The document provides an overview of recent economic and business news in Sri Lanka.
1) Sri Lanka's economy grew 3.8% in the first quarter of 2017, with industry growing 6.3% and services growing 3.5% while agriculture shrank 3.2%.
2) Sri Lanka's trade deficit increased in the first quarter as exports grew 1.3% while imports grew 14.9%, driven up by an 81.6% increase in fuel imports.
3) Commercial Bank was named the Best Bank in Sri Lanka for the seventh time by FinanceAsia, based on its financial performance and market position.
The document provides an economic capsule with the following key points:
- The base year and composition of Sri Lanka's Colombo Consumer Price Index was revised, increasing the non-food composition and annual inflation rate.
- Bottlenecks in Sri Lanka's trademark registration process could undermine benefits from complying with an international trademark system. Registrations take 3-5 years locally versus 18 months ideally.
- Sri Lanka's apparel industry faces labor shortages that could limit benefits from trade preferences, and some factories are relocating operations abroad due to issues finding skilled labor.
- Several infrastructure and economic development projects were announced or commenced, including an integrated logistics facility, smart meter factory, and sections
The document provides an economic capsule summarizing recent news in Sri Lanka and internationally. It includes the following key points:
1) Sri Lanka has been ranked as the top island economy for investment potential by an FT publication. However, foreign direct investment remains relatively low at under 1% of GDP.
2) The EU has restored Sri Lanka's access to preferential tariffs under the GSP+ trade scheme, providing an estimated annual tariff benefit of $330 million for key exports like apparel, seafood, and fruits.
3) China's One Belt One Road initiative involves over $1.3 trillion in infrastructure projects across 68 countries to revive trade routes and boost China's influence. Sri Lanka hopes to
The IMF projects Sri Lanka's GDP growth to gradually recover to 4.7% in 2017, supported by construction and services. However, significant downside risks remain, including from potential capital outflows, delays in reforms, and higher-than-estimated costs from drought. Public debt is expected to rise slightly to 85% of GDP due to fiscal deficits and currency depreciation. Sri Lanka is also pursuing initiatives in renewable energy and waste management, while the tourism and retail sectors are expanding.
The document provides an overview of recent economic and financial news from Sri Lanka and around the world. Some key points:
- Commercial Bank was ranked the top private bank in Sri Lanka and 4th overall brand based on a new brand valuation study.
- Sri Lanka's economic growth slowed to 3.3% in Q3 2017 due to disruptions in agriculture. Inflation declined slightly but remained elevated.
- The IMF cut its growth forecast for the UK due to Brexit uncertainty and the World Bank will stop financing new upstream oil and gas projects after 2019.
The IMF has completed its second review of Sri Lanka's Extended Fund Facility arrangement and approved the disbursement of about $167.2 million. While noting that fiscal and tax revenue targets have been met, the IMF cautioned that Sri Lanka's high debt burden and financing needs require further consolidation. Moody's rates Sri Lanka at B1, balancing robust growth potential against high debt, low affordability, and external risks. Recurring natural disasters like floods and droughts negatively impact Sri Lanka's economy, causing an estimated $327 million in annual losses equivalent to 0.4% of GDP.
The document summarizes recent economic news from Sri Lanka in October 2016. It reports that Commercial Bank won multiple prestigious awards and was honored in the USA and Hong Kong for its achievements. It also notes that Commercial Bank's Rs. 5 billion debenture issue was oversubscribed, with subscriptions exceeding Rs. 7 billion. Additionally, the document outlines Sri Lanka's external sector performance in July 2016, noting declines in exports and imports compared to the previous year. Private sector credit growth and developments in the sugar industry are also summarized.
The document provides summaries of economic and business news in Sri Lanka. Key points include:
- Commercial Bank was ranked among the top 1000 banks in the world for the 6th consecutive year.
- Commercial Bank enhanced customer convenience by introducing 'Over the Air PIN' for credit and debit cards.
- Commercial Bank plans to issue listed, unsecured rated redeemable subordinated debentures worth Rs. 5-7 billion.
- The Central Bank of Sri Lanka raised policy rates by 50 basis points to curb high credit growth and inflation.
The document provides an economic capsule with information on banking and finance, the economy and business, and international news.
Key points include:
- Commercial Bank's 9-month post-tax profit crossed Rs 10 billion with a growth of 15.19% and other strong financial results.
- The bank was ranked 2nd in Business Today's Top 30 companies for the fourth consecutive year.
- The bank launched NFC-enabled premium credit cards for both Visa and Mastercard, a first in Sri Lanka.
- The 2017 budget highlights, implications for the banking sector including new taxes and regulations.
- Sri Lanka's external sector performance showed a 4.1% decline in exports for January to August 2016
The document provides an economic capsule with the following key points:
- The base year and composition of Sri Lanka's Colombo Consumer Price Index was revised, increasing the non-food composition and annual inflation rate.
- Bottlenecks in Sri Lanka's trademark registration process could undermine benefits from complying with an international trademark system. Registrations take 3-5 years locally versus 18 months ideally.
- Sri Lanka's apparel industry faces labor shortages that could limit benefits from trade preferences, and some factories are relocating operations abroad due to issues finding skilled labor.
- Several infrastructure and economic development projects were announced or commenced, including an integrated logistics facility, smart meter factory, and sections
The document provides an economic capsule summarizing recent news in Sri Lanka and internationally. It includes the following key points:
1) Sri Lanka has been ranked as the top island economy for investment potential by an FT publication. However, foreign direct investment remains relatively low at under 1% of GDP.
2) The EU has restored Sri Lanka's access to preferential tariffs under the GSP+ trade scheme, providing an estimated annual tariff benefit of $330 million for key exports like apparel, seafood, and fruits.
3) China's One Belt One Road initiative involves over $1.3 trillion in infrastructure projects across 68 countries to revive trade routes and boost China's influence. Sri Lanka hopes to
The IMF projects Sri Lanka's GDP growth to gradually recover to 4.7% in 2017, supported by construction and services. However, significant downside risks remain, including from potential capital outflows, delays in reforms, and higher-than-estimated costs from drought. Public debt is expected to rise slightly to 85% of GDP due to fiscal deficits and currency depreciation. Sri Lanka is also pursuing initiatives in renewable energy and waste management, while the tourism and retail sectors are expanding.
The document provides an overview of recent economic and financial news from Sri Lanka and around the world. Some key points:
- Commercial Bank was ranked the top private bank in Sri Lanka and 4th overall brand based on a new brand valuation study.
- Sri Lanka's economic growth slowed to 3.3% in Q3 2017 due to disruptions in agriculture. Inflation declined slightly but remained elevated.
- The IMF cut its growth forecast for the UK due to Brexit uncertainty and the World Bank will stop financing new upstream oil and gas projects after 2019.
The IMF has completed its second review of Sri Lanka's Extended Fund Facility arrangement and approved the disbursement of about $167.2 million. While noting that fiscal and tax revenue targets have been met, the IMF cautioned that Sri Lanka's high debt burden and financing needs require further consolidation. Moody's rates Sri Lanka at B1, balancing robust growth potential against high debt, low affordability, and external risks. Recurring natural disasters like floods and droughts negatively impact Sri Lanka's economy, causing an estimated $327 million in annual losses equivalent to 0.4% of GDP.
The document summarizes recent economic news from Sri Lanka in October 2016. It reports that Commercial Bank won multiple prestigious awards and was honored in the USA and Hong Kong for its achievements. It also notes that Commercial Bank's Rs. 5 billion debenture issue was oversubscribed, with subscriptions exceeding Rs. 7 billion. Additionally, the document outlines Sri Lanka's external sector performance in July 2016, noting declines in exports and imports compared to the previous year. Private sector credit growth and developments in the sugar industry are also summarized.
The document provides summaries of economic and business news in Sri Lanka. Key points include:
- Commercial Bank was ranked among the top 1000 banks in the world for the 6th consecutive year.
- Commercial Bank enhanced customer convenience by introducing 'Over the Air PIN' for credit and debit cards.
