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 ...

PARIS (Reuters): Franco-Dutch airline Air France-KLM last week warned that a soaring fuel bill would hit profits this year after it swung to a loss in 2011 and scrapped its dividend. With fuel costs expected to increase by 1.1 billion euros ($1.44 billion) in 2012, Air France-KLM said operating

Reuters: Qantas Airways has called off talks with Malaysian Airlines to set up an Asian premium carrier because deal terms could not be agreed, a big setback to the Australian airline’s plans to turn around its ailing international operations. The announcement sent Qantas shares down as much as 4.3 per cent to a two-week low ...

Private Transport Minister C.B. Ratnayake says measures are to be taken to control the charges of private transport modes like three-wheelers, taxis and school vans to prevent the private transport provides from overcharging commuters. Explaining that private transport modes need to be regulated similar to private buses to safeguard the commuters, the Minister has said ...

Reuters: Forget austerity in the supercar zone at the Geneva Auto Show.  Lamborghini and Ferrari flaunted some of their most expensive models to date, confirming the recession-proof appeal of ultra high-end cars to the world’s wealthy.   Supercar Bugatti Veyron Grand Sport Volkswagen (VOWG_p.DE) unit Bentley, boasting a rich heritage of super-expensive sedans, coupes and ...

BERLIN (Reuters): BMW is in talks with General Motors on future technologies such as fuel cells and may extend cooperation with PSA Peugeot Citroen on gasoline engines, Chief Executive Officer Norbert Reithofer said. The world’s largest maker of luxury vehicles “can imagine”

Peninsula, DOHA:  The Sri Lankan rupee which has been fast tumbling against the dollar is expected to recover soon, and might actually begin appreciating, says Sri Lanka’s Central Bank Governor Ajith Nivard Cabraal. The official said that the rupee now ruling at 120 a dollar will start looking up over the next “six to eight” ...

Reuters: The Congress party’s drubbing in assembly elections proved beyond doubt that its populist politics failed to resonate with voters, and yet investors and consumers alike are bracing for more of the same from the besieged ruling party.  Hemmed in by maverick allies and the fallout from a slew of corruption scandals, the Congress party-led ...

Access Engineering Ltd. yesterday announced that its Rs. 500 million IPO was oversubscribed within a few hours of opening. As the IPO was oversubscribed, the subscription list closed on 6 March 2012, the official day of opening of the IPO, according to the regulations laid down by the Colombo Stock Exchange. The company issued 20 ...

DHAKA (Reuters): Bangladesh has signed a deal to buy 250 megawatts of electricity from India to partly ease power shortages, as Dhaka slowly moves away from producing power using costly imported fuel, a senior official said on Tuesday. Under the deal, State-run Bangladesh Power Development Board

High Commissioner of India in Sri Lanka Ashok K. Kantha recently launched Sri Lanka’s first-ever Corporate Fuel Card and XtraPremium Euro 3 at. Felix Perera, Lanka IOC’s flagship retail outlet in Colombo 7. This new Corporate Fuel Card has been launched by Lanka IOC in a tie

CIMB Group Holdings Berhad (CIMB Group) and John Keells Stock Brokers (Pvt) Ltd. (JKSB) yesterday announced a strategic collaboration to promote and facilitate trading on the Colombo Stock Exchange (CSE) and provide co-branded research for CIMB’s clientele. JKSB, a founder member of the CSE and a subsidiary of John Keells Holdings PLC, the largest listed ...

Reuters: The International Monetary Fund (IMF) on Monday forecast Sri Lanka’s economic growth would cool to less than 7.5% due to its tighter monetary policy and currency depreciation measures, aimed at cutting the trade and current account deficits. The global lender has withheld the last $800 million left in a $2.6 billion loan program since ...

The National Trade Union Center (NTUC) affiliated to Janatha Vimukthi Peramuna (JVP) yesterday held a protest in Colombo together with unions representing several sectors in the country. The NTUC commenced the combined action this evening opposite the Fort Railway Station with representatives from the fisheries, agriculture, estate, public and private sectors. The protestors called on ...

