Having successfully defeated terrorism, ended years of civil war, ushered an era of peace and prosperity to the country, initiated resoundingly successful development initiatives in the north and the east, the Government of Sri Lanka needs to be applauded for consolidating a unified national identity; an identity that only occasionally reared its head at cricket ...

HANOI (Reuters): Vietnam’s central bank cut key rates on dong loans and deposits for the first time in nearly three years, helping ease the burden of high operating costs faced by businesses after inflation eased last month. The State Bank of Vietnam (SBV) as expected cut the refinance rate, or the rate at which it ...

Nokia has introduced a range of new products, services and partnerships at Mobile World Congress, setting the pace for 2012 and demonstrating rapid execution of its new strategic direction. The new strategy already has resulted in the adoption of Windows Phone as Nokia’s primary smartphone platform, major changes to its feature phones, and additional emphasis ...

By Cheranka Mendis With a membership of 107 top entrepreneurs of the country – among which close to 200 leading organisations is managed providing employment close to 250,000 people – the Chamber of Young Lankan Entrepreneurs (COYLE) is a unique and highly valuable organisation to the country. Taking the mantle of the Chamber from K.H. ...

By Lucien Rajakarunanayake “In the light of this commitment by Sri Lanka, there is no justification or urgency whatsoever in floating a resolution calling for the implementation of the LLRC’s recommendations and engagement with the High Commissioner, when this has already been effectively undertaken by the Government. What we now need from the international community ...

Over the weekend I met up with a cross section of business people, which gave me view of the current climate that exists in corporate world of Sri Lanka. One said that their production plant was closed last week as the cost of production was higher than the selling price given the devaluation of the ...

According to data compiled by STR Global, hotels in the Asia Pacific region experienced mixed results in the three key performance metrics for January 2012 when reported in U.S. dollars. In year-on-year measurements, the Asia Pacific region’s occupancy reported a 3.4% decrease to 60%, ADR increased 9.8% to US$ 152.92 and RevPAR was up 6% ...

Reuters: Venezuela’s President Hugo Chavez broke his silence on Wednesday after surgery in Cuba for a suspected recurrence of cancer to insist he was recovering well and “soaring like the condor”.  “I send you all my supreme love. We will live and we will recover!” the 57-year-old socialist leader enthused via Twitter from Havana where ...

Clouded prospects in developed markets cast a shadow over outlook for trade and economyBy Jonathan Story Two key forces that have driven Asia’s transformation for decades can be counted on to continue apace in the coming year: economic development and China’s rise. Nonetheless, individual Asian countries will struggle to balance domestic and international responsibilities in ...

Arab News: Several Saudi citizens have decried an exorbitant hike in recruitment charges by the Sri Lankan manpower recruitment offices and middlemen. They noted that the recruitment offices have raised the charges for hiring housemaids from $3,000 to about $4,000, and that was in clear violation of the agreements signed earlier between the two countries. ...

BANGKOK (Reuters): Thailand’s economy, which shrank a record 10.7 per cent in the fourth quarter due to devastating flooding, is expected to bounce back sharply this year as the government and major exporters step up reconstruction spending after the disaster. While some economists said the worst performance on record in the final quarter of 2011 ...

One of Sri Lanka’s top thought leaders and respected corporate personalities Rohantha Athukorala addressing the Lions Club of Colombo Orient commented that whilst accepting the fact that the economy was into some rough times he went on to say that the first wave of post war success was the time period 2009-2011 where Sri Lanka ...

Reuters: Iran, facing sanctions that could cripple its oil exports, has told world powers it wants to resume long-stalled talks with “new initiatives”, and France said it might be open to addressing suspicions about its nuclear programme. Tehran made the offer in a letter to the EU’s foreign policy chief obtained by Reuters on Thursday, ...

SINGAPORE (Reuters): Brent crude remained above $ 120 on Friday on persistent supply worries with major European buyers cutting purchases of Iranian crude and hopes of an increase in demand as Greece edged closer to a bailout deal. Top European buyers of Iranian oil are making substantial cuts in supply well ahead of European Union ...

TOKYO: Asian shares and the euro fell on Thursday, sharply reversing the previous day’s rally as optimism was dashed by another delay in cementing a crucial bailout for stricken Greece, underscoring how far away Europe is from resolving its debt crisis.  After a three-hour teleconference between euro zone finance ministers, questions remain over the euro ...

