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Global giant Standard Chartered Bank tips Sri Lanka’s economic growth to rebound in 2013, after contracting this year from 2011. It is forecasting economy to grow by 7.5% in 2013 and by 7.7% in 2014 from 6.8% this year. However, forecasts for the next two years are lower in comparison to record 8.3% growth achieved ...
Commissioners given freedom to decide future course with regard to DG post Dr. Jayasundera says top professionals picked to give leadership to a sound capital market growth Priyantha and Sujeewa served as Commissioners under Indrani Sugathadasa as well Opposition and certain market segments decry choice of men given their conflicting roles By Nisthar Cassim Likely ...
By Marianne David and Cheranka Mendis Sri Lanka Tourism yesterday told the Daily FT that the Department of Wildlife would set up a meeting with both the Tissamaharama Jeep Association and the officials of the three tented mobile safari operators in order to arrive at “an amicable settlement
Dr. Nalaka Godahewa has resigned as the Chairman of Divasa Finance Ltd. last week. Analysts widely believe the move as a precursor to the impending appointment of Dr. Godahewa as the new Chairman of the Securities and Exchange Commission (SEC), which the Daily FT exclusively reported on Saturday
Given first half performance, believes several 2012 Roadmap targets will be missed UNP MP and its chief spokesman on the economy Dr. Harsha de Silva yesterday claimed that most of the Central Bank’s 2012 Roadmap targets were likely to be missed, based on below par performance on the external trade front during the first half. ...
By Cheranka Mendis Seylan Bank’s CEO and MD Kapila Ariyaratne recently joined Daily FT for a brief chat on the performance of the bank, future plans and market trends. The bank as at now holds 11% shares in advances and 10.6% in deposits within the private local commercial bank market
Following is the part one of the Daily FT article featuring the Acuity Stockbrokers Research on Economy and Strategy titled “Lion Leads Frontier” launched last week. Better than the rest General frontier market risks remain pertinent to Sri Lanka Investors in frontier markets
Sri Lanka CEO Nick Nicalaou dismisses exit rumours; says local operations robust and post-war future in the country looks very promising World’s local bank celebrates 120 years of excellence in Sri Lanka on 1 July, invests $ 7 m for major upgrade of Head Office in Fort By Nisthar Cassim HSBC, which is ...
Columnists come and go. Hope this one stays! I’ll agree to do that; if you’d let me kick up controversy, poke fun at you and distort the life out of news and gossip that come my way. The Daily FT Ed is a nice guy; he’s already let me do that. As long as I ...
CB asks banks overnight for their forex commitments for Thursday and Friday; steps up bank visits Convenes meeting with treasury heads of banks; rupee crisis figures in monthly CB-bank CEOs meeting as well Dealers say no room for speculation given the very narrow net open positions; new rules apart from lack of dollars could be ...
The Central Bank, in its latest Annual Report, has downgraded its growth forecast for 2012 from eight per cent to 7.2 per cent. This is due to a combination of adverse global developments and the negative effects of domestic policy misalignments. The contractionary measures introduced to address the imbalance in the trade account (i.e. to ...
By Cheranka Mendis While Sri Lanka’s largest mega trade, investment and tourism promotion initiative ‘Expo 2012’ has been welcomed by stakeholders as a timely affair, stallholders shared mixed feelings on the order of the show. Some were elated having received inquires just two days into the event, while others expressed disappointment with regard to the ...
By Uditha Jayasinghe Showcasing the need for vigilance, over 1,500 foreigners who remained illegally in the country after their visas expired were detected within the first two months of 2012, a top immigration official said yesterday. Controller General of Immigration and Emigration Commissioner for Registration of Persons of Indian Origin W. Perera told the Daily ...
With just 12 days to go, Sri Lanka’s largest mega trade, investment and tourism promotion initiative ‘Expo 2012’ has attracted close to 1,200 people, exceeding the expected 1,000 mark, EDB Chairman Janaka Ratnayake said yesterday. Speaking to the Daily FT, he asserted
By Cheranka Mendis Despite the Central Bank’s forecast reading 7.2% growth for 2012, RAM Ratings Lanka CEO Adrian Perera is confident that the country can touch the 7.5%-7.6% mark by the end of the year. Perera told the Daily FT that the new projection is a realistic number from the 8% noted
Executive Vice President and CEO says IFC will explore a good mix of enhanced financing and advisory services on a range of sectors apart from promoting FDIs to the country Encouraged by the post-war optimism the World Bank’s private sector investment arm – International Finance Corporation (IFC) yesterday revealed plans to expand its support in ...
