Inviting Japan to tap Sri Lanka’s post-war revival
http://www.ft.lk/page/2/?s=Nisthar+
NWS Holdings breaks new ground with successful conclusion of biggest ever Sri Lanka Business Forum in Tokyo
Text and Pix by Nisthar Cassim
The Sri Lanka Business Forum 2014, organised by NWS Holdings Ltd., successfully concluded in Tokyo last week with a record number of participants enlightened about the post-war resurgence and potential for future growth opportunities.
Held at the Hotel New Otani in Tokyo, the forum attracted nearly 200 participants who listened to the progress of post-war Sri Lanka from a macro and corporate perspective and the emerging new opportunities for investments, partnerships, tourism and trade.
The forum was part of NWS’s goal of increasing Japanese investments to $ 500 million by the end of 2015 after having facilitated over $ 300 million in Japanese investments since the end of the conflict in Sri Lanka. Previously NWS Holdings, owned by Japanese investor Takashi Igarashi, held investment promotion events in 2011 and 2012 in Tokyo. Last week’s event was the most successful in terms of participation, despite adverse weather in Tokyo on that day.
The participants were informed about Sri Lanka for four hours at the forum and thereafter attended a networking reception.
The event’s Chief Guest was Sri Lanka’s Consul General in Osaka, D.W. Aluthgamage while NWS Holdings Chairman Takashi Igarashi and Toyohiko Murakami, the Chairman of Bansei Securities Ltd., which is one of the new investors in post-war Sri Lanka facilitated by NWS Holdings.
The forum also saw participation by a Sri Lankan private sector delegation comprising Softlogic Holdings Plc, Just in Time Technologies Ltd., Jetwing Hotels Ltd., Hsenid Software International Ltd., Speedmark Transportation Lanka Ltd., Pan Asia Banking Corporation and Dior Properties and Investments Ltd. These companies were represented at chairman/MD and director levels.
The Softlogic team comprised Financial Services Sector Head Ifthikar Ahamed, Softlogic Holdings Head of Corporate Finance and Treasury Hiran Perera and Head of Strategy Chinthaka Ranasinghe. The Jetwing Group was represented by Director Jerome Auvity, Just In Time Group by Chairman Jit Warnakulasuriya and Chief Technology Officer Navin Seneviratne, hSenid Software International by Managing Director Dinesh Sapramadu, Speedmark Transportation Lanka by Chairman Sunil Malawana and Director Commercial Sujan Malawana while the Dior Investments and Properties team comprised Nataraj Ramaiah and Vikram Nataraj. Takashi Igarashi also represented Pan Asia Bank on whose board he is a director.
Among the sectors promoted for Japanese investors at the forum were ICT, tourism, retail, healthcare, logistics, property development and financial services.
The forum was also timely as it was held a month after the historic visit by Japan’s Prime Minister Shinzo Abe to Sri Lanka, which gave bilateral ties a big boost. The visit of Premier Abe also figured in some of the speeches and presentations by the Sri Lankan delegation.
Given the national importance of the NWS initiative, a special pre-recorded message from Investment Promotion Minister Lakshman Yapa Abeywardena in Japanese was aired for the benefit of participants.
Showing posts with label Sri Lanka News. Show all posts
Showing posts with label Sri Lanka News. Show all posts
Thursday, 25 December 2014
Wednesday, 24 December 2014
Twin dragons CPC, CEB burn public funds
Twin dragons CPC, CEB burn public funds
http://servesrilanka.blogspot.com/2005_05_01_archive.html
Twin dragons CPC, CEB burn public funds
Net Govt. borrowing in 2004 soars to Rs. 117 b from original target of Rs. 65 b;
Operational losses of CEB, CPC key contributor; public sector debt now well over GDP
Daily Mirror: Financial Times: "05/05/2005 By Nisthar Cassim
The twin dragons - Ceylon Electricity Board (CEB) and the Ceylon Petroleum Corporation (CPC) in 2004 literally sucked public funds putting the Government’s borrowing program off target.
Last year the public sector deficit increased to 8.4% of GDP as a result of operational losses of CEB and CEB. "The increased public sector deficits were financed largely through borrowings from domestic sources," Central Bank said in its 2004 Annual Report.
