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BRUSSELS (Reuters): Euro zone economic sentiment defied expectations of stabilisation and again fell sharply in September, underlining the economic gloom brought on by the sovereign debt crisis as the euro zone sinks into a recession. The European Commission’s monthly economic sentiment survey showed the index for the 17 countries sharing the euro falling to 85 ...
Reuters: The Central Bank lowered its 2012 economic growth estimate to 6.8% from an earlier 7.2%, blaming the drought for the second downward revision this year, Governor Ajith Nivard Cabraal said on Thursday. “Right now our view is there will be reduction in growth from the earlier estimated 7.2%. Drought has been a factor and ...
Reuters: China severely underestimated this year’s global economic slowdown and further cuts to Chinese interest rates or bank reserve requirements hinge on any new deterioration in the external environment, a central bank adviser said on Thursday. Chen Yulu, a professor at China’s Renmin University and an academic adviser to the monetary policy committee of the ...
Countries have achieved sustained growth and development by adopting a range of approaches. Successful outcomes have come from policies varying from state capitalism to those based on market-driven private sector-oriented models. A high premium needs to be attached to the pursuit of pragmatic policies that are appropriate for country-specific conditions at a given point in ...
‘SLT Intelligent Solutions’ connects the T20 to the world Sri Lanka Telecom, the nation’s number one integrated communications service provider and the leading backbone infrastructure services provider, is proud to empower the ICC World Twenty20 Championship 2012 through ‘SLT Intelligent Solutions’, providing dedicated internet through Ethernet connectivi...
The location of Sri Lanka has a strategic significance and this has been proven by the historical trading activities between Sri Lanka and ancient China, Egypt, and the Roman Empire. There is ample evidence to show that Sri Lanka was a main trading hub in Asia. The reasons for occupation of Sri Lanka by the ...
Asian Development Bank (ADB) Vice President Xiaoyu Zhao has declared that Sri Lanka has big potential than any other country in Asia to become the most viable and attractive regional economic hub. “Strategic location, post conflict infrastructure development initiatives, peace and stability, high economic growth and able leadership are the main factors behind these potential,” ...
The Commercial hub of the island, Colombo has recently drawn a great deal of positive attention from Standard Chartered. The bank’s regional teams, impressed with Sri Lanka’s recent economic progress and development in business, have recognised the city as an ideal venue to host global conferences. In the next few months the local branch office ...
The Consulate General of Sri Lanka Dubai M.M. Abdul Raheem visited Hamriyah Free Zone Authority this week and met with Director General Dr. Rashid Alleem to strengthen bilateral business association and investment promotion between the two countries. During his meeting Raheem highlighted the investment potential and business environment for Sri Lankan business community. Sri Lanka ...
Reuters: Banks are getting round new rules intended to make a still vulnerable industry safer while countries are distracted by the continuing financial crisis, the International Monetary Fund said on Tuesday. The IMF’s latest Global Financial Stability Report said banks will adjust to new costs from tougher regulation to curb excessive risk taking, with deep-pocketed ...
UNITED NATIONS(Reuters): President Barack Obama will say on Tuesday the United States will “do what we must” to prevent Iran from acquiring a nuclear weapon as UN Secretary-General Ban Ki-moon warned against threatening attacks whose consequences would be devastating. Preparing to take the podium at the United Nations six weeks before the US presidential election, ...
East London recently received a boost as five ICT firms announced plans to expand their operations in Tech City, Europe’s fastest-growing digital hub. Milton Keynes, Sheffield and Ulster will also benefit from multi-million pound international business deals announced at the Global Business Summit on ICT, organised by UK Trade & Investment (UKTI) during the Olympic ...
HS Marketing (Pvt.) Ltd., a subsidiary of Sri Lanka’s leading menswear specialist Hameedia recently launched the largest ever store dedicated to its popular brand Signature in the bustling town of Piliyandala. Situated next to the main Piliyandala bus stand in the heart of the town, this 3000 sq ft Signature Store is a dedicated and ...
Global giant Standard Chartered Bank tips Sri Lanka’s economic growth to rebound in 2013, after contracting this year from 2011. It is forecasting economy to grow by 7.5% in 2013 and by 7.7% in 2014 from 6.8% this year. However, forecasts for the next two years are lower in comparison
Globe Mirror Industries (GMI), the first tempering plant to be established in Sri Lanka in 1969 has been awarded ISO 9001:2008 certification, a clear indication of its growth and credibility in terms of maintaining a high standard of quality throughout the years. GMI was started by late Mohammed Nawaz and has since grown to be ...
