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Taking into account more people travelling between Sri Lanka and India, SriLankan Airlines is adding three more flights between Colombo and Trivandrum bringing the total to 10 flights a week, effective from today. India has always remained a key market for the airline and a top revenue contributor. The geographical placement of Sri Lanka has ...
THE cost of living is a daily state of being, rather than a condensed number for the masses. However, the latest August data depicts dangerous signs for the Government as it heads towards elections. On Tuesday President Mahinda Rajapaksa was seen visiting the drought-hit regions ahead of his campaign trail in the three provinces that ...
24th August 2012 Dr. P. B. Jayasundera, Secretary to the Treasury, Ministry of Finance & Planning The Secretariat, Colombo 1. Dear Dr. Jayasundera, Establishment of a Financial Services Authority and a Banking and Finance Commission I suggest for your consideration that you duly evaluate the long-term national economic benefits of enhancing effective fiscal management capability ...
Commissioners given freedom to decide future course with regard to DG post Dr. Jayasundera says top professionals picked to give leadership to a sound capital market growth Priyantha and Sujeewa served as Commissioners under Indrani Sugathadasa as well Opposition and certain market segments decry choice of men given their conflicting roles By Nisthar Cassim Likely ...
Achievements so far The authorities have achieved significant success in reducing the budget deficit from 9.8% of GDP in 2009 to 6.8% in 2011. The bold measures introduced in February/March 2012 to increase fuel and electricity prices, passing on higher global costs, have gone a long way towards reducing the off-balance sheet losses of 2% ...
Last week I had the opportunity of meeting the Maldivian business delegation that was in Sri Lanka with their Head of State to sign a series of bilateral agreements with the Government of Sri Lanka. One CEO of a large resort chain in the Maldives said the climate change issues that the Maldives is up ...
By Cassandra Mascarenhas A groundbreaking initiative to encourage the commercialisation and adoption of nanotechnology across differing sectors, the National Science Foundation of Sri Lanka hosted the country’s inaugural nanotechnology conference last week. Aptly themed ‘Nanoscience and Nanotechnology in Sri Lanka: From Science to Commercialisation,’ the two- day conference featu...
Foreigners most bullish with net buying up 20% or Rs. 5 b; Market’s value up by Rs. 48 b between 20 July and 24 Aug. Despite original reservations by some that President Mahinda Rajapaksa shouldn’t have met with capital market stakeholders, the Colombo stock market has proved otherwise, with the most bullish being foreign investors. ...
Given first half performance, believes several 2012 Roadmap targets will be missed UNP MP and its chief spokesman on the economy Dr. Harsha de Silva yesterday claimed that most of the Central Bank’s 2012 Roadmap targets were likely to be missed, based on below par performance on the external
By Shanuka Tissera Leading bankers were given the opportunity to discuss the method of approvals of OPIC funding and political risk insurance, facilitated by the International Executive Service Corps (IESC) and the American Chamber of Commerce Sri Lanka (AMCHAM) for US equity sponsored projects. The keynote address was delivered by the Governor of the Central ...
The Transparency International Sri Lanka (TISL) in a statement said yesterday that the resignation of Tilak Karunaratne as Chairman of the Securities and Exchange Commission (SEC) wasn’t a surprise and urged the Government to strengthen its resolve against the ‘stock market mafia.’ Following is the full text of the TISL statement: Mr. Tilak Karunaratne, who ...
The 21st Annual General Meeting of the Industrial Association of Sri Lanka (IASL) was held on 16 August 2012 at the Cinnamon Lakeside Colombo. The Industrial Association of Sri Lanka (IASL) is the Apex body under the aegis of The Ceylon Chamber of Commerce which represents industrial and manufacturing interests in Sri Lanka. The Association ...
Indo-Lanka relations Indo-Lanka relations have been cordial ever since the two countries gained independence. The most notable act of magnanimity on the part of India was to cede the Island of Katchchathivu to Sri Lanka through an agreement between the two countries. Relations have intermittently been strained due to domestic ethnic issue having had a ...
