Commercial ties offer many profitable opportunities, says Pakistan’s High CommissionerFollowing is the statement of the High Commissioner of Pakistan Seema Ilahi Baloch, on the occasion of the ‘Made in Pakistan’ exhibition 2012 Pakistan and Sri Lanka have traditionally enjoyed excellent relations.  We also need to strive to add more substance to our economic cooperation and ...

Much has been spoken of the Sri Lankan economy by different bodies including the guardians of the economy (the Central Bank and Government Treasury). There is constant backlash to the Government bringing out historical events while portraying a very bleak future, although the Government

VESAK is the festival of light. Yet this year it seems that the lights will have to be dimmed to reflect the reduced lustre of the country’s economy. As the Power and Energy Ministry organisers raffle draws for people who save electricity during the upcoming religious season

The release of the annual Central Bank report is a time for many to take a second look at the economy, particularly the performance of State-Owned Enterprises. It was reported that the Ceylon Petroleum Corporation (CPC) and the Ceylon Electricity Board (CEB) alone have made a combined loss of Rs

Mackwoods Energy Ltd. has launched high powered DV gensets for both local and export markets. The DV Series has been designed and developed by Kirloskar to deliver reliable high power in the ranges of 320 to 625 KVA. The Kirloskar Green DV engines are environmentally friendly and proven for their durability and reliability and are ...

Reuters: Sri Lanka will face a challenge in meeting this year’s budget deficit target as the recent monetary and fiscal tightening measures may hurt revenue growth, the island nation’s central bank chief told Reuters on Monday. The $59 billion economy has agreed with the International

By Asia Wealth Management Government’s recent measure to impose new exchange controls by raising taxes on vehicle imports may further moderate the excessive credit expansion in the economy. The fact that nearly 80 percent of Sri Lanka’s vehicle purchases are financed through domestic

Broking firm Arrenga Capital Ltd., has come up with an analysis on the outlook for Sri Lankan economy capturing some of recent developments and their implications. Here are excerpts Economic Summary: Delayed decision to curb excessive credit growth Sri Lanka’s excessive credit growth

Central bank Governor says country is targeting per capita income of $4,000 by 2015Ajit Nivard Cabraal is a man intimately associated with the economic development of Sri Lanka. Well before he became the Governor of the Central Bank of Sri Lanka, in 2006, Cabraal was the chief economic adviser to President Mahinda Rajapaksa, who was ...

The Government has revised upward import tariffs and excise duties intensely for all motor vehicles and spare parts except on agricultural tractors, buses, lorries and trucks with effect from 31 March 2012. According to the Government, the current upward revision was effected to achieve the objective of controlling the sharp increase of import bills and ...

the economy was robust and fiscal and monetary ...

COLOMBO (Reuters): Sri Lanka’s central bank will have room to raise interest rates by at least another 50 basis points if April trade and inflation data show signs of stabilizing, the treasury secretary said on Wednesday. “Since we have already raised policy rates by half a percent (in February), maybe another 50 basis points upward ...

$ 427 m released to boost reserves bringing total to $ 2.13 b under $ 2.6 b SBA; balance likely in mid-July Emphasises Govt. has taken several positive measures to stem current account deficit, reserve loss and bolster fiscal performance Says recent tax hike on vehicles “unexpected” but shows Govt.’s seriousness in dealing with Balance ...

Sri Lanka is to get a $ 400 million lifeline following what is anticipated as a favourable decision on the part of the International Monetary Fund (IMF). The IMF Board was scheduled to meet Monday evening Washington Time, and its Resident Representative Koshy Mathai is scheduled to hold a briefing today in Colombo at 2.00 ...

IPS: Most things in Sri Lanka are becoming expensive these days. In early February fuel prices were increased by margins ranging from eight to 49 per cent, with the all-important diesel, used widely in commercial transport and power generation, going up by 36 per cent. The Sri Lankan rupee that was trading at 107 rupees ...

