Ceylon Chamber welcomes Monetary Board measures

Published : 1:48 am  September 30, 2014  |  Category: Front Page, TOP STORY  |  3 Comments  |  722 views  |  

Expresses confidence 1H growth momentum can be maintained in 2H to achieve year-end target The Ceylon Chamber of Commerce in a statement yesterday said it was pleased to note that the indicators highlighted in the Monetary Policy Review released by the Central Bank of Sri Lanka show continuous improvement in the macro economic performance of the country. “GDP growth data for the second quarter of 2014 at 7.8% shows an improvement over the 6.8% for the second quarter of last year with higher growth in agriculture and manufacturing. The enhancement in agriculture growth despite the drought is commendable as this demonstrates that even though some sub-sectors were adversely affected by the... 

President Rajapaksa invites UN Sec-Gen to visit Sri Lanka

Published : 1:02 am  September 29, 2014  |  Category: Front Page  |  1 Comment  |  493 views  |  
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Ban Ki-moon encourages Sri Lanka to continue making progress on the post-war agenda President Mahinda Rajapaksa and United Nations Secretary-General Ban Ki-moon met for talks at the United Nations Headquarters in New York City on Saturday. Congratulating President Rajapaksa on his leadership, Ban acknowledged the progress that has been made in Sri Lanka in the years after the war and expressed his optimism that the remaining challenges would also be overcome with this type of political leadership. President Rajapaksa outlined the developments that have taken place, including the near-completion of all demining activities, the improvement of health services, and the rehabilitation and reintegration... 

Supreme Court gets emphatic in its ruling on Greece bonds case against CB

Published : 1:01 am  September 29, 2014  |  Category: Front Page  |  1 Comment  |  408 views  |  

On 18 September, the Supreme Court dismissed the Fundamental Rights application filed by Sujeewa Arjune Senasinghe of Colombo 3 against the Monetary Board complaining that the Central Bank, in purchasing Greece Government bonds, had acted in an unlawful, irresponsible and an arbitrary manner. The Supreme Court Bench presided over by Justice K. Sripavan, and comprising Justice R. Marasinghe and Justice Sarath de Abrew, unanimously concluded: “Considering the totality of the circumstances, it is neither possible nor desirable to hold that the Members of the Monetary Board in taking a decision to invest in Greece bonds, have acted arbitrarily, unreasonably and in a fraudulent manner.” In its... 

French giant CMA-CGM strikes BOI deal to set up BPO in Colombo

Published : 1:00 am  September 29, 2014  |  Category: Front Page  |  Leave a Comment  |  742 views  |  
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French giant CMA-CGM last week signed an agreement with Board of Investment to set up its Shared Service Centre, a business processing outsource facility in Colombo. The agreement was signed by BOI Chairman Dr. Lakshman Jayaweera and CMA-CGM Shared Services Lanka Director C.S. Ananda. CMA-CGM Shared Services Director C.S. Ananda formally receives the BOI Certificate of Registration from Minister of Investment Promotion Lakshman Yapa Abeywardane at the Ministry The total investment is $ 2.4 million and will generate 750 employment opportunities in the first year, with possibilities to grow to a total capacity of 2,000 staff. The project will also bring state-of-the-art IT systems to the new centre... 

China-led Asia infrastructure bank gains support from 21 countries

Published : 12:56 am  September 29, 2014  |  Category: Front Page  |  Leave a Comment  |  327 views  |  

Reuters: A China-led effort to launch the Asian Infrastructure Investment Bank has attracted the interest of 21 countries, Beijing’s Ministry of Finance said on Sunday. Representatives from South Korea, Thailand, Indonesia and Singapore participated in meetings held on Saturday in the Chinese capital to discuss the plan. The meetings were chaired by Chinese Deputy Finance Minister Shi Yaobin, the ministry said in an article posted on its website. Jin Liqun, a former deputy finance minister and former Asian Development Bank vice president, headed China’s preparation team. The Asian Infrastructure Investment Bank (AIIB) is a crucial part of Beijing’s efforts to extend its influence in the... 

