The document provides a summary of recent economic and financial news related to Sri Lanka.
Some key points include:
- Sri Lanka ranked 60th on the World Prosperity Index, moving up 11 places due to increases in social capital and economic performance.
- Commercial Bank's Chief Risk Officer received an award for Chief Information Security Officer of the Year.
- Sri Lanka was named the Offshoring Destination of the Year for its strategic vision and results in attracting outsourcing companies.
- Sri Lanka made reforms to improve business regulations but still slipped slightly in the overall Doing Business ranking to 85th.
The document proposes developing the business process outsourcing (BPO) sector in rural areas of Sri Lanka as a solution to poverty and unemployment. It notes that BPO is currently Sri Lanka's 5th largest export sector, concentrated in Colombo, and suggests expanding it to other areas like Kandy that have suitable human resources. Specific recommendations include increasing English language skills, computer literacy, telecommunications infrastructure, transportation, and raising awareness of BPO career opportunities among youth in rural areas. With targeted government support to address these areas, the document argues BPO could generate jobs and income outside of cities, helping achieve economic and development goals.
Financial Services BPO and ITO OppertunitiesMadu Ratnayake
Sri Lankan Financial Services Outsourcing sector is growing. The opportunities for finance professionals to move in to knowledge services industry (IT/BPO) is rapidly expanding. This presentation highlights the growth of the global IT/BPO industry and Sri Lanka’s focus on Financial Services Outsourcing sector.
BPO refers to outsourcing business processes or services to third parties. While initially applied to manufacturing, outsourcing now includes outsourcing services. Sri Lanka aims to become a top BPO destination due to its educated workforce, lower costs than places like the US, and government support through policies promoting English and IT. However, Sri Lanka faces challenges from competition and needs further support like industrial electricity tariffs.
The document provides a summary of economic and business news from Sri Lanka. It discusses Sri Lanka moving up 9 places in the Doing Business ranking due to business reforms. It also discusses Sri Lanka being included among the best countries for tourism and its nanotechnology sector poised for growth. External sector performance is positive with exports and remittances growing. The US has extended GSP benefits to Sri Lanka and 37 state-owned companies will be acquired through a new bill.
Company Analysis - TCS (Tata Consultancy Services)Kaustubh Barve
Tata Consultancy Services (TCS) is an Indian multinational information technology service and consulting company headquartered in Mumbai, India. It is the largest IT services company in India and has a presence in 44 countries. The document discusses TCS's financial performance for fiscal years 2010-2013, with revenues growing from $30 billion to $62.9 billion and net income increasing from $7.1 billion to $14 billion over this period. It also analyzes TCS's sources of funds, application of funds, shareholding patterns, revenue sources and expenses. Key ratios like current ratio, debt-equity ratio and earnings per share are also discussed. The conclusion highlights TCS's growth in major markets and recognition
Comparative Analysis of Financial Statement OfIT industriesPranav Veerani
Comparative Analysis of Financial Statement
OfIT industries
INTERNATIONAL ACCOUNTING PRACTICES
GRADUATE SCHOOL OF MANAGEMENT STUDIES
Comparative Analysis
Introduction of IT industry
TCS
Infosys Limited
HCL Technologies
Wipro Ltd
Tech Mahindra Ltd.
Comparative of company
The Doing Business 2013 report finds that over the past 10 years, 180 economies implemented close to 2,000 business regulatory reforms as measured by Doing Business indicators. While regulatory practices have been converging globally, Eastern Europe and Central Asia improved the most, overtaking East Asia and the Pacific as the second most business-friendly region. Reform efforts have focused on starting a business, tax administration, and trade. Poland implemented the most reforms in 2011/12, making business registration, tax payment, contract enforcement, and insolvency resolution easier. European economies in fiscal distress are also working to improve business regulation.
This document is a group assignment for a Fundamentals of Accounting module. It discusses sources of finance for Dialog Axiata PLC, Sri Lanka's largest telecommunications provider. Dialog uses both internal sources like retained profits from operations and external sources such as loans and share capital. The assignment analyzes how Dialog utilizes different financing methods and their implications. It includes declarations by four students on the originality of their work.
The document proposes developing the business process outsourcing (BPO) sector in rural areas of Sri Lanka as a solution to poverty and unemployment. It notes that BPO is currently Sri Lanka's 5th largest export sector, concentrated in Colombo, and suggests expanding it to other areas like Kandy that have suitable human resources. Specific recommendations include increasing English language skills, computer literacy, telecommunications infrastructure, transportation, and raising awareness of BPO career opportunities among youth in rural areas. With targeted government support to address these areas, the document argues BPO could generate jobs and income outside of cities, helping achieve economic and development goals.
Financial Services BPO and ITO OppertunitiesMadu Ratnayake
Sri Lankan Financial Services Outsourcing sector is growing. The opportunities for finance professionals to move in to knowledge services industry (IT/BPO) is rapidly expanding. This presentation highlights the growth of the global IT/BPO industry and Sri Lanka’s focus on Financial Services Outsourcing sector.
BPO refers to outsourcing business processes or services to third parties. While initially applied to manufacturing, outsourcing now includes outsourcing services. Sri Lanka aims to become a top BPO destination due to its educated workforce, lower costs than places like the US, and government support through policies promoting English and IT. However, Sri Lanka faces challenges from competition and needs further support like industrial electricity tariffs.
The document provides a summary of economic and business news from Sri Lanka. It discusses Sri Lanka moving up 9 places in the Doing Business ranking due to business reforms. It also discusses Sri Lanka being included among the best countries for tourism and its nanotechnology sector poised for growth. External sector performance is positive with exports and remittances growing. The US has extended GSP benefits to Sri Lanka and 37 state-owned companies will be acquired through a new bill.
Company Analysis - TCS (Tata Consultancy Services)Kaustubh Barve
Tata Consultancy Services (TCS) is an Indian multinational information technology service and consulting company headquartered in Mumbai, India. It is the largest IT services company in India and has a presence in 44 countries. The document discusses TCS's financial performance for fiscal years 2010-2013, with revenues growing from $30 billion to $62.9 billion and net income increasing from $7.1 billion to $14 billion over this period. It also analyzes TCS's sources of funds, application of funds, shareholding patterns, revenue sources and expenses. Key ratios like current ratio, debt-equity ratio and earnings per share are also discussed. The conclusion highlights TCS's growth in major markets and recognition
Comparative Analysis of Financial Statement OfIT industriesPranav Veerani
Comparative Analysis of Financial Statement
OfIT industries
INTERNATIONAL ACCOUNTING PRACTICES
GRADUATE SCHOOL OF MANAGEMENT STUDIES
Comparative Analysis
Introduction of IT industry
TCS
Infosys Limited
HCL Technologies
Wipro Ltd
Tech Mahindra Ltd.
