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.

Dialog Axiata awaits nod to facilitate inward remittances

In a move to further liberalize country’s foreign exchange controls, the Central Bank has granted permission to Dialog Axiata PLC (Dialog) to facilitate inward remittances via mobile phone technology, according to the Exchange Controller.

Rupee at year high on remittances, exporter dollar sales

Rupee firmed to its highest close in nearly a year yesterday on high remittances and selling of dollars by exporters ahead of a festival season, currency dealers said, while stocks rose on foreign buying of bank shares.

Why compromising is not good for your career

We live in a world that is always making a deal – compromising one thing for the other. The world does...

Luxury vehicle tax asked to be paid directly to Motor Traffic Dept

Owners of luxury, semi-luxury and semi-luxury dual purpose vehicles will now have to pay all taxes payable to the Department of Motor Traffic (DMT) before the expiry of 60 days from the anniversary date of the vehicle registration or end of the tax year or whichever comes first.

Stockbrokers launch code of ethics, website

The Colombo Stockbrokers Association (CSBA) recently launched a code of ethics and website to promote best practices and standards among its membership.

Banks cut gold exposure on possible price crash

A possible global gold price crash as predicted by certain analysts, either this year or next year, has prompted Sri Lankan banks to take a more cautious approach in carrying out pawning businesses.

Way forward for Mattala Rajapaksa International Airport

The second international airport in Mattala is both a challenge as well as an opportunity to strengthen the commercial aviation skies of Sri Lanka. From the inception, to speed up the progress of Mattala, it is necessary to define the personality of this airport, which has certain uniqueness.

Export earnings continue to go downhill

Depressed export earnings continued into year 2013 with January figures declining 18.2 percent Yearon-Year (YoY) to US $ 726.7 million, despite trade deficit narrowing 24 percent YoY to US $ 780.4 million, data released by the Central Bank showed.

Cost competitiveness key for tea industry survival: TPL Chief

Tea sector stakeholders need to be mindful of their cost competitiveness in relation to global costs, especially due to the emergence of new producer countries with lower costs posing a threat to local teas, a leading plantation company official stated.

Market research firms seek budget relief

The Market Research Society of Sri Lanka (MRSSL) is now seeking tax concessions for the profession through provisions in Budget 2013.