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DUBAI, UAE: The Emirates Group has today announced its 24th consecutive year of profit and companywide growth amidst unprecedented economic pressure and record high fuel prices. Released today in the Group’s 2011-12 Annual Report the company posted a AED 2.3 billion (US$ 629 million) net profit, with dnata marking its highest ever profit in 52 ...
The VE Commercial Vehicles Limited of India recently held their awards ceremony to evaluate and encourage their Eicher sales agents’ world wide, at the Jumeirah Beach Hotel-Dubai. At that ceremony, the Associated Motorways Limited (AMW) was selected as the sales agent with the Highest Eicher HD Tipper sales-Overseas for the year 2011. All authorised Eicher ...
World Heritage site Galle Fort will soon have environmentally-friendly hydrogen three-wheelers plying its preserved streets, as the United Nations Industrial Development Organisation (UNIDO) launches a pilot project to test green transportation in Sri Lanka. Three-wheelers are banned in the UNESCO World Heritage Galle Fort due to their emissions, but with the use of hydrogen-powered zero ...
NEW DELHI: The United Progressive Alliance’s chief crisis manager Pranab Mukherjee made a compassionate plea to all political parties and states to urgently bite the bullet on fuel subsidies and urged the Opposition to help with the passage of some crucial economic laws. He also tinkered with the indirect tax rates to cheer some sectors, ...
Sri Lanka will step into hydrogen fuel era shortly, in a bid to fuel growth in the Small and Medium Enterprise (SME) sector rather than in large-scale motor transport. andnbsp;
Lufthansa, the national carrier of Germany, has become the first airline in the world to take delivery of a Boeing 747-8 with the landing of the new “Jumbo” in Frankfurt last week. After the handover at Boeing’s manufacturing facility in Everett, Washington, 747-8 with the registration D-ABYA performed a touch and go at Hamburg Airport, ...
The International Air Transport Association (IATA) last week announced global traffic results for March showing that total passenger demand rose 7.6% and freight demand climbed 0.3% compared to the same month last year. Comparisons with March last year are affected by events that depressed passenger demand in 2011, including the Arab Spring, which disrupted travel ...
Textured Jersey Lanka Plc (TJL) said on Thursday that it was looking for a fabric mill and alternate energy sources as means to remain competitive amidst challenging market and operating conditions. The lookout for an operating fabric mill marks a change from its previous plans to pursue an organic expansion within the Avissawella BOI Zone. ...
Vesak is a time to revisit and refocus on the core of Buddhism. It is also the time to see how Buddhist principles of truth, peace, honesty and kindness can be promoted in the country. At the start of the week, just a cursory glance at the newspapers reveals many things that could do with ...
SriLankan Airlines expands its operations in the North of Sri Lanka, opening its newest Sales Office in the heart of the Jaffna Peninsula yesterday. The branch office will facilitate travel formalities to a large clientele in the Jaffna and Kilinochchi areas, being fully equipped to handle reservations, ticketing, Prepaid Ticket Advices (PTAs), requests for special ...
Commercial ties offer many profitable opportunities, says Pakistan’s High CommissionerFollowing is the statement of the High Commissioner of Pakistan Seema Ilahi Baloch, on the occasion of the ‘Made in Pakistan’ exhibition 2012 Pakistan and Sri Lanka have traditionally enjoyed excellent relations. We also need to strive to add more substance to our economic cooperation and ...
Reuters: Nepal’s prime minister worked on Friday to form a coalition government that will include the main opposition parties after his cabinet quit as part of a negotiated effort to quell political tumult in the desperately poor Himalayan state. Nepal, wedged between its giant neighbours China and India, has been plagued by instability for years ...
The Singer Group, with revenue of Rs. 6.2 billion for the first quarter of 2012, expressed confidence in its continued growth. The growth was on top of very high growth in prior year. Noting that group revenue rose by Rs. 1.1 billion in absolute terms and by 22% in percentage terms over the first quarter ...
President Mahinda Rajapaksa along with his officials early this week held a meeting with the senior management of SriLankan Airlines to discuss the progress and future plans of the national carrier. As per the Central Bank 2011 Annual Report, revenue of SriLankan Airlines had increased by 16.3% to Rs. 78.9 billion, while operating expenditure increased ...
American Express card members stand a chance to win Rs. 25,000 daily this May. They simply need to spend Rs. 2,500 to win. Every Rs. 2,500 spent per day through the American Express Credit Card entitles the card member to one entry for the daily draw. Multiples of Rs. 2,500 spent will entitle the card ...