- Commercial Bank plans to issue listed, unsecured rated redeemable subordinated debentures worth Rs. 5-7 billion.
- The Central Bank of Sri Lanka raised policy rates by 50 basis points to curb high credit growth and inflation.
The document provides an economic capsule with information on banking and finance, the economy and business, and international news.
Key points include:
- Commercial Bank's 9-month post-tax profit crossed Rs 10 billion with a growth of 15.19% and other strong financial results.
- The bank was ranked 2nd in Business Today's Top 30 companies for the fourth consecutive year.
- The bank launched NFC-enabled premium credit cards for both Visa and Mastercard, a first in Sri Lanka.
- The 2017 budget highlights, implications for the banking sector including new taxes and regulations.
- Sri Lanka's external sector performance showed a 4.1% decline in exports for January to August 2016
Sri Lanka's tea exports dipped by USD 23.1 million in the first quarter of 2016 compared to the same period in 2015, totaling USD 311.8 million. Tea production also declined by 9.09 million kilograms in 1Q 2016 versus 1Q 2015. Iraq emerged as the top buyer of Ceylon tea in 1Q 2016, replacing Russia, while Turkey's purchases significantly declined resulting in it falling to the fifth position. Industry recovery is expected in the second half of 2016 due to shifts in global politics and oil prices.
The document provides an economic summary for Sri Lanka and internationally:
- Domestically, tourist arrivals, earnings from tourism and remittances increased. Inflation decreased while credit expanded. The Central Bank governor urged the private sector to capitalize on growth opportunities.
- Internationally, the US Federal Reserve chair indicated interest rates may rise further. Trade deals with the US faced increased uncertainty. China's economic slowdown continued as industrial output and retail sales fell short of targets.
- Visa International opened an office in Sri Lanka to expand electronic payments. Government revenue in Sri Lanka rose substantially in 2016 compared to prior years.
The document provides an economic capsule from September 2016 containing the following summaries:
1) The Commercial Bank of Maldives launched operations as a subsidiary of Commercial Bank of Ceylon and introduced new ATM machines offering advanced features like cardless cash deposits and bill payments.
2) Sri Lanka's GDP growth slowed to 2.6% in the second quarter but the Central Bank Governor expects a revision upwards and growth over 5% for the full year.
3) Colombo was ranked as the fourth fastest growing destination city globally between 2009-2016 based on overnight visitor growth.
The document provides a summary of economic indicators and news from Sri Lanka and around the world. It discusses topics such as:
- Fitch revising Sri Lanka's outlook to stable due to improving fiscal finances and credible economic policies.
- Sri Lanka's private sector credit growth remaining high at 21.9% in 2016.
- Sri Lanka's trade deficit expanding while tourism earnings and remittances increased.
- Sri Lanka's January tea output falling 15.3% due to adverse weather and policy changes.
- The Colombo port improving its world ranking to 23rd in 2016 due to infrastructure upgrades.
- India's GDP growth slowing slightly in the last quarter of 2016 while China's growth was 6
This document provides summaries of economic performance in Sri Lanka in 2016 including:
- Sri Lanka raised $1.5 billion in sovereign bonds at a rate of 6.2% that was oversubscribed 7 times.
- The ADB doubled its lending to Sri Lanka to $800 million in 2017 to fund infrastructure projects.
- The tourism and telecommunications sectors grew in 2016, with tourist arrivals up 14% and telecom/IT services up 6.6%.
- The external sector saw exports grow but the trade deficit widened, while the fiscal deficit declined slightly as a percentage of GDP.
- The banking and LFC/SLC sectors remained stable with declining non-performing loans and sound capital adequ
The document provides a summary of economic news from Sri Lanka and around the world. Some of the key points include:
- Commercial Bank of Sri Lanka won an award for its marketing campaign and signed an agreement with Bank Muscat Oman to facilitate money transfers.
- Sri Lanka's economy is projected to grow moderately under a new macroeconomic framework released by the Central Bank. However, high public debt and reliance on foreign borrowing pose risks.
- The IMF reached a staff-level agreement to provide Sri Lanka with a $1.5 billion loan to support fiscal reforms and debt reduction.
- Lifting of an EU ban on Sri Lankan fish imports is expected to boost the country's exports,
The document is a newsletter from the Research & Development Unit of Commercial Bank of Ceylon containing summaries of economic and business news from Sri Lanka and internationally.
Some of the key points from the Sri Lankan section include that business confidence slumped in March, inflation increased, private sector credit growth decreased, vehicle and tea output fell. Tourism arrivals also dropped in March.
Internationally, the newsletter notes that Bill Gates topped Forbes' 2017 rich list of billionaires which saw a record increase in the number of billionaires to over 2,000 total.
The newsletter provides concise summaries of recent economic indicators, business and industry news both domestic and international.
Sri Lanka's ease of doing business ranking slipped to 111th place, and its global competitiveness ranking fell to 85th due to deteriorating institutions, lower goods market efficiency, and less developed infrastructure. Sri Lanka's household incomes increased by 15.8% from 2012-2016 while inequality decreased. However, Sri Lanka faces external pressures like high debt levels and reliance on foreign currency funding that constrain its credit profile. The country plans to attract more foreign direct investment by moving away from an overreliance on tax incentives and focusing on competitive advantages. Sri Lanka's growing informal hotel sector also threatens to squeeze hotel operating cash flows and margins over the medium term.
The document provides an economic capsule covering topics in banking and finance, the economy and business, and international and industry news. It discusses Sri Lanka's GDP growth, external sector performance, and deflation. It also analyzes views from the IMF on Sri Lanka and forecasts rising core inflation and monetary policy tightening risks.
The document provides an economic update covering various topics in banking/finance, the economy, and global economic news. Some key points:
- Commercial Bank was named 'Best Bank in Sri Lanka' for the 17th time by Global Finance magazine.
- The bank introduced a new e-passbook mobile app allowing customers to view account transactions.
- Sri Lanka's economy grew 4.8% in 2015, with finance and IT among the fastest growing sectors.
- Rating agencies expressed concerns about Sri Lanka's rising debt, maturities, and external vulnerabilities.
The document provides an economic update from Sri Lanka with the following key points:
1) S&P revised Sri Lanka's outlook to stable from negative while affirming its credit ratings, citing the government's continued reform momentum and expectations it will smooth upcoming debt redemptions.
2) Business confidence in Sri Lanka crawled up in October but remains below historical averages, with concerns over the economy and business climate persisting.
3) The ADB extended $350 million in loans to Sri Lanka to improve roads and boost renewable energy through a 100MW wind power project.
The budget document provides an overview of Sri Lanka's budget highlights for 2016, including key figures on revenue, expenditure, deficits, and policy changes across several sectors of the economy. Some of the major changes proposed include voluntary mergers of banks to create larger national banks, incentives for investment in lagging regions and priority industries, tax reductions and concessions to promote the stock market and listed companies, and subsidies or guaranteed pricing for priority agriculture crops. The budget aims to boost revenue, reduce deficits, encourage private sector investment, and promote self-sufficiency in strategic industries.
This document summarizes economic and business news from the September 2017 issue of the Economic Capsule publication. It reports that business confidence in Sri Lanka slumped in August according to a business index. It also notes that the Sri Lankan government plans a 16% increase in borrowing for 2018. Additionally, it provides updates on investments, acquisitions, and awards in sectors such as agriculture, banking, and exports. The document also summarizes some international economic news including China's credit rating downgrade and warnings about rising debt levels if interest rates remain low globally.
The document summarizes recent economic developments in Sri Lanka. Dr. Indrajit Coomaraswamy was appointed the new Governor of the Central Bank of Sri Lanka. Commercial Bank partnered with Smart Metro to issue debit cards to tea leaf suppliers for payment. The bank also launched Sri Lanka's first remittance card. Moody's changed Sri Lanka's outlook to negative from stable due to fiscal and growth concerns. The IMF approved a $1.5 billion extended arrangement for Sri Lanka to support its balance of payments and macroeconomic policies. The Sri Lankan economy grew 5.5% in the first quarter of 2016 led by industry and construction.
