MAIN IMAGEA rosy update
CB gives appraisal on economy, admits 2012 start under pressure but insists new policies have smoothed road ahead
By Uditha Jayasinghe
Regardless of emerging pressures, the Central Bank is confident that Sri Lanka will be able to weather economic storms in 2012, a top official said yesterday, insisting that proactive policy measures would bear fruit in the second quarter of the year.
President Mahinda Rajapaksa accompanied by visiting Deputy Prime Minister of Japan
President Mahinda Rajapaksa accompanied by visiting Deputy Prime Minister of Japan Katsuya Okada on Saturday declared open the Upper Kotmale Hydropower Project, constructed at a cost of US$ 475 million with the assistance of Japan International Cooperation Agency (JICA)
Smiles of fruition?
Starwood Hotels and Resorts Vice President, Acquisitions and Development Nikhil Manchharam (left), Lanka Hotels and Residencies (Pvt) Ltd. Director Ravi Lad and Lanka Hotels and Residencies Ltd. Chairman Don Gamini Gunaratne (second from right) all smiles at the signing of the agreements between them in the presence of Treasury Secretary Dr. P.B. Jayasundera and his officials yesterday. Lanka Hotels & Residencies Ltd., Director Nandkishor Chaturvedi looks on
Deal signed for $ 80 m Sheraton in Colombo
Laughing over Rs. 19 b operating loss?
President Mahinda Rajapaksa along with his officials early this week held a meeting with the senior management of SriLankan Airlines to discuss the progress and future plans of the national carrier.
As per the Central Bank 2011 Annual Report, revenue of SriLankan Airlines had increased by 16.3% to Rs. 78.9 billion, while operating expenditure increased by 32.2% to Rs. 98 billion, resulting in an operating loss of Rs. 19.1 billion. High fuel prices and lower yields due to increased competition contributed to the increase in operating expenditure of SriLankan Airlines, the Central Bank said.
At the meeting, the President had pointed out that the airline officials should take measures to build confidence in the national carrier with the support of overseas Sri Lankan missions. He had noted that everyone serving at SriLankan Airlines should be dedicated towards its development.
Economic Development Minister Basil Rajapaksa, Civil Aviation Minister Priyankara Jayaratne, Secretary to the President Lalith Weeratunga, Secretary to the Treasury Dr. P.B. Jayasundera, inistry of Ports and Aviation, Secretary, Ranjith de Silva SriLankan Airlines Chairman Nishantha Wickramasinghe and CEO Kapila Chandrasena participated.
Here, at the meeting, the participants are captured sharing a lighter moment, perhaps to cheer themselves up amidst apprent gloomy skies for the national carrier – Pic by Sudath Silva
Rupee soars after Dr. PB’s remarks
The rupee yesterday gained at its best ever pace in recent months, a development which analysts and markets linked to remarks made by Treasury Secretary Dr. P.B. Jayasundera to media on Monday.
The currency traded at Rs. 126 (up by over 3%) in the morning before closing at Rs. 127.80/128.70 a dollar, firmer as opposed to Monday’s closing of Rs. 130/130.40.
Labouring generations!
May Day was celebrated nationwide, including the North, yesterday with large numbers attending respective party rallies. Seen at one of the rallies was a representation by several generations – the old, young and even children
war heroes month starts
The first ‘Ranaviru’ (war hero) flag was pinned on the President at the launch of War Heroes Commemoration Month at an event held at Temple Trees yesterday.
PIMA Platinum Honours for top achievers
By Cheranka Mendis
Postgraduate Institute of Management Alumni (PIMA) Platinum Honours 2011 held on Friday recognised the contributions of Ramal Jasinghe, Anura Siriwardene and Dr. L.J.A. Peiris for their outstanding performance in their respective careers.
Basil meets agri business firms
Economic Development Minister Basil Rajapaksa yesterday chaired a meeting with agri business companies to discuss how market avenues can be created for the surplus of agricultural products in the country with the successful launch of the ‘Divi Neguma’ program.
Following forex!
- 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 adding to upward pressure on exchange rate
- Exporters aren’t readily converting dollars for fear of losing out given volatility
Given the fact that the US Dollar is on the ‘Most Wanted’ list in contemporary Sri Lanka, the Central Bank as well as the banking sector have been literally working overnight to manage and respond to what the market described as a ‘crisis’ situation.
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