The name ‘Jetwing’ has long been associated with caring, and a commitment to hospitality as well as the environment. For almost 40 years, the family owned company has grown tremendously, from humble beginnings in Negombo in 1963. Future projects, planned to bear fruit in the next three years, include the doubling of the current room ...
Further highlighting its strong position as one of Sri Lanka’s fastest growing banks, Union Bank reported a noticeable upturn in its performance for the period ended 31 March 2012. The bank’s operating profit before VAT and corporate tax improved by 21.4 %, recording Rs 142.7 m up from Rs. 117.5 m for the period ended ...
Much has been spoken of the Sri Lankan economy by different bodies including the guardians of the economy (the Central Bank and Government Treasury). There is constant backlash to the Government bringing out historical events while portraying a very bleak future, although the Government has taken corrective action to address any major economic catastrophe. The ...
At Monday’s encounter with the media, there was an apparent sense of frustration in Treasury Secretary Dr. P.B. Jayasundera over the manner in which markets and businesses have failed to respond to what he described as ‘fundamentals” but being swayed by speculation. A series of monetary and fiscal policy measures effected from as far back ...
Reuters: Sri Lanka’s annual inflation rate accelerated to a seven-month high of 6.1% in April from a year earlier mainly due to expensive imports after rupee depreciation and price hikes in fuel and electricity to reflect rising oil prices. Inflation rose to 6.1%, above the 6.0% expected by analysts and up from 5.5% in March, ...
By Mani Shankar Aiyar It is curious but true that although from the time of Mahatma Gandhi leading the struggle for Independence to the present day there has been extensive recognition in India of the imperative of effective Panchayat Raj1 (local self-government) for both deepening India’s democracy and making its development processes “inclusive”, that is, ...
SINGAPORE (Reuters): The Ceylon Petroleum Co (Ceypetco) has unexpectedly shut a unit at its 50,000 barrels-per-day refinery, reducing its jet fuel production, a company source said on Monday. The shutdown is expected to last a week, said the source who was speaking on condition of anonymity as he was not authorised to speak to the ...
SINGAPORE (Reuters): Asian gasoil and jet fuel margins slipped on Monday as refineries returned from maintenance, adding to supply, while demand remained steady. The gasoil crack for May slipped 30 cents to $16.47 a barrel over Dubai crude, while the jet fuel crack fell 32 cents to $16.79 a barrel, Reuters data showed. Japan’s Cosmo ...
Finance Ministry Secretary Dr. P.B. Jayasundera yesterday insisted that the recent fall in the value of the rupee was unwarranted and blamed it on speculators as recent corrective policy actions had strengthened fundamentals for greater stability in the exchange rate. “The recent spike is due to speculation more than on fundamentals. I reiterate that the ...
Reuters: Asian shares rose on Monday as weaker-than-expected U.S. growth data left open the possibility of further monetary stimulus from the Federal Reserve to boost growth, but trading was subdued with Japanese and Chinese markets closed. The dollar remained pressured by Friday’s report showing annual growth in the U.S. economy cooled in the first quarter ...
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 ...
Reuters: China COSCO Holdings Co Ltd, flagship of the country’s biggest shipping conglomerate, made a net loss in the first quarter of 2.7 billion yuan ($429 million) as a continued supply glut in its bulk carrier business pushed freight rates to loss-making levels. China COSCO, which operates the world’s largest bulk cargo fleet and is ...
According to the preliminary traffic figures from the Association of Asia Pacific Airlines (AAPA) for the month of March 2012, international air passenger demand showed sustained growth, while international air cargo markets remained weak. Supported by an improvement in business travel markets, airlines based in the Asia Pacific region carried a combined total of 17.2 ...
Reuters: Indian Oil Corp is ready to help Sri Lanka cut its heavy dependence on Iranian crude imports, as tighter Western sanctions hit supplies from Tehran, IOC subsidiary Lanka IOC told Reuters on Thursday. A top Lanka official said it was ready to help in a $ 2-billion upgrade of Sri Lanka’s 50,000 barrels per ...
HNB Pathum Vimana, the biggest deposit draw in Sri Lanka, has rewarded countless Sri Lankans with amazing prizes over the last twenty years. The lucky winners of the Pathum Vimana 2011 draw received their prizes at a ceremony organized by Hatton National Bank. The prize presentation for the winners was held at HNB Towers on ...