Comparative of company
The Doing Business 2013 report finds that over the past 10 years, 180 economies implemented close to 2,000 business regulatory reforms as measured by Doing Business indicators. While regulatory practices have been converging globally, Eastern Europe and Central Asia improved the most, overtaking East Asia and the Pacific as the second most business-friendly region. Reform efforts have focused on starting a business, tax administration, and trade. Poland implemented the most reforms in 2011/12, making business registration, tax payment, contract enforcement, and insolvency resolution easier. European economies in fiscal distress are also working to improve business regulation.
This document is a group assignment for a Fundamentals of Accounting module. It discusses sources of finance for Dialog Axiata PLC, Sri Lanka's largest telecommunications provider. Dialog uses both internal sources like retained profits from operations and external sources such as loans and share capital. The assignment analyzes how Dialog utilizes different financing methods and their implications. It includes declarations by four students on the originality of their work.
ALM - JSA Presentation Octber 28 2015 (New York)Nitin Potdar
This document provides a summary of an ALM presentation by J. Sagar Associates, a leading Indian law firm:
- J. Sagar Associates has 350 lawyers across 7 offices in India. It has a collegial partnership structure and aims to attract exceptional talent through a merit-based platform. Its practice areas include corporate law, M&A, banking, and dispute resolution.
- The firm emphasizes integrity, teamwork, learning, valuing people, and exceeding client expectations as part of its work culture. Its mission is to provide outstanding legal solutions in its chosen practice areas.
- The presentation discusses India's strong economic growth and emergence as a top destination for foreign direct investment and M&A deals
Tech Mahindra is an Indian multinational provider of IT, network and software consulting services headquartered in Pune, India. It has over 100,000 employees worldwide and serves customers across industries. In recent years, Tech Mahindra has expanded through mergers and acquisitions, including the merger with Mahindra Satyam in 2013 which made it the 5th largest IT services company in India. The company focuses on developing solutions in emerging technologies and continues to target ambitious revenue growth through both organic means and acquisitions. In its most recent quarterly performance, Tech Mahindra reported zero debt, good profit growth, increasing cash reserves, and rising client count.
- IHS Nigeria Plc saw significant growth in 2009, with revenue increasing 56% to N11.34 billion and pre-tax profit rising 42% to N1.426 billion.
- The company expanded into new markets in Ghana, Sudan, and Tanzania, with those markets contributing 20% and 27% of group revenue and 16% and 18% of group profits, respectively.
- IHS invested in training and developing its workforce, which grew from 250 to over 700 employees as the business expanded across Africa.
This document provides an overview of the business process outsourcing (BPO) sector in India. It discusses what BPO is and the types of services commonly outsourced. India has become a major global BPO hub due to its large skilled workforce and low costs. Key Indian cities like Bangalore have emerged as major outsourcing centers. However, the BPO industry in India faces challenges like increased competition from other countries and concerns over data security, skills shortages, and employee welfare.
Tech Mahindra is an Indian multinational provider of information technology, networking and business process outsourcing services. It was founded in 1986 and is headquartered in Pune, India. In 2012, Tech Mahindra merged with Mahindra Satyam to become a $2.5 billion company with over 100,000 employees worldwide. The company provides services including application development and management, business process outsourcing, cloud services, enterprise solutions, engineering services, and more to over 860 clients across many industries and countries. Tech Mahindra has experienced steady revenue and profit growth in recent years. It faces competition from other large Indian IT firms but also has opportunities for growth through acquisitions and increased global
The document discusses trends in the business process outsourcing (BPO) industry in India. It notes that call centers made India a global leader in outsourcing and the industry has created over 2 million jobs. Common BPO services discussed include medical transcription, back office operations, and call centers. India is an attractive location for BPO due to its large English-speaking workforce, low costs, and technical skills. The future of the Indian BPO industry is predicted to include niche specialization and continued growth, generating over $13 billion in exports by 2007. BPO is concluded to be beneficial for India's economic growth and employment.
A PANORAMIC VIEW ON THE CORPORATE SOCIAL RESPONSIBILTY INITIATIVES BY TECH MA...VARUN KESAVAN
Tech Mahindra Foundation is the corporate social responsibility arm of Tech Mahindra Limited, a Mahindra Group Company. The Foundation set up in 2007, as a Section 25 Company (referred to as a Section 8 Company in the Companies Act, 2013), has been working tirelessly in the areas of education, employability and disability, with a keen focus on corporate volunteering. It operates across twelve locations in India.
L&T Infotech is a global IT services company and subsidiary of Larsen & Toubro. It has over 16,000 employees across 22 countries. The company provides IT services, consulting, engineering services, and was originally founded in 1997. Some key milestones include acquiring GDA Technologies in 2006 and the captive technology center of Citigroup Fund Services Canada Inc. in 2011.
Tata Consultancy Services (TCS) is an Indian multinational information technology service and consulting company founded in 1968. It has over 400,000 employees located across 46 countries. TCS provides a range of IT services including digital, consulting, business solutions, engineering, and outsourcing. In recent years, TCS has seen steady revenue growth and increased its market share to become one of the largest global IT companies.
The document summarizes recent economic news from Sri Lanka. Some key points:
- Sri Lanka was ranked the most improved economy in South Asia in the Global Competitiveness Index, climbing to 84th place.
- The country rose one spot to 99th in the World Bank's Doing Business ranking.
- Sri Lanka was named one of the top 20 rising stars of global trade by Standard Chartered due to improvements in economic dynamism, trade readiness, and export diversity.
- The FATF removed Sri Lanka from its "Grey List" of jurisdictions with strategic anti-money laundering deficiencies.
The document is the October 2013 issue of the monthly newsletter "Beacon" published by SIMCON, the consulting club of Sydenham Institute of Management Studies, Research and Entrepreneurship Education. It summarizes a guest lecture given by Mr. V. Sarangapani on management consulting careers and skills. It also provides analysis of the automobile industry in India, including key growth drivers, market segmentation, major players and government policies supporting the industry. Finally, it shares brief news items on recent developments in the consulting industry worldwide.
The document provides a summary of economic and business news from Sri Lanka and globally.
Some key points include: Sri Lanka's GDP growth slowed to 1.6% in Q2 2019, its lowest in over 5 years; Commercial Bank of Sri Lanka won several awards for its digital initiatives; the tallest tower in South Asia was opened in Colombo; and the OECD cut its global growth outlook amid the US-China trade war. International tourism arrivals grew 4% in the first half of 2019 led by Asia and the Middle East.
