Sethusamudram and its impact on Sri Lanka

HOW I SEE IT - by DULIP JAYAWARDENA An article I wrote on the above subject nearly a year back and published in the Business section of the Daily Mirror gave a summary of the above project and invited the attention of the readers the dramatic turn of events the project took in May 2007 when Dr Subramanian Swamy of the Baratiya Janatha Party (BJP)...

Sri Lanka may miss 2012 growth projection -CB

REUTERS: Sri Lanka may miss its 2012 growth projections due to the slower recovery in advanced economies and unfavourable developments in export markets, Central Bank Governor Ajith Nivard Cabraal yesterday. The Central Bank in March cut its projection for growth in the island nation’s US $ 59 billion economy to 7.2 percent from the 8 percent forecast set in January.

The science of executive pay and perks

By Dinesh Weerakkody Recently, I was asked to speak to a group of senior executives on how the executive pay and perks should and must be structured.

IMF, World Bank and future of Third World nations

By Shenali Waduge 60 years after the IMF and the World Bank took on the onerous task to promote growth and to rebuild nations, why is it that half of the world of 7 billion people still live on less than a dollar a day, 3 billion have no access to sanitation, 2 billion have no access to electricity,

Bourse dips

The Colombo bourse wrapped its daily operation today with recording notable losses in benchmark indices. ASI dropped 79.84 index points (-1.49%) to end at 5,295.60 while liquid MPI lost 73.76 index points (-1.53%) and end at 4,741.69. The Daily market turnover stood at LKR 429.9mn

People’s Merchant launches operations as licensed finance company

People’s Merchant PLC recently marked the transformation of the company’s strengths gained over a period of three decades into a licensed finance company, under the Finance Business Act No.42 of 2011, with a launch ceremony held at its head office at Navam Mawatha.

Govt. inhales Rs.15bn from fags; CTC records Rs.1.5bn net in 1Q 12

Ceylon Tobacco Company PLC (CTC) contributed Rs.15.3 billion towards government levies during the first quarter of 2012, over Rs 14 billion during the same period last year.

Finlay Rentokil Obtains ISO Certification

Finlay Rentokil Ceylon (Pvt) Ltd, a subsidiary of Finlays Colombo PLC, was recently awarded the prestigious ISO 9001: 2008 certification for excellence in Quality Management Systems certifying timber preservation by a vacuum pressure impregnation process and using wood preservatives – a process that is unique in the market. This award was made by the Sri Lanka Standards Institution.

Lanka IOC to get new MD

Lanka Indian Oil Company PLC (LIOC) is to get Subodh Dakwale as its new Managing Director, who is expected to assume duties tomorrow

Bourse ends down;crossings boost turnover

Colombo stocks closed in red today with both benchmark indices recording negative returns. ASI dropped marginally by 2.03 index points (-0.04%) to close at 5,417.17 while sensitive MPI closed at 4,830.73, a drop of 20.51 index points (-0.42%).Daily market turnover stood at LKR 429.6mn

Rupee up over 3%

The Sri Lankan rupee rose more than 3 percent yesterday as exporters sold dollars following the treasury secretary's threat to resume market interventions if the currency dropped beyond "tolerable" levels

Bharti Airtel Q4 net falls 28%

Bharti Airtel, India's biggest mobile phone carrier by subscribers, reported its ninth straight quarterly profit decline as intense price competition and losses on foreign exchange eroded earnings

NSB pays premium to buy 13% of The Finance

Country’s savings giant, National Savings Bank (NSB) bought 13 percent of The Finance Company PLC (TFC) last Friday for a sum of Rs.393 million, becoming another state owned institution that has paid an unusually high price on controversial stocks

Bourse ends flat

The Colombo bourse ended another flat day of trading today where indices closed indecisively

Rupee dips to record low

Sri Lanka’s rupee fell 1.05 percent to a record low of 133.50 to the dollar yesterday on importer demand for the U.S. currency because of concern the rupee will weaken further if the Central Bank stops supplying dollars for oil bills.

Ministry of Foreign Affairs Press Statement Appointment of Singapore’s Honorary Consul - General in

The Government of the Republic of Singapore has appointed Mr. Jayantha Dharmadasa as Singapore’s Honorary Consul-General in Colombo with jurisdiction over Sri Lanka.

Market ends in red

Market ended in red today where both benchmark indices dropped marginally. ASI dropped 1.52 points (-0.03%) to end at 5,440.01 while sensitive MPI dropped 4.60 index points (-0.09%) to end at 4,886.80.Daily market turnover was LKR 312.7mn

T-bill yields up 20 bps

Treasury bill yields rose across all maturities by 20 basis points at today’s auction held for the re-issue of Rs.12 billion maturing bills, according to the Public Debt Department of the Central Bank

GSK opens Rs.217 millon pharma factory

Glaxosmithkline (GSK) yesterday opened its new pharmaceutical tablets manufacturing facility at a ceremony, which was officiated by Economic Development Minister Basil Rajapakse and Health Minister Maithripala Sirisena.

Mackwoods Energy shares debut today

Hundred million ordinary voting shares of Mackwoods Energy Limited (MEL) will be listed today on the Diri Savi Board of the CSE with the security code MEL.N000. The company will be classified under the Power and Energy Sector.

Rupee depreciation unwarranted - CB

The recent slide in Sri Lanka’s rupee is unwarranted as importer dollar demand has dropped significantly since the Central Bank took policy measures to curb imports, the bank’s Deputy Governor said yesterday.

Emirates announces special fares for HSBC Signature cardholders

HSBC Signature cardholders, an exclusive circle of customers, have been offered a 10 per cent discount on Emirates First and Business Class travel from Colombo to ten popular destinations.

Energy costs may hinder tile industry growth- Report

The Sri Lankan ceramic tile industry could see a surge in both its domestic and export markets provided that positive signs as to a global economic recovery and booming local construction industry are not offset by the industry’s escalating energy and raw material costs, according to a report on the tile sector from Asia Wealth Management Co (Pvt) Ltd.

Indices close negative

The Colombo Bourse ended trading today on a lackluster note where indices closed on a marginally negative territory

Leo Burnett excels at Goa Fest

Leo Burnett Solutions Inc. the Sri Lankan office of the globally recognized network dominated the Goa Fest advertising award festival by winning four coveted metals in a cross section of categories, for its clients Cargills Ceylon, Akzo Nobel – Dulux and the Sri Lanka Eye Donation Society (SLEDS) last weekend in Goa.

Govt. decides to get final IMF loan installment

The Sri Lankan government has decided to request the completion of t he eighth review of the ongoing US $ 2.6 billion IMF (International Monetary Fund) Stand-by facility in order to draw the last tranche of US $ 400 million, though Central Bank Governor had earlier said they country would not go for it.

CSE Main Board turns back on Mackwoods Energy

Mackwoods Energy Limited (MEL) has not met the requirements to be listed in the Colombo Stock Exchange’s (CSE) Main Board and hence will be listed in the secondary Diri Savai Board, a statement by the CSE said.

Hutch Launches 3G with A Planned 1000 BTS

Brazil donates US$ 2.2mn worth of rice and beans to Sri Lanka

The United Nations World Food Programme (WFP) operations in Sri Lanka welcomed a US$ 2.2 million donation of white rice and beans from the Government of Brazil yesterday.

Lankans to eat more chicken in next five years

The per capita consumption of chicken by Sri Lankans is to increase to 8 kilo grams within the next five years, in line with the increase of purchasing power of the citizens, Ceylon Grain Elevators (GRAN), the largest company producing chicken in the country said.