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There’s an age-old question out there: Is it better to be a “nice” leader to get your staff to like you? Or to be tough as nails to inspire respect and hard work? Despite the recent enthusiasm for wellness initiatives like mindfulness and meditation at the office, and despite the movement toward more horizontal organizational charts, most people...

Full Article Saturday, 09 May 2015 00:00

Two of Sri Lanka’s largest construction companies MAGA Engineering (Pvt) Ltd and Access Engineering PLC have decided to retrench at least 20 percent of its current labor workforce on the back of the new government stalling many construction projects, informed sources said. According to officials, infrastructure development had slowed down drastically under the present government, which had focused on constitutional reforms...

Full Article Saturday, 02 May 2015 00:00

The reinstatement of the General Manager Bank of Ceylon (BoC), D. M. Gunasekara on April 27, 2015 after being suspended on the orders of Finance Minister Ravi Karunanayake April 6, 2015 raised many eyebrows within the business community this week. According to informed sources, the Finance Minister was forced to annul the suspension and reinstate the senior banker due to the tremendous pressure exerted...

Full Article Saturday, 02 May 2015 00:00

Deputy Minister of Economic Development, Reconciliation, Policy Development and Economic Affairs Dr Harsha de Silva last week attempted to strike a balance between the proponents of the Comprehensive Economic Partnership Agreement (CEPA), opponents of CEPA and those who held the view that it should be signed only after present issues with the existing Sri Lanka Free Trade Agreement (SLFTA) with...

Full Article Saturday, 02 May 2015 00:00

Estate sector trade unions last week said a solution on their wages had to be reached before the general elections adding that they cannot allow the issue to be dragged for months after the expiration of the Collective Agreement. The Collective Agreement between the trade unions and the Employers’ Federation of Ceylon (EFC) expired in March this year and fresh...

Full Article Saturday, 02 May 2015 00:00

•    GDP grew by 7.4 per cent in 2014, in comparison to the growth of 7.2 per cent in 2013
•    GDP per capita increased to US dollars 3,625 in 2014 from US dollars 3,280 in the previous year
•    The Agriculture sector grew marginally by 0.3 per cent in 2014 reducing its share in GDP to 10.1 per cent from 10.8 per cent in 2013.
•    The Industry sector growth, bolstered by manufacturing and constructio...

Full Article Saturday, 02 May 2015 00:00

The Board of Investment signed a Memorandum of Understanding (MoU) with the Oxford Business Group on April 29 to compile a report on Sri Lanka’s investment opportunities. ‘The Report: Sri Lanka 2016’, will be out in January 2016. Here the OBG Country Director, Brooke Butler, (left) is seen exchanging the agreement with BOI Chairman Upul Jayasuriya while BOI Media Director Dilip Samarasinghe...

Full Article Saturday, 02 May 2015 00:00

Colombo equity market wrapped the weekly operations on optimistic note as the positive investor sentiment continued for the third consecutive day. All share index rallied to 7,193 mark in the opening hours but failed retain the momentum.  Main index managed to bag 5.63 index points (+0.08%) to end at 7,179.00 while 20-scrip S&P SL index advanced by 0.12% (5.01 index points) to close at 4,053.45.

Full Article Saturday, 02 May 2015 00:00

The South Asian Investment Conference (SAIC) organized by the Colombo Stock Exchange (CSE) in association with the South Asian Federation of Exchanges (SAFE), took place last week (April 27) at the Galadari Hotel, Colombo. The Minister of Finance Ravi Karunanayake, the Deputy Minister of Policy Planning, Economic Affairs, Child, Youth and Cultural Affairs Dr. Harsha De Silva, Chairman of the Securities...

Full Article Saturday, 02 May 2015 00:00

The Chairman of the Colombo Stock Exchange (CSE) was unanimously elected as the Chairman of the South Asian Federation of Exchanges (SAFE) at the Annual General Meeting of SAFE concluded on April 26th, 2015. Accordingly, the CSE Chairman Vajira Kulatilaka succeeds Dr. Muhammad Abdul Mazid as the Chairman of SAFE for a two-year term of office.
Dr. Muhammed Abdul Mazid, Chairman of the...

Full Article Saturday, 02 May 2015 00:00

The Securities and Exchange Commission of Sri Lanka (SEC) yesterday requested Kalpitiya Beach Resort PLC to postpone the scheduled Extraordinary General Meeting (which was scheduled by the said Company in response to a Directive of the SEC) by another month from the date of scheduled EGM. “This was to enable the Company to come up with a precise...

Full Article Saturday, 02 May 2015 00:00

Five of Sri Lanka’s biggest State Owned Enterprises (SOE) the Ceylon Electricity Board (CEB), Sri Lanka Transport Board (SLTB), Sri Lanka Railways (SLR), the Department of Posts (DOP), and SriLankan Airlines (SLA) have suffered a cumulative loss of a staggering Rs. 56.6 billion, the Central Bank’s 2014 Annual Report released last week disclosed.  However, the financial position of CPC witnessed a turnaround during...

Full Article Saturday, 02 May 2015 00:00

Sri Lanka urgently needs to fix its loss-making power and energy sector given the pressure it exerts on the balance of payments and budget deficit, government officials and economists said. “If we don’t get the policy right in this sector the entire economy is affected,” declared Suren Batagoda, Secretary, Ministry of Power and Energy. Petroleum imports take up about a...

Full Article Saturday, 02 May 2015 00:00

The Association of Chartered Certified Accountants (ACCA – Sri Lanka) and the Sri Lanka Association of Software and Service Companies (SLASSCOM) will conduct a unique thought leadership forum addressing the opportunities and best practices relevant to finance business partners in light of global development in technology, data analytics and global business development strategies on May 14, 2015 at The Stables, Park Street Mews from...

Full Article Saturday, 02 May 2015 00:00

Minister of Ports and Shipping Arjuna Ranatunga last week said that Sri Lanka Ports Authority (SLPA) should be developed according to the national priorities, but not to the tune of personal agendas. The Minister made this statement attending the opening of the first section of the East Terminal of the Port of Colombo. Here the Minister signals to commence operations at East Terminal...

Full Article Saturday, 02 May 2015 00:00

The Ceylon Chamber of Commerce which welcomed the enactment of the 19thAmendment to the Constitution last week, however, cautioned that “the committee stage amendments to increase the number of Parliamentarians in the composition of the Constitutional Council has the potential to compromise its independence, and believe that the original clause would have served the interests of the country and its...

Full Article Saturday, 02 May 2015 00:00

Sri Lanka’s Central Bank received its first US 400 million dollar tranche in a currency swap with the Reserve Bank of India on Thursday, 30th April, 2015.
Another 1.1 billion US dollars has been approved by the Union Cabinet of the Indian government for augmenting the currency swap arrangement between the two Central Banks. “This additional amount is expected to be made...

Full Article Saturday, 02 May 2015 00:00

Sri Lanka’s tea output gained 17.5 percent in March from the same month a year earlier, helped by favourable weather conditions, the state-run Tea Board said on Tuesday, helping to lift first-quarter production by 7 percent on last year.
The island nation’s annual tea output fell 0.6 percent in 2014 from a year earlier, missing the annual forecast. It rose 4.2 percent in 2013 to a record...

Full Article Saturday, 02 May 2015 00:00
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