The total net domestic borrowing of the Government increased to Rs. 117 billion (5.8% of GDP) compared to the original target of Rs. 65 billion (3.2% of GDP)," the Central Bank revealed. Similarly, the outstanding banking debt of public corporations rose by Rs. 5 billion to Rs. 41.2 billion in 2004. Consequently the central government’s debt and the public sector debt accounted to 105.5% and 107.5% of GDP respectively. These however were marginally lower compared with 2003 data.
It has been reported that CEB posted a hefty loss of Rs. 15 billion in 2004 while CPC saw its debt burden mount to Rs. 23 billion in 2004 from Rs. 15 billion in 2003.
The reasons for financial difficulties and operational losses of CEB and CPC include the failure in the automatic revision of prices of their products and services in tandem with costs. The Sharp rise in oil prices have placed an unprecedented burden on the two state institutions, which were among the five dragons, which the Finance Minister Dr. Sarath Amunugama identified last year.
Capital transfers to public corporations in 2004 had swelled to a record Rs. 19.3 billion as opposed to approved estimate of Rs. 9.3 billion. Transfers for current expenditure were Rs. 20.4 billion as against the approved estimate of Rs. 15.5 billion.
The Central Bank warned that the financial performance of CEB, CPC as well as Sri Lanka Railway has seriously worsened. "It could even threaten the macroeconomic stability given the strategic importance of the services they provide to the national economy," it added.
Noting that organized labour in the energy sector appears to be bent on a protest campaign against any type of reforms, the Central Bank also warned that the "weakening financial conditions of both CEB and CPC could drive them to virtual insolvency with an accumulation of debt obligations to the banking sector."
While price revisions would enable them to cut current losses, recapitalisation is needed to ensure long term solvency. The Central Bank also opined that the protest campaigns would have been motivated by a fear of losing employment, but delaying the needed reforms would hasten that feared eventuality, in addition to passing a burden to the taxpayers to rescue the two enterprises. The Bank said a frank dialogue among all stakeholders involved is a must to reach a consensus for reforms and mapping out a way forward program.
The CEB suffered from twin shocks of drought and high oil prices while CPC was a direct victim of the latter. "The unchanged prices led to the deterioration in the financial position of CEB requiring greater budgetary support. The delay in implementing new power projects, and the proposed reforms and the continuation of high system losses (over 17%) compounded the issues in the electricity sector," the Bank said.
Delayed and inadequate adjustment of fuel prices despite global spikes led to losses in the oil sector and together with the continuing subsidy had impacted the Balance of Payments (BOP). The country spent nearly US$ 372 million additional on oil imports in 2004. The full bill was US$ 1.2 billion.
The Central Bank said that the overall fiscal management and the maintenance of fiscal targets, became challenging in 2004, due to adverse external and domestic shocks that led to a slippage in revenue collection and an over run in expenditure.
In addition, the delays and lower than the expected foreign financing and privatisation proceeds aggravated the difficulty in managing public finances.
It welcomed the reversal in the declining trend in tax/GDP ratio in 2004 and attributed it to the impact of widening the tax base and improving the tax collection.
However, the annual tax collection recorded a shortfall of 0.9 per cent of GDP compared to the budgetary target of 14.8% in 2004. Similarly, the expenditure overrun was about 0.3% of GDP increasing the central government overall fiscal deficit from the target of 6.8% of GDP (which was subsequently changed to 7.3% with the Pre Election Budgetary Position Report in February 2004) to 8.2%.
http://servesrilanka.blogspot.com/2005_05_01_archive.html
Twin dragons CPC, CEB burn public funds
Net Govt. borrowing in 2004 soars to Rs. 117 b from original target of Rs. 65 b;
Operational losses of CEB, CPC key contributor; public sector debt now well over GDP
Daily Mirror: Financial Times: "05/05/2005 By Nisthar Cassim
The twin dragons - Ceylon Electricity Board (CEB) and the Ceylon Petroleum Corporation (CPC) in 2004 literally sucked public funds putting the Government’s borrowing program off target.
Last year the public sector deficit increased to 8.4% of GDP as a result of operational losses of CEB and CEB. "The increased public sector deficits were financed largely through borrowings from domestic sources," Central Bank said in its 2004 Annual Report.