Indian BPO Industry losing its sheen & continue to face tough challenges in 2013Rajesh Prabhakar
The Indian BPO industry is facing tough challenges in 2013 as cost advantages decline and margins shrink. Growth has slowed to 12.47% over the last four years compared to 17.23% for the IT industry. BPO firms are struggling with reduced client spending, high attrition rates, and wage inflation pressures. Emerging low-cost destinations like the Philippines are also competing successfully for outsourcing business. Indian BPO companies must improve their service offerings and move up the value chain to consulting and analytics to boost margins in this difficult year.
Tech Mahindra aims to be the best telecommunication service provider in the world according to its Chairman. The document then provides background on the growth of the Indian telecom sector and types of companies within it. It discusses Tech Mahindra's history and expansion including acquisitions. Key decisions made by Tech Mahindra between 1986-2009 are analyzed. A PESTLE analysis and Porter's Five Forces model are applied to the telecom industry. Challenges and opportunities for Tech Mahindra are also outlined.
This presentation is Made as a project given by INSTITUTE OF COST ACCOUNTANT OF INDIA on IT sector & the role of a Cost & Management Accountant in these particular Areas..
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,
This document provides a company analysis for an Indian IT company. It includes information on the company's management team, history since 1945, background, shareholding, and listing on stock indices. The company's financial performance over the last two years is analyzed, including sales turnover, total assets, liabilities, change in profit, market share, and stock performance. Demand estimation and forecasting is conducted using trend line analysis and linear regression to predict sales revenue for 2019 and 2020.
Wow.lk is Sri Lanka's largest e-commerce website operated by Digital Commerce Lanka. It provides a variety of services including deals, an online mall, travel, fashion, and classifieds. Wow.lk has established itself as the leading e-commerce player in Sri Lanka through its large product selection, attractive discounts, and quality customer service. While competition is growing, wow.lk maintains its strong market position due to its reputation, trusted brand, and large customer base. The document analyzes wow.lk's competitive advantages using Porter's Five Forces model.
Tech Mahindra is an Indian multinational IT company headquartered in Pune, India. It provides information technology, networking, and business process outsourcing services to telecommunications companies. Anand Mahindra is the Chairman of Tech Mahindra. The company was created in 1986 as a joint venture between Mahindra & Mahindra and British Telecom and has since expanded globally through acquisitions and organic growth.
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 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.
ALM - JSA Presentation Octber 28 2015 (New York)Nitin Potdar
This document provides a summary of an ALM presentation by J. Sagar Associates, a leading Indian law firm:
- J. Sagar Associates has 350 lawyers across 7 offices in India. It has a collegial partnership structure and aims to attract exceptional talent through a merit-based platform. Its practice areas include corporate law, M&A, banking, and dispute resolution.
- The firm emphasizes integrity, teamwork, learning, valuing people, and exceeding client expectations as part of its work culture. Its mission is to provide outstanding legal solutions in its chosen practice areas.
- The presentation discusses India's strong economic growth and emergence as a top destination for foreign direct investment and M&A deals
Tech Mahindra is an Indian multinational provider of IT, network and software consulting services headquartered in Pune, India. It has over 100,000 employees worldwide and serves customers across industries. In recent years, Tech Mahindra has expanded through mergers and acquisitions, including the merger with Mahindra Satyam in 2013 which made it the 5th largest IT services company in India. The company focuses on developing solutions in emerging technologies and continues to target ambitious revenue growth through both organic means and acquisitions. In its most recent quarterly performance, Tech Mahindra reported zero debt, good profit growth, increasing cash reserves, and rising client count.
- IHS Nigeria Plc saw significant growth in 2009, with revenue increasing 56% to N11.34 billion and pre-tax profit rising 42% to N1.426 billion.
- The company expanded into new markets in Ghana, Sudan, and Tanzania, with those markets contributing 20% and 27% of group revenue and 16% and 18% of group profits, respectively.
- IHS invested in training and developing its workforce, which grew from 250 to over 700 employees as the business expanded across Africa.
This document provides an overview of the business process outsourcing (BPO) sector in India. It discusses what BPO is and the types of services commonly outsourced. India has become a major global BPO hub due to its large skilled workforce and low costs. Key Indian cities like Bangalore have emerged as major outsourcing centers. However, the BPO industry in India faces challenges like increased competition from other countries and concerns over data security, skills shortages, and employee welfare.
Tech Mahindra is an Indian multinational provider of information technology, networking and business process outsourcing services. It was founded in 1986 and is headquartered in Pune, India. In 2012, Tech Mahindra merged with Mahindra Satyam to become a $2.5 billion company with over 100,000 employees worldwide. The company provides services including application development and management, business process outsourcing, cloud services, enterprise solutions, engineering services, and more to over 860 clients across many industries and countries. Tech Mahindra has experienced steady revenue and profit growth in recent years. It faces competition from other large Indian IT firms but also has opportunities for growth through acquisitions and increased global
The document discusses trends in the business process outsourcing (BPO) industry in India. It notes that call centers made India a global leader in outsourcing and the industry has created over 2 million jobs. Common BPO services discussed include medical transcription, back office operations, and call centers. India is an attractive location for BPO due to its large English-speaking workforce, low costs, and technical skills. The future of the Indian BPO industry is predicted to include niche specialization and continued growth, generating over $13 billion in exports by 2007. BPO is concluded to be beneficial for India's economic growth and employment.
A PANORAMIC VIEW ON THE CORPORATE SOCIAL RESPONSIBILTY INITIATIVES BY TECH MA...VARUN KESAVAN
Tech Mahindra Foundation is the corporate social responsibility arm of Tech Mahindra Limited, a Mahindra Group Company. The Foundation set up in 2007, as a Section 25 Company (referred to as a Section 8 Company in the Companies Act, 2013), has been working tirelessly in the areas of education, employability and disability, with a keen focus on corporate volunteering. It operates across twelve locations in India.
L&T Infotech is a global IT services company and subsidiary of Larsen & Toubro. It has over 16,000 employees across 22 countries. The company provides IT services, consulting, engineering services, and was originally founded in 1997. Some key milestones include acquiring GDA Technologies in 2006 and the captive technology center of Citigroup Fund Services Canada Inc. in 2011.
Tata Consultancy Services (TCS) is an Indian multinational information technology service and consulting company founded in 1968. It has over 400,000 employees located across 46 countries. TCS provides a range of IT services including digital, consulting, business solutions, engineering, and outsourcing. In recent years, TCS has seen steady revenue growth and increased its market share to become one of the largest global IT companies.