Reuters: Manchester City raced five points clear in the league with a 2-0 win over Bolton Wanderers on Saturday while Chelsea’s woes under Andre Villas-Boas continued after a 1-0 defeat at West Bromwich Albion.  With second-placed Manchester United visiting Tottenham Hotspur on Sunday, City stretched their lead as an own goal from Gretar Steinsson and ...

At the beginning of March, Dr. Ing. h.c. F. Porsche AG, Stuttgart, will be presenting one world premiere and two European premieres at the Geneva Motor Show. The new generation of the Boxster will make its debut in front of an international public at the Porsche press conference on 6 March at 09:30 a.m. (MEZ) ...

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 ...

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 ...

Boeing last week delivered the first 747-8 Intercontinental VIP airplane to an undisclosed customer. The airplane, which was delivered with a minimal interior, will enter service in 2014 after its VIP interior is installed. “This is a great day for Boeing,” said Jim Albaugh, President and CEO of Boeing Commercial Airplanes. “The 747 is the ...

Tyranny of the international capital markets Dr. Indrajit Coomaraswamy, ex-Central Banker and International Civil Servant, did not mince words when he addressed the country’s exporters last week. The veteran economist, having made an assessment of the risks associated with Sri Lanka’s external sector crisis, warned that the country will have to grapple with “the tyranny ...

Reuters: The head of the United Nations body that oversees civil aviation said on Friday that his agency still plans to have a proposal on measures to address emissions from aviation by the end of 2012, even as critics push for faster change. “I read the press like anyone. I listen to all of the ...

Cisco on Thursday announced the launch of the first Cisco Student Industry Training Program [CITP] in Sri Lanka. The six-month program, scheduled to commence in March, is aimed at providing Cisco Networking Academy students a unique opportunity in industry attachment to fuel ICT adoption and drive

Diversified blue chip Hayleys remains optimistic of future prospects despite what its Chairman Mohan Pandithage described as “adjustments-required” temporary challenges. With regard to new policy developments relating to exchange rate and fuel prices, the Hayleys Chief admitted

President Mahinda Rajapaksa has ordered the increase of the monthly kerosene subsidy for small fishing boats from 250 to 375 litres and diesel to multi-day boats by 100 litres. The move follows the President having a meeting with representatives of fishing organisations in Negombo and Chilaw yesterday. The decision to have a dialogue with fishermen ...

The Treasury has defended the Government’s recent decision to increase fuel prices ranging from 30% to 50%, linking it to spikes in global prices, rising losses for CPC and the need to safeguard subsidies to the people. In a statement posted on the Treasury’s website, the Finance

Ford this week announced the winning project under their Environmental Conservation and Grants program in Sri Lanka. The ‘Fire Prevention in Knuckles Forest Reserve’ project was selected as the winner after heavy jury examination and will receive up to $ 10,000 from Ford Motor Company to implement their proposal. Ford Motor Company’s Conservation and Environmental ...

Despite a select few reporting highest-ever profits, the combined figure of 210 companies which have released their financials so far reveals a concerning trend. The cumulative earnings for the quarter ended on 31 December 2011 was Rs. 40.6 billion, up by only 0.56% year-on-year according to broking sources who have tracked corporate results. The 210 ...

The Central Bank last night said the revision of Sri Lanka Foreign Currency Rating Outlook from ‘Positive’ to ‘Stable’ and lowering of the country’s long-term local currency rating from BB- to B+ by Standard & Poor’s was unwarranted. In a statement, the Central Bank said the Sri Lankan economy is estimated to have grown by ...

By Cheranka Mendis Asian economies must face the rising issues of energy by getting their act together and moving forward even though the countries in the region seem to be facing discrimination from the West in the area of using nuclear power as an alternative source to non-replaceable oil sources. Independent Power Producers Association of ...

Managed to divert from crisis to stability through policy changes By Cheranka Mendis Sri Lanka, teetering on the brink of a crisis, just managed to save itself through the recent policy measures taken by the Government such as the exchange rate changes, said the Commonwealth Secretariat Economic Affairs Division’s former Director Dr. Indrajit Coomaraswamy yesterday. ...