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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 ...
DOHA (Reuters): Qatar’s economic growth is expected to slow to 4.5 percent in 2013, the weakest rate in a decade, but the country plans to continue heavy investment in its non-hydrocarbon sector, the OPEC member’s planning authority said on Monday. Qatar’s oil and gas-reliant economy has been surging at a break-neck, double-digit pace for the ...
Prestige Automobile Ltd., the agents of BMW in Sri Lanka on Monday announced the launch of the BMW ActiveHybrid 5, another series-produced model in which a combustion engine and electric motor join forces to enhance both efficient and the brand’s hallmark driving pleasure. The new machine will be retailing at BMW showroom at Battaramulla. The ...
Leader in processed meat Keells Food Products Plc is doubling its capacity with the purchase of production facility of D&W Foods Ltd., at Pannala for Rs. 700 million. The Company also announced a Rights Issue to raise Rs. 1.02 billion. Both moves are subject to shareholder approval at an EGM. D&W Foods is located at ...
TOKYO, (Reuters): Toyota Motor Corp plans to supply hybrid technology to BMW AG, deepening a partnership that began with a deal last December on diesel engines and electric car batteries, the Nikkei business daily reported on Monday. This month, BMW’s joint venture to make hybrid car components with French auto maker PSA Peugeot Citroen was ...
United Motors Lanka PLC (UML) recently announced the start of a promotional campaign for Valvoline synthetic oil. The promotion is targeted at customers who purchase a four litre can of Valvoline’s Syn-Power 5W40 and customers will be eligible for a free Valvoline branded watch until stocks last. The first customer to receive the free watch ...
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: Loose global monetary conditions are stoking credit and asset price booms in some emerging markets that could lead to a new financial crisis, the Bank for International Settlements warned on Sunday. Such a boom-and-bust cycle might have severe global repercussions, not least due to the increased weight of emerging markets in the world economy ...
Over 25,000 passengers carried in eight months with Kandy, Badulla, Trinco and Vavuniya as destinations Ever since its launch in October 2011, Expo Rail has been on an upward drive redefining rail travel in Sri Lanka. With four destinations in its portfolio – Badulla, Kandy, Trincomalee and Vavuniya – Expo Rail has, in the past ...
By Marianne David MP and consultant economist Dr. Harsha De Silva yesterday alleged that THE UNP’s criticism over the mismanagement of the economy and the Central Bank as well as the EPF’s investments in banking stocks have been emphatically validated by global rating agency Standard and Poor’s.“Standard and Poor’s reiterated what we have been saying ...
By Cheranka Mendis Several French institutions are exploring prospects to offer energy efficiency solutions to the booming construction sector in Sri Lanka. At a key industry forum organised by the Trade Commission of the French Embassy Yesterday, seven French companies along with French Agency for Environment and Energy Management (ADEME) Energy Expert Robert Angiletti and ...
Sri Lanka’s Timex and Fergasam Group (T&FG), a manufacturer and exporter of high quality garments, is ready to commence the construction of twin apparel factories in Mannar Industrial Zone approved by Board of Investment (BOI) end of June 2012. This proposed US$ 5 million worth factory, a first in the Mannar region will be ready ...
Reuters: Brent crude steadied around $96 a barrel on Tuesday, staying close to 16-month lows hit in the prior session, as Spain’s rising borrowing cost showed Europe is nowhere near resolving its debt crisis that has hurt the outlook for fuel demand. Oil, along with other commodities, fell on Monday after an initial rally fueled ...
Sri Lanka Association of Public Health Inspectors has decided to walk away from their duties from today in protest of Government’s failure to grant their demands. The public health inspectors (PHIs) say that they will not participate in the meetings of the Department of Health and will not provide the reports to the Department. They ...
Sri Lanka is on a drive to reduce manufacturing costs by slashing industry power consumption. “I am pleased to announce that My Ministry has implemented a much needed industry grade energy efficiencies at factory level, using the Public Private Partnership (PPP) model. We are targeting to reduce industrial energy consumption by 10% initially,” said Minister ...
