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Business News from Sri Lanka
Global investors target Sri Lanka
Friday, 20 November 2009 - 11:16 AM SL Time
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The global investor community is keen on exploring opportunities in Sri Lanka as there is a peaceful environment that facilitates growing investor confidence. The next decade would be prosperous for the country as there will be growth potential in its financial market, said Leopard Capital Asia CEO, Douglas Clayton.
Leopard Capital Sri Lanka is a joint venture between Orion Capital Partners in Sri Lanka and Leopard Capital of Hong Kong. It launched a private equity fund to raise US $ 100 million by early next year.
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Janashakthi promotes insurance in Jaffna
Thursday, 19 November 2009 - 9:00 AM SL Time
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Janashakthi Insurance PLC in its endeavour to uplift the standard of living of the people of Jaffna, has given its wholehearted support to the program organised by the Tharunyata Hetak (A Tomorrow for our Youth) movement.
`This program which has been initiated by Namal Rajapaksa has received our total commitment`, said General Manager, Sales and Marketing, Janashakthi Insurance PLC Ravi Liyanage.
Liyanage said that the Sports Festival organised by Tharunyata Hetak from October 21-25 was a resounding success. Nearly 60 teams participated in the six-a-side soft ball cricket tournament for the Janashakthi Trophy. From start to finish, the festival displayed a keen spirit of competitiveness and sportsmanship. Not concluding with this, Tharunyata Hetak has further planned to build ten new Volleyball Courts in Jaffna for the improvement of the sport.
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Sri Lanka cuts interest rates to five-year low
Wednesday, 18 November 2009 - 10:03 PM SL Time
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Sri Lanka`s central bank on Wednesday cut its key interest rates to a five-year low in a bid to boost economic growth as the island recovers from decades of ethnic violence.
The Central Bank of Sri Lanka lowered its benchmark repurchase rate by 50 basis points to 7.50 percent, while the reverse repurchase rate was cut by 75 basis points to 9.75 percent.
`Benign inflation has enabled the Central Bank to gradually relax its monetary policy stance on several occasions (in 2009) in order to support economic activity,` the bank said.
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Insurance industry has potential for growth
Wednesday, 18 November 2009 - 9:33 AM SL Time
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At a time when the Colombo Stock Exchange (CSE), financial and other instutions such as banks and leasing companies were becoming more active due to the low interest rates and opening of the Central Bank capital accounts the insurance industry has much potential for growth in the local and international market, Securities
and Exchange Commission, Director General, Channa de Silva told Daily News Business.
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Prospects bright for tourist industry
Tuesday, 17 November 2009 - 9:12 AM SL Time
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The country s tourist industry is poised to become a vibrant industry with the next winter season prospects looking bright. It is anticipated that the number of tourist arrivals would exceed 450,000 by the end of the year, Tourist Hotels Association Sri Lanka, President, Srilal Miththapala told Daily News Business.
The number of arrivals increased every month after the war ended and it has already offset the 11 percent decrease recorded last year. There was a rapid increase in tourist arrivals after the war ended where steady monthly increases were recorded. This indicates that tourism is a fast re-bouncing industry , he said.
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Eco tourism the fastest growing segment
Monday, 16 November 2009 - 9:27 AM SL Time
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Eco tourism, the fastest growing segment in Sri Lanka has a huge potential and it is important to brand Sri Lanka for eco tourism to get the maximum benefit, Ella Adventure Park, Chairman, Major Vijith Welikala told Daily News Business.
He said that there had been many foreign inquiries in this segment since the war ended, and the country must be ready to meet this demand.
He said that eco tourism could be promoted in underdeveloped areas in the country and therefore it is not necessary to invest heavily on this sector.
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Ceylinco Life s investment income up 40 percent in 3Q, 2009
Saturday, 14 November 2009 - 9:52 AM SL Time
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Ceylinco Life has achieved a 40 percent growth in investment income in the nine months ending September 30, 2009, following strong growth in income from government securities and bank deposits.
Releasing details of performance to the end of the third quarter, the company said Investment Income had exceeded Rs 2,372 million, with the two largest components, Bank Deposits and Government Securities growing nearly 42 percent and 71 percent over the corresponding nine months of last year.
Ceylinco Life s Life Fund stood at Rs 24.7 billion as at September 30, reflecting a healthy growth of more than 16 percent since December 31, 2008, the company said. Net transfers to the Life Fund in the period reviewed exceeded Rs 3,446 million.
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Aitken Spence Hotels go for 500-room property in Nilaweli
Friday, 13 November 2009 - 8:59 AM SL Time
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Aitken Spence Hotels would invest on a 500-room property in Nilaweli, Trincomalee early next year.
