Sri Lanka Tourism Promotion Bureau MD post is a permanent position and comes under scheme of recruitment approved by Treasury Rumy Jauffer hired on one-year contract sans an application or a CV Not marking attendance, unlimited use of fuel among flags-off in Auditor General’s Department query A host of queries by the Auditor General’s Department ...

Reuters: Nepal’s prime minister worked on Friday to form a coalition government that will include the main opposition parties after his cabinet quit as part of a negotiated effort to quell political tumult in the desperately poor Himalayan state. Nepal, wedged between its giant neighbours China and India, has been plagued by instability for years ...

The name ‘Jetwing’ has long been associated with caring, and a commitment to hospitality as well as the environment. For almost 40 years, the family owned company has grown tremendously, from humble beginnings in Negombo in 1963. Future projects, planned to bear fruit in the next three years, include the doubling of the current room ...

Finance Ministry Secretary Dr. P.B. Jayasundera yesterday insisted that the recent fall in the value of the rupee was unwarranted and blamed it on speculators as recent corrective policy actions had strengthened fundamentals for greater stability in the exchange rate. “The recent spike is due to speculation more than on fundamentals. I reiterate that the ...

By Faraz Shauketaly For over thirty years – most everything in Sri Lanka was blamed on the ‘war’. If you were polite it was the ‘security situation’. People late for appointments always had an excuse, ‘the checkpoints’, the Army took so long to check my ID and the Police took even longer at the next ...

Sri Lanka will have to tackle its inflation problem if it wants to attract foreign direct investments (FDI), IMF’s Deputy Managing Director (DMD) Naoyuki Shinohara told this reporter in an interview at Washington, DC on Sunday. He however said that the island’s macroeconomic outlook was looking good, with inflation coming down, coupled with the institution ...

Several days after its original announcement of suspension of flights during off-peak season, SriLankan Airlines retracted saying services to Rome, Milan and Moscow will continue uninterrupted. “SriLankan Airlines’ services to Rome, Milan and Moscow will remain uninterrupted as per the present schedule. The flight frequencies to these three destinations will also remain the same,”...

Central bank Governor says country is targeting per capita income of $4,000 by 2015Ajit Nivard Cabraal is a man intimately associated with the economic development of Sri Lanka. Well before he became the Governor of the Central Bank of Sri Lanka, in 2006, Cabraal was the chief economic adviser to President Mahinda Rajapaksa, who was ...

SriLankan Airlines yesterday announced certain capacity adjustments to its European route network, taking into consideration the rise in fuel and operational costs and economic indicators in the EU region. It said taking current travel trends into consideration, the airline will cancel flights to Zurich, Switzerland during the off-peak from 1 May to 26 June and ...

With the recent relaxing of the rupee exchange rate and subsequent increase in fuel prices, trade unions and the opposition parties are conducting protest campaigns against the Government, demanding a reduction in oil prices and the cost of living. This article investigates the living conditions of citizens in the recent past and present, quality and ...

NDB‘s contribution to infrastructure development has been substantial during the last three decades. Having garnered the experience and expertise to cater towards the development process in Sri Lanka, NDB continues to focus on this vital component providing the necessary support that will help towards economic development in the country. NDB CEO Russell de Mel says, ...

The exchange rate (ER) last week had the dubious distinction of making a steep dive to hit Rs. 130 by being depreciated by nearly Rs. 5 against the US dollar ($) in a week in interbank trading on the back of import demand, but since then has seemingly been tenuously holding on to those levels ...

By Cheranka Mendis Dubai’s low cost airline, flydubai yesterday announced the increase of frequencies to Sri Lanka, going from five to seven weekly flights since 11 March following a surge in passenger numbers. flydubai CEO Ghaith Al Ghaith noted that with the changes in flight timing by moving on from four flights a week during ...

The STING Corporate Accountability Index is an independently researched analysis of the standing of corporate Sri Lanka against a model of responsible business practices. It is published in order to encourage more companies to adopt a holistic system of corporate responsibility. The adoption of such a system and making this the usual way of operating, ...