By Cheranka Mendis in Kathmandu A 400kv electricity integration project between Sri Lanka and India at an approximate investment of US$ 400 million is now at the final stage of discussion and is expected to commence work in the near future. To be financed by the Asian Development Bank (ADB), the project will transmit electricity ...
Lanka IOC has raised the price of diesel. It has for some time been asking that it be allowed to determine its own prices. But unfortunately it caters to too small a market share and cannot afford to get too far out of step without losing business. Now that world oil price is slipping, there ...
Peter Kropotkin is a Russian revolutionist who has commented in his book ‘The Conquest of Bread’ what he considers to be the weaknesses of the economic systems of capitalism and how poverty and scarcity thrives on. However, Kropotkin did not believe in the theory of state and is known as an anarchist. The issue of ...
With highest-ever top and bottom line performance premier blue chip JKH says knowing exactly who were are, what we stand for and where we are headed makes all the differenceI am pleased to present the Integrated Annual Report, and the Statement of Accounts, for the Financial Year ended 31 March 2012. The Report encapsulates the ...
Ford Motor Company unveiled the highly anticipated all-new Ford Ranger at the Ceylon Motor Show 2012, where Sri Lankan consumers will be able to see and experience the redesigned vehicle for the first time. The class-leading compact pickup truck has been completely reinvented, offering superior performance, safety, technology and quality. Ford returns to the Ceylon ...
The United Nations environment agency today warned that the world “continues to speed down” an unsustainable path in spite of hundreds of internationally agreed goals to protect the planet, and stressed that drastic actions and big-scale measures are needed to reverse this pattern. “If current trends continue, if current patterns of production and consumption of ...
The United States State Department will exempt Sri Lanka along with six other countries from financial sanctions after they have agreed to reduce their imports of Iranian oil, the White House has announced Monday. Along with Sri Lanka the US has exempted India, Malaysia, South Korea, South Africa, Taiwan and Turkey for six months. In ...
The International Air Transport Association (IATA) on Tuesday announced in Beijing that South African Airways will host the 69th Annual General Meeting (AGM) and World Air Transport Summit (WATS). The event will draw the top leadership of the air transport industry to Cape Town’s International Convention Centre from 2 to 4 June 2013. “South Africa ...
BEIJING (Reuters): Fresh fears over the global economy could unravel the benefit of cheaper oil prices and keep a lid on financial forecasts for the airline industry when its chiefs gather in China for their annual summit. An eight percent drop in oil prices this year has delivered a quick fix to an industry severely ...
UNITED NATIONS (IPS): Irreversible environmental damage threatens to destabilise the world’s life-support systems unless urgent action is taken, according to the latest Global Environment Report (GEO-5) which looks to the Rio+20 summit as a crucial opportunity to halt this decline. The fifth edition of the United Nations Environment Programme’s (UNEP) flagship environmental report comp...
Given one month extension pending reconstitution Adding to the confusion and controversies, the Board of Directors of the BOI is in limbo with subject Ministry Secretary Dr. P.B. Jayasundera giving it a month’s extension. The move follows the tenure of the members of the Board ending recently and until the latest extension indicated this week, ...
The Sri Lanka-Norway Business Matchmaking Program of the Ceylon Chamber of Commerce released its annual report recently. The Project is a longstanding co-operation between the Ceylon Chamber of Commerce and Norad and has been providing mutually beneficial services to both countries for a period close to two decades. According to the year 2011 annual report ...
I refer to your ‘Letter to the Editor’ on 31 May 2012. It is surprising that an economist of Dr. P B Jayasundera’s calibre and experience would need to be told that protectionism is not the right tool for increasing local production and exports. However, when I saw the name of the author of the ...
Fuel prices are again the topic of public debate. Even Parliament had a discussion over it, with the Opposition calling for a reduction in prices but the Government hedging against passing on the savings from a global cost decrease to cover at least part of the Rs. 60 billion losses incurred over successive years by ...
Reuters: Oil prices near $100 a barrel are still a threat to a slowing global economy that is likely to consume less fuel than the International Energy Agency (IEA) had forecast, the IEA’s executive director said on Tuesday. Brent crude this week dropped to a 16-month low below $96 a barrel before recovering to around ...