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
With apologies to Francis Bacon whose quote is misquoted but not in essence of what he meant. Bacon’s comment that “reading maketh a full man, conference a ready man, and writing an exact man” is to be seriously looked at today in education and in practice where we appear to falter at every step of ...
Expresses confidence on working with Sri Lanka to meet rising needs in ship building and repairing By Harsha Udayakantha Peiris The President of the Republic of Seychelles James Alix Michel, currently on visit in Sri Lanka, made a special courtesy call at Colombo Dockyard PLC yesterday. The President was accompanied by Minister of Fisheries and ...
With the generous support of the American people through the US Agency for International Development, Volunteers for Economic Growth Alliance (VEGA) is implementing the US $24 million VEGA/BIZ+ program in Sri Lanka. The program’s main focus is on expanding livelihood opportunities that can enhance economic productivity, boosting household incomes in former conflict areas and promoting ...
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
Fitch examines financing alternatives to the current predominant international borrowingsBy Cassandra Mascarenhas Discussing new investment opportunities and financing structures for Sri Lankan private sector entities to enter the current government dominated infrastructure financing in the country, Fitch Ratings Lanka hosted a seminar titled ‘Fitch Perspectives’ last week, featuring F...
Inflation, hyper inflation and chronic inflation Inflation, as understood by the unsuspecting citizen, is the rising cost of prices over a period of time. This interpretation is far from satisfactory. It is high time people were educated as to the real causes of inflation. Dissecting the inflationary causes would be a difficult task for an ...
Brand Finance’s Annual Global Nation Brand Analysis Prologue Over the past three years, nation branding has received an enormous amount of coverage in Sri Lankan newspapers. Whilst some of these are based on the need to provide a marketing approach to building a nation, and its brand; many of the articles focus on developing a ...
The Mahindra Sri Lanka Premier League is set to bring life to the city of Kandy, with the Pallekele leg of the matches beginning on Friday 17 August, with the encounter between Wayamba and Uva kicking off the proceedings. Somerset Entertainment Ventures Chairman Sandiip Bhammer said, “We are excited about the eight matches set to ...
Both governments to double bilateral trade to USD 10 billion by 2015 The High Commission of India and the Indian expatriate community in Sri Lanka celebrated the 66th Independence Day of India yesterday at the India House in Colombo. Indian High Commissioner Ashok K. Kantha hoisted the Indian national flag, which was followed by ...
Point of view By a market participant The investors were compelled to wait nearly 17 years to reap the benefit of a real bull run in 2009 after the elimination of the LTTE terrorism and how the SEC destroyed it within a one-and-a-half year period due to ill conceived, irresponsible decisions is well known and ...
By Cassandra Mascarenhas The technical sessions of the Association of Professional Bankers’ 24th anniversary convention were held yesterday, bringing the APB’s flagship event to a close. Aptly themed ‘Sustainability in volatility: The bankers’ challenge,’ each technical session explored an area that could throw obstacles in the path of bankers and the line-up of speak...
Emirates is offering its passengers star-class accommodation in Dubai from just US$40 per person per night, valid over a whopping 12 months – from November 2012 to October 2013. Available to all Emirates passengers regardless of class of travel, the amazing Emirates Dubai Stopovers promotional offer encompasses a series of exceptional value-added packages for the ...
The NDB Group has delivered yet another strong performance for the first half year of 2012 recording a commendable profit after tax of Rs. 1,362 million to its shareholders, which is an increase of 36 per cent compared to the previous year. Chairman of the Bank Hemaka Amarasuriya stated: “The impressive results are attributable to ...
Sri Lanka Telecom (SLT), the pioneer telecommunication services provider, has in the first half of 2012 posted a Rs. 3.36 billion group operating profit, a growth of 15% Year-on-Year (YoY). Group revenue has increased to Rs. 27.50 billion, an increase of 11% YoY. Depreciation of the Sri Lankan Rupee continued to have a significant adverse ...