Says that economic growth still among the highest in the world, insists that external events will not affect trade By Uditha Jayasinghe As the rupee hit an all-time low, Economic Development Minister Basil Rajapaksa yesterday strived to bolster confidence in the economy terming the trade deficit the country’s “only problem”. With the rupee at an ...

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 at the beginning ...

My column today is an attempt to focus our attention on a few less spoken or untold developments that may have a profound influence on how we carve our way through in creating a desirable social, economic and political future for mankind on this only planet of ours. While I will not specifically touch on ...

Is the consumer the king? Today the consumer is celebrating World Consumer Day, organised by Consumer International, to show power and strength by flexing muscles of worldwide consumer organisations. People say the consumer is powerful and he is the king and kingmaker. Traders say the consumer is always right. It may be so in other ...

The reactivation of the Sri Lanka-Bangladesh Joint Economic Commission after about a decade of inaction is indeed a good move for many reasons. Bangladesh is a member of SAARC and politically a friend of Sri Lanka. At a time when international organisations and economists keep on stressing on the need to look at the regional ...

CONCERN over the controversial Channel 4 documentary has reached a fever pitch. In fact it is so high that it is causing some politicians to talk deliriously and call for local consumers to boycott US products such as Pepsi and Coca Cola or return to the days of snail mail by forgoing Gmail. Even though ...

Exploiters or providers of a vital financial service?Those who lend money are unpopular. They are seen as the exploiters of the common man. They range from the most sophisticated international finance houses like UBS of Zurich or Goldman Sachs of New York or Barclays of London to the common or garden village moneylender, referred to ...

SRI LANKA’S fabled post-war window of opportunity seems to be closing, with the Central Bank following the International Monetary Fund (IMF) in reducing growth rates for 2012. But does that mean only gloom awaits Sri Lanka or can we ride out the tide and reach the golden shores? The Central Bank had originally forecast this ...

It is pleasant to lead a peaceful life with no encumbrances and without debts. In the modern world, debt has become a part of life like breath. In Sri Lankan society, it has not been the case and the practice before. It has been a burden and a commitment for somebody to live in a ...

In its first CEO Forum for the year 2012, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) featured top Australian expert Westpac Banking Corporation Head of Risk-Reward Edmund Bosworth who explored in detail the post global financial crisis scenario facing the world

Q: What is the current situation in the Human Rights Council with regard to the debate on Sri Lanka? A: The present climate at the Human Rights Council is in Sri Lanka’s favour, but a lot of work still needs to be done. I have great confidence in the value of our arguments. It is ...

Thousands of women in the apparel industry deserve respect for being partners in Sri Lanka’s highest foreign exchange earning sector By Uditha Jayasinghe Sri Lanka’s apparel industry clothes the world and earns the largest amount of foreign exchange but is struggling to retain its workforce as an estimated 30,000 vacancies remain open in hundreds of ...

The 46th ITB Berlin, which gets underway today, is a more political event than ever before: the European debt crisis, turmoil in certain countries within the Middle East, climate protection and sustainability, as well as EU emissions trading. All these topics will be discussed at the ITB Convention

is to support people to cope with crisis and get back on ...

The Pioneer, India: Almost three years after the Sri Lankan Government inflicted a crushing defeat on the Liberation Tigers of Tamil Eelam — Sri Lanka is the only country that has till date has been able to defeat and destroy a terrorist organisation — a section of the international community’s ad nauseam criticism of the ...

The need for a National Policy Council John Exter, founder Governor of the Central Bank of Sri Lanka, once wrote that whatever the machinations of politicians, economists, bureaucrats, businessmen, gangsters, voters and others who think that they could manipulate the market for their own benefit, ‘finally the market will win’. This basic truth has been ...

Scanning through the papers recently after the Central Bank of Sri Lanka published its 2011 external sector performance report, I was reminded of a pithy observation made by William W. Watt: “Do not put your faith in what statistics say until you have carefully considered what they do not say.” Some of the data were ...

;s external sector crisis, warned that the country will have to grapple with “the tyranny ...

The Treasury has defended the Government’s recent decision to increase fuel prices ranging from 30% to 50%, linking it to spikes in global prices, rising losses for CPC and the need to safeguard subsidies to the people. In a statement posted on the Treasury’s website, the Finance Ministry has responded to various allegations as well ...

Managed to divert from crisis to stability through policy changes By Cheranka Mendis Sri Lanka, teetering on the brink of a crisis, just managed to save itself through the recent policy measures taken by the Government such as the exchange rate changes, said the Commonwealth Secretariat Economic

 ’University Crisis’ is the theme of the ’Sambhashana’ panel discussion organised by Transparency International Sri Lanka (TISL) to be held at the auditorium of the Organisation of Professional Associations (OPA), Stanley Wijesundera Mawatha, Colombo

By Cheranka Mendis Gathered to discuss the implications, opportunities and challenges of the sudden announcement and introduction of the Government’s new policies, the export community was advised by a panel of experts to watch ahead, be prepared and make their own judgments from the information provided. With the country facing no immediate risks of getting ...

CB says will intervene in high volatility Dealers say CB employing moral suasion By Shihar Aneez and Ranga Sirilal COLOMBO (Reuters): Sri Lanka’s rupee hit a new record low on Tuesday on importer dollar demand, but a State bank sold greenbacks to reverse the drop in an apparent break with the Central Bank’s new policy ...

MELBOURNE (Reuters): Australia captain Michael Clarke won the Allan Border Medal as his country’s Player of the Year for the third time on Monday. Clarke also won the award in 2005 after scoring 151 on his test debut against India in Bangalore and shared it with Ricky Ponting in 2009. The 30-year-old assumed the captaincy ...

Benito Mussolini, the fascist ruler of Italy, during World War II, said that his brand of fascism ‘should be more appropriately called Corporatism, because it is a merger of state and corporate power’. Compare this with the dictionary definition of capitalism: ‘A system in which a country’s business and industry are controlled and run for ...

Reuters: Sri Lanka expects crude imports from Iran to drop by at least 10 per cent this year due to a range of inflation-fighting policies that should cool demand, potentially helping it find a way around US sanctions, a Government official said on Friday. The island is facing one of the biggest squeezes from the ...

Avoiding a crisis The Pathfinder Foundation (PF) commends the Treasury and Central Bank for the policy measures introduced recently. This has prevented an external payments crisis. Without remedial action, the country would not have been able to meet its debt obligations and/or finance essential

By Cheranka Mendis Sri Lanka, which has been acting as a transhipment hub for long years, should now start showcasing its abilities, potentials and possibilities in the logistics market to the world. With only two weeks to go for Sri Lanka’s first-ever international logistics exhibition ‘Sri Lanka International Air Freight, Shipping and Logistics Expo 2012’ ...

NAIROBI (Reuters): Kenya’s tourism revenues rose 32 per cent to 98 billion shillings ($1.18 billion) last year after the country attracted visitors from new markets, but the Tourism Minister Najib Balala warned that the euro zone crisis would curb growth this year. Arrivals rose 15.4 per cent

PCH Plc Chairman S.H.M Rishan, has been awarded the coveted title of Outstanding Entrepreneur at the annual Asia Pacific Entrepreneurship Awards organised for Sri Lanka by Kuala Lumpur based NGO Enterprise Asia. This accolade, which is recognised on a national and regional level, recognised the trailblazing efforts of Rishan and his significant entrepreneurial achievements. The ...