Rising per capita GDP, key to Northern prosperity

The country’s war ravaged Northern Province has recorded the highest growth rate in 2011, improving its rank to sixth position from ninth in a prosperity index calculated by the Central Bank.

Lanka needs to make the right connections: Prof. Sally

With old friends alienated and close friends like India at bay, and China, Libya and Russia among main allies, Sri Lanka’s foreign economic policy is completely lopsided.

When customer service makes all the difference

Addressing a group of company executives, Warren Buffett once said, “It might take 20 years to build a reputation of a business and five minutes to ruin it. If you think about that, you’ll do things differently.”

Global extraction and reserves of oil and gas

As exploration for oil and gas, which are nonrenewable resources, get more difficult, it is imperative that the flow rates and recovery factors have to be increased in the existing fields.

Two all-time record prices set at tea auction

Two All-Time Record Prices were established by John Keells PLC at the Tea Auction on December 12 for PF1 and DUST1 grade.

Two foreign banks to acquire AAI stake

Germany’s DEG and Dutch state-owned development bank FMO will be purchasing 38 percent stake in Asian Alliance Insurance PLC (AAI), of which over 95 percent is controlled by Sri Lanka’s diversified Softlogic group.

SLPA may call for tenders to develop West Container Terminal - Chairman

The Sri Lanka Ports Authority (SLPA) may call for tenders to develop the West Container Terminal of the Colombo port in the near future, according to its Chairman Dr. Priyath B.Wicrakama.

Sri Lanka hosts UN Global Compact Regional Meeting

Global Compact Network Ceylon hosted the United Nations Global Compact Local Network Regional Meeting for Asia & Oceania in Colombo...

Mobitel launches first ever NFC-enabled loyalty programme in Sri Lanka

For the first time in Sri Lanka, the National Mobile Service Provider, Sri Lanka Telecom Mobitel launched a NFC (Near Field Communication)based loyalty programme – the Club Magnate loyalty programme. This ground-breaking product is yet another innovative addition to the Telco’s growing portfolio.

LankaCom IPTV to enhance hotel services

LankaCom launched its Internet Protocol Television (IPTV) in-room entertainment solution for the Sri Lanka’s hospitality sector recently. The LankaCom IPTV system, developed by SingTel, offers hoteliers a more cost effective and highly customisable solution. From easy customisation of the Guest User Interface (GUI) to regularly updating the system with guest relevant information, hotels will have greater opportunities for branding, informa

Motor vehicle importers to meet authorities on higher import duties

The Ceylon Motor Traders Association (CMTA) will be making representations to the Finance Ministry shortly, calling for a reduction on excise duty for commercial vehicles at a time when top officials believe the majority of vehicle sales are being fueled by duty - free permits.

Asian Alliance to sell stake to two foreign buyers

Germany’s DEG and Dutch state-owned development bank FMO will be purchasing a 38 percent stake in Asian Alliance Insurance PLC (AAI) in which Softlogic group has over 95 percent.

Lanka outpaces Maldives in tourist arrivals

Sri Lanka recorded a 16.5% Yearon-Year growth in tourist arrivals for the period from January to November 2012 attracting 883,353 tourists, outstripping Maldives, a key tourist attraction in the South Asian region.

Long-term innovation to deliver sustainable profits, jobs

Today for many companies globally it has become an addiction to pursue short-term growth initiatives at the expense of long-term innovation that would generally generate sustainable profits and jobs.

Increased focus on large tax payers

President Mahinda Rajapaksa who’s also the Minister of Finance and Planning presenting budget proposals for 2013, in Parliament on 08th November 2012, stated that, the government introduced far reaching reforms in the 2011 budget,.....

Are IEA oil forecasts unrealistic?

The International Energy Agency (IEA) has provided an unrealistically high oil forecasts in its new 2012 World Energy Outlook (WEO) according to Gail Tverberg and reported in the Oil Voice Magazine of December 2012.

Lankan financial system poses high risks – Fitch

Sri Lanka is among the twelve countries that has highly vulnerable financial systems and a highest risk rating, according to global rating agency, Fitch.

Lankan exporters to US told to renew FDA registration

The Embassy of Sri Lanka in Washington DC, USA yesterday drew the attention of all Sri Lankan exporters of food and beverage products to USA and asked them to renew their registration with the US Food and Drug Administration (FDA) before 31 December 2012.

Tourism arrivals hit record high in Jan - Nov

Sri Lanka’s tourist arrivals hit a record high in the first 11 months of 2012, surpassing its annual peak recorded last year, government data showed yesterday.

Amana Bank gets Global Commerce Excellence Award

Amana Bank was recognized as one of those institutions that had brought in foreign investments into Sri Lanka during the most difficult period of terrorism in the country, at the Global Commerce Excellence Awards ceremony held at The Kingsbury hotel in Colombo recently.

Minimum broadband speeds in 2013

Minimum broadband speeds are expected to be imposed and strictly monitored for both fixed and wireless operators from next January, Sri Lanka’s telecom regulator said.

Lanka remains fiscal outlier – IMF Res. Rep

Though Sri Lanka has recorded GDP growth rates of 8 and 8.3 percent during 2010 and 2011, the country still remains far too distant from the other emerging markets in terms of both fiscal balance and public debt as a percentage of GDP, an International Monetary Fund official showed.

Sri Lanka's Micro exports locally assembled tractors to Malaysia

Micro Cars Ltd commenced its first set of exports of six locally assembled tractors to Malaysia recently.

Rate cut improves market sentiment; foreign buying slows down

Despite the boost brought in a by a surprise policy rates cut by the Central Bank last week, foreign buying in the Colombo bourse slowed during last week, a local brokerage said.

How interest rates affect stock market

During the past week, the Central Bank of Sri Lanka lowered its policy rate. This resulted in the Colombo Stock Exchange showing significant gains. On December 12, 2012, the policy rates were lowered and this resulted in the All Share Price Index (ASPI) increasing

Surviving in times of crisis : Successful change management needs solid action plan

In all business organisations, there are often two types of work. There is the normal delivery process, where the main business of the organisation is done. Then there are the change activities, whereby necessary change is made to the business and the way it is done.

Ornamental fish exporters call for easing of rules on endemic exports

New regulations for the ornamental fish industry are crucial to the protection of Sri Lanka’s endemic species as well as the future of a potential growth industry, according to the Live Tropical Fish Exporters Association of Sri Lanka.

Stocks extend gain on rate cut; foreigners become net sellers

Sri Lankan stocks rose for the fourth straight session yesterday to nearly a one-month high, bolstered by a surprise rate cut by the Central Bank the previous day to support economic growth.

SL banks weak in long-term financing- IMF official

The Sri Lankan banking sector, which has an asset base of over Rs.5,000 billion and accounts for 55% of the total assets of the financial sector, is lagging behind in providing loans and advances over five years, against regional and non-regional counterparts, said a top official of the International Monitory Fund (IMF), urging the sector to address the relative lack of long-term finance in the market.

Revolutionizing Sri Lanka’s hospitality industry rupee

Robert Cross, a Revenue Management (RM) guru who pioneered RM in the late 80s explains about RM