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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 ...
The place isn’t a paradise for minorities but the economy is recovering By Sam Baker Asuasentinel.com: The Government of Mahinda Rajapaksa in Sri Lanka has probably botched its dealings with the United States, the European Union and the United Nations. Still, the disenchantment with Colombo may be overblown three years after the end of the ...
The global escalation of commodity prices in the latter part of last decade impacted Sri Lanka’s rice market, with retail prices showing sharp increases for the consumer. The regulatory forces with a ceiling on consumer prices and guaranteed price for paddy did alleviate this problem to some extent. Today it has taken a different turn ...
On Friday (7) afternoon, the eve of provincial council elections in three provinces, a certain gathering took place at 101, Rosmead Place, which houses the corporate offices of Democratic National Alliance (DNA) National List Parliamentarian, Tiran Alles. Consultations that lasted for hours, took place between Alles and UNP Deputy Leader Sajith Premadasa and a few ...
REUTERS: US astronaut Neil Armstrong, who took a giant leap for mankind when he became the first person to walk on the moon, has died at the age of 82, his family said on Saturday. Armstrong died following complications from heart-bypass surgery he underwent earlier this month, the family said in a statement, just two ...
Reuters: Tanzania has suspended the head of its ports authority and six other senior port officials over allegations of cargo theft and embezzlement of public funds, the transport ministry and local media said on Friday. The government is struggling to crack down on corruption in ministries and state institutions, with the public losing patience at ...
PARIS/LONDON (Reuters): Leading members of the Group of 20 nations are prepared to trigger an emergency meeting to address soaring grain prices caused by the worst US drought in more than half a century and poor crops from the Black Sea bread basket. France, the United States and G20 president Mexico will hold a conference ...
Reuters: Indian Finance Minister P. Chidambaram sought on Monday to allay investor worries about an economy growing at its weakest pace in almost a decade by pledging to address their concerns over taxes, public finances and interest rates. In his first comments since becoming finance minister on July 31, Chidambaram said it was important to ...
Four examples; two bad and two goodThe website of the London Economist newspaper has a reference to an official of a certain country referring to a journalist in words similar to what follows – I have substituted words which would be appropriate to an officer and a gentleman addressing a lady, for what was actually ...
Case study Middle East Sri Lanka is one of the most sought-after tourist destinations in the world. It is surrounded by the Indian Ocean strategically located between West Asia and South East Asia and has been an important stop on the silk route or the Silk Road. It has all requirements to be one ...
The Standard and Poor’s (S&P) Rating Services assigned a score of 8 (very high risk) to the Sri Lankan economy and banking industry last week. The role of ratings agencies in the lead-up to the global financial crisis (2008) was certainly highly questionable. There are also issues related to their accountability. Despite this, and setting ...
A solution for loss-making SOEs? In the USA, a new corporate entity referred to as a Benefit Corporation (B-Corp) has been brought into being. The states of Maryland, New Jersey, Virginia, California and Vermont have legislation which permits companies to combine the profit motive with the purpose of making a positive impact on society and ...
Reuters: Brent crude steadied around $96 a barrel on Tuesday, staying close to 16-month lows hit in the prior session, as Spain’s rising borrowing cost showed Europe is nowhere near resolving its debt crisis that has hurt the outlook for fuel demand. Oil, along with other commodities, fell
Reuters: Indian export data released on Friday confirmed a sharp slowdown in foreign trade, adding to the woes of Asia’s third-largest economy and piling more pressure on the weak coalition government to take steps to boost economic growth. Indian exports inched up 3.23 percent to $24.5 billion in April from a year earlier after falling ...
VESAK is the festival of light. Yet this year it seems that the lights will have to be dimmed to reflect the reduced lustre of the country’s economy. As the Power and Energy Ministry organisers raffle draws for people who save electricity during the upcoming religious season there are many other efforts happening behind the ...