The document summarizes recent economic news from Sri Lanka. Some key points:
- Sri Lanka was ranked the most improved economy in South Asia in the Global Competitiveness Index, climbing to 84th place.
- The country rose one spot to 99th in the World Bank's Doing Business ranking.
- Sri Lanka was named one of the top 20 rising stars of global trade by Standard Chartered due to improvements in economic dynamism, trade readiness, and export diversity.
- The FATF removed Sri Lanka from its "Grey List" of jurisdictions with strategic anti-money laundering deficiencies.
The document is the October 2013 issue of the monthly newsletter "Beacon" published by SIMCON, the consulting club of Sydenham Institute of Management Studies, Research and Entrepreneurship Education. It summarizes a guest lecture given by Mr. V. Sarangapani on management consulting careers and skills. It also provides analysis of the automobile industry in India, including key growth drivers, market segmentation, major players and government policies supporting the industry. Finally, it shares brief news items on recent developments in the consulting industry worldwide.
The document provides a summary of economic and business news from Sri Lanka and globally.
Some key points include: Sri Lanka's GDP growth slowed to 1.6% in Q2 2019, its lowest in over 5 years; Commercial Bank of Sri Lanka won several awards for its digital initiatives; the tallest tower in South Asia was opened in Colombo; and the OECD cut its global growth outlook amid the US-China trade war. International tourism arrivals grew 4% in the first half of 2019 led by Asia and the Middle East.
Indian BPO Industry losing its sheen & continue to face tough challenges in 2013Rajesh Prabhakar
The Indian BPO industry is facing tough challenges in 2013 as cost advantages decline and margins shrink. Growth has slowed to 12.47% over the last four years compared to 17.23% for the IT industry. BPO firms are struggling with reduced client spending, high attrition rates, and wage inflation pressures. Emerging low-cost destinations like the Philippines are also competing successfully for outsourcing business. Indian BPO companies must improve their service offerings and move up the value chain to consulting and analytics to boost margins in this difficult year.
Tech Mahindra aims to be the best telecommunication service provider in the world according to its Chairman. The document then provides background on the growth of the Indian telecom sector and types of companies within it. It discusses Tech Mahindra's history and expansion including acquisitions. Key decisions made by Tech Mahindra between 1986-2009 are analyzed. A PESTLE analysis and Porter's Five Forces model are applied to the telecom industry. Challenges and opportunities for Tech Mahindra are also outlined.
This presentation is Made as a project given by INSTITUTE OF COST ACCOUNTANT OF INDIA on IT sector & the role of a Cost & Management Accountant in these particular Areas..
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,
This document provides a company analysis for an Indian IT company. It includes information on the company's management team, history since 1945, background, shareholding, and listing on stock indices. The company's financial performance over the last two years is analyzed, including sales turnover, total assets, liabilities, change in profit, market share, and stock performance. Demand estimation and forecasting is conducted using trend line analysis and linear regression to predict sales revenue for 2019 and 2020.
Wow.lk is Sri Lanka's largest e-commerce website operated by Digital Commerce Lanka. It provides a variety of services including deals, an online mall, travel, fashion, and classifieds. Wow.lk has established itself as the leading e-commerce player in Sri Lanka through its large product selection, attractive discounts, and quality customer service. While competition is growing, wow.lk maintains its strong market position due to its reputation, trusted brand, and large customer base. The document analyzes wow.lk's competitive advantages using Porter's Five Forces model.
Tech Mahindra is an Indian multinational IT company headquartered in Pune, India. It provides information technology, networking, and business process outsourcing services to telecommunications companies. Anand Mahindra is the Chairman of Tech Mahindra. The company was created in 1986 as a joint venture between Mahindra & Mahindra and British Telecom and has since expanded globally through acquisitions and organic growth.
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 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 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 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 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.
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 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 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 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
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 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 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 overview of recent banking, economic, and business news in Sri Lanka. Key points include:
- Commercial Bank reduced interest rates on credit cards and opened a new drive-through ATM.
- Sri Lanka was recognized for its IT/BPM industry and debuted in a global entrepreneurship index, ranking 71st overall.
- Prospects are improving for Sri Lankan consumer durable retailers in 2015 due to factors like lower borrowing rates and electricity tariffs.
- Several new commercial real estate and hotel developments were announced, including an office complex and ITC's first overseas hotel in Colombo.
The document provides an overview of recent economic, business, and banking news in Sri Lanka. Some key points include:
- Commercial Bank appointed new leadership and received several awards for its performance.
- Sri Lanka's National Export Strategy aims to increase exports to $28 billion by 2022 focusing on industries like IT, tourism, and food processing.
- GlobalData ranked Sri Lanka as the 4th fastest growing tourism market globally.
- A new solar panel factory will make Sri Lanka a leader in renewable energy and a new tire factory will create 3,000 jobs.
The document provides a summary of economic and business news from around the world. It discusses that Commercial Bank won several awards for quality and performance. It also notes that business confidence in Sri Lanka rebounded in June. Sri Lanka was ranked the world's best island by a magazine. The IMF approved a $6 billion loan package for Pakistan and global growth is projected to be 3.2% for 2019 by the IMF, improving to 3.5% in 2020.
This document provides a summary of economic and business news from Sri Lanka in its 298th Economic Capsule issue. It includes summaries of Commercial Bank's financial results, budget highlights for 2022, steps taken to promote digitalization and tourism, and performance of the external sector from January to September 2021. International sections cover impacts of high shipping rates on global recovery and cryptocurrency developments in countries like El Salvador. The document contains brief summaries on various economic and business topics relevant to Sri Lanka.
The document provides a summary of recent economic and financial news from Sri Lanka. It discusses several topics:
1) The Commercial Bank of Ceylon partnering with a charitable trust to provide funding to help commercialize the inventions of award-winning Sri Lankan inventors.
2) The bank launching an advanced new e-banking platform with improved security features and functionality.
3) Sri Lanka improving its ranking in the World Bank's Doing Business report for implementing business reforms, and being ranked the highest in South Asia.
4) Continued foreign investment in the Colombo Stock Exchange, with over $263 million in net inflows recently. Nobel Prizes in Economics being awarded to two
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 summarizes various economic and business news from around the world. Some key points include:
- The World Bank forecasts 3.9% economic growth for Sri Lanka in 2018 and 4% growth over the next two years.
- Sri Lanka received $1 billion in financing from the China Development Bank, providing a boost to the country's reserves.
- Sri Lanka's e-commerce sector could expand to $500 million in the next 5-7 years according to Daraz, a top e-commerce platform.
- However, Sri Lanka slipped in competitiveness in the World Economic Forum's rankings, falling to 85th place.