The Daily FT spoke to the Immediate Past President of Sri Lanka Association of Inbound Tour Operators (SLAITO) and Chairman and Managing Director of Conniassance de Ceylan Ltd., on the state of post-war Sri Lanka tourism industry, the progress and key challenges as well as future prospects
The London Stock Exchange (LSE) is optimistic on Sri Lanka given the strong post-war upside for the economy and capital markets and is urging the country and companies to harness the global giant’s strengths and reach to grow better. “Following the end of the conflict, Sri Lanka has evolved with an attractive and strong growth ...
The world famous London Stock Exchange Group (LSE), whose origins could be traced back to 300 years, will hold its first-ever Board of Directors meeting in Colombo today. LSE Chief Executive Officer Xavier Rolet confirmed to the Daily FT yesterday that though the organisation has held Board
Ends 2011 with record 855,975 arrivalsBy Cheranka Mendis The high-flying tourism industry closed the year with a record 855,975 arrivals, marking a rise of 100,000 from the original target for the year. Statistics revealed by the Sri Lanka Tourism Development Authority (SLTDA) yesterday noted that the figure reflects a 30.8% increase from the previous year. ...
Post-war rebounding Sri Lanka has entered for the first time the Most Valuable Nation Brands ranking compiled by UK-based Brand Finance debuting at number 76 with a value of $ 23 billion. A world renowned specialist in the subject Brand Finance’s 2011 ranking reveals brand ‘Sri Lanka’ is worth $ 23 billion (Rs. 2.6 trillion) ...
By Cheranka Mendis Sunquick Sri Lanka, the much loved super concentrated fruit quash will today bring home the prestigious Co-Ro Best country award also known as the Global Sunquick best awards. The award is an annual presentation by the brand owners of Sunquick, Co-Ro Food A/S, a Danish Company awarded for the country that marks ...
Former Sri Lanka Inbound Tour Operators (SLAITO) President Vasantha Leelananda in this interview with the Daily FT shares some key insights on the future of tourism industry in post-war Sri Lanka Q: Do you believe that the tourism industry in Sri Lanka is on the correct path in terms
President Mahinda Rajapaksa presents development-oriented fiscal programme for 2012 and medium-term policy framework with support for almost all key segments of society and economy In their initial takes, overall welcome tone from private sector, though a few express concerns on select proposals President and Finance Minister Mahinda Rajapaksa yesterday presented what the Government described as ....
Analysts say sound fiscal programme for 2012 and medium term private sector oriented policy framework crucial for country to move forward putting behind controversial Expropriation Act Improving fiscal management gives hope for further progress Robust public investment programme; lower deficit; greater clarity and consistency taking on from 2011 Budget envisaged Budget 2012 tipped to showcase ...
Amidst woes in US and European markets, Sri Lanka’s apparel sector has survived to grow with the outlook for the next few quarters remaining positive, industry sources told the Daily FT yesterday. Whilst July saw earnings from textiles and garments increase year on year by 5% to US$ 385
The Daily FT, the country’s only daily business paper, is spearheading a unique private-public sector forum aimed at shaping the thinking and policies ahead of the presentation of the Government’s 2012 Budget. The forum titled ‘Speak Up Before the 2012 Budget’ tomorrow
By Cheranka Mendis The Cabinet-approved online visa system which will come into effect from January 2012 may hinder the arrivals from the country’s main tourism markets with the high levy of Electronic Travel Authorisation (ETA) that will be set on all inbound tourists. With India and UK being Sri Lanka’s prime tourist markets bringing in ...
Amidst crises in the region, Sri Lanka remains the star for both stock market and tourism sector performance in Asia. As reported in the Daily FT on Monday, the Colombo Stock Exchange remains Asia’s best performing frontier market with an over 2% year to date growth. This is in contrast
Bullish on post-war revival in tourism and to cater to growing demand for its hospitality Renuka City Hotels Plc, is investing Rs. 200 million to add 20 more rooms, bringing the total to 100 inclusive of the adjoining Hotel Renuka. Chairman Ravi Thambiayah told the Daily FT that the company