Nearly half (48%) of the 1,258 CEOs polled worldwide believe the global economy will decline even further in the next 12 months, according to PwC’s 15th Annual Global CEO Survey. Just 15% said the global economy will improve during 2012. However, nearly three times as many CEOs are confident in their own companies’ growth prospects ...

  In its 30th consecutive year the Annual Sessions of the SLIA includes a line of events that takes place during the four day period. The Annual sessions this year is aptly themed as ‘Regenerating Sri Lanka, the Architect and the Built Environment’ the Annual Sessions of the SLIA will commence with the Inauguration Ceremony ...

(Bloomberg): Sri Lanka doesn’t need to further tighten monetary policy for now even though an increase in fuel and transportation costs and a weakening currency may stoke inflation, the head of the central bank said. The central bank’s rate increase earlier this month will have a “demand-driven impact” and help moderate inflation, its Governor Ajith ...

Sri Lanka’s benchmark stock index, the world’s worst performer this year, may extend its slump as the central bank raises interest rates to curb inflation, according to HSBC Holdings Plc’s private banking unit. HSBC Private Bank, which oversees about $499 billion, will wait for stock valuations to fall to “single digit” multiples before it considers ...

Stock market plunges further; Rs. 69 b in value wiped off One year loss of value is a staggering Rs. 766 b EPF and foreign buying saves Bourse after near 5% crash Rupee dips to all-time low of Rs. 120; likely to settle down though triggering panic in import trade Crisis could be an understatement ...

Reuters: If the World Bank is correct, 2012 will see the second slowest year of global economic growth in a decade, at a level consistent with a world recession that, like the 2008/2009 financial crisis, would not spare Asia. Its sister organisation, the International Monetary Fund, warns that economic expansion in China could be slashed ...

Reuters: Asian shares and the euro gained modestly on Monday, relieved after Greece came a step closer to securing a much-needed bailout fund and avoiding a messy default, although most of the recent optimism appears to have been already priced in. The Greek parliament approved on Monday the deeply unpopular austerity bill, while serious violence ...

PARIS: French telecommunications equipment maker Alcatel-Lucent caught investors by surprise on Friday with a 2011 profit of more than a billion euros ($1.33 billion), its first positive result in six years. In 2010 the group had posted a loss of 334 million. The rebound was unveiled along with news of a positive fourth-quarter cash flow ...

Reuters: Rafa Nadal has hit out at what he called a “general campaign” in France to discredit Spanish athletes by implying their success is due to the use of illegal drugs. Speaking to reporters a day after the Spanish tennis federation (RFET) said it would sue French TV broadcaster Canal+ for “unacceptable and damaging insinuations” ...

TOKYO (Reuters): Japan has told the United States it will put all items including politically sensitive rice on the table when it fully joins negotiations on a U.S.-led regional free trade pact, Japanese media reported on Wednesday. In the first formal consultations between the two countries on Japan’s bid to join the Trans-Pacific Partnership (TPP), ...

Reuters: Bulgaria’s second largest mobile operator Globul, controlled by Greek telecoms firm OTE, has signed a three-year sponsorship agreement with English soccer club Manchester United, Globul said on Tuesday. “Under the agreement, Globul will offer the club’s fans in Bulgaria access to exclusive Manchester United news, interviews, special features and other content over its mo...

UNP MP, its spokesman for the economy and Consultant Economist Dr. Harsha de Silva yesterday gave thumbs up to Central Bank Governor Nivard Cabraal for the latter’s dual move of hiking interest rates and depreciating the currency, though insisted risks and challenges remain. “The Central Bank Chief must be commended for finally realising that there ...

Emirates is driving forward its operations in Europe by announcing a third daily flight to Milan from 1st June, taking to 49 the number of weekly flights offered to Italy. EK 101 will leave Dubai at 0340hrs and arrive in Milan Malpensa at 0825hrs, ready for business in the city considered the engine room of ...

Ambassador updates foreign reporters on post-conflict development and reconciliation in Sri Lanka “Sri Lankans support a home grown solution for reconciliation” Ambassador invites international correspondents to visit Sri Lanka WASHINGTON: Ambassador Jaliya Wickramasuriya hosted a group of foreign correspondents here in a January 25 reception held at his residence, prompting a discussi...

Reuters: The Supreme Court on Thursday revoked all 122 telecom licences issued under a scandal-tainted 2008 sale, a fresh embarrassment for the Government, plunging the mobile network market of Asia’s third-largest economy into uncertainty. The ruling is a setback for Prime Minister Manmohan Singh’s Government, which oversaw the sale of the licenses at below-market prices, ...