The document summarizes news from the economic and banking sectors in Sri Lanka. Some key points:
- The Sri Lankan economy grew 3.7% in the second quarter of 2018, with growth in agriculture, industry and services.
- Commercial Bank won several awards for its digital innovations and support for SMEs. It also launched the country's first fully automated cheque deposit machine.
- Major developments included opening of the Colombo City Centre international mall, plans for $50 million investment in real estate, and making QR code-based payments nationally available.
- Issues discussed at the Sri Lanka Economic Summit included the need to accelerate reforms to strengthen competitiveness and attract more foreign investment. Leg
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 Sri Lanka's economic performance in January-December 2020. It notes that merchandise exports declined 15.6% while imports fell 19.5%, reducing the trade deficit. Worker remittances grew 5.8% providing resilience. The Sri Lankan rupee depreciated against major currencies except the Indian rupee. Overall, the Central Bank was able to absorb $283 million from the domestic foreign exchange market in 2020.
The document summarizes recent economic news from Sri Lanka including:
- Commercial Bank was the largest lender to SMEs in 2020 and received several awards for its banking services.
- A Maldivian company will invest $58 million to establish a yacht building facility in Hambantota Port, creating over 200 jobs.
- Automobile component manufacturing in Sri Lanka has increased, creating 5,000 new jobs so far and expecting 45,000 more in the next few years.
- A US firm expressed interest in investing $3 billion to develop an oil refinery in Trincomalee Harbour.
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 provides an economic update from Sri Lanka in its 278th issue of the Economic Capsule. It discusses several topics:
1) The Commercial Bank Group reported over Rs. 150 billion in revenue for the first time in 2019, though profits declined due to higher impairment charges and debt levy expenses.
2) Commercial Bank won an award for 'Decade of Excellence in Retail Banking' and its Maldives subsidiary won an award for 'Excellence in Finance'.
3) Sri Lanka's trade deficit decreased in 2019 as exports grew slightly while imports contracted, with declines in fuel, vehicles, and gold.
4) New measures aim to fast-track foreign direct investments,
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 summarizes recent economic and business news related to Sri Lanka. It discusses Commercial Bank being rated the most respected bank in Sri Lanka for the 10th consecutive year and receiving two awards for CSR practices. It also discusses the Central Bank of Sri Lanka entering into an investment agreement with the Reserve Bank of India, as well as updates on financial sector consolidation in Sri Lanka. The document provides analysis on opportunities for Sri Lanka related to textiles, tourism, and technology. It also shares the IMF's views on Sri Lanka's economic performance and risks.
Commercial Bank of Ceylon first private bank in Sri Lanka to cross Rs 10 billion in net profit. Standard & Poor's affirmed Sri Lanka's credit ratings at 'B+/B' with a stable outlook. Sri Lanka debuted at 67th in the Country Brand Index, achieving its highest rankings for natural beauty, art and culture. The Exim Bank of China signed a $200 million loan to finance the Matara-Beliatta railway extension project. Global economic news included Moody's downgrading the UK's credit rating and HSBC reporting falling 2012 profits. Sri Lankan growth forecasts for 2013 ranged from 6.1-7.5%.
The Singapore Accountancy Convention 2014 highlighted issues with the increasing complexity and cost of financial reporting due to regulatory concerns after the financial crisis. Speakers argued these problems can be addressed through integrated reporting, which motivates staff and focuses on how value is created. A survey found Singapore stakeholders have a weak understanding of integrated reporting but are willing to start adopting it on the guidance of professional bodies and regulators. The convention looked at ways to streamline financial reporting.
The Singapore Accountancy Convention 2014 highlighted issues with the increasing complexity and cost of financial reporting due to regulatory concerns after the financial crisis. Speakers argued these problems can be addressed through integrated reporting, which provides a more holistic view of organizational performance. A survey found stakeholders in Singapore are ready to accept integrated reporting and see it improving financial disclosures. Implementing integrated reporting fully will help address current challenges with financial reporting.
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 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 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 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
The document summarizes the economic situations and risks of default for several developing countries. Several countries are already in default, including Lebanon, Sri Lanka, Russia, Suriname and Zambia, while others like Belarus are at high risk of soon defaulting. Argentina, Ukraine, Tunisia, Ghana, Kenya, Egypt, El Salvador, Ethiopia, Pakistan, and Belarus are highlighted as being particularly vulnerable to default due to large debt burdens, high inflation, currency declines, and unsustainable debt repayment schedules in the coming years. The IMF is involved with several of these countries to provide aid and negotiate repayment plans in an effort to avoid widespread sovereign defaults around the world.
What Outdoor Adventures Await Young Adults in Montreal's Surrounding NatureSpade & Palacio Tours
Experience Montreal's vibrant culture and thrilling outdoor adventures. From hiking scenic trails at Mont-Saint-Bruno to kayaking the Saint Lawrence River, there's something for every adventurous young adult. Explore street art, camp under the stars, and immerse yourself in nature's beauty just beyond the city's bustling streets.
What Challenges Await Beginners in SnowshoeingSnowshoe Tahoe
Discover the exhilarating world of snowshoeing through our presentation, highlighting the challenges faced by beginners. From physical exertion to technical finesse and braving harsh winter conditions, each step in the snow brings new obstacles and unforgettable adventures. Embrace the challenge and conquer the winter wonderland with confidence!
Golden Gate Bridge: Magnificent Architecture in San Francisco | CIO Women Mag...CIOWomenMagazine
The famous suspension bridge connects the city of San Francisco to Marin County in California. Golden Gate Bridge carries both U.S. Route 101 and California State Route 1 across the strait and is about one mile wide. In this article, we will explore the history and significance that have shaped the iconic monument it is known as today.
Explore Architectural Wonders and Vibrant Culture With Naples ToursNaples Tours
Discover the historical gems and vivid culture of Naples with our guided tours. From the vivid narrow streets of Spaccanapoli to the ancient ruins of Pompeii, the city offers a mixed bag of adventurous experiences. Book your tickets today https://www.naples.tours/ and experience the best of Naples!
Nature of the task 1. write a paragraph about your trip to dubai and what ar...solutionaia
1. write a paragraph about your trip to dubai and what are the facts responsible for the heavy rainfall in dubai that caused havec ?
2. mention any five major tourist attaction of dubai
Mathematics: a student a visit her family her father converted Rs. 1,15,000 inr currency for dubai airport theexpedite in the trip is given below
1. Curreny name of India and dubai
2. Conversions amount
3. Total Converted amount
4. cost of food
5. cost of sightseeing
6. cost of shoping
7. cost of saving
How do I plan a Kilimanjaro Climb?
