Fitch Ratings has affirmed Sri Lanka Telecom PLC’s (SLT) Long-Term Foreign-Currency (FC) and Local-Currency (LC) Issuer Default Ratings (IDRs) at ‘BB-’, respectively, as well as its National Long-Term rating at ‘AAA(lka)’. The Outlook is Stable. SLT’s IDRs are constrained by the respective sovereign IDRs of ‘BB-’. This is principally due to the Gover...

$ 427 m released to boost reserves bringing total to $ 2.13 b under $ 2.6 b SBA; balance likely in mid-July Emphasises Govt. has taken several positive measures to stem current account deficit, reserve loss and bolster fiscal performance Says recent tax hike on vehicles “unexpected” but shows Govt.’s seriousness in dealing with Balance ...

The year-on-year inflation as measured by the Colombo Consumers’ Price Index (CCPI) (2006/07=100), computed by the Department of Census and Statistics increased to 5.5% as anticipated, mainly due to the upward adjustment of petroleum prices, electricity charges and bus fares. However, the annual average inflation decreased marginally to 5.9% in March from 6.1% in February ...

SINGAPORE (Reuters): Lanka IOC Plc, the Sri Lankan arm of India’s state petroleum company Indian Oil Corp Ltd, is seeking more than 70,000 tonnes of gasoil and gasoline for delivery in May, after skipping April imports, traders said on Monday. The company is seeking a combination cargo of 19,000 tonnes of 0.25 percent sulphur gasoil ...

While the government is fully capable of dealing with any pressures that come from Geneva, New York or Washington, it is the public servants and heads of corporations who should ensure good governance to improve the image of the country internationally, said President Mahinda Rajapaksa. Addressing a gathering of public servants, heads of state corporations, ...

Employees Provident Fund (EPF) yesterday bought a 5% stake in Piramal Glass Plc for Rs. 280.5 million increasing its overall holding to near 10% thereby becoming the single largest local shareholder. Prior to yesterday’s purchase, EPF held 4.11% stake as at end 2011, up from 1.94% in September. The block of 5% stake amounted to ...

Sri Lanka is to get a $ 400 million lifeline following what is anticipated as a favourable decision on the part of the International Monetary Fund (IMF). The IMF Board was scheduled to meet Monday evening Washington Time, and its Resident Representative Koshy Mathai is scheduled to hold a briefing today in Colombo at 2.00 ...

Sri Lanka’s top tyre manufacturer CEAT Kelani Holdings has celebrated the achievement of domestic sales exceeding Rs. 6.2 billion in 2010-11 in the face of many challenges, with a gala felicitation of top dealers. Best-performing dealers and their families were treated to a fun and entertainment filled weekend at Heritance Kandalama and Amaya Lake for ...

Reuters: AMR Corp, the bankrupt parent of American Airlines, reported on Friday a net loss of $ 619 million for February, including $ 375 million related to its reorganisation. The company filed for Chapter 11 on 29 November, citing a need to cut its labour costs to better compete with profitable rivals. AMR said its ...

SYDNEY (Reuters): Australia’s Qantas Airways Ltd said on Friday it was raising domestic and international fares for the second time in as many months to partially offset high jet fuel prices. Domestic fares and international fuel surcharge will increase by between A$7 and A$30 ($7.2 to $30.1) a ticket depending on the sector, Qantas said ...

LONDON (Reuters):  Oil rose above $123 a barrel on Friday, reversing three straight sessions of losses, supported by a weaker dollar and expectations of tight gasoline supplies in the world’s largest oil consumer the United States. Front-month Brent crude futures rose 81 cents to $123.20 a barrel by 0905 GMT, recovering from its sharpest daily ...

IPS: Most things in Sri Lanka are becoming expensive these days. In early February fuel prices were increased by margins ranging from eight to 49 per cent, with the all-important diesel, used widely in commercial transport and power generation, going up by 36 per cent. The Sri Lankan rupee that was trading at 107 rupees ...

Reuters: The Head of the Central Bank said on Thursday it may stop supplying dollars to pay for oil import bills from May, its latest move to allow more rupee flexibility after it refrained from intervening in foreign exchange markets last month. The Central Bank shifted its foreign exchange policy to allow the market to ...