The document provides an overview of recent economic and business news from around the world. It discusses the weak global economic growth outlook according to the IMF, with risks shifting to emerging markets. It also summarizes that China's economic growth was the slowest in 25 years at 6.9% in 2015. Additionally, it covers topics such as the lifting of economic sanctions on Iran and the falling oil prices to oversupply. Global foreign direct investment reached an eight-year high of $1.7 trillion in 2015 according to UNCTAD.
The document provides a summary of economic and business news from Sri Lanka and around the world in December 2015. Some of the key points included in the summary are:
- Sri Lanka maintained a high ranking in the UN's Human Development Index in 2015. The economy grew 4.8% in the third quarter led by improvements in agriculture and industry. Inflation slowed to 2.8% in December.
- The Central Bank of Sri Lanka increased interest rates to restrain inflation and maintain monetary stability. Sri Lanka also signed $1.6 billion in foreign direct investment deals in 2015.
- Internationally, the US Federal Reserve raised interest rates for the first time in nearly a decade. The Economist forecast
The document provides an economic capsule summarizing various topics related to banking, finance, economy and business in Sri Lanka. Some of the key points include:
- Commercial Bank was recognized as Sri Lanka's Bank of the Year by The Banker and won several awards for its annual report. It was also named Best SME Bank.
- Fitch lowered its outlook for Sri Lankan banks to negative while Moody's maintained a stable outlook, citing expected rising asset quality issues and pressure on capital ratios.
- Sri Lanka's economy grew 4.1% in Q3 2016 led by services and industry, while inflation increased. Several large investments in industries like tires and textiles were announced that will create jobs
This document summarizes recent economic and banking news from Sri Lanka. It discusses Commercial Bank's results and branch openings. It notes Fitch downgrading Sri Lanka's credit rating to B+ with a negative outlook due to high debt levels and weaknesses. Inflation is rising in Sri Lanka driven by increases in core inflation. The trade deficit widened in 2015 as exports declined while imports saw a smaller drop. Moody's also cut China's outlook to negative due to rising debt and policy uncertainties.
The document provides highlights of new policy reforms announced by the Prime Minister of Sri Lanka. The reforms focus on generating employment, increasing incomes, developing rural economies, ensuring land ownership, and creating a strong middle class. Key areas of focus include reducing the budget deficit, reforming taxes, boosting education and health spending, increasing foreign investment, and developing industries, infrastructure, and tourism through public-private partnerships. The reforms aim to transition Sri Lanka to a knowledge-based, globally competitive economy.
The document provides a summary of recent banking sector news, economic news, and international news. For the banking sector, it discusses Commercial Bank moving a branch to a new eco-friendly building, receiving awards for best employer and most respected bank, and launching new banking services. For economic news, it covers Sri Lanka's macroeconomic challenges according to Moody's, external sector performance in June 2015, and major export agreements signed. For international news, it discusses China's stock market experiencing its largest one-day fall since 2007.
The document provides a summary of recent economic and business news from Sri Lanka and around the world. Some key points:
- The Sri Lankan economy grew 3.7% in the first quarter of 2019, with agricultural and industrial activity expanding and services growing more slowly.
- Moody's revised Sri Lanka's 2019 growth forecast down to 2.6% due to Easter Sunday attacks, and warned of large external debt repayments and political risks.
- Tourism arrivals declined in April after the attacks, which will weaken the economy and widen the current account deficit.
- The government is launching a PR campaign to boost tourism and revised the VAT on tourism services down to 7%.
Sri Lanka's tea exports dipped by USD 23.1 million in the first quarter of 2016 compared to the same period in 2015, totaling USD 311.8 million. Tea production also declined by 9.09 million kilograms in 1Q 2016 versus 1Q 2015. Iraq emerged as the top buyer of Ceylon tea in 1Q 2016, replacing Russia, while Turkey's purchases significantly declined resulting in it falling to the fifth position. Industry recovery is expected in the second half of 2016 due to shifts in global politics and oil prices.
The document provides an economic summary for Sri Lanka and internationally:
- Domestically, tourist arrivals, earnings from tourism and remittances increased. Inflation decreased while credit expanded. The Central Bank governor urged the private sector to capitalize on growth opportunities.
- Internationally, the US Federal Reserve chair indicated interest rates may rise further. Trade deals with the US faced increased uncertainty. China's economic slowdown continued as industrial output and retail sales fell short of targets.
- Visa International opened an office in Sri Lanka to expand electronic payments. Government revenue in Sri Lanka rose substantially in 2016 compared to prior years.
The document provides an economic capsule from September 2016 containing the following summaries:
1) The Commercial Bank of Maldives launched operations as a subsidiary of Commercial Bank of Ceylon and introduced new ATM machines offering advanced features like cardless cash deposits and bill payments.
2) Sri Lanka's GDP growth slowed to 2.6% in the second quarter but the Central Bank Governor expects a revision upwards and growth over 5% for the full year.
3) Colombo was ranked as the fourth fastest growing destination city globally between 2009-2016 based on overnight visitor growth.
The document provides a summary of economic indicators and news from Sri Lanka and around the world. It discusses topics such as:
- Fitch revising Sri Lanka's outlook to stable due to improving fiscal finances and credible economic policies.
- Sri Lanka's private sector credit growth remaining high at 21.9% in 2016.
- Sri Lanka's trade deficit expanding while tourism earnings and remittances increased.
- Sri Lanka's January tea output falling 15.3% due to adverse weather and policy changes.
- The Colombo port improving its world ranking to 23rd in 2016 due to infrastructure upgrades.
- India's GDP growth slowing slightly in the last quarter of 2016 while China's growth was 6
This document provides summaries of economic performance in Sri Lanka in 2016 including:
- Sri Lanka raised $1.5 billion in sovereign bonds at a rate of 6.2% that was oversubscribed 7 times.
- The ADB doubled its lending to Sri Lanka to $800 million in 2017 to fund infrastructure projects.
- The tourism and telecommunications sectors grew in 2016, with tourist arrivals up 14% and telecom/IT services up 6.6%.
- The external sector saw exports grow but the trade deficit widened, while the fiscal deficit declined slightly as a percentage of GDP.
- The banking and LFC/SLC sectors remained stable with declining non-performing loans and sound capital adequ
The document provides a summary of economic news from Sri Lanka and around the world. Some of the key points include:
- Commercial Bank of Sri Lanka won an award for its marketing campaign and signed an agreement with Bank Muscat Oman to facilitate money transfers.
- Sri Lanka's economy is projected to grow moderately under a new macroeconomic framework released by the Central Bank. However, high public debt and reliance on foreign borrowing pose risks.
- The IMF reached a staff-level agreement to provide Sri Lanka with a $1.5 billion loan to support fiscal reforms and debt reduction.
- Lifting of an EU ban on Sri Lankan fish imports is expected to boost the country's exports,
The document is a newsletter from the Research & Development Unit of Commercial Bank of Ceylon containing summaries of economic and business news from Sri Lanka and internationally.
Some of the key points from the Sri Lankan section include that business confidence slumped in March, inflation increased, private sector credit growth decreased, vehicle and tea output fell. Tourism arrivals also dropped in March.
Internationally, the newsletter notes that Bill Gates topped Forbes' 2017 rich list of billionaires which saw a record increase in the number of billionaires to over 2,000 total.
The newsletter provides concise summaries of recent economic indicators, business and industry news both domestic and international.
Sri Lanka's ease of doing business ranking slipped to 111th place, and its global competitiveness ranking fell to 85th due to deteriorating institutions, lower goods market efficiency, and less developed infrastructure. Sri Lanka's household incomes increased by 15.8% from 2012-2016 while inequality decreased. However, Sri Lanka faces external pressures like high debt levels and reliance on foreign currency funding that constrain its credit profile. The country plans to attract more foreign direct investment by moving away from an overreliance on tax incentives and focusing on competitive advantages. Sri Lanka's growing informal hotel sector also threatens to squeeze hotel operating cash flows and margins over the medium term.