The total net domestic borrowing of the Government increased to Rs. 117 billion (5.8% of GDP) compared to the original target of Rs. 65 billion (3.2% of GDP)," the Central Bank revealed. Similarly, the outstanding banking debt of public corporations rose by Rs. 5 billion to Rs. 41.2 billion in 2004. Consequently the central government’s debt and the public sector debt accounted to 105.5% and 107.5% of GDP respectively. These however were marginally lower compared with 2003 data.
It has been reported that CEB posted a hefty loss of Rs. 15 billion in 2004 while CPC saw its debt burden mount to Rs. 23 billion in 2004 from Rs. 15 billion in 2003.
The reasons for financial difficulties and operational losses of CEB and CPC include the failure in the automatic revision of prices of their products and services in tandem with costs. The Sharp rise in oil prices have placed an unprecedented burden on the two state institutions, which were among the five dragons, which the Finance Minister Dr. Sarath Amunugama identified last year.
Capital transfers to public corporations in 2004 had swelled to a record Rs. 19.3 billion as opposed to approved estimate of Rs. 9.3 billion. Transfers for current expenditure were Rs. 20.4 billion as against the approved estimate of Rs. 15.5 billion.
The Central Bank warned that the financial performance of CEB, CPC as well as Sri Lanka Railway has seriously worsened. "It could even threaten the macroeconomic stability given the strategic importance of the services they provide to the national economy," it added.
Noting that organized labour in the energy sector appears to be bent on a protest campaign against any type of reforms, the Central Bank also warned that the "weakening financial conditions of both CEB and CPC could drive them to virtual insolvency with an accumulation of debt obligations to the banking sector."
While price revisions would enable them to cut current losses, recapitalisation is needed to ensure long term solvency. The Central Bank also opined that the protest campaigns would have been motivated by a fear of losing employment, but delaying the needed reforms would hasten that feared eventuality, in addition to passing a burden to the taxpayers to rescue the two enterprises. The Bank said a frank dialogue among all stakeholders involved is a must to reach a consensus for reforms and mapping out a way forward program.
The CEB suffered from twin shocks of drought and high oil prices while CPC was a direct victim of the latter. "The unchanged prices led to the deterioration in the financial position of CEB requiring greater budgetary support. The delay in implementing new power projects, and the proposed reforms and the continuation of high system losses (over 17%) compounded the issues in the electricity sector," the Bank said.
Delayed and inadequate adjustment of fuel prices despite global spikes led to losses in the oil sector and together with the continuing subsidy had impacted the Balance of Payments (BOP). The country spent nearly US$ 372 million additional on oil imports in 2004. The full bill was US$ 1.2 billion.
The Central Bank said that the overall fiscal management and the maintenance of fiscal targets, became challenging in 2004, due to adverse external and domestic shocks that led to a slippage in revenue collection and an over run in expenditure.
In addition, the delays and lower than the expected foreign financing and privatisation proceeds aggravated the difficulty in managing public finances.
It welcomed the reversal in the declining trend in tax/GDP ratio in 2004 and attributed it to the impact of widening the tax base and improving the tax collection.
However, the annual tax collection recorded a shortfall of 0.9 per cent of GDP compared to the budgetary target of 14.8% in 2004. Similarly, the expenditure overrun was about 0.3% of GDP increasing the central government overall fiscal deficit from the target of 6.8% of GDP (which was subsequently changed to 7.3% with the Pre Election Budgetary Position Report in February 2004) to 8.2%.
Monday, 22 December 2014
Mahinda says UN visit productive, successful
Mahinda says UN visit productive, successful
http://www.ft.lk/2011/09/26/mahinda-says-un-visit-productive-successful/
By Nisthar Cassim in New York
President Mahinda Rajapaksa described his engagement with the United Nations member countries last week as very successful for him personally and Sri Lanka at large.
“I am very happy with the visit as it was very productive and through our discussions we were able to portray the true picture,” President Rajapaksa told the Daily FT.
We have never hesitated to meaningfully engage with the UN,” he said during a brief relaxed moment at his Ritz Carlton suite in New York in an otherwise hectic schedule.
In his fifth attendance at the UN’s Annual General Assembly, the President met with Secretary General Ban Ki-moon, interacted with US President Barack Obama and former President Bill Clinton and held an unprecedented number of bilateral meetings with leaders of India, Iran, Palestine, Qatar, Columbia, Slovenia, Nigeria, Uganda, Nepal and Kyrgyzstan among others.
