A truly refreshing expereince : SAFA launches a range of Sri Lankan fruit juices

Hassani Group of companies in Dubai launched its operations in Sri Lanka under their global brand name “SAFA” by partnering with Hayley’s Agriculture for franchised manufacturing and East West Marketing to market and distribute a range of its manufactured food categories such as juices, pasta, sauces, mayonnaises, tomato paste and many more. 

Banking sector capital adequacy figures not all rosy: Fitch

The capital adequacy of the Sri Lankan banking sector to withstand sudden solvency risks is not as healthy as reported statistics, a top Fitch Ratings official told a recent forum in Colombo.

IMF cautions on aggressive monetary easing

International Monetary Fund (IMF) said they were very concerned about the aggressive monetary policy easing pursued by the Lankan authorities to spur growth amid looming inflationary pressures.

Construction sector must establish presence overseas for sustainability: Prof. Jayawardena

Sri Lanka’s construction industry must look to secure contracts overseas in order to ensure longterm sustainability, according to University of Moratuwa Vice Chancellor Professor Ananda Jayawardena.

Activist investors – Why companies fear billionaire takeovers

A century ago, their tribe, engaged in less complicated businesses than power-packed takeovers, was known as robber barons. Today, the billionaires whom Wall Street admires for their ability to generate money on money, are apparently fanged with takeover poison spewing from them and companies have come to fear the activist investors for just what they can do to peel off a company, layer by layer, unravel years of brand building to uncover what th

Reducing trade deficit: Is the government jousting with toothpicks?

Sri Lanka has high trade deficits. And, instead of shrinking, they are increasing over the years. The current government policy, based on import substitution, will not be able to solve this serious problem.

Keells Super goes Mobile!

With Sri Lanka having to experience a mobile penetration that’s close to the entire population of the country coupled with the increasing growth in internet access via handsets and smartphones, Keells Super brings mobile shopping for the first time in its industry, adding greater ease and convenience to its shoppers.

Belarus looking for agro - automotive JVs in Sri Lanka

Belarus, a former Russian Federation country with an industry-driven economy has expressed interest in assembling agro-automotives such as tractors and other heavy duty automobiles in Sri Lanka.

New terminal, breakwater open for business

President Mahinda Rajapaksa yesterday officially opened South Asia’s only container terminal that can handle Triple-E vessels and the new breakwater of Colombo Port stretching 400 metres to the sea.

Bleak outlook for financial sector in 2013

Sri Lanka’s banking, finance, insurance and real estate sector (financial sector) will have a bleak outlook for 2013 on the back of low credit growth and deteriorating asset quality, an equities research report by a leading securities trading firm said.

The U.S.housing market’s road to recovery

By Jarkko Turunen A year ago, we were very concerned about lingering weakness in the U.S. housing market, which we saw as a major obstacle to the economic recovery. But what a difference a year makes! As our latest report on the U.S. economy points out, the housing market recovery has been stronger than expected, and is providing a significant boost to private domestic demand and economic growth.

Time for paradigm shift in export expansion and diversification

After the disastrous consequences of the anti-export-bias and import substitution polices, Sri Lanka, since 1978, has implemented many strategies and programmes to promote export oriented industries and agriculture. Nevertheless the country’s export performance during the four decades that have ensued has been disappointing.

Sri Lanka eyes South Asian hub with Chinese mega port

A US $ 500 million Chinese-built port opens today in Colombo, giving Beijing a vital foothold on the world’s busiest international shipping lane as it seeks to secure maritime supply routes.

Mobile and Pay TV push Dialog profits up

Dialog Axiata PLC, a unit of Malaysia’s Axiata group, posted a net profit of Rs.950.3 million for the quarter ended June 30, 2013 (2Q13) against Rs.879.5 million in the corresponding quarter of the previous year, boosted by higher revenues across Mobile and Pay TV segments.

Government pushing private sector out of growth equation?

The growth in the Sri Lankan economy happens without the expansion of the private sector and the country does not see the private sector participation in the economy, according to a leading economist in the country.

