HNB strengthens remittance services

As a pioneer in inward remittance handling, catering to the needs of Sri Lankans working overseas, Hatton National Bank (HNB) has established remittance relationships covering the entire Gulf region, Europe, Australia, the Far East and the USA.

Potential of Intermediate Zone for growing rubber

Rubber has been grown traditionally in the Low Country Wet Zone covering the Southwestern, Southern and Central parts of Sri Lanka, though the low and mid elevations in the Intermediate and Dry Zones are also being explored now with varying degrees of success. This tract is however, now reaching a level of saturation for rubber cultivation and the scope of further expansion is very much limited. Therefore, it has become necessary to look for new

Promote Ceylon Tea at premium - PB

Tea industry stakeholders must create a new development framework and promote Ceylon Tea at a premium, setting aside the idea of making the country a tea hub, if the current export target of US$ 5 billion in tea export earnings is to be achieved, according to Secretary to the Treasury, Dr P.B Jayasundara.

Sri Lanka to remain on US GSP list

The United States has decided not to change the Generalized System of Preferences (GSP) benefits to Sri Lanka, and the country will continue to get GSP benefits from the US, a US trade representative said.

June inflation up 9.3 percent

Sri Lanka’s inflation for the month of June rose to 9.3 percent Year-on-Year, a 41 month high, amidst price increases in some food items, the data released by the Census and Statistics Department showed.

When workplace bullying goes too far…

Do you think you work with a bully? Do you regularly feel intimidated, dread to work near a particular co-worker or you’re yelled at, insulted and put down? Does a co-worker talk over you at meetings, criticize you or steal credit for your work?

Are you an investor? Think about these points

Before an investor buys or sells shares, he needs to contact a stockbroker, licensed with the Securities and Exchange Commission of Sri Lanka (SEC) to carry out the transactions on the Colombo Stock Exchange (CSE).

New Chinese Ambassador makes courtesy call at SLPA

The Ambassador of the People’s Republic of China in Sri Lanka Wu Jianghao made a courtesy visit at the Sri Lanka Ports Authority (SLPA) recently. The Ambassador was received by Dr. Priyath B. Wickrama - Chairman of the SLPA. The ambassador also made a special inspection tour at the ongoing Colombo Port Expansion Project (CPEP).

EPF loses Rs.12 billion in stock market -UNP

Sri Lanka’s Main Opposition, United National Party (UNP) yesterday claimed that the state-controlled pension fund Employees’ Provident Fund’s (EPF) share portfolio at the Colombo Stock Exchange (CSE) has made losses to the tune of a staggering Rs.12.2 billion.

SEC mulls IPO grading, independent equity research

The Securities and Exchange Commission of Sri Lanka (SEC) has sought views from the public to set up a rating agency to grade Initial Public Offerings (IPOs) and fund independent research on listed companies, as practiced in developed capital markets.

SLINTEC inaugurates nanotechnology centre

The Sri Lanka I nstitute of Nanotechnology (SLINTEC) together with the Ministry of Technology and Research yesterday laid the foundation for the Nanotechnology Centre of Excellence (NCE) which will be at the heart of a world-class Nanotechnology Park in Sri Lanka.

Are women’s rights coming of age in rest of the world?

It’s official – Saudi Arabian women can take part in the London Olympics. Although the Saudi government will not officially endorse the move, women’s rights activists believe the step is in the right direction for the desert kingdom that does not allow women to drive or open bank accounts without endorsement from a male relative. One small step for women on the whole but for the Saudi women, a giant leap.

Traitors will ruin tea industry – Dilmah boss

Everyone who supports free importation of orthodox style tea from other origins will turn out to be a traitor of Sri Lanka’s tea industry and the country, Ceylon Tea Services PLC (CTEA) Chairman stated.

Japanese to invest US$ 125mn in Treasury bills and bonds

Bansai Securities, one of the leading investment houses in Tokyo, is planning to invest 10 billion Japanese yen (JPY) (approximately US$ 125 million) in Sri Lanka Government Treasury bills and Treasury bonds, over the next 12-month period, a Foreign Ministry statement said.

Economy is 'militarized'

The United National Party (UNP) yesterday claimed that the country’s economy has been ‘militarized’, citing how the Central Bank’s actions brought the Lankan rupee market to a standstill last Tuesday.