He also attended Ban’s luncheon as well as dinner hosted by President Obama in addition to other receptions.
Commonwealth Secretary General Kamalesh Sharma and US Assistant Secretary of State for Central and South Asia Robert O. Blake paid courtesy calls. The Sri Lankan delegation to the UN forum held around 23 bilateral discussions whilst prior to that the team to Geneva attending the UNHRC held meetings with 30 delegations. President Rajapaksa was also interviewed by the influential Wall Street Journal and The Economist magazine.
The President said that the response to Sri Lanka’s stand on allegations of human rights violations in the final days of the battle against terror had been well received. A key breakthrough appears to be Canada deferring a resolution to take up human rights allegations at UNHCR’s 2012 March sessions. “Canada has said it is not proceeding,” External Affairs Minister Prof. G.L. Peiris said. Analysts said that the development suggests waning international support for discriminatory action against Sri Lanka spearheaded by a few yet powerful countries with a massive base of Tamil Diaspora. The Government’s position has been that the international community must respect home-grown solutions and processes whilst recognising the ongoing work and upcoming report of the independent Lessons Learnt and Reconciliation Commission (LLRC) before rushing to conclusions.
The LLRC report is due in November. The key highlight of President Rajapaksa’s visit was the address made at the 66th General Assembly debate of the UN on Friday. In response to a remark that it was a strongly-worded speech, Rajapaksa told the Daily FT that “I said what is right”.
Referring to the international community’s continued campaign to draw attention to human rights regarding Sri Lanka, President Rajapaksa told the UN Annual General Assembly: “It is important to remind ourselves that every country cherishes the values and traditions, and deeply held religious convictions it has nurtured over the centuries. These cannot be diluted or distorted under the guise of human rights, by the imposition of attitudes or approaches which are characteristics of alien cultures.”
He went on to say: “If this were done, it would amount to a violation of human rights in a fundamental sense. It must also be pointed out that even where sanctions are imposed, extreme care has to be taken to ensure that the people at large, men, women and children yet to be born, are not harmed by such action.”
“It is vitally important to insist that the structures and procedures of multilateral organisations are uniform and consistent and devoid of discrimination,” Rajapaksa stressed.
“My country has reason for concern with approaches tainted by an unacceptable degree of selectivity, which we have brought to the notice of the organisations in question in recent weeks. The developing world must keep a vigil against these irregular modalities, which should be resisted through our collective strength,” he added, clearly pointing at the controversial Darusman report and it being shared by the UN with the Human Rights Council and members without Sri Lanka’s knowledge.
Reiterating Sri Lanka’s stance against terrorism, President Rajapaksa called for solid practical action to stamp out world terrorism. However, he pointed out that alleged double standards employed by the West could undermine these efforts.
“The most significant challenge to stability and progress in the modern world is posed by the menace of terrorism. Recent experience the world over amply demonstrates that inconsistent standards and discriminating approaches can unintentionally give a fresh lease of life to the forces of terror. An explicit and uniform response which refuses to recognise political shades of terrorism is necessarily required.”
He warned that terrorists operate under front organisations and that “conferring legitimacy on these has the inevitable effect of providing comfort and encouragement to the merchants of terror”.
During his speech, Sri Lanka’s stand on the Palestine issue, the key focus of UN meeting, was explicit. “Despite repeated references in this Assembly by many member countries on the right of the Palestinian people to a state of their own within secure borders, we still have not been able to make it a reality,” the President said.
“It is a matter for profound disappointment that this has not yet happened. There is a window of opportunity now and we must make use of it before it is too late. It is time for decisive action rather than more discussion. This will be in the interest of the security and wellbeing of the entire region including Israel,” said Rajapaksa, who also held a bilateral meeting with Palestine Leader Mahmoud Abbas.
http://www.ft.lk/2011/09/26/mahinda-says-un-visit-productive-successful/
By Nisthar Cassim in New York
President Mahinda Rajapaksa described his engagement with the United Nations member countries last week as very successful for him personally and Sri Lanka at large.
“I am very happy with the visit as it was very productive and through our discussions we were able to portray the true picture,” President Rajapaksa told the Daily FT.