The document provides an economic capsule covering topics in banking and finance, the economy and business, and international and industry news. It discusses Sri Lanka's GDP growth, external sector performance, and deflation. It also analyzes views from the IMF on Sri Lanka and forecasts rising core inflation and monetary policy tightening risks.
The document provides an economic update covering various topics in banking/finance, the economy, and global economic news. Some key points:
- Commercial Bank was named 'Best Bank in Sri Lanka' for the 17th time by Global Finance magazine.
- The bank introduced a new e-passbook mobile app allowing customers to view account transactions.
- Sri Lanka's economy grew 4.8% in 2015, with finance and IT among the fastest growing sectors.
- Rating agencies expressed concerns about Sri Lanka's rising debt, maturities, and external vulnerabilities.
The document provides an economic update from Sri Lanka with the following key points:
1) S&P revised Sri Lanka's outlook to stable from negative while affirming its credit ratings, citing the government's continued reform momentum and expectations it will smooth upcoming debt redemptions.
2) Business confidence in Sri Lanka crawled up in October but remains below historical averages, with concerns over the economy and business climate persisting.
3) The ADB extended $350 million in loans to Sri Lanka to improve roads and boost renewable energy through a 100MW wind power project.
The budget document provides an overview of Sri Lanka's budget highlights for 2016, including key figures on revenue, expenditure, deficits, and policy changes across several sectors of the economy. Some of the major changes proposed include voluntary mergers of banks to create larger national banks, incentives for investment in lagging regions and priority industries, tax reductions and concessions to promote the stock market and listed companies, and subsidies or guaranteed pricing for priority agriculture crops. The budget aims to boost revenue, reduce deficits, encourage private sector investment, and promote self-sufficiency in strategic industries.
This document summarizes economic and business news from the September 2017 issue of the Economic Capsule publication. It reports that business confidence in Sri Lanka slumped in August according to a business index. It also notes that the Sri Lankan government plans a 16% increase in borrowing for 2018. Additionally, it provides updates on investments, acquisitions, and awards in sectors such as agriculture, banking, and exports. The document also summarizes some international economic news including China's credit rating downgrade and warnings about rising debt levels if interest rates remain low globally.
The document summarizes recent economic developments in Sri Lanka. Dr. Indrajit Coomaraswamy was appointed the new Governor of the Central Bank of Sri Lanka. Commercial Bank partnered with Smart Metro to issue debit cards to tea leaf suppliers for payment. The bank also launched Sri Lanka's first remittance card. Moody's changed Sri Lanka's outlook to negative from stable due to fiscal and growth concerns. The IMF approved a $1.5 billion extended arrangement for Sri Lanka to support its balance of payments and macroeconomic policies. The Sri Lankan economy grew 5.5% in the first quarter of 2016 led by industry and construction.
The document provides an overview of recent economic and business news from around the world. It discusses the weak global economic growth outlook according to the IMF, with risks shifting to emerging markets. It also summarizes that China's economic growth was the slowest in 25 years at 6.9% in 2015. Additionally, it covers topics such as the lifting of economic sanctions on Iran and the falling oil prices to oversupply. Global foreign direct investment reached an eight-year high of $1.7 trillion in 2015 according to UNCTAD.
The document provides a summary of economic and business news from Sri Lanka and around the world in December 2015. Some of the key points included in the summary are:
- Sri Lanka maintained a high ranking in the UN's Human Development Index in 2015. The economy grew 4.8% in the third quarter led by improvements in agriculture and industry. Inflation slowed to 2.8% in December.
- The Central Bank of Sri Lanka increased interest rates to restrain inflation and maintain monetary stability. Sri Lanka also signed $1.6 billion in foreign direct investment deals in 2015.
- Internationally, the US Federal Reserve raised interest rates for the first time in nearly a decade. The Economist forecast
The document provides an economic capsule summarizing various topics related to banking, finance, economy and business in Sri Lanka. Some of the key points include:
- Commercial Bank was recognized as Sri Lanka's Bank of the Year by The Banker and won several awards for its annual report. It was also named Best SME Bank.
- Fitch lowered its outlook for Sri Lankan banks to negative while Moody's maintained a stable outlook, citing expected rising asset quality issues and pressure on capital ratios.
- Sri Lanka's economy grew 4.1% in Q3 2016 led by services and industry, while inflation increased. Several large investments in industries like tires and textiles were announced that will create jobs
This document summarizes recent economic and banking news from Sri Lanka. It discusses Commercial Bank's results and branch openings. It notes Fitch downgrading Sri Lanka's credit rating to B+ with a negative outlook due to high debt levels and weaknesses. Inflation is rising in Sri Lanka driven by increases in core inflation. The trade deficit widened in 2015 as exports declined while imports saw a smaller drop. Moody's also cut China's outlook to negative due to rising debt and policy uncertainties.
The document provides highlights of new policy reforms announced by the Prime Minister of Sri Lanka. The reforms focus on generating employment, increasing incomes, developing rural economies, ensuring land ownership, and creating a strong middle class. Key areas of focus include reducing the budget deficit, reforming taxes, boosting education and health spending, increasing foreign investment, and developing industries, infrastructure, and tourism through public-private partnerships. The reforms aim to transition Sri Lanka to a knowledge-based, globally competitive economy.
The document provides a summary of recent banking sector news, economic news, and international news. For the banking sector, it discusses Commercial Bank moving a branch to a new eco-friendly building, receiving awards for best employer and most respected bank, and launching new banking services. For economic news, it covers Sri Lanka's macroeconomic challenges according to Moody's, external sector performance in June 2015, and major export agreements signed. For international news, it discusses China's stock market experiencing its largest one-day fall since 2007.
The document provides a summary of recent economic and business news from Sri Lanka and around the world. Some key points:
- The Sri Lankan economy grew 3.7% in the first quarter of 2019, with agricultural and industrial activity expanding and services growing more slowly.
- Moody's revised Sri Lanka's 2019 growth forecast down to 2.6% due to Easter Sunday attacks, and warned of large external debt repayments and political risks.
- Tourism arrivals declined in April after the attacks, which will weaken the economy and widen the current account deficit.
- The government is launching a PR campaign to boost tourism and revised the VAT on tourism services down to 7%.
The document discusses Sri Lanka's strong economic outlook, with GDP growth projected to average over 8% through 2014. It highlights improvements in infrastructure, education, and political stability that make Sri Lanka an attractive investment destination in South Asia. The Managing Director of the World Bank said Sri Lanka has the potential to become the "Wonder of Asia" through continued inclusive economic growth and development.
The document provides an economic capsule covering topics in banking/finance, the economy/business, and international news. Some key points:
1) Commercial Bank was named Best Internet Bank in Sri Lanka for the third year and launched a mobile remittance channel between South Korea and Sri Lanka.
2) Sri Lanka's economy grew 3.2% in the first quarter of 2018. The US Federal Reserve raised interest rates which could impact emerging markets and trigger capital outflows from Sri Lanka.
3) Global foreign direct investment flows fell in 2017 and growth prospects for 2018 remain modest due to trade tensions and tax reforms. China and the EU warned that unilateral trade actions risk pushing the world into recession.
The document provides an overview of the key economic developments and performance indicators in Sri Lanka's economy in recent months. It notes that GDP grew 8.0% in the third quarter of 2010, driven by growth in agriculture, industry and services. Inflation decreased slightly to 6.9% in December 2010. Exports grew 27.6% in October 2010 while imports grew 8.4%, leading to an improvement in the trade deficit. Around 75 new firms are expected to be listed on the Colombo stock exchange in 2011, helping to increase the market capitalization by 45%. Tourism arrivals were up 63.1% in November 2010.
ICME Japura 2017 The Shipping and Logistics Performance and Its Impact to The...CINEC Campus
Sri Lanka has strategic advantages for shipping and logistics due to its geographic location. However, to attract more foreign investment, Sri Lanka needs to improve its logistics performance as measured by international indexes. The World Bank analyzes countries based on six components of logistics performance: customs efficiency, infrastructure quality, shipping costs, logistics competence, tracking ability, and delivery timeliness. While Sri Lanka has seen increasing foreign investment in recent years, further reforms are still needed to strengthen the weakest links in its supply chains and boost national competitiveness through better logistics.
