilisation measures in February/March 2012. These were necessary as the country was on a trajectory to a very destructive balance of payments crisis. It is still too early to determine whether enough has been done to stabilise the balance of payments, particularly ...
Historically, capital markets have played an important role in the development of market economies and therefore the development of efficient regulation of securities too has become increasingly important. While fostering the development of the economy, the capital markets also play
Fuel prices are again the topic of public debate. Even Parliament had a discussion over it, with the Opposition calling for a reduction in prices but the Government hedging against passing on the savings from a global cost decrease to cover at least part of the Rs. 60 billion losses incurred over successive years by ...
The Colombo stock market fell 2.8 per cent yesterday wiping out Rs. 20 billion in value to hit a 23-month low as domestic and foreign investors sold on both worry global gloom and a weak rupee and the outlook for interest rates. The main index ASI fell 136.58 points to 4,748.60, its lowest since July ...
LOLC Group posted yet another year of healthy growth in profitability recording Rs. 10.3 b profit before tax, a 24% year on year growth. Profit after tax for the year was Rs. 8.9 b, a 27% increase over last year which was Rs. 7 b. LOLC Group’s superior performance comes amidst a challenging environment where ...
Bank of Ceylon’s supremacy in Sri Lanka is well known but recently the bankers to the nation proved its true mettle with landmark success for its ground breaking $ 500 million five year bond issue. The issue is a trailblazer for several reasons. It was the first global bond issue by a Sri Lankan corporate. ...
Government’s commitment: Will improve state enterprises The Annual Report of the Ministry of Finance and Planning for 2011, just released, has, among many others, one important positive message for the nation. It has reiterated the Government’s commitment, as it had done earlier too, to improving the performance of what it calls State Owned Business Enterprises ...
A team of officials from the International Monetary Fund (IMF) is to arrive in Sri Lanka next week to review the country’s economic conditions before disbursing the final tranche of the US$ 2.6 billion Stand-By Agreement (SBA), Government officials said. The review is scheduled to commence on 4 June, Central Bank Governor Ajith Nivard Cabraal ...
UNP MP Ravi Karunanayake has written to Committee On Public Enterprises (COPE) Chairman D.E.W. Gunasekara requesting him to summon officials of the Securities and Exchange Commission (SEC) and the Colombo Stock Exchange (CSE) over the fiasco in capital markets and boost investor confidence. Following is Karunanayake’s full letter to the COPE Chairman: Over the last ...
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 ...
The Central Bank of Sri Lanka has just released its annual publication titled ‘Economic and Social Statistics of Sri Lanka 2012, Volume XXXIV’. This publication contains a wide range of economic and social indicators of Sri Lanka covering areas such as climate, population and labour force, national accounts, agriculture, industry, prices and wages, external trade ...
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. ...
By Cassandra Mascarenhas The biggest mobile forum in the region, the South Asian Mobile Conference was held for the third year in Colombo earlier this week, bringing together some of the world’s top experts in the mobile sphere, developers of the next generation, researchers, academics and policy makers, creating a platform for a chance of ...
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 ...
Every day we wake up to news from the economic front – and that is the war we declared after the conclusion of the 30-year conflict and with some zeal – and sometimes the figures and news are not quite enthralling, maybe to some extent we should take up the same battle positions here too. ...
By R.M.B Senanayake The Secretary to the Treasury wants a ban on imported food items that can be produced locally. He refers to the possibility of saving foreign exchange by banning imports of milk foods, sugar, etc., which can be produced locally. We can agree that goods that can be produced locally should be produced ...
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
The World Bank said its lending to Sri Lanka will more than double in the year starting July to help spur investment and sustain economic expansion according to Bloomberg. The island will receive $500 million in the period under a recently endorsed new country partnership strategy and $527 million in the 12 months ending June ...
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 ...