A number of articles which appeared in print media in the recent past signify the volatility in the economy. High volatility leads to vulnerability. Volatility and vulnerability are reflections of the haphazard nature of the economic policies and poor economic governance in a country
Reuters: Asian shares edged lower on Tuesday after Germany’s business confidence fell in September for a fifth consecutive month and Caterpillar Inc (CAT.N), the world’s largest earth moving equipment maker, cut its earnings forecast, underscoring worries about slowing global growth. Uncertainty about the bailout prospects for Greece and Spain, as the euro zone’s three-year-long ...
Mobitel, the country’s state owned mobile communication company intends to play a key role in national information and communication technology (ICT) transformation. It is going through an organisational revitalisation process in order to gear up to make a greater contribution towards national transformation led by President Mahinda Rajapaksa. Under its ‘Change to Lead.Now’ organ...
Sri Lankan plantation industry veteran Dan Seevaratnam was awarded the Life Time Achievement Award at The Asia Pacific HRM Congress, one of the most prestigious human resource summits in the world held in Bangalore, India, last week. The award marks a significant achievement for the local plantation sector which is a people intense industry, being ...
Recording a year-on-year sales volume growth of 400% in the current financial year and targeting a further 100% growth in the year ahead, Carmart, the sole distributor in Sri Lanka for Peugeot, has created a strong niche in the market and is poised for aggressive expansion in the coming year with an extremely diversified product ...
Reuters: Riskier assets fell broadly on Monday, dragging down Asian shares, copper and oil but the dollar strengthened as investors shifted their focus to weak economic fundamentals while monitoring progress in the euro zone debt bailout scheme. The MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.7%, with a 1.5% drop in its materials ...
Quality recognition for Panasonic ceiling fans distributed island wide by Softlogic A product of internationally recognised consumer electronics brand Panasonic has been awarded the Sri Lanka Standard (SLS) 814 certification, one of Sri Lanka’s most exclusive quality recognitions. Awarded by the Sri Lanka Standards Institute, the SLS certification recognises design excellence and functional ...
LONDON (Reuters): Britain’s budget deficit widened to the biggest on record for any August, data showed on Friday, a day after the central bank chief said missing its debt goal was acceptable for the government. Public sector net borrowing excluding financial sector interventions rose to 14.410 billion pounds from 14.365 billion in August 2011 as ...
In clear signs that Sri Lanka’s trade with India is set to grow further and recent noise about Sri Lanka in Tamil Nadu has almost no impact on the surging Business-to-Business (B2B) linkages, a 45-member strong biz delegation led by S. Rethinavelu, Senior President of the Tamil Nadu Chamber of Commerce and Industries (TCCI) is ...
Khaleej Times: Sri Lankan efforts to increase its export of skilled workers to the UAE were the topic of discussion in a gathering of diplomatic officials at an overseas employment promotion seminar held on 13 September. At the event, officials addressed local recruiters and employers on the procedures and benefits associated with hiring workers from ...
By Shanuka Tissera The Serendib Educational Foundation (SEF) provides financial support to talented students who have excelled in their secondary education and have the ability and skills to reach greater heights as they pursue higher studies. The 20th anniversary celebration took place at Cinamon Lakeside where the SEF proudly launched their latest website for both ...
Business sentiment at Asia’s top companies declined for a second consecutive quarter in 2012 due to continued worries over the global economy, according to the latest Thomson Reuters/INSEAD Asia Business Sentiment Survey. The poll was conducted between 3 and 14 September 2012 and of the 97
SINGAPORE: Business sentiment among Asia’s top companies fell for the second straight quarter, dragged down by export-orientated economies such as China and Japan, while domestic spending helped boost Southeast Asia’s outlook, a Thomson Reuters/INSEAD survey showed. Concerns over global demand are hurting Asia’s export engines, with autos, technology and shipping sectors am...
LONDON (Reuters): Shares rose on Wednesday and the yen fell to a one-month low after the Bank of Japan eased monetary policy, the latest central bank to offer stimulus to help the global economy find a firmer footing. The BOJ said it would increase its asset buying and loan programme, currently
Cabraal says that price pressures will remain, keeps policy rates and growth figures steady The Central Bank kept policy rates unchanged yesterday, on expectations that inflation would remain contained to single digit levels on policy changes to reduce demand. The concerted efforts by the Central Bank and the Government earlier this year to curb the ...