Wednesday, November 19, 2008

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Global recession jolts Lankan economy

  • Analysts fear Govt’s ambitious target of 6.8% economic growth for 2009 is unlikely
  • Warning signs as apparel exports dip by 12% in September; Tea and rubber remain vulnerable
  • WB Lankan Director says high probability of lower GDP growth as multilateral donor downgrades forecast for developing nations to 4.5% for 2009 from previous projection of 6.4%
  • Key military gains fail to boost stock market investor sentiment as Bourse loses Rs. 173 b in value
  • High interest rates, inflation and fiscal management key concerns
  • Lower oil prices a silver lining on reserves though no real relief for users

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Nestle Finance Director Mandeep Chadwal accepts the Best Corporate Citizen award from British High Commissioner Peter Hayes. The Best Corporate Citizen Awards were organized by the Ceylon Chamber of Commerce and held at Cinnamon Grand yesterday (Pic by Rukshan Abeywansa)



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Seylan to tap new market segments

Plans are underway for aggressive expansions of the remittance market, agri-based financial services, pawning and gold investment

Seylan Bank PLC, one of Sri Lanka’s premier private banks in the country, is gearing up to tap three largely untapped markets aggressively, to triumph over the predicted gloom in the local as well as international banking sector in the approaching years.

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