World Finance recognizes NDB’s performance

The UK based World Finance magazine rated NDB as the ‘Best Commercial Bank’ in Sri Lanka. World Finance is a highly acclaimed international business journal that is renowned globally for its accuracy, credibility and wide readership. The prestigious accolade was awarded in recognition of the Bank’s commitment to continued excellence and superior service to its customers.

JKH renews CA Sri Lanka sponsorship for 2012

The country’s foremost accounting organisation, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) received a tremendous boost recently when Sri Lanka’s leading conglomerate, John Keells Holdings PLC (JKH) joined hands once again to renew its sponsorship for the year 2012.

Lanka needs right hotel mix – Report

Development of tourism in Sri Lanka will require stakeholders to strike a proper balance between developing 3-star and 4-star properties on the one hand, and luxury and boutique hotels on the other, in addition to implementing a more liberalized pricing structure, according to a report from Sri Lanka-based strategy consulting firm Vox & Co.

Harry J continues restructuring fortunes

Continuing his plans to make the Melstacorp the ultimate holding company, business tycoon Harry Jayawardena yesterday executed another share transfer to the tune of Rs.7 billion.

S&P & CSE launch ‘S&P Sri Lanka 20’

S&P Indices and Colombo Stock Exchange (CSE) yesterday announced the launch of the “S&P Sri Lanka 20”, which has been jointly developed by the two institutions.

Understanding Standard & Poor’s BICRA Assessment of Sri Lanka

Standard & Poor’s Ratings Services recently assigned Sri Lanka to its Banking Industry Country Risk Assessment (BICRA) group ‘8’. This is our first assessment of Sri Lanka’s banking industry under our BICRA methodology. This article addresses questions investors and market participants may have about rationale for assigning Sri Lanka to BICRA group ‘8’. The FAQ (Frequently Asked Questions) also assess what

Cargills to start banking this year

Cargills (Ceylon) PLC’s venture into the banking industry through Cargills Agriculture and Commercial Bank (CACB) is on track and will commence operations by the end of this year, sources close to the company said.

Harry J executes share transfers from Distilleries to Melstacorp

Business tycoon Harry Jayawardenacontrolled Distilleries Company PLC yesterday executed three share transfers to the tune of Rs.1 billion, which market analysts described as a part of the move to consolidate listed entities of Harry J, under one entity

Sri Lanka sells US$ 229mn in 3-year development bonds

REUTERS- Sri Lanka sold US$ 229.02 million in dollar-denominated three-year development bonds, the Central Bank said yesterday, to retire maturing similar securities used for development financing.

Essential lessons for investment success

Here are some important investment techniques in a simple question-and-answer format, for those who may be first-time investors getting their feet wet, and to improve the performance of those who may have been playing the market for some time. Learn commonsense strategies, know when to buy and sell at the right time, and successfully manage your own portfolio.

What happens next after Rio+20?

A U.N. development summit ended last Friday with an agreement that put off the implementation of many proposals on protecting the world’s natural resources from climate change and globalization, leaving many attendees asking the question, “What next?”

Rubber in new location needs new thinking

In the early 1950s, China decided that in order to secure its economic development, it needed to produce its own natural rubber. The Chinese government subsequently invested heavily in research on growing rubber in marginal environments and eventually established state rubber plantations in Hainan and Yunnan provinces, areas that lie as far north as 22° north latitude.

Post-war progress may beat financial risks- Moody’s

Though Sri Lanka’s financial strength is “low” on account of its large debt burden, the improved post-conflict environment may offset it, according to the international rating agency, Moody’s Investor Service.

Rupee poised to appreciate in the second half of 2012-Report

Despite several short-term challenges, the Sri Lankan rupee may appreciate to Rs 128 against the dollar over the course of the third and fourth quarters of this year, according to a report from Standard Chartered.

Long way for comprehensive EDI, hub status – Freight forwarders

Development of physical infrastructure without proper co-operation between the public and private sector and the development of systems to increase efficiency will likely hinder Sri Lanka’s efforts to develop itself as a logistics hub, according to the Chairman of the Sri Lanka Freight Forwarders Association (SLFFA),Mohan Mohanadas.