No-confidence motion against Ranil will create further chaos

Mahinda Rajapaksa-backed joint opposition yesterday submitted a no-confidence motion against Prime Minister Ranil Wickremesinghe to the speaker. The motion against Wickremesinghe, according newspapers, contains charges of economic mismanagement by him during the last three years.

HSBC sees increased opportunity in Sri Lanka

HSBC has always been in the forefront of Sri Lanka’s growth story—may it be funding the big infrastructure projects, raising funds for the government in the 

Economic reforms in Sri Lanka: Salvation or a recipe for inaction?

Economic reforms have become an urgent need for Sri Lanka, with successive governments since independence, resorting to short-term, politically expedient economic strategies that have placed considerable macroeconomic pressures whilst reducing Sri Lanka’s global competitiveness. 

Governance and short-term focus of financial sector

Paul Polman, Global CEO of Unilever, the world’s largest consumer goods company, told us recently about his personal mission to be a force for good instead of just making a profit and how Unilever is able to serve all their stakeholders as a result. 

Rebuilding trust in global economic system

The global financial system is in a frail state. Global debt reached a record high of US $ 233 trillion in the third quarter of 2017. The global debt-to-gross domestic product (GDP) ratio has grown beyond expectations since the 2007–08 global financial crisis and governments will struggle to pay off the interest. While a full-blown debt crisis has not materialised, the vulnerabilities are apparent. 

Xi’s new power and China’s economic and social goals

The 19th Party Congress set out the principles that will define the approach to what Deng Xiaoping described as the third phase of China’s modern economic development. This is the phase when China seeks to achieve income levels on par with the OECD average. The National People’s Congress last week gave President Xi Jinping an unprecedented and extended mandate to deliver by removing the term limits on China’s presidency.

Muturajawela and housing scheme – Historical perspective

A news item in the Daily Mirror of March 15, 2018, titled ‘Private Co. grabs Muturajawela land for housing scheme’, has caused alarm to environmentalists who feel that the rich biodiversity of this wetland would result in irreparable and extensive damage to the fauna and flora especially the migrant bird life.

Critical role of ‘risk control function’ in banks

In the influx of changing business priorities and competition in banks across the world, the greatest emerging risk for banks could be on account of the waning role clarity between ‘Risk taking function (RTF)’ and ‘Risk Control function (RCF)’. 

CRM not an option but a ‘must’ for every marketing company

Peter Drucker was an Austrian author of numerous economics and economics-related literature and a Professor of Management. He once said, “The purpose of a business is to create customers.”

Beginning of end for Sri Lanka’s coalition government

The results of Sri Lanka’s local government elections held on February 10, 2018 are causing unexpected political turmoil in the country. The resounding electoral performance of former president Mahinda Rajapaksa’s newly-formed party, Sri Lanka Podujana Peramuna (SLPP), is aggravating the already significant rift between the ruling coalition leaders President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe. The future of t

A weary public and economy awaits political salvation

Looking back over its past three years in management, common belief holds that the government needs to get its priorities right. The unfortunate events of Kandy and its enduring aftermath are a culmination of mismanagement of affairs by the powers that be and it is safe to say the incumbents will leave behind a legacy of scant interest on any front.

It’s time to ‘Press For Progress’ for Sri Lanka’s women

The International Women’s Day is always an important marker in my calendar and this year’s theme ‘Press For Progress’ couldn’t be more exciting.

NDB eyes systemically important private bank status by 2020

Armed with a new strategic plan, National Development Bank PLC’s (NDB) new Director/CEO Dimantha Seneviratne says he and his team are ready to take the bank to the next level and transform NDB to one of the systemically important private sector banks by 2020. Before joining NDB, Seneviratne was Director/CEO at Pan Asia Banking Corporation PLC (PABC). He was instrumental in turning around PABC and transforming it into a high-performing mid-s

For a nation to thrive it requires decisive leadership

The situation in Kandy shamefully took a deeper communal turn after the attacks on the religious sites and shops in the Digana and Teldeniya areas in Kandy. After 30 years of war, we, Sri Lankans, have still not learnt that we should never exploit, initiate, indulge, promote or tolerate any kind of racist, religious and nationalist divisions. 

Communal violence and political instability in Sri Lanka

Communal violence is not new in Sri Lanka and has raised its ugly head periodically since independence in 1948. 