Loss-making State-owned enterprises are nothing new in Sri Lanka. One of the better known ones is SriLankan Airlines, which was given to Emirates due to its inability to breakeven but was retaken by the present Government. Pros and cons of this move is history but cash-strapped and a midst losses, it appears that the Government ...

By Cheranka Mendis Despite the Central Bank’s forecast reading 7.2% growth for 2012, RAM Ratings Lanka CEO Adrian Perera is confident that the country can touch the 7.5%-7.6% mark by the end of the year. Perera told the Daily FT that the new projection is a realistic number from the 8% noted at the beginning ...

It is pleasant to lead a peaceful life with no encumbrances and without debts. In the modern world, debt has become a part of life like breath. In Sri Lankan society, it has not been the case and the practice before. It has been a burden and a commitment for somebody to live in a ...

Scanning through the papers recently after the Central Bank of Sri Lanka published its 2011 external sector performance report, I was reminded of a pithy observation made by William W. Watt: “Do not put your faith in what statistics say until you have carefully considered what they do not say.” Some of the data were ...

By Cheranka Mendis Gathered to discuss the implications, opportunities and challenges of the sudden announcement and introduction of the Government’s new policies, the export community was advised by a panel of experts to watch ahead, be prepared and make their own judgments from the information provided. With the country facing no immediate risks of getting ...

Avoiding a crisis The Pathfinder Foundation (PF) commends the Treasury and Central Bank for the policy measures introduced recently. This has prevented an external payments crisis. Without remedial action, the country would not have been able to meet its debt obligations and/or finance essential imports within a short period of time. The increases in the ...

Safety and food hygiene of Colombo eating houses quite poor, says CMC’s Chief Medical Officer By Cheranka Mendis Even though Colombo has over 750 eating houses (from five-star hotels to roadside ‘bath kades’), only 290 obtained trade licenses last year, CMC Chief Medical Officer Dr. Pradeep Kariyawasam said. Speaking at the Indexpo food and management ...

For over 120 years the name Mercedes-Benz has guaranteed trucks of highest quality. In the European and Latin American markets Mercedes-Benz Trucks today is still synonymous with reliability and economy, first-rate quality in product and service as well as global competency in customer-focused transport solutions. This applies to the Actros, Axor and Atego truck lines ...

By Sulochana Ramiah Mohan Tour operators who had made reservations for inbound tourists prior to the hike in fuel and power rates will not be able to adjust their costs, and instead will have to bear the operational costs in the coming months, said sources from the tourism sector. “Local operators will have to work without expected profits as these tours are planned some months in advance,” said ...

LONDON(Reuters): Cleaner and better-managed seas and coasts would help boost economic growth and reduce poverty and pollution, a United Nations Environment Programme (UNEP) report said on Wednesday. The report, produced with several other U.N. organizations, highlights the huge potential of a marine-based economy some five months before world governments meet to discuss pathways to more ...

A VIP entourage coupled with the police closing the “cut across” entrance to Cinnamon Grand from Galle Road when travelling towards the Galle Face direction (ie the “cut across” from Galle Road seaside to landside and then to the Hotel)-which is now usually kept opened after the terrorist war end, delayed this reporter from covering ...

The Comprehensive Economic Partnership Agreement (CEPA) seems to be set to hit the headlines again, after the Industry and Commerce Minister on a recent visit to India expressed strong interest in expanding business ties with Sri Lanka’s closest neighbour. Readers will remember that all past attempts to sign CEPA have resulted in many local businessmen ...

“Our sense is that if we do not act boldly and if we do not act together, the economy around the world runs the risk of a downward spiral of uncertainty, financial instability and potential collapse of global demand… we could run the risk of what some commentators are already calling the lost decade” – ...

A survey conducted last week on the health of the Sri Lankan economy revealed that almost 64% said that the Government had done its task but only 43% had said that there had been growth in the economy. Whilst some can say that this data is strange, a similar set of information was shared at ...