This document provides a summary of economic and business news from Sri Lanka and around the world in December 2020. It covers topics such as ComBank appointing a new chairman and deputy chairman, S&P downgrading Sri Lanka's credit rating to CCC+ due to high budget deficits, plans to welcome tourists back to Sri Lanka from January 2021, Q3 GDP growth recovering to 1.5% YoY in Sri Lanka after a 16.3% contraction in Q2, and other international news including countries approving COVID-19 vaccines and their economic impacts.
The document provides an economic capsule covering Sri Lanka's financial sector news, economy and business news, and economic and financial sector snippets from February 2010. It includes that Commercial Bank moved to number 2 in a business ranking; highlights of the strong banking sector performance in 2009; views of an HSBC economist on Sri Lanka's growth potential; plans for sovereign bond issuances and development funds; and inflation and trade data. Fiscal management will be key to sustaining growth given public investment levels.
The document provides an overview of recent economic and business news items from around the world. It includes summaries of reports from the IMF on Sri Lanka's GDP growth and economic risks. Other sections discuss an ADB loan for road projects in Sri Lanka, the US Federal Reserve's decision to continue monetary stimulus, the US government shutdown, and GDP growth rates in major economies. Brief snippets of business news from Sri Lanka are also presented.
The document provides an economic capsule covering various topics:
- Commercial Bank was recognized as the Most Respected Bank in Sri Lanka for the 15th consecutive year and as the Most Innovative Commercial Bank. It also won awards for brand excellence and corporate social responsibility.
- The Central Bank of Sri Lanka cut policy rates by 50 basis points to support economic growth amid slowing global demand and inflation remaining in mid-single digits.
- Tourism arrivals and earnings began recovering gradually after the Easter attacks, though a national election may weigh on holiday season visitors. Sri Lanka was voted the world's best island in a survey.
- Manufacturing and services activity expanded in July according to the Purchasing Managers' Index,
The Reserve Bank of India kicked off a gradual interest rate hike cycle by raising its key repo rate by 25 basis points to 6.25% amid a global market rout. This comes as the RBI joins other central banks like Indonesia, Turkey and Argentina in tightening monetary policy. Indian bonds slipped in response to the rate hike while the rupee advanced. Foreigners dumped $12.3 billion of emerging market assets in May according to the Institute of International Finance, reflecting rising global borrowing costs, a stronger dollar and deteriorating sentiment across many emerging markets.
The document provides an economic update for April 2023 from the Research & Development Unit of Commercial Bank of Ceylon. It includes the following highlights:
- ComBank launched new LankaPay credit and debit cards in collaboration with LankaPay, providing the first nationally accepted cards in Sri Lanka.
- ComBank was voted 'People's Private Bank of the Year' in a recent survey.
- Sri Lanka's official 2022 unemployment rate was 4.8% but this masked higher actual unemployment as the economy declined.
- The manufacturing and services PMIs both returned to growth in March 2023 after previous declines, driven by increases in orders and business activity.
The document discusses several topics related to the global and Sri Lankan economies. It provides an economic capsule from the Research & Development Unit covering banking & finance, economy & business developments, and the global outlook. On the banking front, it discusses leadership changes at ComBank and awards received. It also covers IMF talks with Sri Lanka, bondholder advisers, and plans to hire a law firm for debt restructuring. Domestically, it discusses tourism numbers increasing, China considering investments, and the condominium market. Globally, it discusses risks facing the global economy like stagflation from the Ukraine war and how lockdowns could impact recovery.
The document summarizes various economic and business news items from Sri Lanka in February 2013. It reports that the Commercial Bank won an international award for social empowerment programs. It also reports that Commercial Bank beat earnings forecasts for 2013 with a net profit of Rs 10.4 billion. Additionally, it states that Commercial Bank plans to broaden its investment banking offerings. The document also provides summaries on the country's economic growth in 2013, external trade balances, inflation rates, infrastructure project openings, and wealth rankings.
The document provides an economic capsule summarizing various banking sector news, economic and business news, and international news. Some key points include:
- Commercial Bank Group reported increased profits for the first quarter of 2015 compared to the same period last year.
- Commercial Bank was adjudged the best bank in Sri Lanka for 2015 by FinanceAsia.
- Sri Lanka's tourist arrivals rose 26% in May 2015, with significant growth from China and India.
- Sri Lanka's exports declined slightly in the first quarter of 2015 while imports also fell, narrowing the trade deficit. However, non-oil imports have been rising with lower interest rates fueling domestic consumption.
The document provides an economic update for Sri Lanka with the following key points:
- Commercial Bank was ranked the third most valuable brand in Sri Lanka and the highest ranked private sector brand, with a brand value of Rs 22.32 billion.
- Commercial Bank partnered with the European Investment Bank to provide financing under a SME Green Energy Credit Line for projects including SMEs, energy efficiency and renewable energy.
- The financial sector consolidation process in Sri Lanka is on track, with nine audit firms selected to evaluate banks and NBFIs and all institutions submitting merger and acquisition proposals by the March 31st deadline.
- Fitch affirmed Sri Lanka's long-term foreign currency issuer default rating at '
The document provides a summary of economic and business news from Sri Lanka in February 2014. It discusses that the Commercial Bank won an international award for social empowerment programs, reported a net profit of Rs. 10.4 billion for 2013 beating tough market conditions, and plans to broaden its investment banking offerings. It also summarizes that the Sri Lankan economy grew 7.3% in 2013, various bond issues by the government were oversubscribed, details on external trade, inflation rates, and infrastructure project updates. The document concludes with an analysis of interest rates in Sri Lanka.
The document provides an economic update from Sri Lanka including:
1) Sri Lanka's GDP grew 6.4% in the first quarter of 2015 led by strong growth in the services sector.
2) Sri Lanka signed articles of agreement to join the new China-led Asian Infrastructure Investment Bank which will fund infrastructure projects across Asia.
3) Sri Lanka's vehicle market saw record new car registrations in May 2015 as lower fuel costs and increased disposable income fueled demand.
The document provides an economic capsule covering various topics including banking & finance, the economy, business & development, and global updates. Some key points:
1) ComBank was named Best SME Bank in Sri Lanka and opened new branches including a 'DigiZone' experience center and a newly built Kegalle branch.
2) The IMF reached a staff-level agreement on Sri Lanka's second review and tourism arrivals have surpassed 500,000 in the first three months of the year.
3) The ADB approved a $100 million loan to support SMEs in Sri Lanka and the economy grew 4.5% in Q4 2023 but contracted 2.3% for the full
The document provides a summary of recent economic, business, and banking news from Sri Lanka. It notes that the Central Bank of Sri Lanka relaxed restrictions on standing lending facilities to accelerate downward adjustments in market interest rates. It also reports that transshipment volumes at the Colombo port grew over 25% in January. Additionally, Sri Lanka launched virtual Unified Payments Interface transactions for Indian tourists via LankaQR to enhance digital payment convenience.
The document provides a summary of various economic and business news from Sri Lanka and around the world in January 2024. Some of the key highlights include:
- The IMF concluded its visit to Sri Lanka and emphasized the need to continue economic reforms and reach agreements with creditors.
- Sri Lanka's tourist arrivals exceeded 121,000 in the first 18 days of January 2024, surpassing the total for January 2023.
- The Central Bank of Sri Lanka maintained policy interest rates at its latest monetary policy review and expects inflation to be short-lived.
- Commercial Bank of Sri Lanka unveiled an updated sustainable logo and enhanced features for its e-slip app.
The document provides an economic capsule summarizing key developments in banking and finance, the economy, business, and globally for December 2023. Specifically, it notes that Commercial Bank was ranked number one in Sri Lanka and raised Rs. 12 billion in debentures. It also discusses GDP growth in the third quarter of 2023, Sri Lanka receiving funds from the IMF, ADB, and World Bank, and other economic indicators. Globally, it outlines trends to watch in 2024 such as elections and economic climate.
