'Ad hoc wage increases disastrous to economy'
Trade unions and the Employers Federation of
Ceylon (EFC) have locked horns over the private sector salary
increase issue. Trade unions warn that stern action will be taken if
the demand is not met while the EFC claims any government-backed ad
hoc wage increase in the private sector would be disastrous to the
economy.
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New development model in the offing
The government will work towards accruing
development dividends to all equally and will reverse negative
growth in real terms by deploying a suitable development model. “Our
economy is not as rosy as the previous regime showed it to be. The
data including the GDP growth figure and external reserves is not
all accurate.
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Gurunagar fishermen call for multi-day craft
The fishermen in the Northern Province call upon
the government to provide multi-day fishing boats to sustain their
livelihood amidst competition from their Indian counterparts. “We
use trawlers and are unable to catch sufficient fish to meet demand.
We lost our boats due to the war and we could only purchase
trawlers.
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Retail sector has wide potential
Sri Lanka's modernised retail business is around
16 percent which is low compared to China's 60 percent and
Thailand's 40 percent, IFC (International Financial Corporation)
Country Manager for Sri Lanka and the Maldives,
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Alcohol in CCPI consumer goods basket again
Department of Census and Statistics (DCS) is to
upgrade the compilation methods of its main economic indicators, the
GDP and Consumer Price Index. Accordingly, the base year will be
changed to 2010 and new national and provincial consumer price
indexes too will be introduced.
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Union Bank gears for new phase of growth
Union Bank of Colombo PLC (UBC) in a media
release said that 2014 marked a year of change in its 20-year
history having received a significant capital infusion of Rs. 11.4
billion from Culture Financial Holdings, an affiliate of TPG, one of
the largest private global investment firms.
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