Nelna becomes leading cultivator, supplier of best quality mangoes in Sri Lankan market

‘Nelna’, under its agricultural arm Nelna Agri Development (Pvt.) Ltd, has cultivated 60,000 mango plants following the global good agricultural practices (GGAP), in 650 acres in the Ratnapura and Monaragala Districts. It has achieved its first goal of becoming the leading cultivator of best quality mangoes in the country.

Operational risk management in banks

In the milieu of various risks that banks encounter in financial intermediation, the broadly classified risks are (i) Credit risk (ii) Market Risk and (iii) Operational risk. Despite sufficient regulatory rigor and bank’s own integrated risk management policies, the operational risk management (ORM) tends to relegate to background in the order of prioritisation.

Plantations minister says errant RPCs will be given last chance to reform

Following is based on the speech delivered by Plantations Industries Minister Navin Dissanayake at the National Institute of Plantations Management (NIPM) National Symposium.

Sustainability through value migration: MAS’ journey with Mahesh Amalean

The recently concluded Sri Lanka Ceramic and Glass Symposium 2018, the seventh of its kind to be held in Sri Lanka, saw a memorable and insightful keynote delivery by the renowned MAS Holdings Chairman Mahesh Amalean.

Economically empowering Sri Lankan women: One strategy does not fit all

More than half the working population in Sri Lanka consists of women. But out of the total working age population, the share of employed women is only 18 percent. At the same time, around 80 percent of the economically active women of Sri Lanka are from the rural sector. 

Why Sri Lanka’s financial services industry needs to be data-governed and data-driven?

The quality of data used in every business is more important in today’s global business landscape. Our world is changing at a rapid pace as organizations and societies are digitizing faster and moving online and mobile to conduct business. We have more people doing their day to day shopping from home via a smartphone and cutting unnecessary costs and saving time to get involve in many other 

Climate smart agriculture: Key to ensuring food security and rural livelihood

The Intergovernmental Panel on Climate Change (IPCC)’s report on “Climate Change 2014: Impacts, Adaptation, and Vulnerability” says: “Climate change without adaptation could potentially affect the farm livelihood and all aspects of food security including food access, utilization, and price stability.” This is arguably the best way to summarize the impacts of recent climatic situation in Sri Lanka. 

Sri Lanka’s Chief FTA Negotiator says export market diversification key for long-term economic grow

On the invitation extended by the National Chamber of Exporters (NCE), K. J. Weerasinghe Advisor to the Ministry of Strategy Development an International Trade, and Chief Negotiator of the Government, related to the free trade agreements (FTA) with Singapore, India and China, addressed the Council of the National Chamber of Exporters (NCE) of Sri Lanka at its last meeting, to elucidate the important aspects of these FTAs, and particularly the FTA

We must identify our strengths when developing human resources: SLIIT VC

Sri Lanka Institute of Information Technology (SLIIT) Vice Chancellor Prof. Lalith Gamage.

Women-favoured policies, laws to entice them more to tourism jobs

Tourism is an industry that is filled with endless opportunities. For example, being an experienced hotelier can guide a person to be an entrepreneur – to move into their own ventures such as to have five-star venues, boutique hotels and many more.

Changing credit risk profile in banks

Credit Risk Management (CRM), as is understood and practiced following its introduction in Basel I way back in 1988, is fast undergoing seminal changes more so after Global Financial Crisis (GFC) - 2008.

BRI: Asia-Pacific’s road to economic prosperity or belt around the neck?

With the Belt and Road Initiative (BRI) now firmly enshrined in the Chinese Communist Party constitution, it is safe to assume that this flagship project of President Xi Jinping will continue long after the country’s most powerful leader since Chairman Mao Zedong officially steps down, whether that happens in 2023 or not.  

Cabinet reshuffle: No real takeaways

Events, as they say in politics, have conspired to force President Maithripala Sirisena to reshuffle his cabinet, to sharpen the government and to shine. Sirisena and Prime Minister Ranil Wickremesinghe decided to reshuffle the cabinet of ministers to manage the fallout after the recent election. 

Investment-led strategy way forward for export drive, economic growth

Finance State Minister Eran Wickramaratne, addressing Investor Forum 2018 in Mumbai recently, has said that the government has formulated plans to increase the per capita income to US $ 5,000 and foreign direct investments (FDIs) to US $ 5 billion per year. According to him, Sri Lanka’s economic outlook and investment opportunities are positive. Sri Lanka’s per capita income is around US $ 3,850 and the FDIs, excluding the loans to th

Lip service of a polythene ban

The ban on polythene that is equal to or less than 20 microns, in September 2017, was a point of debate, of course at the time it was implemented by the government.