From an untouchable child bride to CEO – Story of a real life slumdog millionaire

Her story is right out of the blockbuster movie ‘Slumdog Millionaire’. In a society that still treats its daughters...

SLPA unveils 7-yr corporate plan

Marking the end of the first fiveyear port development plan, the Sri Lanka Ports Authority (SLPA) has announced a seven-year corporate plan with the vision to achieve ‘logistics excellence in the silk route’, a vision established in line with Mahinda Chinthana Vision for the Future.

Ceylon Chamber lauds govt’s ‘free ports’ initiative

Sri Lanka’s Ceylon Chamber of Commerce (CCC) has welcomed the initiative by the government to declare Sri Lanka’s four main ports, Colombo, Hambantota, Trincomalee and Galle as ‘free ports’.

Italian exports boost Dipped Products net

Dipped Products PLC (DPL) generated a sharp 29 percent year-on-year (YoY) increase in net profits backed by stable rubber prices and strong Italian exports to post Rs.413.9 million during the quarter ended June 30, 2013.

India, Sri Lanka & Maldives: Chinese influence and regional maritime security issues

China and India continue to vie for maritime influence, as influence over the Indian Ocean Region (IOR) remains both commercially and strategically advantageous. However, India’s recent strategy includes developing regional cooperative maritime frameworks that focus on security as a preventative hedge on Chinese incursions.

Should sustaining rapid growth remain elusive?

 The end of the conflict has raised expectations regarding the growth prospects of the country. However, a lesson to be drawn from the experience of 2010 and 2011 is that a sustained accelerated growth trajectory cannot be achieved by demand management policies alone i.e. adjustments to monetary, fiscal and exchange rate policies.

Govt. grants tax incentives to port users, enterprises to boost exports

President Mahinda Rajapaksa who is also the country’s Finance Minister has declared Sri Lanka’s four main ports, Colombo, Hambantota, Trincomalee and Galle as ‘Free Ports’.

SLIM Brand Excellence 2013 kicks off

The most awaited SLIM Brand Excellence organised by the Sri Lanka Institute of Marketing (SLIM) kicked off with a media, judges’ and participants’ briefing held at The Kingsbury Colombo yesterday.

Lankan insurers poised to adjust capital to reflect risks

Similar to the banking industry embracing capital adequacy requirements under BASEL regulations, Sri Lanka’s insurance industry too is currently working towards a Risk-Based Capital (RBC) model and is set to become the next country in Asia to fully embrace the regulatory requirement, according to an international insurance professional.

Amana Bank introduces ‘Personal Salary Account’

Amana Bank has introduced its newest savings product ‘Amana Bank Personal Salary Account’ targeting the working population of the country. The Personal Salary Account offers greater accessibility and convenience along with a host of privileges, including a monthly profit on their income.

Authorities should strive to regain GSP+: Exporters

Authorities must continue to take steps towards securing GSP+ facilities to Sri Lanka in order to re-energize the country’s export sector, according to outgoing Exporters Association of Sri Lanka (EASL) Chairperson, Dawn Austin.

Are our hotels overpriced?

In 2012, Sri Lanka received a million arrivals. The target for 2013 is to attract 1.25 million visitors. Arrivals in the first half of this year totalled 512,281, which is up 13.1 percent over the 452,867 achieved last year for the same period.

SL could reduce emissions by 20% by 2020: Minister

New green power initiatives could reduce Sri Lanka’s greenhouse gas emissions by almost 20 percent by 2020, Sri Lanka’s Industry and Commerce Minister stated, referring to the Asian Development Bank’s (ADB) latest assessment on carbon footprint.

Public investments to come under pressure: Economist

Sri Lanka will find it extremely difficult to maintain the public expenditure target of 6 percent of the gross domestic product (GDP) going forward amid revenue side pressures

COPE calls to improve auditing mechanisms of public enterprises

Inadequate auditing and fiscal discipline in public sector enterprises has left large sums of state funds unaccounted for, according to the findings of the Committee on Public Enterprises (COPE).