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Global giant Standard Chartered Bank tips Sri Lanka’s economic growth to rebound in 2013, after contracting this year from 2011. It is forecasting economy to grow by 7.5% in 2013 and by 7.7% in 2014 from 6.8% this year. However, forecasts for the next two years are lower in comparison to record 8.3% growth achieved ...
The SAFA-CMA Management Accounting Summit 2012 held in June this year revolved around the theme ‘Corporate Social Responsibility and Sustainability Practices,’ of which the highlight was the final session of the two-day summit, the CEO and CFO Forum. The panel featured Dialog PLC Group CEO and Managing Director Dr. Hans Wijayasuriya, John Keells Holdings Finance ...
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 country has entered into an era that was not witnessed for past 25 years. Growth rates of the economy cannot even be compared during this period as the ground situation in micro terms have changed drastically that was never before during a quarter of a century. The volatility and events of macro factors make ...
Standard Chartered Bank has revised Sri Lanka’s credit outlook to stable from positive and is advising bond investors to await the conclusion of Sri Lanka’s $ 1 billion Sovereign issue prior to getting involved in the country’s debt market opportunities. This advise is contained in SCB’s latest Asian sovereign credit coverage. “While we believe that ...
Following is the full text of Secretary to Ministry of Finance and Planning and Ministry of Economic Development Dr. P.B. Jayasundera’s keynote address titled ‘Sri Lankan Economy in Perspective’ at first plenary session of the Ceylon Chamber of Commerce Sri Lanka Economic Summit yesterday under the theme ‘Positioning Sri Lanka in the Global Economy’ Chairman, ...
Case study Middle East Sri Lanka is one of the most sought-after tourist destinations in the world. It is surrounded by the Indian Ocean strategically located between West Asia and South East Asia and has been an important stop on the silk route or the Silk Road. It has all requirements to be one ...
Peter Kropotkin is a Russian revolutionist who has commented in his book ‘The Conquest of Bread’ what he considers to be the weaknesses of the economic systems of capitalism and how poverty and scarcity thrives on. However, Kropotkin did not believe in the theory of state and is known as an anarchist. The issue of ...
With highest-ever top and bottom line performance premier blue chip JKH says knowing exactly who were are, what we stand for and where we are headed makes all the differenceI am pleased to present the Integrated Annual Report, and the Statement of Accounts, for the Financial Year ended 31 March 2012. The Report encapsulates the ...
By Damien The Secretary to the treasury Dr. P.B Jayasundera recently made statement that the country is wasting the foreign currency on things that can be made in this country. I would like to add to this by stating that as a country we should have clear targets and policies that are aimed at both ...
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. As a result the trade deficit widened, putting the ...
Boating industry thanks Industry Minister for strong support Sri Lanka enters prestigious International Boating Industry Magazine rankings Sri Lanka’s commercial boat sub-sector reporting stronger international orders from Asia, Africa and ME Introducing a much-sought-after measure of relief to Sri Lanka’s boating industry, the country will now introduce tax on boat imports that are la...
Finance Ministry Secretary Dr. P.B. Jayasundera yesterday insisted that the recent fall in the value of the rupee was unwarranted and blamed it on speculators as recent corrective policy actions had strengthened fundamentals for greater stability in the exchange rate. “The recent spike is due to speculation more than on fundamentals. I reiterate that the ...
Sri Lanka will have to tackle its inflation problem if it wants to attract foreign direct investments (FDI), IMF’s Deputy Managing Director (DMD) Naoyuki Shinohara told this reporter in an interview at Washington, DC on Sunday. He however said that the island’s macroeconomic outlook was looking good, with inflation coming down, coupled with the institution ...
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
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, ...
The exchange rate (ER) last week had the dubious distinction of making a steep dive to hit Rs. 130 by being depreciated by nearly Rs. 5 against the US dollar ($) in a week in interbank trading on the back of import demand, but since then has seemingly been tenuously holding on to those levels ...
Scanning through the papers recently after the Central Bank of Sri Lanka published its 2011 external sector performance report, I was reminded of a pithy observation made by William W. Watt: “Do not put your faith in what statistics say until you have carefully considered what they do not say.” Some of the data were ...
By Cheranka Mendis Gathered to discuss the implications, opportunities and challenges of the sudden announcement and introduction of the Government’s new policies, the export community was advised by a panel of experts to watch ahead, be prepared and make their own judgments from the information provided. With the country facing no immediate risks of getting ...
Avoiding a crisis The Pathfinder Foundation (PF) commends the Treasury and Central Bank for the policy measures introduced recently. This has prevented an external payments crisis. Without remedial action, the country would not have been able to meet its debt obligations and/or finance essential imports within a short period of time. The increases in the ...
“Our sense is that if we do not act boldly and if we do not act together, the economy around the world runs the risk of a downward spiral of uncertainty, financial instability and potential collapse of global demand… we could run the risk of what some commentators are already calling the lost decade” – ...
Says depreciation by Budget only a one off, admits other sectors will suffer but notes growth will offset negatives By Uditha Jayasinghe The detriments of depreciation must be countered by aggressive growth in exports, the Central Bank Governor said yesterday, insisting that impediments to the industry had been removed by the latest Budget. Speaking for ...
Arrenga Capital Research takes a deeper look at Budget 2012 and impact on select listed companies 1. A challenging deficit target – 6.2% of GDP in 2012 I. Government revenue targeted to grow by 20.2% YoY to Rs. 1,126.1 b (14.7% of GDP) II. Total Government expenditure to rise 14.1% YoY to Rs. 1,594.9 b ...
Exports, imports up in Sept; Healthy financial inflows Two commercial banks infuse $ 250 m capital from overseas sources; corporate offshore debt capital raising tops $260 m Private sector borrowing averages Rs. 37 b per month in 2011 CB leaves policy rates unchanged for 10th straight month despite benign inflation and the inflation outlook Urges ...
With the World Bank announcing that the world economy is teetering on “a new danger zone,” it is of paramount importance for governments and financial power-houses to restore confidence through concrete policies and systematic financial planning. This is the order of the day, given the recent pessimistic report on the world economy delivered by Morgan ...
By Devin Jayasundera A top Finance Ministry official last week declared that the country’s import sector has bright opportunities on to the future in tandem with fast growing economy and per capita income of the people. Delivering the keynote address at the Ceylon Chamber Import Section Annual General Meeting the Ministry of Finance and Planning ...
After two decades, Hilton Colombo owning company Hotel Developers finally releases accounts Accumulated losses by end FY 2009/2010 top Rs. 10 billion Revaluation of hotel results in Rs. 4.7 b gain yet company beset with negative networth of Rs. 4.7 b as against Rs. 8.26 b in 2008/9 Total outstanding loans and borrowings near Rs ...
By Ashwin Hemmathagama Skyline Aviation (Pvt) Ltd. Flying Training Academy was established in April 2006 by a group of entrepreneurs and professional aviators who had a passion for flying. The main aim of the company was to infuse that same passion into new recruits, and training them to become professional and world-class pilots. Following are ...
By K. Ratnayake Sri Lankan President Mahinda Rajapakse’s trip to New York and speech at the UN General Assembly last week had two main purposes: to cover up for war crimes committed during the country’s civil war and to appeal...
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