September tourist arrivals up 26%

Tourist arrivals to Sri Lanka in the month of September rose 26.2 percent from a year ago to 89 761, Sri Lanka Tourism Development Authority statistics showed. During the first nine months of 2013, the arrivals rose 15.5 percent Year-on-Year (YoY) to 801, 210.

Labour, next major challenge for apparel: Cabraal

Labour shortages as a result of Sri Lanka’s anticipated transition into a middle-income country status will be the next major challenge for the country’s apparel and manufacturing sectors, according to Central Bank of Sri Lanka (CBSL) Governor, Ajith Nivard Cabraal.

From crisis to sustenance : You need more than setting your marketing objectives to maximize your pr

Developing and implementing a marketing plan is not enough to reach marketing objectives. Marketing plans and strategies are required to be monitored, evaluated and adapted to meet the changing market environment, needs and opportunities. Marketing control ensures performance improvement by minimizing

Investing in stock market - Investment risk, an essential evil

We tend to think of ‘risk’ in predominantly negative terms, as something to be avoided or a threat that we hope won’t materialize. However, in the investment world, risk is inseparable from performance and rather than being desirable or undesirable, risk is simply necessary.

Dying to work? Why health and safety in workplace an important economic issue

This week, another 10 workers in Bangladesh lost their lives in a deadly fire at a garment factory, another in a series of incident ranging from building collapses to fires that have claimed over 1,500 lives in the past year alone. This has brought new attention to working conditions in the garment industry in Bangladesh and has got everyone from policymakers and industrialists to human rights organisations and Western clothing brands very con

Why some billionaires believe money should not be left to kids

There was such a wonderful response from many readers to last week’s column and so much interest generated in passing on good values to the next generation that I thought it would be good to touch on a related topic. 

HSBC appointed primary dealer in govt. securities

The Central Bank has appointed The Hongkong and Shanghai Banking Corporation Limited – Colombo Branch Office (HSBC) of 24, Sir Baron Jayatilaka Mawatha, Colombo 01 as a primary dealer in government securities.

Finance companies call CB to revisit penal rate cut

Finance companies, supposedly the most penalised sector by the recent penal rate cut charged on default loans, have written to the Central Bank (CB) requesting to reconsider the new rule, Mirror Business learns.

Gas hopes!

Sri Lanka plans to strike a sales agreement with Cairn India within this year and hopes to join the natural gas producing nations club by 2017-2018, according to the head of Sri Lanka’s state-run petroleum exploration unit.

Amãna Bank enters Ratnapura

Amãna Bank opened its doors in the gem capital of Sri Lanka, taking its unique model of banking services to the residents of Ratnapura. The 24th branch of the bank is situated at 131-133, Main Street, Ratnapura and is the 10th branch opened by the bank during this year.

Stockbrokers write to CSE requesting brokerage fee hike

Sri Lanka’s stockbrokers have written to the Colombo Stock Exchange (CSE) requesting a hike in the brokerage fees citing financial hardships they are currently undergoing amid relatively low market turnover levels, Mirror Business learns.

Hospitality industry cyber-crime risks

If you lose your hotel key or key card, most hotels are reluctant to hand you a new one without some proof of who you are. If you called to find out which room your sister is staying, no hotel should disclose this either, even if you are family.

IPCC scientists warn of human cause for global warming

The Intergovernmental Panel on Climate Change (IPCC) was established in 1988 by the World Meteorological Organization (WMO) and the UN Environment   Programme (UNEP) for the purpose of assessing  scientific....

A path to end poverty

At this moment, more than a billion people live on less than US $ 1.25 a day. That is a stain on our moral conscience. We must help lift people out of poverty without delay, without prejudice, no matter the circumstance, no matter the locale.

Growing rubber in non-traditional areas need effective institutional support

Growing rubber in non-traditional areas need effective institutional support Strategic initiatives identified to reach the national targets in rubber production are, increasing productivity and extent under rubber cultivation.

Korean builders bag JKH’s integrated resort contract

John Keells Holdings (JKH) is reported to have selected a consortium led by South Korea’s Hyundai Engineering and Construction, for a contract worth US $ 522 million to build its integrated resort in Colombo, South Korean media reports said.

Mauritius keen to establish air links with SL

Mauritius, which is positioning itself to become an ocean economy, has expressed interest in signing an Air Services Agreement with Sri Lanka to boost bilateral trade between the two countries, a communiqué by Sri Lanka’s Industry and Commerce Ministry quoting Mauritius Foreign Minister Avin Boolell said.

IRCON to connect Pallai to Northern railway network soon

A ballast train reached Pallai, in Sri Lanka’s war-torn Northern Province achieving yet another milestone of the steadily progressing Northern Railway restoration project.

Sri Lanka will find difficult to borrow overseas in future: Economist

Sri Lanka will find it very difficult to borrow from abroad in the future due to the Fed’s stimulus tapering that is likely to happen sooner or later, which will pull back the excess liquidity in the global economy, according to a senior economist in the country.

ILFC-SriLankan sign lease agreement for 3 aircraft

International Lease Finance Corporation (ILFC) signed a 12-year lease agreement with SriLankan Airlines for three A350-900 aircraft yesterday.

Beyond your pension: What should be done?

Life expectancy has reached 74.9 years in Sri Lanka today. This reflects the considerable successes the country has achieved in its social development during the post – independence era.

Japan to continue aid to Sri Lanka; Basil receives grand welcome

Japan will continue to help Sri Lanka’s economic progress by developing her infrastructure and human resources.

IMF argues against import substitution

The International Monetary Fund (IMF) last week warned against the populist policy of import substitution as it has often proved ineffective in accomplishing economic prosperity.

Amana planning CSE listing this year

Amana Bank is planning to list shares on the Colombo Stock Exchange (CSE) before the end of this year.

Overseas remittance inflows heavily used for consumption: Economist

Migrant worker remittances received by Sri Lanka are almost entirely spent on consumption and are not mobilized in to investment generating activities, raising concerns over its ability to provide economic value addition in the long run.

Higher growth and governance go hand in hand: ADB

Governance reforms cannot be delayed if Asian nations are to promote higher growth, investment and poverty reduction, according to an update to the Asian Development Bank’s (ADB) flagship Asian Development Outlook report released yesterday.

Need for national plantation production policy

Various sources have come out with plantation crops viz Tea and Rubber production/ productivity figures over the last several years. However, more recently the accuracy of such figures has been disputed, mainly by the plantation companies. Whatever it may be, the plantation industry needs a national plantation crop policy to boost its production/ productivity by about 25 – 30 percent over a 5- year period and remain competitive in the globa

Harnessing tourism potential through targeted strategies

The dynamics of the Sri Lankan economy have changed enormously in the last decade. Particularly after ending the prolonged terrorism conflict, the growth outlook in Sri Lanka has been impressive with massive reconstruction and rehabilitation efforts being carried out.

Balancing of financial leverage across Asia is vital

As emerging economies endure another episode of financial-market stress and volatility, it is appropriate to consider whether and how they might foster more stable conditions. External factors such as global growth and Fed policy matter and are beyond developing countries’ control; but this is not new. The interesting question is, are emerging economies now unusually vulnerable to global forces because their structural resilience has weake

T-bill yields flat; bids for short-term bills rejected

The Treasury bill yields remained more or less flat at yesterday’s auction with bids for three months and six months being rejected.