Meeting increasing global demand for natural rubber

The global scenario for natural rubber appears to be increasing demand till the year 2020 and possibly beyond. There are indications that the natural rubber (NR) share of the total elastomers consumed globally will increase from its present level of 40 percent.

Fitch revises down NDB’s rating on shift in biz model

Fitch Ratings has downgraded National Development Bank (NDB) national long-term rating to AA- with a ‘Stable Outlook’ as a result of possible increase in bank’s risk profile due to a change in its business model.

Nimbuzz App free on Hutch for 6 months!

Hutch is excited to be entering into an exclusive partnership with Nimbuzz a widely used social messaging app effective June 17th   2013.

Exports down; trade gap widens

Sri Lanka's trade gap widened 19.2 percent Year-on-Year (YoY) in the month of April to US $ 825.4 million amid slowing down of exports earnings by 6.87 percent YoY to US $ 696.6 million.

Customs Dept. to step up role as facilitator: DG

Sri Lanka Customs is looking to improve facilitation procedures in order to support trade and boost revenue, according to Director General, Jagath Wijeweera.

Srilankan opens Melbourne office

SriLankan Airlines opened an office in Melbourne recently, considering Australia’s emerging potential in the air travel business.

Market to rebound in 2H, ASI to hit 9,000

A host of positive factors ranging from healthy corporate earnings to lower interest rates and return of funds to long term investments will enable Sri Lanka’s capital market to bounce back strongly in the second half (2H) of this year, an equities report by a local brokerage said.

Inflation eats into Sri Lankan chicken sales

The consumer demand for chicken dampened in the first quarter this year due to a drop in purchasing power hindered by the inflation, which remained elevated towards high single digit levels, according to John Keells Stock Brokers (Pvt) Ltd. (JKSB).

How well do we know Sri Lankan female consumer of today?

You see the world of advertising and marketing communications lay the world at her feet. The promises...

Hutch-Cargills roll out an exclusive promotion

Hutch in partnership with Cargills Food City has rolled out an exclusive promotion for the Month of June to reward its loyal customers. This allows both pre-and post-paid customers of Hutch to win Cargills vouchers worth of Rs. 10,000 every day.

New SEC Act for Cabinet approval next month

The new Securities and Exchange Commission (SEC) Act is now finalized and the SEC Commission will formally approve the amendments proposed within two weeks before it will be sent for Cabinet approval next month, the SEC Chairman said.

JKH to sign US $ 640mn hotel deal next week

Sri Lanka’s top conglomerate, John Keells Holdings (JKH), will sign a US $ 640 million deal to establish an integrated hotel complex in the capital of Colombo, three sources told Reuters yesterday.

Dinesh to launch 4th Vol. of ‘In the Best Interest of My Country’ on July 3

Dinesh Weerakkody will launch his fourth volume titled ‘In the Best Interest of my Country’ on July 3, at the Institute of Chartered Accountants of Sri Lanka.

Doubling hotel room capacity by 2016

The bulldozers are working and a construction crane is being erected on that vacant lot you pass each day going to and from home. The sign on the fence states that a new 150 room 3-star hotel is being built with a planned opening date of mid -2014.

T-bill yields steady

Treasury bill yields remained steady at today’s T-bill auction held to reissue Rs.12 billion maturing bills, despite 3-month bill yields edging down by one basis point to 8.66 percent

Trade agreements that don’t deliver the goods

A previous Verité Insight found that bi-lateral and regional trade agreements were proliferating, especially in Asia, but Sri Lanka was missing out. Despite once being a regional pioneer in trade agreements, Sri Lanka has not signed a major agreement in almost seven years.

Chinese investor to fund ‘Port City’

A Chinese investor has secured the deal to create the proposed 500 acre ‘Port City’ on reclaimed land on the sea off the Galle Face Green, of which the first stage is believed to cost US $ 700 million, a top Ports Authority official confirmed.

NDB secures US $ 24 million IFC loan

IFC, the private sector investment arm of the World Bank Group has extended a US $ 24 million tenor loan to National Development Bank (NDB), the bank said in a statement.

Developing knowledge management systems in plantations

A rapid development in information technology (IT) has enabled firms in manufacturing, agro-based and food-based industries improve their knowledge management systems (KMS) initiatives to produce more value-added products.

Collaborating with India to forecast it right!

In my previous article in Mirror Business on June 11, 2013, the activities of the Indian Ministry of Earth Sciences (MoES) were summarized and also highlighted the lack of coordination within ministries and related government institutions in Sri Lanka, related to weather forecasting and disaster management.

Economy grows 6% in 1Q

Sri Lanka's economy grew 6 percent in the first quarter of 2013 vis-à-vis 6.3 percent growth the country recorded in the previous three months, the 2013 first quarter GDP data released by Census and Statistics Department short while ago showed.

May tourists arrivals up 21.8%

Tourist arrivals to Sri Lanka in the month of May rose 21.8 percent to 70, 026 compared with the same period of the previous year, the data released yesterday by the Sri Lanka Tourism showed

Do you want to be a smart investor?

During the past few weeks our readers were educated on the performance of the Colombo stock market by emphasizing on the untapped opportunities it offers to investors. Further on, we have disseminated guidelines on the requirements in entering the market, investing and managing one’s portfolio.

From crisis to sustenance : Leadership is everyone’s business: Creating a leadership commitment

Leadership doesn’t just happen. Leaders are made, not born. Leadership is a set of skills and abilities that anyone can learn.  Those skills can be strengthened, honed and enhanced.

The changing face at the top

Globally, in the last two years, women have made great strides in closing the gap for C-suite jobs. In fact, women now are better educated than ever, are stepping into high profile roles and are also outnumbering men as the primary breadwinners in their households.

Exchange relaxation to boost apartment sales

Leading property developers welcomed last week’s exchange controls relaxations by the Central Bank, which permitted the repatriation of capital and capital gains from the sale of residential properties by non- residents.

Bajaj upgrades 3-wheeler models, to phase out existing range

Three-wheeler major Bajaj Auto unveiled its new re-compact passenger vehicles in the petrol, CNG and LPG variants, which aim to replace the company’s existing range.

Rupee movement no cause for concern: CB Governor

The fall in Sri Lanka’s rupee currency is no cause for concern as foreign investors have been changing their positions rather than pulling out of the island nation’s bond market, Central Bank Governor Ajith Nivard Cabraal said.

SME lending: Private sector banks account for lion’s share

Sri Lanka’s private commercial banks have significantly surpassed state-owned banks in funding Small and Medium Enterprises (SMEs) in 2012, a stark contrast to the situation in 2011, the latest annual report of the Ministry of Finance and Planning showed.

Sri Lanka among top investment - conducive countries: Basil

Sri Lanka has become one of the best countries for Investment since it can now boasts of a peaceful environment and a strong political stabilization after the cessation of hostilities which prevailed for over 30 years, a top cabinet minister said.