Planning to climb Mount Kilimanjaro is an exciting yet detailed process. Here’s a step-by-step guide to help you prepare for this incredible adventure.
bangalore metro routes, stations, timingsnarinav14
Bangalore Metro, also known as Namma Metro, is a rapid transit system serving the city of Bangalore, Karnataka, India. It is the second longest operational metro network in India after the Delhi Metro.
Our excursions in tahiti offer stunning lagoon tours, vibrant marine life encounters, and cultural experiences. We ensure unforgettable adventures amidst breathtaking landscapes and serene waters. For more information, mail us at tracey@uniquetahiti.com.
You can easily change/correct a name on your flight ticket under the American Airlines name change policy. The airline provides multiple online and offline modes to place a name change request. To learn more about how to change a name on American Airlines ticket, you can directly approach the airline’s customer support. Moreover, you can connect with a flight expert at +1-866-738-0741 for quick assistance.
Ibiza, situated in the Balearic Islands, stands out as a destination that encompasses everything: stunning landscapes, hidden gems to explore, a vibrant social scene, rich cultural life, and exceptional gastronomy. Opting for ‘Ibiza Rent A Boat’ to experience an unforgettable vacation on the White Island is certainly worthwhile, prompting a deeper exploration of the unique and fascinating aspects of Ibiza.
How To Change Your Name On American Airlines Aadvantage.pptxedqour001namechange
American Airlines permits passengers to change/correct names on their AAdvantage account. Also, you can request a name change both online via a web portal and offline over the phone. For further information on how to change your name on American Airlines Advantage, get in touch with the airline’s customer service. Also, you can reach out to a consolidation desk at +1-866-738-0741 for quick assistance.
Discovering Egypt A Step-by-Step Guide to Planning Your Trip.pptImperial Egypt
Travelling to Egypt is like stepping into a time capsule where the past and present coexist, offering a unique blend of history, culture, and stunning landscapes.
See more: https://imperialegypt.com/tour-packages/
The Ultimate Travel Guide to Hawaii Island Hopping in 2024adventuressabifn
island hopping in Hawaii. This magical place offers a number of experiences, as each island has its own charm. Do you love adventure? Then, hike through volcanoes or kayak along an amazing coastline. If you want relaxation, then Hawaii is perfect because it has the most amazing beaches. In this blog, I will help you make an itinerary for your Hawaii Island Hopping. Every island offers something special. The Big Island offers some of the most perfect volcanoes as well as stargazing. Maui will pamper you with beaches and luxury. Kauai has some of the most lush rainforests with dramatic cliffs, and Oahu can offer a taste of city life and historical significance.
Beyond the mountains, a tour in Nepal reveals a vibrant tapestry of cultural heritage. The Kathmandu Valley, a UNESCO World Heritage Site, boasts an array of ancient temples, stupas, and palaces. Durbar Squares in Kathmandu, Bhaktapur, and Patan are treasure troves of medieval art and architecture.
Prepare for cold weather rafting with proper gear: layering for warmth, insulated headgear, gloves, waterproof footwear, and essential accessories like sunglasses and sunscreen. Prioritize safety with a life jacket and maintain gear for optimal performance. Stay warm, dry, and ready for adventure on the rapids!
2. CONTENTS
FINANCIAL SECTOR NEWS
Commercial Bank’s Chief Risk Officer Honored with Top Global Award
Commercial Bank Wins SLIBI Gold Award
Commercial Bank Launches On-line Banking in Bangladesh
Commercial Bank moves up in Business Today Top 25
ECONOMIC & BUSINESS NEWS
Sri Lanka Ranks 60th in World Prosperity Index
Sri Lanka - Offshoring Destination of the Year
Sri Lanka Makes more Reforms but Slips in Doing Business Ranking
Doing Business 2014
The Time is Right to Attract Japanese Companies
Development News
Snippets
Analysis & Forecast - Fitch: Sri Lanka's Resilience Masks Medium-Term Credit Risks
4. Commercial Bank’s Chief Risk Officer Honored with Top Global Award
Mr. Sanath Manatunge, the Chief Risk Officer (CRO)
of Commercial Bank of Ceylon PLC has been
honoured with the prestigious ‘Chief Information
Security Officer of the Year’ Award at the
International Council of E-Commerce Consultants
(EC-Council) Global CISO Forum in Atlanta, USA.
The Global CISO Award honours the true visionaries
of information security from around the world. It
recognizes an individual's outstanding work in the
field of information security, professional growth and
achievement, and promotes strong, innovative
security practices.
< Research & Development Unit >
5. Commercial Bank Wins SLIBI Gold Award
Commercial Bank wins Gold in the Emerging
Islamic Finance Entity category, at the
inaugural Sri Lanka Islamic Banking &
Finance Industry awards ceremony.
< Research & Development Unit >
6. Commercial Bank Launches On-line Banking in Bangladesh
Commercial Bank has launched its sophisticated Internet Banking
service in Bangladesh, where the Bank operates a network of 18
branches and service points.
The on-line banking platform offered to the Bank’s customers in Bangladesh is
identical to the upgraded on-line banking facility that was launched in Sri Lanka
in the third quarter of 2012. It is designed to make on-line banking infinitely
more experiential and expedient for customers of the Commercial Bank.
In Sri Lanka, Commercial Bank’s on-line banking platform supports bill payments to more than 36 entities in nine
categories – Telephone, Electricity, Water, Credit cards, Insurance, Pay TV, Schools, Rates and Other. Investing in
Treasury Bills and effecting payments for share trading transactions is also possible, with self-registration of the
user’s CDS number.
Commercial Bank customers in Bangladesh will be able to enjoy all these benefits including payments to Grameen
Phone Company & ISD School fees. They further have the ease of accessing the facility on their smart phones via
the WAP link of this new solution.
< Research & Development Unit >
7. Commercial Bank moves up in Business Today Top 25
The Commercial Bank of Ceylon PLC has been accorded second place in
the Business Today ‘Top 25’ ranking of Sri Lanka’s top performing public
listed corporate entities in 2012-13. Sri Lanka’s largest private bank has
moved up one place from last year’s ranking.
BUSINESSS TODAY TOP 10
1
John Keells Holdings
6
Dialog Axiata
2
Commercial Bank of Ceylon
7
Sampath Bank
3
Bukit Darah
8
National Development Bank
4
Ceylon Tobacco Company
9
Distilleries Company of Sri Lanka
5
Hatton National Bank
10 Sri Lanka Telecom
< Research & Development Unit >
9. Sri Lanka Ranks 60th in World Prosperity Index
Sri Lanka has moved up eleven places to 60th
(from 142 countries) in overall Prosperity since
2009, compiled by London-based Legatum
Institute .