MR and Modi meet in NY, agree to strengthen ties

Published : 12:56 am  September 29, 2014  |  Category: Front Page, MAIN IMAGE  |  Leave a Comment  |  1,092 views  |  
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President Mahinda Rajapaksa and Indian Prime Minister Narendra Modi held bilateral discussions on Saturday in New York City and agreed to work towards further strengthening relations between the two countries. In a cordial discussion, the two leaders spoke about a range of matters of mutual interest to the two countries. Regarding the recent meeting the Indian leader had with Sri Lanka’s Tamil National Alliance (TNA), the Prime Minister informed President Rajapaksa of the discussion that took place with the group. In that context, Prime Minister Modi acknowledged the importance of the Parliamentary Select Committee (PSC) process. President Rajapaksa explained to Prime Minister Modi that the... 

Hotels cheer cut in power tariff

Published : 12:55 am  September 29, 2014  |  Category: Front Page, TOP STORY  |  3 Comments  |  867 views  |  

The hotel industry has welcomed the recent announcement by President Mahinda Rajapaksa to reduce the electricity tariff by 25% though specifics are being awaited upon from the Public Utilities Commission. Heads of the Tourism Hotels Association Sri Lanka (THASL) and the Colombo City Hotels Association told the Daily FT that the move will reduce cost as well as help improve the bottom line. “It is certainly positive news for us and we welcome the reduction. It will bring down our expenditure greatly since the hotel trade is one that utilises electricity to a great extent. If this continues it will be a huge advantage for the industry as in the entire region our hotels pay the highest for electricity,”... 

Business confidence dips to seven-month low

Published : 12:53 am  September 29, 2014  |  Category: Front Page  |  Leave a Comment  |  614 views  |  

LMD reports that exclusive gauge of biz confidence is under pressure “The barometer of business sentiment has fallen slightly for the second month in a row, on account of both economic and political worries, in the run-up to the budget proposals,” says business magazine LMD, in its forthcoming October edition. It adds: “The latest LMD-Nielsen Business Confidence Index (BCI) survey suggests that businesspeople could be harbouring a plethora of concerns. For instance, they appear visibly distressed over the prevailing political culture, especially since the recently-held Uva Provincial Council elections was more a display of a breakdown in law and order than meaningful political manifestos.” The... 

President tells UNGA Assembly post-2015 agenda must address structural obstacles to development

Published : 12:24 am  September 27, 2014  |  Category: Front Page, MAIN IMAGE  |  1 Comment  |  851 views  |  
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UN.org: President Mahinda Rajapaksa in his address to world leaders at the United Nations General Assembly said that the post-2015 agenda must focus on strengthening partnerships between developing and developed countries, which are essential for countries in the south to access financial resources and technology. President Mahinda Rajapaksa addressing the UN General Assembly – UN Photo/Hubi Hoffmann   “It is vital that we also address structural obstacles and political barriers that prevented the realisation of the Millennium Development Goals, such as unfair trade and investment rules,” he said. Consistency of standards is required across the board without any perception of selectivity... 

Govt. launches $ 212 m program to reduce disaster impact

Published : 12:20 am  September 27, 2014  |  Category: Front Page  |  Leave a Comment  |  553 views  |  
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By Shabiya Ali Ahlam Sri Lanka yesterday took a progressive step towards reducing the socio-economic impact of disasters by launching a $ 212 million Climate Resilience Program. Formulated by the Government with the support of the World Bank (WB), the program was launched with the objective of addressing in a holistic manner the physical and financial aspects of climate risks in the short- and long-term. The Climate Resilience Program consists of two projects, the Climate Resilience Improvement Project (CRIP), which amounts to $ 110 million, and a development policy loan with a Catastrophe Deferred Draw Down Option (CATDDO) for $ 102 million. Sri Lanka is the first country in South Asia to use... 

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