We have never hesitated to meaningfully engage with the UN,” he said during a brief relaxed moment at his Ritz Carlton suite in New York in an otherwise hectic schedule.
In his fifth attendance at the UN’s Annual General Assembly, the President met with Secretary General Ban Ki-moon, interacted with US President Barack Obama and former President Bill Clinton and held an unprecedented number of bilateral meetings with leaders of India, Iran, Palestine, Qatar, Columbia, Slovenia, Nigeria, Uganda, Nepal and Kyrgyzstan among others.
He also attended Ban’s luncheon as well as dinner hosted by President Obama in addition to other receptions.
Commonwealth Secretary General Kamalesh Sharma and US Assistant Secretary of State for Central and South Asia Robert O. Blake paid courtesy calls. The Sri Lankan delegation to the UN forum held around 23 bilateral discussions whilst prior to that the team to Geneva attending the UNHRC held meetings with 30 delegations. President Rajapaksa was also interviewed by the influential Wall Street Journal and The Economist magazine.
The President said that the response to Sri Lanka’s stand on allegations of human rights violations in the final days of the battle against terror had been well received. A key breakthrough appears to be Canada deferring a resolution to take up human rights allegations at UNHCR’s 2012 March sessions. “Canada has said it is not proceeding,” External Affairs Minister Prof. G.L. Peiris said. Analysts said that the development suggests waning international support for discriminatory action against Sri Lanka spearheaded by a few yet powerful countries with a massive base of Tamil Diaspora. The Government’s position has been that the international community must respect home-grown solutions and processes whilst recognising the ongoing work and upcoming report of the independent Lessons Learnt and Reconciliation Commission (LLRC) before rushing to conclusions.
The LLRC report is due in November. The key highlight of President Rajapaksa’s visit was the address made at the 66th General Assembly debate of the UN on Friday. In response to a remark that it was a strongly-worded speech, Rajapaksa told the Daily FT that “I said what is right”.
Referring to the international community’s continued campaign to draw attention to human rights regarding Sri Lanka, President Rajapaksa told the UN Annual General Assembly: “It is important to remind ourselves that every country cherishes the values and traditions, and deeply held religious convictions it has nurtured over the centuries. These cannot be diluted or distorted under the guise of human rights, by the imposition of attitudes or approaches which are characteristics of alien cultures.”
He went on to say: “If this were done, it would amount to a violation of human rights in a fundamental sense. It must also be pointed out that even where sanctions are imposed, extreme care has to be taken to ensure that the people at large, men, women and children yet to be born, are not harmed by such action.”
“It is vitally important to insist that the structures and procedures of multilateral organisations are uniform and consistent and devoid of discrimination,” Rajapaksa stressed.
“My country has reason for concern with approaches tainted by an unacceptable degree of selectivity, which we have brought to the notice of the organisations in question in recent weeks. The developing world must keep a vigil against these irregular modalities, which should be resisted through our collective strength,” he added, clearly pointing at the controversial Darusman report and it being shared by the UN with the Human Rights Council and members without Sri Lanka’s knowledge.
Reiterating Sri Lanka’s stance against terrorism, President Rajapaksa called for solid practical action to stamp out world terrorism. However, he pointed out that alleged double standards employed by the West could undermine these efforts.
“The most significant challenge to stability and progress in the modern world is posed by the menace of terrorism. Recent experience the world over amply demonstrates that inconsistent standards and discriminating approaches can unintentionally give a fresh lease of life to the forces of terror. An explicit and uniform response which refuses to recognise political shades of terrorism is necessarily required.”
He warned that terrorists operate under front organisations and that “conferring legitimacy on these has the inevitable effect of providing comfort and encouragement to the merchants of terror”.
During his speech, Sri Lanka’s stand on the Palestine issue, the key focus of UN meeting, was explicit. “Despite repeated references in this Assembly by many member countries on the right of the Palestinian people to a state of their own within secure borders, we still have not been able to make it a reality,” the President said.
“It is a matter for profound disappointment that this has not yet happened. There is a window of opportunity now and we must make use of it before it is too late. It is time for decisive action rather than more discussion. This will be in the interest of the security and wellbeing of the entire region including Israel,” said Rajapaksa, who also held a bilateral meeting with Palestine Leader Mahmoud Abbas.
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