Central Bank launches campaign to fight saboteurs

Sri Lanka’s Central Bank has embarked on a local and international awareness campaign to refute misinformation and present the factual position of the economy and political environment, amid alleged attempts to tarnish the country’s image.

PRODUCTIVITY IMPROVEMENT We need more KAIZEN and less KAIWAARU

Kaizen is a Japanese word. KAI means change and ZEN means better, the two words together mean - change for the better, or improvement.

PPPs: Answer to Sri Lanka’s struggling healthcare sector?

In Sri Lanka, Public Private Partnerships (PPPs) have existed unofficially for a long period. The first instance that such partnerships were seen in Sri Lanka’s health sector was during the....

New electricity tariffs: Cost wise, price foolish

It is frequently assumed that the subject of economics is chiefly concerned with the movement of money. This is incorrect. The main preoccupation in economics is how people make choices. The key to understanding and guiding an economy is this distillation and aggregation of individual choices.

Stocks up on foreign buying

Shares hit a two-and-ahalf month high yesterday, led by foreign buying, after the central bank said there would be room for further monetary policy easing, though it freezed the key policy rates for April.

CB holds policy rates steady

The Central Bank has taken a decision yesterday to hold key policy rates at current levels for the fourth straight month, despite the inflation falling down to 7.5 percent in March from 9.8 percent a month ago.

HNB goes for Rs.4 bn debenture issue

Hatton National Bank PLC (HNB) will issue Rs.4 billion worth unsecured subordinated redeemable debentures to fund its projected lending activities and strengthen the bank’s regulatory Tier 2 capital base.

Postal Dept. operating loss up 8% to Rs.5 bn

The Department of Posts (DOP) incurred a substantial operating loss of Rs.5 billion during 2012 which was an increase of 8 percent as against the previous year, following a 52 percent increment in 2011, the Central Bank’s annual report 2012 stated.

Srilankan, Mihin losses widen

The national car rier, SriLankan Airlines and the state-run budget carrier Mihin Lanka saw their losses widening during the year 2012, the recently released Central Bank annual report showed.

Abans introduces LG Pocket Photo Printer

LG continues to make life even better by introducing the LG Pocket Photo printer to Sri Lanka. LG Pocket...

Sri Lanka sends over 10,000 housemaids in 2012

Despite calls by various pressure groups to end the practice of sending Sri Lankan housemaids to the Middle Eastern countries, the number of women departed seeking to be employed as housemaids in 2012 increased by 10,735 to 118,235 in 2012, the latest Central Bank Annual Report showed.

SOE reforms vital to reap benefits of infrastructure development: CB

The progress in infrastructure development needs to be supplemented with an effective institutional reform agenda to harness maximum economic and social benefits, according to the Central Bank’s Annual Report 2012.

ADB calls for power sector revamp

The Asian Development Bank (ADB) has recommended Sri Lanka to strengthen its energy sector by diversifying its traditional energy mix and improving cost reflective tariff mechanism.

Let’s sabotage our education system!

I recently found myself sitting excitedly at Microsoft headquarters, eagerly waiting to see, and listen to, someone who I had been inspired and highly taken up with for a long time - Salman Khan- the Bengali American Educator and Entrepreneur (not the film idol).

Changing pillow to cure headache

The Pathfinder Foundation (PF) welcomes the efforts currently underway to address the chronic losses incurred by the CEB; and congratulates the Public Utilities Commission of Sri Lanka (PUCSL) and other stakeholders for conducting a professional Public Hearing.

External debt up at US$ 28 bn; debt to GDP ratio rises to 79 %

Sri Lanka’s total external debt grew by 13.8 percent Year-on-Year (YoY) to US$ 28.4 billion in 2012, the Central Bank annual report for the year 2012 released yesterday showed.

BOC makes history raising US $ 1bn in 12 months

Bank of Ceylon (BOC) launched its second US $ 500 billion, 5-year Bond issue within a space of 12 months, drawing subscriptions exceeding US $ 2 billion and close to seven times the amount targeted, official sources said.

Sri Lanka misses 2012 growth, deficit targets

Sri Lanka’s post-war economic growth slowed down to 6.4 percent in 2012, after two years of consistent growth at 8.0 percent in 2010 and 2011, the Central Bank annual report for 2012 released yesterday showed.

Do plantation workers have a problem with their unions?

Voters share a common problem with owners of firms: How do you get the people you hire, or vote for, to protect your interest, after they are appointed or elected? In economics, there is a term for this question. It is called the principal-agent problem. 

Fallow land is worth nothing: Let’s incentivise realizing its value

Land is an emotional issue in all countries. It is particularly so in a relatively small country like Sri Lanka.

Extreme weather boosts poverty in Sri Lanka: Report

Without fail, Somadasa Gamage has prayed for one thing every year before he plants his crops. “Rain,” says the 47-year-old vegetable farmer, who has farmed for three and a half decades in Sri Lanka’s remote south eastern Tanamalvilla area, a dry area where rain can be frustratingly scarce.

Owners to rise against painting buses in blue

The Lanka Private Bus Owners’ Association (LPBOA) yesterday announced that they would launch a massive strike between April 20 and 30 to protest against the directive to paint all private busses in light blue.

Rupee at 1-year high; stocks at 7-week peak

The Sri Lankan rupee gained slightly to its highest close in a year yesterday on dollar inflows from inward remittances and exporter conversions ahead of the traditional New Year, dealers said. The rupee edged up to 125.50/55 to the dollar, from Friday’s close of 125.50/70, its strongest close since April 9, 2012.

CB flags concerns on small finance, leasing firms

The Central Bank (CB), the regulator of both banks and non-bank institutions, has acknowledged that a section of licenced finance and leasing companies operating in the country are undercapitalized and therefore, needs infusion of new capital.

Forces that move stock prices

Although we are using earnings per share (EPS), an accounting measure, to illustrate the concept of earnings base, there are other measures of earnings power. Many argue that cash flow-based measures are superior. For example, free cash flow per share is used as an alternative measure of earnings power. 

Blue Ocean Strategy: Long-term solutions for business trends

Last week, we briefly enumerated the five paths companies typically follow to reconstruct their market possibilities and open up Blue Ocean possibilities. Today, we begin with discussing those paths somewhat in detail.

Hoteliers cry foul over unfair CEB treatment

The Hotels Association of Sri Lanka (THASL) has charged the Ceylon Electricity Board (CEB) for singling out the hotels sector and imposing a tariff higher than the normal industry tariff applicable to industrial sector.

Mobile phone users surpass 20 mn mark

The number of mobile phones used by 20.8 million Sri Lankans hit over 20.3 million for the fist time at the end of December 31, 2012, Central Bank data showed.

Estate workers get 18% pay hike

Tea and rubber estate workers have won an 18 percent hike in their basic daily wage from April 01 effective for two years, which may cost firms in excess of Rs.250 million rupees a year, industry officials said.

Proposed electricity tariff hike will extract Rs. 34bn from poorest consumers: Harsha

Proposed revisions to electricity tariffs are an attempt by the Ceylon Electricity Board (CEB) to extract Rs. 34.2 billion primarily from Sri Lanka’s poorest consumers, according to Opposition Member of Parliament, Harsha De Silva.