Central Bank keeps policy rates on hold

The Monetary Board of Sri Lanka yesterday decided to keep the policy rates unchanged during the first month of 2013, following a 25 basis points rate cut last December to spur growth.

Stocks extend gains on lower rates, foreign buying

Stock market climbed to its highest close since early October yesterday as investors bought into risky assets due to falling interest rates while foreign inflows into blue chips bolstered turnover.The main share index closed up 1.08 percent, or 62.81 points, at 5,875.28, its highest close since Oct. 3.

Lessons in hands-on CSR activism – Turning guns into jewellery

Just how do you deal with a social menace that threatens the very foundations of a society? That’s the question that has...

Central Bank urges banks to consolidate

The Central Bank (CB) yesterday renewed its calls for consolidation in the banking sector of the country, which is overcrowded with 24 Licensed Commercial Banks (LCBs) and nine Licensed Specialized Banks (LSBs), with over Rs.5 trillion worth assets.

VAT increase not passed to customers - Supermarkets

Despite the popular belief that the value added tax (VAT) imposed on supermarkets and wholesalers by Budget 2013, so far, traders have not passed the additional cost to the customers, a top official of one of the country’s leading supermarket chains said.

Economy poised to grow 6.8% in 2013- World Bank

The weakened economic growth in the South Asian region in 2012 is expected to pick up in 2013 with the Sri Lankan economy poised to grow at 6.8 percent, despite the Central Bank’s forecast of a 7.5 percent growth, a World Bank report said.

Not at SEC to safeguard anybody’s interest: Godahewa

He says his approach does not confine only to regulate. “Education is a big part of my job,” he stresses, quite unlikely to the two regulators before him, who threw in the towel in a span of just one year, ducking to pressures from all over.

Creating work environment for employee success

The skilled people who staff an organization bring the greatest competitive advantage for a firm. Finding the right fit talent is just the first step. To succeed in today’s ever-changing marketplace, optimizing the potential of the people in the business should be a top priority for any company.

Energy price hike on the cards; inflation persists

Further hikes in fuel and electricity prices are expected in the coming months as a result of government’s attempt to curb losses incurred by stateowned Ceylon Petroleum Corporation (CPC) and Ceylon Electricity Board (CEB), thereby creating inflationary pressures, a report said.

Rupee slips on importer dollar demand

The Sri Lankan rupee edged down yesterday due to importer dollar demand, but currency dealers said foreign inflows into government securities could boost the currency in the near term.

Customs to go fully online; poised to handle US $30b trade : PBJ

Sri Lanka Customs is set to go fully online from end March 2013, with the implementation of latest version of Automated System for Customs Data, widely known as ‘ASYCUDA World’, , according to the Treasury Secretary.

CSE set for boom in 2013 - C T Smith

Fresh after witnessing a full year of volatility and challenges in 2012 with the benchmark All Share Index (ASI) closing down 7.1% at 5643, the Colombo Stock Exchange (CSE) is now poised to make a leap, predominantly backed by budgetary proposals and further monetary easing, according to leading stock broking & research firm.

Maldives falls 40,000 short of million tourist target for 2012

The Maldives has narrowly failed to reach its target of one million tourist arrivals for 2012, according to figures released by Ministry of Tourism, after a year of political turmoil and an economic slump in key markets, Maldivian media reported

Removing barriers to successful investing

Many investors base their decisions on emotions, rumors or chasing the next hot opportunity and they often end up losing money as a result. But despite their setbacks, they continue with the same behaviour and keep getting the same results.

Moving from crisis to resilience : Effective communication is key for business revival

You don’t need to be told that the world of work is tougher than ever – you live it every day. To meet the increasing demands, to do more and to deliver more, top business managers follow seven golden principles. We discussed them in brief last week. 

World’s leading EMS company Falck begins operations here

World’s largest Emergency Medical Services (EMS) company which operates in 35 countries officially launched its services in Colombo yesterday.

Rupee hits 9-month high, despite CB intervention

The Sri Lankan rupee rose to a nine-month closing high on Thursday due to foreign inflows into government securities despite the central bank buying dollars to prevent a rapid appreciation, dealers said.

Bad weather to negatively affect January tea output

The present inclement weather conditions in the country may affect the tea intake in January as it has resulted in poor worker turnout in the plantations, John Keells Tea Brokers said.

A requiem for Rizana …

She was just 17, when a fateful accident happened in which the baby left in her care died. When the news of her ‘crime’ broke through...

Turkish Airlines to fly to Colombo on Feb 1

Turkish Airlines will start flying to Colombo onFebruary 1 as the airlines plans to extend its existing 5 weekly Istanbul-Male service to Colombo

Lankan sovereigns will underperform in 2013 - Report

The emerging high-beta sovereigns of Sri Lanka are expected to underperform over the next 6-12 months, said a leading global banking group, while maintaining a ‘stable’ outlook on most Asian sovereigns, adding that ‘positive’ rating momentum however has largely subsided.

Rupee strikes 9-month high on inflows

The Sri Lankan rupee rose 0.8 percent to a nine-month closing high yesterday, helped by inflows into government securities and dollar sales by exporters and banks expecting the rupee to strengthen further, currency dealers said.

Global natural rubber business outlook promising

The latest report of the International Rubber Study Group ( IRSG ) says that the world total rubber consumption contracted in the in the 3rd quarter of 2012, decreasing to 25.7 million tonnes on a moving annual total (MAT) basis in September 2012, from 25.9 million tonnes on a MAT basis in June 2012.

Institutional credibility at stake: SCB Report

The present impeachment process against Chief Justice Shirani Bandaranayake by the government has raised concerns about the institutional credibility, a leading international banking group warned in a report released yesterday on Asian sovereigns.

Bourse edges up to 13-week high; rupee up

Sri Lankan stocks ended slightly firmer at a 13-week high yesterday, led by diversified shares, while block deals in large caps pushed the day’s turnover even as foreign investors left what they see as an overbought market.

CB projects 18.5% credit growth for 2013

Following the lifting of the 18 percent credit ceiling with the ending of 2012, the Central Bank recently gave a clear indication of its commitment to maintain the amount of the credit to the private sector at 18.5 percent during 2013.

Stocks slip near 13-week high on large cap sales

Sri Lankan stocks ended virtually unchanged yesterday, marginally down from a 13-week high, snapping seven straight sessions of gains as investors sold large caps, but foreign buying in conglomerates helped to boost turnover.

Govt lowers 2013 FDI target; BOI Chief says US$ 1.2bn FDIS in 2012

The government last week lowered the country’s 2013 foreign direct investment (FDI) target to US$ 1.5 billion, clearly implying that Sri Lanka had failed to materialize the original target of US$ 2 billion for 2012, which was later revised downwards to US$ 1.75 billion.

India-Russia nuclear ambitions and mounting tensions in Sri Lanka

At the onset, I wish to draw the attention of the public to an article I wrote titled “Indian Nuclear Power Generation and the impact on Sri Lanka” on May 23, 2012 and published in the Daily Mirror Business Section.

Present tea price trend could bring strong 1Q13 results - JK

If the present trend in tea prices is to continue, the industry could expect strong first quarter performance in 2013, according to John Keells Ltd, a leading tea broker in the country.