The document provides an economic update on Sri Lanka with the following key points:
- ComBank reported strong loan book and deposit growth in Q3 2023, with its loan book growing 4.33% and deposits crossing Rs. 2 trillion.
- ComBank was ranked the strongest bank in Sri Lanka for 2023 by The Asian Banker.
- The CBSL cut its policy rates by 100 basis points to 9% and 10% for the SDFR and SLFR respectively to support inflation and economic growth.
- Sri Lanka's tax revenue grew 50.7% until September 2023 and the primary balance recorded a surplus of Rs. 124 billion, turning around from a large deficit last year
The document summarizes recent economic news from Sri Lanka and around the world. Some of the key points include:
- The IMF reached a staff-level agreement on the first review of Sri Lanka's EFF program, which will provide $330 million in financing. Additional revenue sources like a property tax are being considered.
- Sri Lanka reached an agreement in principle with China EXIM Bank on restructuring $4.2 billion of debt.
- A $1.565 billion agreement was signed to develop the second phase of the Colombo Port City project.
- Sri Lanka's newest mall, Havelock City, opened with over 130 retail outlets and entertainment zones.
The document provides an overview of economic and business news from Sri Lanka and around the world from August 2023. It reports that Sri Lanka's budget deficit has widened due to a rise in government spending and interest payments. China's Sinopec is set to begin fuel operations in Sri Lanka on September 20th. Sri Lanka is looking to negotiate free trade agreements with Malaysia and Vietnam. Globally, Russia's currency hit a 17-month low against the dollar and the US Federal Reserve will meet next month to discuss interest rates. In closing, Sri Lanka needs long-term economic reforms to achieve sustainable growth beyond monetary policy measures alone.
The document provides an economic update from Sri Lanka with the following key points:
- The Commercial Bank of Sri Lanka was recognized as the best bank in Sri Lanka for the 12th year and the strongest bank brand in the country.
- The Sri Lankan government unveiled plans to optimize domestic debt which include exchanging eligible debt for long-term bonds and pushing out debt repayments.
- Sri Lanka had met 33% of IMF program commitments as of end-June 2023 but failed to meet 8% while 14% were unknown. Negotiations are ongoing for both domestic and foreign debt restructuring.
- Other news included a rise in Sri Lanka's interest payments in 2022, relaxation of
The document provides an economic update for Sri Lanka in June 2023. It discusses several topics:
1) ComBank opened a new branch in Kantale and launched Sri Lanka's first teen digital bank account called 'Flash FAM'.
2) The World Bank is set to approve $700 million in funding for Sri Lanka next week, including $500 million for the budget and $200 million for social programs.
3) Sri Lanka's food security has improved according to a FAO/WFP report, though acute food insecurity remains high in some areas.
4) The euro zone entered a recession in the first quarter of 2023, though India's economy continues growing despite high interest rates
The document provides an economic capsule covering various topics in banking/finance, the economy, and global updates. In banking, it notes that Commercial Bank of Ceylon was recognized as Sri Lanka's best bank for the 21st time and highest ranked bank in the BTTop 40 for the 14th consecutive year. On the economy, it discusses Sri Lanka's industrial production slipping, a slump in private sector credit, and China's Sinopec entering Sri Lanka's retail fuel market. Globally, it covers the US debt ceiling limit debate, China overtaking Japan as the top car exporter, and the IMF revising its forecast of no recession for Britain in 2023.
The document provides an economic update for Sri Lanka in March 2023. Key points include:
- Sri Lanka received IMF approval for a $3 billion Extended Fund Facility over 48 months to support economic recovery. The loan comes with conditions around fiscal consolidation, debt restructuring, price stability, and structural reforms.
- Sri Lanka's economy contracted 7.8% in 2022 but is projected to return to growth starting in 4Q 2023, according to government forecasts.
- Local industries like apparel and construction continue to struggle with declining orders amid a drop in demand from major export markets. However, fuel prices are expected to fall sharply due to plunging global oil prices.
The document provides an economic capsule for February 2023 from the Research & Development Unit. It contains the following sections and highlights:
- Banking & Finance: The IFC will provide $400 million in financing to Sri Lankan banks to facilitate essential imports. ComBank was awarded for the largest number of climate finance transactions in South Asia. ComBank saw solid income growth but also increased provisioning.
- Economy, Business & Development: Statistics on Sri Lanka's foreign debt, inflation index rebasing, the tourism industry seeking credit lines, and wage reforms in plantations. FitsAir will launch flights to Chennai. Sri Lanka will sign an FTA with Thailand.
- Global Update: The World
The document provides an economic update for January 2023 from Sri Lanka. It discusses several topics:
- ComBank introduced new card-to-card fund transfer services and opened an Indian rupee account to promote regional trade.
- Sri Lanka is working with India and China on debt restructuring and both countries have expressed support. The government also aims to operationalize an FTA with Singapore.
- Other economic news includes rising tourist arrivals and plans to amalgamate export promotion agencies. Sri Lanka will also export more aquatic products to China.
- Global updates note a dip in world food prices and plans for Bangladesh IMF support. Leadership changes occurred in New Zealand and Croatia adopted the euro. Tech companies cut
The document summarizes recent economic news from Sri Lanka. It reports that:
1) The Commercial Bank of Sri Lanka won several awards including "Bank of the Year" and "Strongest Bank in Sri Lanka". It also launched a new foreign currency investment plan.
2) Sri Lanka is attracting strong foreign investment and signed deals worth $1.9 billion despite challenges. The World Bank approved Sri Lanka's request to access low-interest financing.
3) Sri Lanka is seeking $850 million in bridge loans from countries like India and Japan until an IMF program is approved in January. It is also confident of securing China's approval for debt restructuring by the end of December.
The document provides a summary of recent economic and business news in Sri Lanka. Some of the key points included:
- Commercial Bank of Sri Lanka reported financial results for the period ending September 30th, 2022 and announced a Rs. 5 billion debenture issue.
- Inflation in Sri Lanka eased for the second consecutive month in 2022, with food inflation also declining.
- The Central Bank believes interest rates in Sri Lanka have reached peak levels now that inflation appears to have turned downward.
- Workers' remittances to Sri Lanka increased slightly in September, a positive sign for one of the country's key sources of foreign currency inflows.
- Sri Lanka expressed confidence that
The IMF has approved a new "Food Shock Window" to provide emergency financing to countries facing food insecurity or a sharp rise in food import costs due to global food crisis. UK inflation has risen to a 40-year high of 10.1% as the cost-of-living crisis intensifies. Liz Truss resigned as UK Prime Minister after only 44 days in office, with Rishi Sunak set to become the new PM. Vietnam is emerging as Asia's fastest growing economy in 2022 and 2023, with growth projected at 7.5% and 6.7% respectively.
The document provides an economic update from Sri Lanka and around the world in September 2022. In Sri Lanka, ComBank was ranked the top bank, inflation was forecast to be 44.8%, and over 39% of the population was consuming an inadequate diet. Globally, IMF bailouts hit a record high as many countries faced economic crises. Central banks around the world aggressively raised interest rates, risking a global recession, to tackle high inflation. The UK market faced turmoil after the new government's tax cut plans.
This document provides an economic update for August 2022 from the Research & Development Unit of Commercial Bank of Ceylon. It includes the following highlights:
- An IMF mission visited Sri Lanka to reach a staff-level agreement and Sri Lanka hopes to finalize an IMF program by December 2022.
- Sri Lanka halted imports of over 300 items and allowed electric bike imports. Apparel exports crossed $3 billion for January-July while foreign investment targets were 58% achieved.
- Total state-owned enterprise losses in the first four months of 2022 outweighed annual losses in 2021, driven by currency depreciation impacts.