By Cheranka Mendis The volatility in Middle Eastern markets, coupled with the increasing issue of low quality due to competition and increasing costs, has placed the local tea industry in a big fix, which could, if unattended, immediately mark the end of a Sri Lankan legacy in four to five years. Despite Sri Lankan tea ...
The Janatha Vimukthi Peramuna (JVP) spokesman and parliamentarian Anura Kumara Dissanayaka in an interview with the Daily FT critiques the on-going sessions of the UN Human Rights Council (UNHRC), the state of bad governance, deteriorating law and order and the economic crisis in the country. Following are excerpts from the interview. Q; What are your ...
Passenger traffic continues by 5.7% to rise in January; cargo remains in doldrums with 8% dipThe International Air Transport Association (IATA) last week announced global traffic results for January showing a 5.7% rise in passenger demand but an 8.0% decline in air freight compared to the same month in 2011. The occurrence of Chinese New ...
Clouded prospects in developed markets cast a shadow over outlook for trade and economyBy Jonathan Story Two key forces that have driven Asia’s transformation for decades can be counted on to continue apace in the coming year: economic development and China’s rise. Nonetheless, individual Asian countries will struggle to balance domestic and international responsibilities in ...
Stock market plunges further; Rs. 69 b in value wiped off One year loss of value is a staggering Rs. 766 b EPF and foreign buying saves Bourse after near 5% crash Rupee dips to all-time low of Rs. 120; likely to settle down though triggering panic in import trade Crisis could be an understatement ...
IATA says capacity, economy loom as issues in 2012 The International Air Transport Association (IATA) last week reported that full year 2011 passenger demand rose 5.9% compared to 2010, in line with long-term growth trends. In contrast, cargo markets contracted by 0.7% for the year; but recorded positive demand growth in December of 0.2%. Growth ...
PARIS/NEW YORK (Reuters): Standard & Poor’s has warned it may carry out an unprecedented mass downgrade of euro zone countries, including Germany and France, if EU leaders fail to deliver a convincing agreement on how to solve the region’s debt crisis in a summit on Friday. The ratings warning sent markets reeling and drew a ...
After the recent Commonwealth Games in New Delhi, India, critics found three new words for the acronym ‘CWG’ – Corruption, Waste and lack of Governance. The Chairman of the Indian National Olympic Committee, who was Chairman of the Organising Committee, is presently in Tihar Jail, in Delhi with many of his acolytes, on charges regarding ...
DUBAI (Reuters): Emirates airline placed a blockbuster order for 50 Boeing 777 jetliners at the Dubai Air Show on Sunday, underscoring the confidence brimming among fast-growing Gulf airlines despite growing fears of stalling global growth. The Dubai government-owned carrier, expanding its role as the world’s largest operator of Boeing’s most profitable plane, said the deal ...
Following is a statement on the Expropriation Bill by UNP Deputy Leader Karu JayasuriyaThe might of numbers in Parliament steamrolled the plight of the private sector albeit the nation last week. Notwithstanding widespread protests, the Government has placed in the statute books the draconian Revival of Underperforming Enterprises and Underutilised Act. That 37 business enterprises, ...
Discussion on the validity of non-military engagements of the military The war or internal armed conflict in the north and east is over; the Emergency is no more; but still the military is everywhere. The military is now engaged in peacetime police-work, whale watching, selling vegetables, agriculture, cleaning, constructions and many other non-military activities. Yet, ...
Environmental trends threaten global progress for poor, warns 2011 Human Development ReportDevelopment progress in the world’s poorest countries could be halted or even reversed by mid-century unless bold steps are taken now to slow climate change, prevent further environmental damage, and reduce deep inequalities within and among nations, according to projections in the 2011 Human ...
Following is the address delivered by Senior Minister for International Monetary Cooperation Dr. Sarath Amunugama at the fourth South Asia Economic Summit (SAES IV) Plenary Session: In the aftermath of the global economic crisis, there has been a noticeable shift in economic clout, moving from the USA and the debt-plagued countries of the Eurozone, to ...
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