Sri Lanka’s central bank kept its benchmark interest rates unchanged for a fourth straight month to support economic growth as the nation emerges from a 26-year civil war.
The Central Bank of Sri Lanka left the reverse repurchase rate at 9 percent, the lowest level since November 2004, and the repurchase rate at 7.25 percent, according to a statement on the Colombo-based bank’s website today.
‘Learn from President’s leadership style’ HNB Chairman tells UNP
By Azhar Razak
Two of Sri Lanka’s veteran corporate leaders, who are currently heading two listed private conglomerates, shared some valuable insights on leadership and management with some young MPs from Sri Lanka’s main opposition party.
Two of Sri Lanka’s veteran corporate leaders, who are currently heading two listed private conglomerates, shared some valuable insights on leadership and management with some young MPs from Sri Lanka’s main opposition party.
Walkers Piling wins Rs 400m Colombo deals
Walkers’ Piling (Pvt) Ltd, a 100% owned subsidiary of MTD Walkers and one of the largest piling contractors in Sri Lanka has secured contracts amounting to LKR 400 million to carry out piling work on two major projects: the Department of Labour and the Census & Statistics buildings in Colombo.
Electricity tariff hike may hurt hotel sector trade growth
By Azhar Razak
Sri Lanka’s industry association representing tourist hotels, Tourist Hotels Association of Sri Lanka (THASL), has raised concerns over the future of the industry if the recently proposed electricity tariff hikes for hotels are implemented.
According to THASL President Anura Lokuhetty, the island’s leisure industry would not be able to sustain such substantial increases in electricity tariffs, which has been proposed to be implemented from next year to June 2011.
Sri Lanka’s industry association representing tourist hotels, Tourist Hotels Association of Sri Lanka (THASL), has raised concerns over the future of the industry if the recently proposed electricity tariff hikes for hotels are implemented.
According to THASL President Anura Lokuhetty, the island’s leisure industry would not be able to sustain such substantial increases in electricity tariffs, which has been proposed to be implemented from next year to June 2011.
Poultry group denies shortage
Imports of chicken and eggs will hit farmers, says association
The All Island Poultry Association (AIPA) has criticised the government’s recent decision to import 2,000 tonnes of chicken and 50 million eggs, a move which they opine as ‘hasty’ and one that could badly hit the local poultry industry.According to All Island Poultry Association (AIPA) chairman Dr D D Wanasinghe, there is a monthly surplus of around 2,000 metric tonnes of chicken at present in the market proving that the shortage of chicken is a clear misconception although there is a marginal shortage of eggs.
Diana Group plans IPO
Diana Group, manufacturers of biscuits and chocolates based in Matale, has plans to go for an Initial Public Offering, probably in the latter part of 2011with a view to expanding its business and possibly venturing into export business.
According to a senior official of the firm, the group is presently receiving a lot of interest from foreigners who are encouraging the firm to venture into exports.
According to a senior official of the firm, the group is presently receiving a lot of interest from foreigners who are encouraging the firm to venture into exports.
New strategy to promote tourism from next year
By Azhar Razak
Sri Lanka is to adopt a different tourism promotion strategy next year by focussing on key sectors during each month.
The move is in line with the year being declared as ‘Visit Sri Lanka Year’.
According to a top official, the new proposal should help the industry to attract more tourists to the island as it aims to concentrate on specific aspects of tourism each calendar month.
Sri Lanka is to adopt a different tourism promotion strategy next year by focussing on key sectors during each month.
The move is in line with the year being declared as ‘Visit Sri Lanka Year’.
According to a top official, the new proposal should help the industry to attract more tourists to the island as it aims to concentrate on specific aspects of tourism each calendar month.
Colombo City Development Plan
Full text of the Sujata Jayawardena memorial speech delivered by Secretary Defence Mr. Gotabaya Rajapaksa at the Sri Lankan Foundation Institute.
I am grateful to the Alumni Association of the University of Colombo for having invited me to deliver this year's Sujata Jayawardena Memorial Oration. I am well aware of the service rendered to the University by Mrs. Jayawardena. In addition to her many contributions to the arts and her outstanding work on behalf of many charities, she is warmly remembered for her efforts to develop a closer relationship between the University, its undergraduates and its alumni.
IFRS has many challenges but is critical for progress
By Azhar Razak
Although Sri Lanka’s national accountancy body, Institute of Chartered Accountants of Sri Lanka (ICASL), is planning to harmonise Sri Lanka Accounting Standards (SLAS) in line with International Financial Accounting Standards (IFRS) beginning 2012, a local tax expert opines otherwise.
Although Sri Lanka’s national accountancy body, Institute of Chartered Accountants of Sri Lanka (ICASL), is planning to harmonise Sri Lanka Accounting Standards (SLAS) in line with International Financial Accounting Standards (IFRS) beginning 2012, a local tax expert opines otherwise.
Special city council for proposed ‘Port City’
A special city council is to be set up to manage the proposed port city project in the Galle Face undertaken by the Sri Lanka Ports Authority.
Delivering the Sujatha Jaywardena memorial oration last week, Defence Secretary Gotabhaya Rajapaksa who has been given the responsibility to develop the Colombo city said that as this 400 acre reclaimed land would need a separate authority to look into the matters special to it.
Delivering the Sujatha Jaywardena memorial oration last week, Defence Secretary Gotabhaya Rajapaksa who has been given the responsibility to develop the Colombo city said that as this 400 acre reclaimed land would need a separate authority to look into the matters special to it.
Elephant House plans to introduce new Cola drink
By Indika Sakalasooriya
Sri Lankan fizzy drinks market is to get another local cola brand with one of Sri Lanka’s leading beverage producers, Ceylon Cold Stores, a subsidiary company of listed John Keells Holdings, planning to introduce one shortly, The Bottom Line learns.
Elephant House, as the company is popularly known among the public, is currently in the process of re-launching its beverage portfolio with a massive island wide promotional campaign.
Sri Lankan fizzy drinks market is to get another local cola brand with one of Sri Lanka’s leading beverage producers, Ceylon Cold Stores, a subsidiary company of listed John Keells Holdings, planning to introduce one shortly, The Bottom Line learns.
Elephant House, as the company is popularly known among the public, is currently in the process of re-launching its beverage portfolio with a massive island wide promotional campaign.
Colombo City Centre set for major revamp
By Indika Sakalasooriya
The historic Colombo City Centre, which had long been a ‘no entry region’ since it was located in a high security zone in the Fort area, is to be developed into a bustling tourist attraction, dotted with restaurants, luxury hotels and other recreational centers, a top government official said.
Defence Secretary and Urban Development Authority Chairman Gotabhaya Rajapaksa said at a recent function that the Colombo Fort area is to be rationalised under the Colombo City Development Prgramme.
The historic Colombo City Centre, which had long been a ‘no entry region’ since it was located in a high security zone in the Fort area, is to be developed into a bustling tourist attraction, dotted with restaurants, luxury hotels and other recreational centers, a top government official said.
Defence Secretary and Urban Development Authority Chairman Gotabhaya Rajapaksa said at a recent function that the Colombo Fort area is to be rationalised under the Colombo City Development Prgramme.
Singer Finance to add branches after IPO launch
Singer Finance Lanka Ltd intends to increase its current network of six branches and six service centres to a total of 24 in view of the expected economic growth of the country, the resulting demand for debt financing and to provide a better service to its existing and potential customers.
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