LOLC’s micro-finance arm secures US $ 55.5mn loan

LOLC Micro Credit, a unit of LOLC group has secured a syndicated loan worth of US $ 55.5 million from a consortium of Development Financial Institutions (DFIs) from around the world, the company said in a statement

CB further loosens up exchange controls

Extending the measures to liberalize the foreign exchange market in Sri Lanka, the Net Open Position (NOP) limit, which is the open dollar position of licensed commercial banks (LCBs), was increased as a whole (banking industry) by as much as 85 percent to reach 120 percent by the Central Bank of Sri Lanka (CBSL), with effect from last Wednesday.

When fear and greed take over stock market...

There is an old saying that the market is driven by just two emotions: Fear and greed. Although this is an oversimplification, it can often be true. Succumbing to these emotions can have a profound and detrimental effect on investors’ portfolios and the stock market.

Moving from crisis to resilience : How to be decisive and get business done

Napoleon Bonaparte once said, “Nothing is more difficult and therefore more precious, than to be able to decide.” He recognized that a few critical decisions put leaders to the test. In turbulent times, some leaders make tough choices with courage and conviction.

NCE biz delegation to Myanmar a success

The National Chamber of Exporters of Sri Lanka organized an 11-member business delegation to Myanmar last December. The delegation visited Yangon in Myanmar on the 19th and returned after a successful 4-day fact finding mission. The delegation was led by M. Shiham Marikar, Director Trade Promotion of NCE.

Mixed bag of fortunes for Lankan tea in 2012

Sri Lanka’s tea industry concluded 2012 with mixed fortunes with higher rupee values being obtained at auctions despite notably lowered volumes on the supply side, according to Executive Director, Ceylon Tea Brokers, Waruna de Silva.

India’s daughter leaves a legacy of hope for others

We all know just how horrible news on its own can be – the usual round up covers everything from natural disasters...

Mobitel marks 20, geared to develop ICT landscape

Sri Lanka Telecom Mobitel celebrates twenty illustrious years. Commencing operations in 1993, Mobitel was one of the foremost mobile service providers in Sri Lanka, beginning operations using first generation cellular technology - Advanced Mobile Phone System (AMPS)/ Time division multiple access (TDMA).

Rubber prices edge up in New Year’s first auction

Rubber prices showed slight improvements during the first auction for the year 2013, boosted by recovering demand in Japan and other regional markets.

T-bill yields fall across maturities

The Treasury yields fell across all maturities at the first auction held in the year 2013, for the reissue of Rs.20 billion maturing bills.

Bourse ends positive amidst large foreign to foreign deals in Combank

The Colombo bourse ended positively on the first day of trading in 2013, with both indices ending in the green territory, amidst large deals in the country’s biggest private bank, Commercial Bank of Sri Lanka (ComBank).

Debt to GDP rises to 81% in 2012

Sri Lanka’s debt to Gross Domestic Product (GDP) increased to 81 percent in 2012 from 78 percent in 2011 due to rupee depreciation, Central Bank Governor Ajith Nivard Cabraal said, presenting the Monetary Road Map for 2013.

China’s top travel agents tour Sri Lanka

With the view of promoting Sri Lanka as a popular tourist destination, Sri Lanka Tourism Promotion Bureau(SLTPB) organized a familiarization tour for 14 leading travel agents from China, together with Malaysian Airlines.

Harsha calls for achievable 2013 monetary targets

United National Party (UNP) MP Dr. Harsha de Silva has called for a realistic Monetary Policy Road Map for the year 2013 (that is to be presented today), as opposed to an unrealistic and unsustainable one presented last year.

Motor vehicle registrations down 30 percent in 2012

The number of vehicles registered during 2012 has recorded a 30 per cent decline to 397,295 from the highest figure of 575,000 recorded in 2011, according to the latest data released by the Department of Motor Traffic.

Deficit bungle!

The Sri Lankan government is likely to overshoot yet another overambitious fiscal deficit target of 5.8 percent of the GDP, set out in the 2013 Budget to reach not below 6.5 percent, due to the overly optimistic revenue assumptions, according to a German global banking and financial service company.

ICC invests Rs.3.6bn in Malabe mixed development project

The Board of Investment (BoI) of Sri Lanka signed an agreement with International Construction Consortium (Pvt.) Ltd (ICC) for a mixed development project in Malabe.

December YOY inflation eases to 9.2%

Sri Lanka’s year-on-year (YoY) inflation in December eased to 9.2 percent from 9.5 percent in November, the data released by the Department of Census and Statistics showed.

Macroeconomic Road Map for 2013

The policy-makers face a challenging balancing act with difficult trade-offs in formulating the Macroeconomic Road Map for 2013. They need to address the following objectives:

December YoY inflation eases to 9.2%

Sri Lanka's Year-on-Year inflation in December eased to 9.2 percent from 9.5 percent in November, the data released by the Department of Census and Statistics showed

Nov. export earnings fall 6.6%; trade gap for first 11 months narrows to 2.1%

Sri Lanka’s export earnings fell 6.6 percent Year-on-Year (YoY) to US $ 827.6 million in November 2012 despite a 4.6 percent YoY rise in earnings from textile and garment exports, the data released by the Central Bank showed.

Dialog launches SL’S 1st commercial 4G-LTE service

Sri Lanka’s telecommunications sector entered the 4G era recently with the launch of Commercial LTE Services in the city of Colombo by Dialog Broadband Networks (DBN), the fixed telecommunication services arm of the Dialog Axiata Group.

Rajaratnam agrees to pay $1.5 mn disgorgement in SEC case

U. S . hedge fund manager Raj Rajaratnam has agreed to pay disgorgement of about $1.5 million in a civil lawsuit filed by the Securities and Exchange Commission, and to waive his right to appeal the judgment, court papers showed.

Think like Warren Buffett

Back in 1999, Robert G. Hagstrom wrote a book about the legendary investor Warren Buffett, entitled ‘The Warren Buffett Portfolio’. What’s so great about the book and what makes it different from the countless other books and articles written about Warren Buffett is that

Surviving in times of crisis : Survival amidst crisis - Learning from Richard Branson

How do you survive in the face of stiff competition? How do you stay afloat in the time of crisis? What business survival strategies can you implement in trying moments?

SLTPB uses Boxing Day match to promote tourism

Sri Lanka Tourism Promotion Bureau (SLTPB) has launched a promotional campaign in Australia, in parallel to the National Cricket Team’s tour to Australia, in a bid to attract a slice out of the growing Australian travelers.

Nestlé spends Rs.4bn on fresh milk, coconut procurement

Nestlé Lanka PLC said it has paid Rs.4 billion, approximately US $ 31 million to the local farming community to procure raw materials such as fresh milk and coconut for its food and beverage products during 2012.

BMI downgrades Lanka’s 2013 GDP growth

Sri Lanka’s full year real GDP growth forecast for 2013 was downgraded to 5.4 percent from the previous projected 5.9 percent, implying that the ongoing slowdown is to intensify in first half of 2013, before growth starts to pick up in the second half, according to a Londonbased, independent research and credit rating agency.

Employee fired for being too attractive – Sexual discrimination at work?

The meaning of sexual discrimination at work took a new turn recently when in a high profile case in the USA, a female...

Every Lankan shoulders Rs.300, 000 debt: CBSL data

The average national debt shouldered by each Sri Lankan has risen by 25% to reach Rs. 308,171 (US $ 2,371), from end of last year’s Rs.245, 980 (US $ 1,892), the monthly economic statistics released by the Central Bank of Sri Lanka (CBSL) showed.