- The IMF warned of weakening Asian growth and rising inflation pressures. Global
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
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Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
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Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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2. C O N T E N T S
ECONOMY & BUSINESS
Sri Lankan Economy: Fitch
Sri Lanka Economy Grows by 3.8% in 1Q,2017
External Sector Performance – 1Q, 2017
Inflation
Credit Growth
Middle East Diplomatic Dilemma Adds Uncertainty to Migrant Workers and Remittances in the Region: CCC
Sri Lanka Tops First Island Economy of the Future Rankings
India’s ITC Group to Build Mid-market Hotel Chain with MMBL Leisure
Debug Hospitality and Leisure launches Amber Collection in Sri Lanka
Jetwing Lake Opens
Waters Edge Breaks Ground for Extensive Expansion Project
SL Invites Bids for Ferry Transport System in Colombo
Sri Lanka - Land of Real Estate Opportunities: JLL
INTERNATIONAL
FED Hikes Rates
Asian central banks have cause to keep holding
rates while the Fed hikes
BANKING & FINANCE
Commercial Bank named Best Bank in Sri Lanka for 7th time by FinanceAsia
4. Commercial Bank named Best Bank in
Sri Lanka for 7th time by FinanceAsia
< Research & Development Unit >
Commercial Bank has been adjudged the Best Bank in Sri Lanka
by FinanceAsia at the magazine’s annual Country Banking
Achievement Awards for domestic banks.
This is the seventh Best Bank award conferred on Commercial
Bank by the prestigious Hong Kong based publication in the nine
years since the Bank became the first entity in Sri Lanka to
receive this coveted accolade in 2009.
The FinanceAsia Country Awards are based on the respective banks’ performance along
with key events of the year, financial results including profits, NPL ratios, provisioning,
return on equity, capital adequacy ratios, total assets, loans, deposits, branch network,
vision and long-term strategy, market position versus the nearest competitor, principal
sources of profit, and feedback of stock market analysts.
6. Sri Lankan Economy: Fitch
< Research & Development Unit >
Strengths Weakness
GDP Growth Stronger than Peer Median
Weak external buffers & High upcoming external
debt repayments
Ongoing USD 1.5bn 3-year Program With IMF
Supporting Reforms; Fiscal Consolidation
Positive
High government debt levels & high share of
foreign currency debt in total government debt
Well-educated labor force; Ranks above ‘B’
median on UN Human Development Index
High interest payments as a share of government
revenue
Sri Lanka has a clean external debt service
record
Strengths & Weaknesses
Source: Fitch - Sri Lanka Sovereign Outlook, Sovereign and Banking Forum, June 2017 Cont…
7. Sri Lankan Economy: Fitch (cont…)
< Research & Development Unit >
Positive Negative
Continued improvement in public finances
underpinned by a credible medium-term fiscal
strategy, including a broadening of the
government revenue base.
Deterioration in policy coherence and credibility,
leading to a loss of investor confidence, or a
derailment of the International Monetary Fund
supported programme that leads to external
funding stress.
Increase in foreign-exchange reserves
supported by smaller current-account deficits
and higher non-debt capital inflows.
Reversal of fiscal improvements that leads to a
failure to stabilise government debt ratios.
Rating Sensitivities
Source: Fitch - Sri Lanka Sovereign Outlook, Sovereign and Banking Forum, June 2017
8. Sri Lanka Economy Grows by 3.8% in 1Q,2017
SL’s economy grew by
3.8 % in 1Q-17 with the
agriculture sector
shrinking 3.2 %, amid a
drought. Industry sector
and services sector grew
by 6.3% and 3.5%
respectively.
3.8%
Agriculture 3.2%
Industry 6.3% Services 3.5%
5.3%
Source: Department of Census and Statistics, Sri Lanka
9. External Sector Performance – 1Q, 2017
< Research & Development Unit >
Category
(USD mn) (%)
Jan-Mar 16 Jan-Mar 17 Y-O-Y Change
Exports 2,739.2 2,774.3 1.3
Textiles and garments 1,369.3 1,275.8 -6.8
Tea 313.1 349.1 11.5
Imports 4,594.5 5,278.9 14.9
Fuel 485.7 882.1 81.6
Vehicles 231.6 191.9 -17.2
Trade Balance -1,855.3 -2,504.5 -35.0
Earnings from tourism 1,003.3 1,037.9 3.4
Workers’ remittances 1,793.4 1,733.7 -3.3
The deficit in the trade account of the BOP increased to USD 828 mn in March 2017 from USD
617 mn in March 2016.
Gross official reserves has improved to above USD 7.0 bn by mid-June 2017. Meanwhile, the
Sri Lankan rupee has depreciated against the USD by 2.3 % during 2017 up to 21 June.
Exports in 1Q-17, increased by
1.3% largely due to increases
recorded in agricultural exports
led by tea
Import expenditure in 1Q-17,
increased by 14.9% led by fuel
imports in the intermediate goods
category
Source: CBSL
10. Inflation
Following the increasing trend in the first quarter of 2017, year-on-
year headline inflation, based on both CCPI & NCPI, moderated
during the months of April and May. Core inflation has also
displayed a similar trend.
According to CBSL, as the impact of the revisions to the tax
structure and weather-related supply disruptions is expected to
dissipate in the period ahead, inflation is projected to moderate to
mid-single digits by the end of 2017.
The growth of credit to the private sector continued to decelerate
gradually.
According to CBSL, further deceleration in the growth of credit to
the private sector is anticipated, given the prevailing high lending
rates in the market.
Credit Growth
< Research & Development Unit >
11. Middle East Diplomatic Dilemma Adds Uncertainty to
Migrant Workers and Remittances in the Region: CCC
< Research & Development Unit >
The Middle East region contributed the largest share, of 53.7% (US$ 3,889 Mn), to worker
remittances in 2016. However the Middle East’s total worker remittances has been declining over
the years from 60.1%, in 2010, to 54%, in 2015.
In 2016, more than 80% of the total migrant employees were recruited by just 4 countries; The
Kingdom of Saudi Arabia, Qatar, United Arab Emirates and Kuwait.
Saudi Arabia, UAE, Bahrain and Egypt, recently severed diplomatic ties with Qatar, along with
closure of air, sea and land travel links to the country.
There are approximately 150,000 Sri Lankan migrant workers in Qatar, and reportedly they have not
been affected by this issue in the short run.
Considering that Qatar is highly reliant on imports from the region and the fact that Qatari Riyals is
being devalued due to the above mentioned Middle East countries selling off the currency, there
may be long term issues that may impact the economy.
However, the Qatar Finance Minister has stated that the sanctions will not impact Qatar greatly as
they have ample foreign reserves and will source their imports from other nations.
Source: CCC , EIU – June 2017, Economic Update
12. Sri Lanka Tops Island Economy of the Future
Rankings
< Research & Development Unit >
“Data shows that 2016 was a bumper year for Sri Lanka’s FDI, which increased nearly 147%
from 2015, to reach more than $ 2.8 billion in estimated totals for announced projects, though
some plans have been scaled back,” the report said.
Between 2012 and 2016, financial services were the leading sector by number of projects,
recording 43 investments. Food and tobacco, transportation and business services were the
country’s next biggest sectors for inward FDI across this period, each accounting for nearly 9%
of the country’s total, the report added.
Under the subsection ‘Food for thought’, the report noted the food and tobacco sector has
become a more prominent FDI sector in Sri Lanka, accounting for 6.5% of total FDI in 2012, and
rising to 16% in 2016. According to a report by the Sri Lanka Export Development Board
published in 2016, it is estimated that more than two million people are employed in the
sector.
Sri Lanka has topped the rankings of fDi Intelligence Magazine’s first-ever Island
Economy of the Future for 2017/18, with Cyprus and the Dominican Republic
ranking second and third respectively. The publication, is a subsidiary of The
Financial Times UK.
According to greenfield investment monitor fDi Markets, the South Asian
country attracted 172 inward investment projects between 2012 and 2016, the
highest of all countries included in the analysis.
13. < Research & Development Unit >
SL Invites Bids for Ferry Transport System in
Colombo
Sri Lanka’s Megapolis Ministry has called for expressions of
interest to establish a ferry system in Colombo canals
through a public-private partnership.
The process is open to international and local investors and is
supported by PPP advisors from the Government of the
Netherlands, under a technical assistance initiative.