Over the past five years, the country has increased
twelve places to 35th in the Social Capital sub-index,
due to increases in willingness to help strangers and
trust levels.
The Economy sub-index has risen twenty eight
places to 74th since 2009, as a result of increases in
capital per worker, gross domestic savings, perceived
job availability, and satisfaction with access to
adequate food and shelter.
Cont…
10. Sri Lanka Ranks 60th in World Prosperity Index (cont…)
Top 10
11. Sri Lanka - Offshoring Destination of the Year
Sri Lanka has won the ‘Off-shoring Destination of the Year’
at The National Outsourcing Association Awards (NOAAs).
The NOAAs is the only award ceremony dedicated to the UK outsourcing
sector and the award ceremony was held on Thursday 24th October 2013 in
London. Other shortlisted destinations for this award included Serbia and Fiji.
The judges have compare the how well each destination has performed in the 2 key criteria
namely strategy (40%) and results (60%).
Criteria:
Strategy (40%): overall strategic vision of the destination, approach to differentiation, target markets
and approaches to them, focus on skills development and talent management, approach to building an
innovative continual collaborative environment.
Results (60%): country’s focus on and commitment to best practice, country’s contribution to the ongoing development of the global outsourcing industry, top line projects of UK companies who have
recently invested in the country, UK client testimonials that are currently active in the country.
Cont…
12. Vision:
Sri Lanka - Offshoring Destination of the Year (cont…)
By 2022, Sri Lanka’s IT/BPO industry has set its vision to achieve:
USD 5 bn in exports
Generating 200,000 jobs and
Creating 1000 start-ups in this process
This achievement is expected to result in a heavy
limelight for the IT/BPO industry of Sri Lanka in
the global market place, especially in the
European region.
< Research & Development Unit >
13. Sri Lanka Makes more Reforms but Slips in Doing Business Ranking
Sri Lanka made the most changes in South Asia making
it easier to do business, but the country slipped to 85
from 83 in a global ranking compiled by the World Bank
group.
Topics
2014
2013
Change
54
47
-7
108
116
08
91
107
16
145
136
-9
Getting Credit
73
71
-2
Protecting Investors
52
51
-1
171
175
04
51
54
03
Enforcing Contracts
135
136
01
Resolving Insolvency
59
51
-8
Starting a Business
Dealing with Construction Permits
Getting Electricity
Registering Property
Paying Taxes
Trading Across Borders
Cont…
14. Sri Lanka Makes more Reforms but Slips in Doing Business Ranking (Cont…)
Business Reforms in Sri Lanka
=Doing Business reform making it easier to do business. =Doing Business reform making it more difficult to do business.
Dealing with Construction Permits:
Sri Lanka made dealing with construction permits easier by eliminating the requirement to obtain a tax clearance and by
reducing building permit fees.
Paying Taxes:
Sri Lanka made paying taxes easier for companies by introducing an electronic filing system for social security
contributions.
Trading Across Borders:
Sri Lanka made trading across borders easier by introducing an electronic payment system for port services.
Getting Electricity:
Sri Lanka made getting electricity easier by improving the utility’s internal workflow and by reducing the time required to
process new applications for connections.
Source: doingbusiness.org
15. Doing Business 2014 – Overall Rankings
Doing Business 2014: Understanding regulations for Small and Medium-Size
Enterprises, assesses regulations affecting domestic firms in 189 economies and
ranks the economies in 10 areas of business regulation.
Doing Business 2014 - TOP 10
Ukraine, Rwanda, the Russian Federation, the Philippines,
Kosovo, Djibouti, Côte d’Ivoire, Burundi, the former Yugoslav
Republic of Macedonia, and Guatemala are among the
economies improving the most in 2012/13 in areas tracked by
Doing Business.
1
Singapore
2
Hong Kong SAR, China
3
New Zealand
4
United States
5
Denmark
Worldwide, 114 economies implemented 238 regulatory
reforms in 2012/13 making it easier to do business as
measured by Doing Business – 18% more reforms than in the
previous year.
6
Malaysia
7
Republic of Korea
8
Georgia
9
Norway
10
United Kingdom
16. The Time is Right to Attract Japanese Companies
JETRO’s Chairman and CEO Hiroyuki Ishige who led a high-powered Japanese
business delegation of 40 representatives from nearly 30 companies and
institutions stated that he saw for himself the post-war progress and exuberance
in Sri Lanka as well as the country’s potential.
I have heard a lot about Sri Lanka, during my visit I was able to learn a lot. I was very impressed and was able to see to
my own eyes the true advantages of Sri Lanka. The time is right to attract Japanese companies,” he added.
The JETRO Boss said Sri Lanka’s strategic geographical location was a key advantage that the country possesses and
was ideally placed to be a competitive hub, especially to the giant Indian market as well as the rest of South Asia.
‘Needs and Strategies for Japan-Sri Lanka Business’
The objective of the survey was how best to attract foreign investment to the manufactured exports sector, which is essential
for diversifying Sri Lanka’s export products base and reducing the trade deficit.
As part of the exercise, JETRO interviewed 102 Japanese companies and Multi National Corporations (MNCs) in Japan,
Singapore, India and Sri Lanka. Inputs from these companies inspired key recommendations for the strategic directions
that Sri Lanka should take in luring Japanese companies and other Foreign Direct Investments.
< Research & Development Unit >
Cont…
17. The Time is Right to Attract Japanese Companies (cont…)
JETRO has suggested two business models that Sri Lanka can adapt or accelerate.
One is the maximising Sri Lanka’s potential as the most efficient gateway to India using the existing Free
Trade Agreement between the two countries, as well as a slew of other advantages including close
proximity and the logistics prowess.
It has been suggested that Japanese or other companies could import raw material from Japan or
Singapore, add value and export manufactured products to India using the FTA. An existing Japanese
company already successfully engaged in such an operation has been highlighted by JETRO. This
Japanese firm manufactures mould parts for precision presses for exports. Based on the success, it
plans to expand operations in Sri Lanka to manufacture presses as well.
The business model 2 is maximising search and successful penetration into new export markets.
Sri Lanka has been suggested to look to the North (India, Pakistan and Bangladesh), East (ASEAN,
China and Japan) and the West (Middle East, Africa and Eastern Europe).
< Research & Development Unit >
Cont…
18. The Time is Right to Attract Japanese Companies (cont…)
Having realised the enormous potential, the JETRO study has also identified several
constraints which, if addressed with the recommended solutions, can help Sri Lanka to
convert the opportunity into reality.