Lanka Business Link who owns and manages the popular daily deals site www.lancoupon.lkhas tied  up with Vindy Trading (Pvt) Limited, sole agent in Sri Lanka for Luyuan Electric Vehicle Company of China to promote Vindy Trading’s latest offering into the Sri Lankan market, the ALFA Plus 110 Hybrid Scooter. www.lancoupon.lk with its ever growing popularity ...

Cinnamon Lakeside Colombo is delighted to welcome its new Spanish Master Chef Juan Maria Marrero Ortega popularly known as Chef Chema, bringing a touch of Spanish flair, creativity and experience from some of the finest kitchens in Spain and Southeast Asia to the island. Chema has been working as a Master Chef and has a ...

Denying accusations that the Ceylon Electricity Board is a burden on the national economy, Minister of Power and Energy Champika Ranawaka points out its contribution towards the country’s development and claims the staggering loss of $ 42 billion predicted for 2012 was mainly due to the fuel price hike and rupee depreciation. Following are excerpts ...

Janatha Vimukthi Peramuna (JVP) affiliated All Ceylon Farmers’ Federation is demanding a kerosene subsidy for vegetable cultivators. National Organizer of the Federation, Namal Karunaratne told ColomboPage that the government has taken measures to provide kerosene subsidies to fishermen and the estate sector, but has failed to provide any relief to the vegetable cultivators who utilize ...

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 ...

The UN Human Rights Council resolution is still making headlines and likely to do so for many weeks to come. There is graffiti screaming “Obama is mad” scrawled on Colombo’s walls and politicians as well as other stakeholders continue to express their displeasure of the US Therefore, holding the largest trade exhibition in nearly two ...

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 ...

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, ...

Reuters: Ferrari’s Fernando Alonso scored a dramatic victory in the Malaysian Grand Prix on Sunday when the Spaniard denied Sauber’s Sergio Perez a first Formula One triumph in a race turned on its head by the weather.  The race started in torrential rain and was stopped for 51 minutes after eight laps but Alonso took ...

AFTER much bad news, there is a sign of relief on the oil issue. Even though it was feared that Sri Lanka would lose around 90 per cent of its fuel due to US sanctions on Iran that will come into effect from June, the latest news that only 15 per cent will be reduced ...

The International Air Transport Association (IATA) last week announced a downgrade to its industry outlook for 2012 primarily due to rising oil prices. IATA expects airlines to turn a global profit of $3.0 billion in 2012 for a 0.5% margin. This $500 million downgrade from the December forecast is primarily driven by a rise in ...

Titan Fleet Management, France a specialist yacht management company places confidence in Colombo for their repair requirements on super luxury yacht Lauren L. This seven star category 90 meter long yacht called in for repairs on 1 February. The luxury yacht called in for her 10 year class survey repairs coupled with hull surface preparation ...

Market-leading, next-day service linking HK, Los Angeles and Leipzig available from more Asian markets to US Enhanced service offering for Western US and Canada – Europe route Additional capacity in DHL global air fleet to meet growing customer demand on key intercontinental trade lanes DHL, the international specialist, last week announced significant enhancements to its ...

Sri Lanka, affected by the sanctions imposed by the United States on Iranian oil, has entered into an agreement with Oman to buy oil from that country ahead of the US deadline. Ceylon Petroleum Corporation Chairman Dayananda Vidanagama Arachchi on behalf of Sri Lanka and Oman Oil Corporation Chairman Nasheer Al Jasmi inked the agreement ...

HSBC will celebrate the New Year season in traditional style this year by engaging its customers and merchants in ‘Pancha Keliya,’ an Avurudu activity, from 15 March to 30 April 2012. To begin, cardholders will be treated to sensational savings ranging from 10%-50% complimented with ‘Buy One Get One Free’ deals and many more offers ...

Says reserves depletion has been arrested Expects US Dollar exchange rate to settle down to below Rs. 125 Emphasises correction in rupee’s value after 'external shock' is positive all round with considerable savings and boost for local producers Claims future of IMF support is not a major concern but will be a bonus Likens affordable ...

The WIP at the Dutch Hospital Shopping Precinct celebrates the Strong Hop Festival from 19th March to 01st April from 7.00pm to 11.00pm. The Oktoberfest’s little brother, known as Strong Hop Festival is a spring festival celebrated at Munich. The modern day version of this festival is meant to help people forget the harshness of ...