Three lines for passenger transport earmarked by the ministry are Wellawatte-Battaramulla (IW1),
Fort-Union Place (IW2), Mattakkuliya-Hanwella (IW3).
Wellawatte-Battaramulla (IW1) is phase 1 and will intersect six main roads – Marine Drive, Galle Road, High
level Road, Baseline Road, Nawala Road and Parliament Road and has been identified as immediately
actionable.
Fort-Union Place (IW2) will connect Fort and commercial areas in Union Place and will provide time savings
during peak time.
Mattakkuliya-Hanwella (IW3) on the Kelani River will be an alternate mode for the low level corridor.
14. Sri Lanka - Land of Real Estate Opportunities: JLL
OFFICE MARKETS
Office Market Trends
• Lease transactions dominate the commercial
markets with outright purchases few and far
between.
• Information Technology(IT)/Information
Technology Enabled Services (ITeS) companies’
continuous expansion strategies require them to
move to larger space formats and, therefore,
they prefer the flexibility afforded by lease
contracts.
• Upcoming mixed use development projects like
Cinnamon Life and Shangri-La, located in the
CBD area, will inevitably increase the overall
supply of office space in Colombo.
• IT/ITes companies may move out of CBD areas
as rentals are high in these locations. Banking,
Financial Services and Insurance (BFSI)
companies may also retain only nominal
corporate office spaces in CBD, with back offices
relocating to more cost effective space in
secondary locations.
RETAIL MARKET
Retail Market Trends
• The Sri Lankan consumer is rapidly becoming more brand
conscious and demand for better quality goods and services is
driven by rising average incomes.
• Key occupiers of existing malls are apparel retailers, mobile and
accessory outlets and food and beverage operators.
• The retail market suffers from fragmentation and there is lack of
good quality mall spaces, that provide entertainment and leisure
facilities and adequate parking.
Colombo’s eight operational shopping centres account for
approximately 0.8 mn square feet of built-up area, and have
an average vacancy rate of less than 5%.
The city of Colombo is Sri Lanka’s most prominent commercial office destination.
Currently, the Colombo office market comprises nearly 1 mn square feet of Grade A stock
witnessing 95% occupancy levels.
< Research & Development Unit > Cont…
CBD – CBD of Colombo is the financial, business and
transportation hub of Sri Lanka.
SBD –SBD of Colombo is primarily residential with strip retail
activity along major transport corridors.
Source: Sri Lanka - Land of Real Estate Opportunities, JLL, May 2017
15. Sri Lanka - Land of Real Estate Opportunities: JLL (cont…)
Luxury Housing
< Research & Development Unit >
For a growing high and middle income population, luxury housing is a key
attraction in residential markets. Demand for such housing is derived from a
growing urban wealthy demographic. In addition to this, non-resident Sri Lankans
(NRSLs) keen to invest in their country of origin also drive demand.
Luxury Residential Trends
• Sri Lanka’s luxury residential market is
driven by resident Sri Lankans as well as
NRSL population.
• Majority of the luxury apartments are
located in Colombo 3, CBD.
• Currently over 3000 units are under
development and these projects are due
for completion between 2017-19
Hotel Supply
− According to the Sri Lanka Tourism Development Authority (SLTDA), Sri Lanka
has approximately 28,500 keys of which 67% is in the informal sector
constituting small luxury boutique hotels, unclassified hotels and
supplementary establishments.
− A large portion of the country’s hotel inventory is currently dominated by
domestic hotel chains such as John Keells, Aitken Spence and Jetwing Hotels
which have chains across the country while new International players have
started to enter the market particularly in Colombo, but also along the southern
coastal region in the resort sector.
Hotel Supply (cont…)
Cont…
−Colombo City hotels have
seen some pressure with the
entry of hotels in the budget
and midscale segments and
commercial growth has been
minimal, with the country
seeing limited foreign
investment and moderate
expansion in corporate
activity.
While Colombo has a diverse demand base, future growth in
the largely commercial-driven hotel sector will be linked to:
• Level of corporate growth and foreign investment
• A concentrated marketing effort
• Development of Colombo as a leisure destination
Source: Sri Lanka - Land of Real Estate Opportunities, JLL, May 2017
16. Sri Lanka - Land of Real Estate Opportunities: JLL (cont…)
< Research & Development Unit >
Hotel Supply (cont…)
JLL is tracking a hotel supply pipeline in Colombo of close to 4,500 rooms, largely concentrated towards the luxury segment and upper upscale
segments (branded hotels classification based on pricing and product).
With hotel inventory in Colombo expected to double over the next 3-4 year period, substantial efforts will be needed to boost both corporate and
leisure demand to keep pace with the rapid growth in supply.
The Leisure segment has seen promising growth, with the revenue of the top four listed hotel companies with resort assets across the country
demonstrating a 3% growth over 2014-15, despite substantial additions in the formal and informal sector.
While occupancy levels have shown fair growth over the last year, market Average Room Rates have also seen growth with the changing supply
composition, with new supply in the luxury and upper upscale segments entering the market.
With resort properties experiencing extremely high occupancy levels during peak season, there continues to be strong potential to develop in the
leisure segment.
Hospitality Trends
• Aggressive expansion plans by local leaders in the hospitality industry - John Keells, Aitken Spence, Jetwings, Amaya Leisure, Laugfs Holdings.
• With high levels of interest from international hospitality players including the Shangri-la Group, ITC Hotels, Starwood Hotels and Resorts,
Marriott International, Hyatt Hotels Corporation and Moevenpick Hotels, many major global hotel chains are looking to have a presence in the
country.
• The South-west coast is Sri Lanka’s best performing stretch and will continue to be the prime preference for mass market tourists.
• Increased destination marketing and a more varied hotel offering will help change Sri Lanka’s perception as a budget destination to one offering a
range of tourism experiences.
• Improving tourism infrastructure at leisure destinations and upcoming tourist circuits will boost Sri Lanka’s overall attractiveness as a leisure
destination, while specific measures to promote Sri Lanka as a MICE and entertainment destination are likely to see benefits in the long-term
Source: Sri Lanka - Land of Real Estate Opportunities, JLL, May 2017
18. < Research & Development Unit >
FED Hikes Rates
The Federal Reserve raised interest
rates on 14th June’17 for the second
time in three months and said it
would begin cutting its holdings of
bonds and other securities this year,
signaling its confidence in a growing
U.S. economy and strengthening job
market.
In lifting its benchmark lending rate
by a quarter percentage point to a
target range of 1.00% to 1.25% and
forecasting one more hike this year,
the Fed seemed to largely brush off a
recent run of mixed economic data. Source: USA TODAY
19. < Research & Development Unit >
Asian central banks have cause to keep
holding rates while the Fed hikes
Asian central banks have not blinked since the Federal Reserve raised U.S. rates for the third time
in six months last week (14 June).
New Zealand, Taiwan and the Philippines are all expected to hold rates on. Indonesia and Japan
stood pat, as Australia and India did earlier in June.
China's central bank, which raised some interest rates after the Fed's March move, kept them
unchanged this time.
Unlike in past Fed tightening cycles, Asia is much more reliant on China than on the United States.
"There is a common thread and it is that China, Asia's economic engine, continues to stutter,"
according to Frederic Neumann, HSBC's co-head of Asian economic research in Hong Kong. "We
have more central banks on hold or even with an easing bias because China is weighing on demand
and the western world isn't strong enough to compensate for that."
In 2016, U.S. trade with 10 top Asian partners rose by roughly 25 % from levels before the 2008-09
global financial crisis. But China's trade with the other nine grew almost 60 % in the same period to
$1.05 trillion. The United States' trade with those nine countries is about half as much. Source: Reuters
20. The views expressed in Economic Capsule are not necessarily those of the Management of Commercial Bank of Ceylon PLC
The information contained in this presentation has been drawn from sources that we believe to be reliable. However, while we have taken reasonable care to maintain accuracy/completeness of the information,
it should be noted that Commercial Bank of Ceylon PLC and/or its employees should not be held responsible, for providing the information or for losses or damages, financial or otherwise, suffered in consequence
of using such information for whatever purpose. < Research & Development Unit >