JETRO has suggested that a greater pool of industrial human resources such as skilled
labour, engineers and managers will address the human talent challenges for foreign
investors.
A more consistent and clear industrial policy will be useful as well to lure more
manufacturing ventures and FDIs.
More efficient and effective one-stop services at the Board of Investment for
convenience of investors.
Lowering electricity tariff for peak period and exempting Port and Airport Levy and
Nation Building Tax imposed on import of machinery and equipment.
< Research & Development Unit >
19. Development News…
Colombo-Katunayake Expressway
Declared Open…
The 25.8 km long expressway was built at a cost of USD
291 mn with a loan from China.
The CKE is expected to reduce the travel time between
Colombo and the Airport to about 20 minutes.
Speed limit will be 80 km per hour (50 mph) for the
first eight km (5.0 mi) and 110 km/h (68 mph) for the
rest of the road.
Sri Lanka Starts Southern Railway Project
The US$ 272 mn Chinese-funded Southern Railway
Project, which includes the longest tunnel in Sri Lanka,
commenced construction recently.
The new project, which will be completed in 2016, is
the first phase of the Southern Railway project. The
total length of railway of this project is 26.75
kilometres; it is a single line and broad-gauge railway
driven by diesel traction and design speed is about
120km per hour.
Sri Lanka’s First Nanotechnology Research Centre,
Nanoscience Park Open
Sri Lanka’s first nanotechnology research centre and nanoscience
park was declared open in Pitipana, Homagama. It was established
with Government and private sector participation.
The nanotechnology park aims to create opportunities for all
businesses to develop new products through a collaborative
innovation process, taking them from research, through
development, toward commercialisation.
Crown Project Details
Crown Ltd. released draft images, project details and a
website (www.crownsrilanka.com) for its proposed 5-star
luxury integrated resort in Colombo, Sri Lanka.
Packer recognised the growth of tourism in
Sri Lanka and his personal fondness for the
country, stating: “I truly believe as a
destination that it is Sri Lanka’s time to shine
in Asia.
20. SNIPPETS…
Loss of GSP+
Losing the General Scheme of Preference (GSP) Plus benefits in August 2010 has caused closure of 25
apparel factories, forcing almost 10,000 people out of work, with the total loss to the country exceeding
Rs. 782 mn from apparel exports, the Government has revealed.
Maruti Suzuki Plans to Build a vehicle assembly unit
Maruti Suzuki India Ltd is in discussions with the Sri Lankan government to build a vehicle assembly
operation in Hambantota.
The proceedings in this regard are still in the early stages and Maruti Suzuki plans to set it up at either
Mirijjawila Industrial Park or at Suriyawewa Investment Promotion Zone in Hambantota.
R.C. Bhargava, Maruti Chairman, told reporters that the company is doing a feasibility study on the
facility and that at present the structure of the company – such as whether this unit will be a partnership
with its local agent Associated Motorways (AMW) or not hasn’t still been decided.
Sri Lanka's Jan-Sept Foreign Inflows Jump 45 % y/y
Sri Lanka has attracted USD 890 mn in foreign direct investment (FDI) in the first nine months of 2013, a
jump of 44.8% year on year according to Investment Promotion Minister Lakshman Yapa Abeywardena.
22. Fitch: Sri Lanka's Resilience Masks Medium-Term Credit Risks
Sri Lanka is the only twin-deficit country in Asia whose growth has not been affected by currency
volatility.
Fitch Ratings sees the relative currency stability as due to a less open onshore capital account which
provides insulation from volatile global capital flows, as well as an increasing ability to tap offshore
global bond inflows.
This strategy, however, is adding to the stock of gross and net external liabilities, and carries mediumterm credit risks.
The authorities have successfully reduced annual inflation to around 6%-7% from a near-double-digit
rate in late 2012. This has brought on monetary easing - with the policy rates being cut by 125bp since
November 2012.
Monetary easing coupled with softer inflation should support robust GDP growth - which Fitch project
at 6% this year, and 6.6% in 2014.
In contrast, Fitch sees the growth rates of India and Indonesia - the other two major Asian emerging
economies with twin deficits (and both rated 'BBB-') - as languishing at a sub-6% rate in both years.
< Research & Development Unit >
Cont…
23. Fitch: Sri Lanka's Resilience Masks Medium-Term Credit Risks (cont…)
But Sri Lanka's benign growth-inflation story does not improve the overall sovereign credit profile
('BB-'/Stable), for two key reasons.
First, Fitch expects the current account deficit to remain at 5.6% of GDP this year. This has improved by 1pp
from a year ago, but is larger than at all the other Fitch-rated Asian emerging markets, except Mongolia (B+).
It is also larger than the 'BB' median current account deficit of 2.7% of GDP.
Moreover, Fitch sees a rising external debt service burden as limiting much further improvement in the
current account position in the year ahead.
The second reason is that Sri Lanka has been unable to attract much by way of foreign direct investment
(FDI) inflows following the end of its civil war, with net FDI averaging just 1.2% of GDP since 2009. This is
low in comparison with most regional peers, and has fueled a reliance on debt-creating capital.
The country has therefore banked on the promise of higher future growth to successfully issue more foreign
debt. This has kept the external debt burden at 57% of GDP, and which is much higher than all other Asian
emerging markets, except Mongolia.
Cont…
< Research & Development Unit >
24. Fitch: Sri Lanka's Resilience Masks Medium-Term Credit Risks (cont…)
The government's decision to refrain from issuing Global Bonds this year does not fundamentally alter
what remains a growth strategy reliant on external debt. This is because the state-owned banks are picking
up the slack, and are expected to issue around USD1.5bn-1.8bn in US dollar Global Bonds - for on-lending
to SOEs, SMEs, long-term infrastructure projects, and for purchasing Sri Lankan government bonds.
The shift in debt issuance strategy may limit a further run-up in the sovereign's direct (foreign) debtburden. However, quasi- and contingent-sovereign risks will still rise, along with credit and FX risks
brought on by on-lending to local counterparties who may lack access to foreign-currency receipts and
assets.
In the year-to-date, Bank of Ceylon, National Savings Bank (both 100%-state-owned) and DFCC have raised
USD1.35 bn in five-year US dollar bonds. National Development Bank is expected to follow suit.
The upshot of all this is that Sri Lanka's relative currency stability and robust growth has not been
accompanied, as yet, by a structural improvement in the size of the current account deficit or composition
of capital inflows. Meanwhile, the reliance on foreign debt continues even though the sovereign has scaled
back its own external bond issuance programme.
< Research & Development Unit >
25. 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