Managing Director, Aitken Spence Hotels, Malin Hapugoda said on Wednesday that this would be a mixed development hotel project where they would offer luxury Villas, standard rooms and apartments. We already have a 100-acre property and I think this is the time to invest in it , he said.
Having completed over three decades in the hotels industry, Aitken Spence has a chain of luxury hotels and resorts in Sri Lanka, the Maldives, India and Oman. We are planning to build apartments sell and manage them, he said. Construction work on the hotel project would get under way next year and is scheduled to be completed by 2012. He also outlined plans to construct a business hotel in Jaffna next year. He said that they would also invest 25 million US dollars jointly with Six Senses Resorts and Spas to build a new hotel in Ahungalle.
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Economy diversifies GDP grows 1.8 percent
Thursday, 12 November 2009 - 8:55 AM SL Time
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Central Bank Assistant Governor, Dr. P. Nandalal Weerasinghe said the economy has been diversified and as a result Sri Lanka recorded a 1.8 percent growth in Gross Domestic Production (GDP) on a year on year basis in the first half of this year.
The three main sectors of agriculture, industry and services grew by 3.7 percent, 2.4 percent and 1.1 percent and with the rehabilitation in the Northern and Eastern provinces it is expected to provide an impetus to growth. He was speaking at a seminar on Statutory and Regulatory Requirements for Registered Finance Companies (RFCs) and Specialized Leasing Companies (SLCs) on Recent Economic Developments and Future Prospects for Financial Services on Tuesday.
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Acer launches Timeline laptops
Wednesday, 11 November 2009 - 9:06 AM SL Time
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Sri Lanka is one of the growing markets for the most convenient and affordable laptops and to fulfil that aspect a competition has been created among the computer dealers in Sri Lanka, said Acer Singapore Regional Business Development Manager Regina Lee.
She was speaking at the launching of the Acer Timeline series of laptops by Metropolitan Computers and Acer Singapore at the Cinnamon Grand yesterday.
She said, I am pleased to launch the Acer Timeline Laptop which is feature-packed and designed for long battery life without compromising weight and is priced at main stream prices .
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Value added Sri Lankan rubber products for niche markets
Monday, 9 November 2009 - 9:39 AM SL Time
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Sri Lanka will export high value added rubber products to niche markets using natural rubber and will increase export revenue by 50 percent by 2014 achieving a stable supply at low price volatility, said Dr Shantha Walpalage of the Moratuwa University making a presentation on the national Action Plan for the Development of the value chain in the rubber sector organized by FCCISL (SMED)at Galle Face Hotel last week.
She said the identified potential high value product portfolios which gives high foreign earnings per ton will be based on the expert opinions made on the present market environment and possible trends. A number of steps will be taken to develop the sector according to the action plan.
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Sri Lanka to acquire satellite technology
Friday, 6 November 2009 - 9:03 AM SL Time
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Sri Lanka will acquire satellite technology shortly with the setting up of the Sri Lanka Space Agency (SLASA), a regulatory body for new technology.
Cabinet approval has been obtained to acquire satellite technology, which would be considered an investment for the future.
The SLASA would act as a data processing centre to facilitate the new technology to be acquired from the Surrey University under the guidance of Prof. Sir Martin Sweeting , Telecommunication Regulatory Commission Sri Lanka Director General, Priyantha Kariyapperuma told Daily News Business. The TRC will work closely with the Colombo, Moratuwa and Peradeniya Universities to train professionals under phase one. This would help human resource development to build a satellite. The acquisition of the new technology would provide an opportunity for the younger generation to study space technology, he said.
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Sri Lanka targets more electronic exports by 2020
Thursday, 5 November 2009 - 9:47 AM SL Time
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Sri Lanka could capture 0.1 percent of the global electronic market by 2020 by venturing into electronic components and product manufacture said Prof Kapila Jayasinghe of the Moratuwa University making a presentation on the National Action Plan for the Development of value chain in the electronic sector at the Galle Face Hotel organized by FCCISL (SMED) on Friday.
He said that the electronics industry is growing in the world with an industry contribution worth over USD one trillion and Sri Lanka has identified five major sectors that can be developed under the SME sector.
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Bright prospects for aerospace business in Sri Lanka - Investor
Wednesday, 4 November 2009 - 9:21 AM SL Time
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The investment opportunities offered by the Board of Investment (BOI) is impressive and the support for investors from banks is encouraging. The capabilities of Sri Lankan engineers are commendable and the workforce is loyal and competent and this is one of the main reasons to invest in Sri Lanka.
There is a demand for sensors for board aircraft, created by the increased factors of safety, reliability and efficiency, Flinth Industrial Park, Chairman, Rune Flinth told Daily News Business.
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