It is very tragic that Sri Lanka may lose the confidence of the business world both locally and internationally courtesy of the Government-appointed nominees of the State. I like to highlight just two such incidents with no bias. The first was the rundown of foreign reserves. The Central Bank went on saying there is no ...

REC yesterday announced that its industry leading solar modules have been selected by BAM Green, a leader in developing and providing renewable energy related services in Sri Lanka. Under the agreement, REC will supply its industry leading REC Peak Energy Series modules to BAM Green. REC solar modules were ranked first with the highest performance ...

President proposal to be put into action in Nuwara Eliya, Milco to step in for excess purchases but no talk of infrastructure upgrade for factory or distributionBy Uditha Jayasinghe   In response to the milk crisis the Government yesterday pledged to purchase all extra milk supplies

 Remains the only company to continue uninterrupted purchase of fresh milk   Cargills (Ceylon) Plc yesterday along with its subsidiary Kotmale Holdings Plc pledged their continuous support towards its local dairy farmer in the wake of the current crisis prevailing in the dairy industry

The 13th ministerial meeting of UNCTAD concluded last week in Doha, Qatar. This meeting was the first major UN ministerial meeting focused on trade and development since the 2008-2009 economic and financial crisis. At the end of the meeting, the ‘Doha Mandate’ setting

Sri Lanka, which was a low-income country (per capita income below $ 2,000) until a few years ago, has now reached lower-middle-income country status ($ 2,840). Of course, while Sri Lanka can be proud of this achievement, middle-income country status requires it to operate within a new paradigm. In the ’80s and to a lesser ...

By Cheranka Mendis While the rupee has been hitting record lows on a continuous basis for the past few months, the business community and general public have been abuzz, with speculation rife that a rupee crisis is taking place in the country. Gathered to discuss whether or not there is a rupee

Dear Editor, During the past few months, I have observed criticism, mainly by the Opposition Parliamentarians, about the manner in which the Sri Lankan economy has been managed. In my view, their attempts seem to be designed to impose blame on the Governor, Central Bank, perhaps to weaken his resolve and strength and discourage him. ...

MAY Day is for the workers. Therefore it is the best time to take into account the hardships as well as duties that are the birth right, so to speak, of every worker. Sri Lanka is well-known for its pro-employee labour laws, which have been kept largely unchanged, during the last few decades. However, the ...

In recognising International Workers’ Day on 1 May, the Employers Federation of Ceylon (EFC) Director General Ravi Peiris has urged all stakeholders to embrace the change in the world of work. He also emphasised the need for progressive labour legislation if Sri Lanka is to successfully manage the inevitable changes in the world of work. ...

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

With the post war scenario unfolding overseas in a different form, Sri Lanka seems to be at the receiving end of a diplomatic quagmire. Most of the issues that beset the Government on the international front are of its own making. The Geneva resolution could have been avoided if there had been an effective diplomatic ...

Peradeniya Uni's Dr. Perera says exchange volatility is temporary and acceptable IMF's Mathai says no crisis but stability measures taken By Cheranka Mendis UNP MP Dr. Harsha de Silva yesterday made a compelling case that the ‘feel good’ party that the President Mahinda

Sri Lanka’s economic sectors, agriculture, industries and services are performing well and we are today able to provide a robust new investment destination as a frontier country to the rest of the world. In that background, many investors realise that Sri Lanka is well poised to offer a safe and sound investment opportunity to its ...

Having begun to feel the pinch of the West, companies must adopt a tough and lean approach to survive By Cheranka Mendis With big markets such as Europe and Japan and those closer to home like India going through tough economic times, Sri Lanka cannot be insulated for too long before feeling the pinch of ...

The Sambhashana discussion organised by Transparency International Sri Lanka will focus on ‘The Rupee Crisis’ on 25 April at the auditorium of the Organisation of Professional Associations (OPA), Stanley Wijesundara Mawatha, off Bauddhaloka Mawatha Colombo 7 from 4 to 6 p.m. MP Dr

The UNCTAD, in the present context, should focus on addressing the increasing and diverse challenges faced by the developing world. “My delegation welcomes the theme of this conference, with its focus on addressing development led-globalisation towards sustainable and inclusive development paths.  While globalisation was an important and positive phenomenon, it should not be encouraged ...

Sri Lanka Navy’s Offshore Patrol Vessel, SLNS Sagara has sailed for the Maldives to take part in the exercise “DOSTI – XI” held in the seas off Male until 27th April 2012. The 5-day exercise is conducted jointly by Indian, Sri Lankan and Maldivian Coast Guards with the aim of strengthening bonds of friendship and ...

said aligned advocacy, mobile technology, business building events, and crisis management ...

Clarifies 2011 per capita GDP computation technically correct but given fall in Rupee’s value in 2012 Central Bank should have been honest with greater disclosure and putting data in context As per IMF staff report Net International Reserves in 2011 alarming low at $ 4 b; Net Open Position below $ 3 b; Short Term ...

The visiting Indian delegation led by Leader of the Opposition MP (Lok Sabha) Shrimathi Sushma Swaraj met Minister of Economic Development Basil Rajapaksa yesterday. The delegation consists of 12 Members of Parliament representing many parties in Lok Sabha and Raja Saba in the Indian Parliament. Head of the delegation Swaraj stated that they respect the ...

Reuters: Sri Lanka will face a challenge in meeting this year’s budget deficit target as the recent monetary and fiscal tightening measures may hurt revenue growth, the island nation’s central bank chief told Reuters on Monday. The $59 billion economy has agreed with the International Monetary Fund (IMF) to target a budget deficit of 6.2 ...

The Merchant Bank of Sri Lanka (MBSL) has created history by opening 16 branches and service centres in a day in different parts of the country as part of its 30th anniversary celebrations. MBSL said the move highlighted the presence of the bank serving the nation across the country and driving home its strength and ...

with a crisis as severe as it ...

Economic Flash - 2 By The Pathfinder Foundation Sri Lanka now a middle-income country has to operate within a new paradigm, particularly in raising finances for the country’s development program. In this context the Pathfinder Foundation wishes to draw the attention of policy makers and the leadership to study the feasibility of raising low cost, ...

Sri Lanka will continue Iran crude, but will have to reduce Sri Lanka indirectly penalised by US sanction – Basil Reuters: Sri Lanka could trim Iran crude imports up to 20 per cent in the face of US sanctions, the island nation’s economic development minister said on Tuesday as it had taken strong measures to ...

Economic Development Minister Basil Rajapaksa yesterday said that Mahinda Rajapaksa Government has achieved highest economic growth in Sri Lanka’s post independence history and has brought stability to the economy within a short period of time of after the defeating of terrorism. This statement Minister Rajapaksa made at the Economic Planning Review meeting held at the ...