Sunday, 21st September 2014

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Today, Colombo, Sri Lanka

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Business news

The decision by the Government of Sri Lanka to announce a 25% reduction in electricity tariffs last week was in sharp contrast to the advice given by the staff mission of the International Monetary Fund (IMF) to increase tariffs, The Nation can reveal today.  When the staff mission of the IMF was in the island in July this year, the…
Full Article Sunday, 21 September 2014 00:00
Cinnamon Hotels & Resorts recently partnered with SriLankan Airlines in coordinating a promotional campaign for Sri Lanka at the Miss Universe China 2014 Final Pageant held in Shanghai a few days ago. During the event, four significant items were dedicated to Sri Lanka which included a dance performance by a 14-member local troupe and the auctioning of a Royal Blue…
Full Article Sunday, 21 September 2014 00:00
The IMF staff mission, who were in Sri Lanka in July this year for their Article IV Consultation and Second Post-program Monitoring Discussion, had highlighted some aspects that might limit potential gains from the ongoing consolidation of the financial sector. According to the Staff Report released last week, the IMF was of the view that since the plan restricts merged…
Full Article Sunday, 21 September 2014 00:00
The Sri Lankan government has targeted an economic growth rate of over 8% from years 2015 to 2017 with the target for years 2015, 2016 and 2017 being 8.2%, 8.3% and 8.4% respectively. According to the Appropriation Bill for 2015 submitted last week for cabinet approval, Sri Lanka is expecting the economy to grow by 7.8% in 2014 while maintaining…
Full Article Sunday, 21 September 2014 00:00
UK based Gemfields Plc last week announced it has entered into a joint venture with East West Gem Investments Limited (EWGI), a Channel Islands-based company to progress opportunities in the Sri Lankan sapphire and gemstone sector via three Sri Lankan subsidiaries which will be 75% and 25% held by Gemfields and EWGI respectively.
Full Article Sunday, 21 September 2014 00:00
Sri Lankan manufactured ‘Footwear’ exports have doubled during the year 2013, compared to the previous year and the trend expected to continue, the Ceylon Chamber of Commerce (CCC) said last week. Quoting a recent study conducted by the CCC titled ‘Footwear Exports and Imports of Sri Lanka – Statistical Analysis’, which covers the periods of 2006 to 2013, Australia and…
Full Article Sunday, 21 September 2014 00:00
As Sri Lankan regulator is preparing to embrace the global capital standards as per the Central Bank’s plan for the year 2014, a recent event focused on exploring the intended and unanticipated consequences on Sri Lankan banks. This thought leadership program was presented by SJMS Associates in collaboration with its knowledge partner Deloitte Touch Tohamatsu India (Pvt). Ltd.
Full Article Sunday, 21 September 2014 00:00
The Young Members Forum of The Ceylon Chamber of Commerce comprising 25 members visited the Colombo Stock Exchange last week. The CSE officials initially briefed the members about the CSE operations and later on the group were taken to the trading floor. Here the members are pictured in a group photograph during the tour
Full Article Sunday, 21 September 2014 00:00
The Central Bank of Sri Lanka (CBSL) and the People’s Bank of China (PBOC) entered into a bilateral Currency Swap Agreement last week which provides an opportunity to exchange Sri Lanka’s National Currency (LKR) with the Chinese National Currency (CNY) for trade related activities and other purposes agreed upon by both parties, the CBSL said.
Full Article Sunday, 21 September 2014 00:00
Chinese President Xi Jinping on Wednesday launched the construction of a $1.4 billion port city in Sri Lanka’s capital that will give Beijing a firmer foothold in the Indian Ocean region. Xi wrapped up his two-day visit to Sri Lanka by visiting Colombo harbor to kick off building of the port city, before heading to neighboring giant India.The new city,…
Full Article Sunday, 21 September 2014 00:00
Access Engineering PLC last week said it has undertaken the work to rehabilitate Labugama and Kalatuwawa Water Treatment Plants, the two water supply schemes that account for 15 -18% of water requirement in Colombo city and the suburbs. According to the company, the project which is executed by the National Water Supply and Drainage Board is funded through a tied…
Full Article Sunday, 21 September 2014 00:00
Sri Lanka’s apex export entity has issued a call to the country’s exporter community to register with it and enlist in its surging database on September 16. “Some non-registered exporters, unaware of procedures have brought a bad reputation for Sri Lanka. It is time all Lankan exporters register with EDB,” voiced Sujatha Weerakoone (DG-EDB) on  September 16 in Colombo.
Full Article Sunday, 21 September 2014 00:00
Higher increase in import expenditure compared to the improvement in exports earnings resulted in the trade deficit widening by 55.2% to US dollars 891 million compared to US dollars 574 million in July 2013. According to statistics released by the Central Bank last week, although earnings from exports grew by 11.1 percent to US dollars 955 million in July 2014,…
Full Article Sunday, 21 September 2014 00:00
The LOLC Group acquired a 60% stake in Thaneakea Phum Cambodia (TPC) for USD 20.3 million. The acquisition was through LOLC’s fully owned subsidiary, LOLC Micro Investments Ltd (LOMI), which is the microfinance investment arm of LOLC. The LOLC Group has received all required regulatory approvals, including approvals from the Central Bank of Sri Lanka, Ministry of Finance of Sri…
Full Article Sunday, 21 September 2014 00:00
In a move to create much-needed IT/BPM capacity required for the expansion of the industry in Sri Lanka, which is now poised for accelerated growth, SLASSCOM Vice Chairman Mano Sekaram is advocating the creation of regional second tier cities to bring about inclusive growth in the country.SLASSCOM Vice Chairman and 99X Technology CEO Mano Sekaram observed that growth has
Full Article Sunday, 21 September 2014 00:00
Sri Lanka will outperform the majority of IT markets in the Asia Pacific (APAC) region as strong income growth and low penetration of PCs, enterprise software and services will combine to boost IT spending growth in Sri Lanka over the medium term, a recent research report by a leading research firm opined. This is according to the Sri Lanka Information…
Full Article Sunday, 14 September 2014 00:00
The Secretary to the Treasury and Ministry of Finance and Planning Dr. P.B. Jayasundera says Sri Lanka’s target is to consolidate to lower single digit inflation and bring about an interest rate and exchange rate policy environment around which price stability would become the monetary policy goal. Delivering the 19th Annual Tax Oration of the Institute of Chartered Accountants of…
Full Article Sunday, 14 September 2014 00:00
The bar owners in Kerala state in India will be able to serve liquor till 30 September as the Supreme Court (SC) on Thursday ordered a status quo till then.An apex court bench of Justice Anil R Dave and Justice UU Lalit asked the Kerala High Court to hear the plea by the bar owners who have challenged the Kerala…
Full Article Sunday, 14 September 2014 00:00
Emerging-market investment company LeapFrog Investments, which last week raised US$ 400m for a new fund, 12 months after its US$ 204m first fund closed is likely to benefit Sri Lanka amongst other countries. According to a report by South African based website Business Day, of the new fund, US $100m is allocated to South Africa, where investors in the new…
Full Article Sunday, 14 September 2014 00:00
Sri Lanka’s Hatton National Bank PLC (HNB) on Friday announced it had financed Softlogic Group’s strategic investment in the leading fashion brand ODEL, enabling the conglomerate to further strengthen its presence in the apparel and fashion accessories market.“The funding was provided as part of HNB’s corporate strategy of supporting local corporates and
Full Article Sunday, 14 September 2014 00:00

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