GSP crisis prompts top apparel firms to look beyond Lanka

The loss of the Generalised System of Preferences Plus (GSP+) facility offered to Sri Lanka and the wages board’s recent decision to raise the minimum salary of garment workers by 20% have prompted some top industry players to look for alternatives in other countries.

Economic implications of the 18th Amendment

By Azhar Razak

Although certain sections of the government claim the implementation of the 18th Amendment last week could lay the foundation towards an accelerated economic growth derived from the political stability, a senior economist from the main opposition party says it could pave the way for a more politicised and autocratic economic culture.

Turnaround at BOGA’s marketing subsidiary

The marketing subsidiary of Bogawantalawa Tea Estates (BTE) Plc, BPL Teas Private Ltd., which used to be a loss making entity over the years, has showed a positive turnaround during the year ended March 31, 2010, a senior official of the firm said.

MphasiS Lanka sets ambitious growth targets

By Azhar Razak

The newly opened Sri Lankan unit of Indian IT firm, MphasiS is presently finalising a contract with a large multinational that could immediately require the company to hire about 500-1,000 employees, a top official of the firm revealed.

IFS to deploy ERP solution for 9 firms at Flinth Ind. Park

The Sri Lankan unit of global business solutions provider, IFS has recently been awarded with a major contract from owners of Flinth Industrial Park (FIP) to swiftly deploy Enterprise Resource Planning (ERP) systems for all nine companies operating within the park.

PABC confident of meeting minimum capital requirement organically – Official

By Azhar Razak

PABC Bank says it is confident of raising the additional capital requirement of around Rs. 500 million through organic growth and would not need to go for another Rights issue to fund the recently stipulated Rs. 3 billion capital requirement by end 2011.

LIRNEasia urges implementation of mHealth programme

By Azhar Razak

Sri Lanka’s ICT policy think tank, LIRNEasia has urged Sri Lanka to implement a ‘real-time bio-surveillance programme’ (RTBP) which uses mobile phones for sharing information following its successful completion of a recent pilot research project.

Colombo Bourse likely to buzz this week- Analysts

By Azhar Razak

Sri Lanka’s stock market is expected to bustle with more activity again from tomorrow as a highly-debated ten percent price band rule becomes ineffective and is replaced by a formula to curb fishy transactions, analysts opine.