Denying accusations that the Ceylon Electricity Board is a burden on the national economy, Minister of Power and Energy Champika Ranawaka points out its contribution towards the country’s development and claims the staggering loss of $ 42 billion predicted for 2012 was mainly due to the fuel

With the recent relaxing of the rupee exchange rate and subsequent increase in fuel prices, trade unions and the opposition parties are conducting protest campaigns against the Government, demanding a reduction in oil prices and the cost of living. This article investigates the living conditions of citizens in the recent past and present, quality and ...

The UN Human Rights Council resolution is still making headlines and likely to do so for many weeks to come. There is graffiti screaming “Obama is mad” scrawled on Colombo’s walls and politicians as well as other stakeholders continue to express their displeasure of the US Therefore, holding the largest trade exhibition in nearly two ...

NDB‘s contribution to infrastructure development has been substantial during the last three decades. Having garnered the experience and expertise to cater towards the development process in Sri Lanka, NDB continues to focus on this vital component providing the necessary support that will help towards economic development in the country. NDB CEO Russell de Mel says, ...

Says reserves depletion has been arrested Expects US Dollar exchange rate to settle down to below Rs. 125 Emphasises correction in rupee’s value after 'external shock' is positive all round with considerable savings and boost for local producers Claims future of IMF support is not a major concern but will be a bonus Likens affordable ...

Suren Rajanathan is Vice President of 3M Sri Lanka, an innovation-based company which boasts a catalog of over 1,000 products sold in Sri Lanka that span 25 different business categories. 3M has an income internationally of $30 billion in sales, employs about 84,000 people worldwide, and has operations in more than 65 countries with products ...

The STING Corporate Accountability Index is an independently researched analysis of the standing of corporate Sri Lanka against a model of responsible business practices. It is published in order to encourage more companies to adopt a holistic system of corporate responsibility. The adoption of such a system and making this the usual way of operating, ...

Parent Company – The Mackwoods Group (ML) Possessing a history of over 170 years, Mackwoods Group the parent company of Mackwoods Energy Limited has a diverse portfolio of businesses consisting power and energy, healthcare, agri business and plantations, industry, Information and Communication Technology (ICT), hotels and leisure, infrastructure development, real estate and financial service...

High cost of living and festive seasons go hand in hand and the upcoming New Year looks set to becoming a particularly difficult one. With the Central Bank downgrading the economic forecast from eight per cent to 7.2 per cent and a rapidly depreciating rupee adding to increasing imports, the month of April, when consumerism ...

Says that economic growth still among the highest in the world, insists that external events will not affect trade By Uditha Jayasinghe As the rupee hit an all-time low, Economic Development Minister Basil Rajapaksa yesterday strived to bolster confidence in the economy terming the trade deficit

By Cheranka Mendis Despite the Central Bank’s forecast reading 7.2% growth for 2012, RAM Ratings Lanka CEO Adrian Perera is confident that the country can touch the 7.5%-7.6% mark by the end of the year. Perera told the Daily FT that the new projection is a realistic number from the 8% noted at the beginning ...

CONCERN over the controversial Channel 4 documentary has reached a fever pitch. In fact it is so high that it is causing some politicians to talk deliriously and call for local consumers to boycott US products such as Pepsi and Coca Cola or return to the days of snail mail by forgoing Gmail. Even though ...

The Consumer Day Forum is organised by the Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) and the Institute of Policy Studies of Sri Lanka (IPS) as a part of the Public Private Awareness effort on issues pertaining to business, economy and the society. In 1962, John

Preamble State ownership of public utilities dates back to the colonial period. The early post-independent years saw the State establish public enterprises that were involved in the production and distribution of key goods and services. The share of State ownership in the economy expanded steadily

Broking firm DNH Financial Ltd. is stressing that with interest rates on the rise, stock selectivity becomes even more vital for investors. It said Treasuries yields have risen across maturities with the three month, six month and 12 month yields rising by 31 bps, 24 bps and 15 bps respectively to 10.11%, 10.18% and 10.45% ...