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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 ...
Diesel and Motor Engineering PLC (DIMO) recently organized the Second Tata Nano Mileage Challenge Rally for Tata Nano owners in Colombo.
Richardson Projects is a subsidiary of the Richardson Group, which is a pioneer in Sri Lanka’s electrical products and infrastructure industry recently launched the successor to Moeller brand Eaton. Moeller and Eaton, two of the most established and respected names in the electrical sector came together as Eaton acquired Moeller in the year 2008. In ...
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 ...
Diesel and Motor Engineering PLC (DIMO) recently organised the second Tata Nano Mileage Challenge Rally for Tata Nano owners in Colombo. The rally was flagged off from Colombo, with the objective of raising customer awareness and reassuring the position of Tata Nano as the most fuel efficient passenger car in Sri Lanka. Twenty five Tata ...
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 to record 8.3% growth achieved ...
Reuters: Sri Lanka will cut spending from the 2012 budget to keep the fiscal deficit to a targeted 6.2%, the treasury secretary said on Monday, adding that growth may fall as low as 6.5%this year because of a drought and the global slowdown. By April this year, Sri Lanka’s budget deficit was 285.8 billion rupees ...
Asia Wealth Management is urging retail investors to ‘pull up their socks,’ suggesting a more confident approach to equities investment. Here are excerpts from Asia Wealth’s weekly review: The market has healed so fast within a very short period lowering the year-to-date loss to -2.7%, despite reaching highs of negative 20%. There are many explanations ...
Ever Leading, the fourth L-type containership of Evergreen Line, was christened by S.S. Lin, the Evergreen Group’s First Vice Group Chairman, at the Samsung Heavy Industries shipyard recentrly. The ceremonial rope cutting for the new 8,452-TEU vessel was performed by Kitty Yen, Chairman of Evergreen Sky Catering Corp in a ceremony attended by dignitaries from ...
Reuters: Passenger jets could be chomping on straw or flying on fuel extracted from sawdust in coming years as the search widens for cleaner alternatives to kerosene, French scientists say. The “ProBio3” project, started in early July and co-financed by a French government economic stimulus programme, aims to use traditional horse-bedding materials to develop a ...
Reuters: A plan to buy 100 Airbus aircraft will be submitted to the board of Asia’s largest budget carrier, AirAsia Bhd, in about two weeks, the airline’s CEO, Tony Fernandes, said on Friday, in a deal that could be worth $9 billion. He also said he had no immediate plans to enter the Indian market ...
SriLankan Airlines established its presence in the most bustling district of the Southern Province, Hambantota, with the opening of a new sales office on Friday, 21 September. The branch office will facilitate travel formalities to a large clientele in the south-eastern coast area. The modern facility is equipped to handle reservations, ticketing, Prepaid Ticket Advices ...
The first-ever National Bamboo Processing initiative will be kicked off today, 19 September, at Galle Face Hotel, Colombo. The UNIDO focal point office in Colombo will be launching the event with Minister of Industry and Commerce Rishad Bathiudeen and Secretary, Ministry of Industry and Commerce Anura Siriwardena. The launching will also be attended by senior ...
Reuters: British inflation ticked down in August despite a rise in oil and fuel costs, providing the Bank of England with more leeway to inject additional cash into the fragile economy. The Office for National Statistics said on Tuesday that consumer price inflation slowed to 2.5 per cent last month from 2.6 per cent in ...
Reuters: Researchers at the Massachusetts Institute of Technology have developed a system that uses dashboard-mounted smartphones to help drivers avoid red lights and reduce fuel consumption. The app called SignalGuru predicts when a traffic signal is about to change, and the speed that should be driven when approaching an intersection in order to cruise through ...
Reuters: Policymakers can learn from contrasting approaches to developing markets in energy efficiency, as interest grows in savings which boost competitiveness and security of supply while cutting fuel bills and carbon. That rising interest was illustrated by US President Barack Obama, in his Executive Order recently, for “Accelerating investment in industrial energy efficiency.” R...
First in a new class and first of 10 newbuilds; Ship sets standards in environmental protection and efficiency Hapag-Lloyd recently held a naming ceremony for the Hamburg Express, the first of 10 new vessels in its new 13,200 TEU class. Cornelia Behrendt, wife of Michael Behrendt, Chairman of the Executive Board of Hapag-Lloyd, performed the ...
NEW DELHI (Reuters): India allowed foreign airlines to buy stakes of up to 49 per cent in local carriers in a long-awaited policy move, providing a potential lifeline to the country’s debt-laden airlines by opening up a fresh source of funding. Friday’s decision, coming on the back of a controversial diesel price hike on Thursday, ...
Reuters: The United States has renewed waivers on Iran sanctions for Japan and 10 European countries because they cut their purchases of the OPEC nation’s crude oil, Secretary of State Hillary Clinton said on Friday. The renewal means banks in the 11 countries have been given a second 180 day reprieve from the threat of ...
The UNIDO focal point office in Colombo has successfully marshalled a US based top tier global fund for its pioneering bamboo initiative leading to large scale bio-mass alternative energy material growth in Sri Lanka. “We are highly encouraged by the strong co-financing support of the Global Environment Fund (GEF) headed by Jeffrey Leonard, whose firm ...
The SriLankan Airlines Group stamped its class as an institution that is in the forefront of environmental conservation, when it swept the ‘State Sector Buildings – Large Scale’ category at the Vidulka National Energy Efficiency Awards 2012. The National Carrier won the only Silver Award in the category, while its subsidiary SriLankan Catering Ltd. was ...
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 ...
Despite a reversal in the rate of exports decline and evidence of some improvement, Sri Lanka is actively moving to help its exporters to face the global downturn, with a challenging new $ 12 b export goal set for 2102. “Since you, the distinguished exporters, who account for nearly 80 per cent of Sri Lanka’s ...
NFC-enabled student ID card launched for the first time in Sri Lanka The National Mobile Service Provider, Mobitel launched a student identity card solution that works on NFC (Near Field Communication) technology, for the first time in Sri Lanka. The student identity card named iCard was launched at Royal College. The NFC card reader ...
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 ...
Leo Burnett has always been committed to the growth of its people and invests in numerous ways to develop the skills and competencies of its team. Recently the agency conducted an offsite workshop to enhance the general skills of its young executives to fuel their growth and to equip them to be empowered to face ...
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 ...
SINGAPORE (Reuters): Tyre makers snapped up rubber for nearby shipment before prices rise again on expectations of more stimulus measures from the U.S. Federal Reserve, dealers said, although there are some concerns about rising inventories in main consumer China. Tyre grades from Thailand, Indonesia and Malaysia for October/November delivery were sold overnight at between $2.63 ...
By Shanuka Tissera Amendments to the Petroleum Products (Special Provisions) Act have been finalised and approved by the Attorney General. It is expected that both bills will be presented to Parliament shortly for enactment. Pending the enactment of new legislations, the Cabinet of Ministers has appointed the Public Utilities Commission of Sri Lanka (PUCSL) as ...
SINGAPORE (Reuters): The Ceylon Petroleum Corp (Ceypetco) plans to restart production at its sole 50,000 barrels-per-day (bpd) Sapugaskanda refinery by Wednesday after an unplanned shutdown earlier this month, a company source said on Monday. The refinery which is on the outskirts of the capital Colombo was shut on 1 September after damage to a floating ...