CB disagrees with Moody's assessment of economy

Hot on the heels of Moody's downgrading the outlook on Sri Lanka; the Central Bank (CB) expressed its displeasure over the rating action by the international rating agency and said it actually warrants an upward revision given the constructive policy measures taken by the authorities.

H'tota tank farm pre-commissioning begins

M.V. Leon - M fuel tanker from Singapore called at the Magam Ruhunupura Mahinda Rajapaksa Port (MRMRP) recently with several loads of Marine Gas Oil for testing and pre-commissioning of the bunker facilities of the port, upon completion of its Phase I.

Moody's cut SL's B1 rating outlook to stable

International rating agency, Moody's has slashed outlook on Sri Lanka's B1 sovereign rating from positive to stable due to slow growth of the country's foreign reserve position and higher debt burden

How large is Sri Lankan global middle class?

In Sri Lanka, there is evidence of a growing middle class. The incidence of poverty in the country has sharply come down over the past decade. There are indications of growing demand for advanced services and luxury products.

Oceanpick to introduce marine fish farming to Sri Lanka

Oceanpick is set to embark on Sri Lanka’s first ever oceanic farm for finfish this August with an investment of approximately US$ 2.5 million.

CIFL LIQUIDITY ISSUES: CB appoints People’s Leasing as managing agents

The Central Bank of Sri Lanka (CBSL) has appointed People’s Leasing and Finance PLC as Managing Agents of Central Investments and Finance PLC.

SEC to hold ‘Investment Day’ to educate public

The Securities and Exchange Commission of Sri Lanka (SEC) in its endeavour to develop an efficient and effective capital market has organized “Investment Day 2013” at the Sri Lanka Exhibition and Convention Centre on July 6 (from 9.00 a.m. to 5.00 p.m.) under the auspices of Economic Development Minister Basil Rajapaksa.

ASEAN urges Indonesia to ratify haze pact

Southeast Asian nations urged Indonesia yesterday quickly to ratify a treaty aimed at preventing fires in its giant rainforests that regularly inflict choking smog on its neighbours.

Nawaloka to set up peripheral hospitals

In a bid to expand healthcare facilities, Nawaloka Hospitals PLC (NHL) will be investing Rs.575 million on setting up a chain of peripheral hospitals, starting from a hospital in Negombo, a stock market filing stated.

Capital market: An engine of growth?

A capital market is a significant aspect of every financial market. It is a market in which institutions and individuals trade financial securities. It comprises of the equity, bond, debt and derivative markets. A capital market comprises of both primary and secondary markets. A primary market is a market that issues new securities.

From crisis to sustenance Strategy is not just beating your competition

Business is a cricket game and only the team with the best players will win. To beat the competition will require everyone’s collective effort. It’s not just a task for the marketing department or top management; it’s everyone’s responsibility. So, as one of the marketers of your business

Inflation may exceed 10%

Aggressive policy rate cut in May followed by a reduction of the Statutory Reserve Requirement (SRR) by commercial banks may insert inflationary pressure, pushing headline inflation even beyond 10 percent over the next 12 months, a local stockbrokerage warned.

Softlogic’s automobile arm to set up Rs.200mn facility in Pelawatta

Softlogic Holdings PLC’s auto subsidiary Future Automobiles (Pvt) Ltd, sole distributor for Ford Motor Company in Sri Lanka, is to set up a Rs.200 million sales and service facility in Pelawatta, an official stated.

New CCC chief calls for improved private sector cooperation

Newly elected Chairman of the Ceylon Chamber of Commerce (CCC), Suresh Shah called for improved cooperation among private sector entities in order to respond to both economic and socio-political challenges besetting Sri Lanka.

Who will from ‘We Generation’ be next Zuckerberg?

That’s the question most ask – ever since the Facebook founder gave the world its most popular...

CB cuts bank reserve ratio to encourage lending

The Central Bank of Sri Lanka (CBSL) will be reducing the Statutory Reserve Requirement (SRR) on all rupee deposit liabilities of commercial banks by 2 percent to 6 percent with effect from July 1, 2013, in a bid to induce banks to cut lending rates.

Electricity price hike to dim corporate earnings

The recent electricity tariff hike is expected to hinder the corporate earnings of most listed companies during the June quarter and the early part of the September quarter this year, with companies having to absorb the rising cost in the immediate short term, according to a research arm of a local stockbrokerage.

Getting away with misleading and deceptive advertising

Have you purchased anything that did not correspond to what had been advertised or promised? Many of us, at some time or another have been persuaded to purchase something, only to discover that we were misled by false or deceptive statements.

China’s new ‘Blue-Book’ for the Indian Ocean

Since it was released on June 8, China’s first ever “blue book” on the Indian Ocean has generated a lot of interest in strategy circles. Unveiled with some fanfare in the Chinese city of....

Ending poverty includes tackling climate change

Over the last 20 years, the World Bank Group has helped countries lift 663 million people out of poverty. In the next 20, we believe it is possible to end extreme poverty. This goal is within our grasp.

Long term T-bill yields down

The long term Treasury bill yields fell at the T-bill auciton held yesterday to re-issue Rs.12 billion maturing bills, the Public Dept Department of the Central Bank said

Aitken Spence to build US $ 30 million luxury retirement retreat

Aitken Spence PLC which has strong presence in tourism and ports & logistics sectors both in Sri Lanka and outside, is planning to invest approximately US$ 30 million in the construction and management of Heritage Grove, a high-end retirement community on 30 acres of land in Negombo.

African renaissance: Opportunities for Sri Lankan companies

Sub-Saharan Africa has become one of the fastest growing regions in the world. The 1990’s was seen as the “lost decade” for the continent and Africa was written off as a basket case.

The economy is growing, but where are the jobs?

The Sri Lankan economy is reported to have grown by 6.4 percent in 2012. This was less than what was hoped, but still a robust level of growth. In 2010 and 2011 growth was an extremely healthy 8 percent and 8.2 percent.

Environment issues hitting the economy

A ‘global’ debate is in full swing over what should replace the Millennium Development Goals (MDGs) once they expire in 2015. For Asia, this discussion could not have come too soon, as all evidence suggests that it will take a significant reordering of priorities for the region’s high economic growth to continue.

As Asia embraces casinos, India hedges its bets

REUTERS: Like many visitors to the Casino Royale Goa on a rainy Saturday night, Salim Budhwani said he does not gamble but also had no objection to the betting at the busy tables downstairs.

The bullish case for Sri Lanka

Sri Lanka is not often considered a viable option by investors. However, with previous geopolitical tensions settled, things are changing to the upside. Due to a peace dividend from ending 30 years of civil war, Sri Lanka’s emergence as a.....

More FDIs, tax revenue critical for growth to continue: Mathai

International Monetary Fund (IMF) resident representative Koshy Mathai reiterated the need to attract Foreign Direct Investment (FDI) to the country in order to continue the growth path Sri Lanka has set herself with the end of the 30-year long conflict.

Softlogic to distribute BlackBerry smartphones in Sri Lanka

Colombo – June 11th, 2013: Softlogic, a leading communication services provider in Sri Lanka, today announced that it has been appointed as an authorized  distributor for BlackBerry® smartphones in Sri Lanka.

99X Technology shares international software product engineering expertise in Sri Lanka

With the IT-BPO industry exhibiting a high paced growth in Sri Lanka to becoming a billion dollar industry by 2016 and presently being among the top 20 outsourcing destinations globally, Colombo Camp Community, backed up and principally sponsored by 99X Technology