What do nation states do when their politicians ruin their economies by serial lying to the voters, running up huge domestic and international financial deficits, uncontrolled corruption, cannot keep interest rates at reasonable rates, cannot control inflation nor hold the exchange rate steady and run the country on an unsustainable basis, depending on what has ...

WASHINGTON (Reuters): The Obama administration has proposed doubling auto fuel efficiency to 54.5 miles per gallon by 2025, a White House energy priority that has come under scrutiny in Congress. The plan grew out of an uneasy agreement between the administration, automakers and environmental groups to reduce U.S. dependence on oil imports and cut tailpipe ...

Reuters: Toyota Motor Corp is in talks with BMW AG for a partnership in environmental vehicles, business daily Nikkei reported. Under the proposed agreement, the German automaker will provide diesel engines, most likely 2-liter versions for midsize cars, for Toyota's passenger vehicles sold in Europe, where its sales fell 9 percent in 2010, the newspaper ...

FRANKFURT (Reuters): Volvo Car, owned by China’s Geely, is not seeing any signs of a drop-off in orders yet, its CEO told a German magazine. “We see no signs of a downturn, our order books are well filled up until the early part of 2012,” Volvo Cars CEO Stefan Jacoby told Automotive News Europe. Volvo ...

WASHINGTON (Reuters): President Barack Obama will press European Union officials on Monday to reach a definitive solution to their sovereign debt crisis which is emerging as a major 2012 U.S. election worry. As Germany and France scramble to tighten budget controls across the euro zone, European Council President Herman Van Rompuy and European Commission President ...

In claiming eight of the top 10 positions with its Fiesta RS World Rally Car on the season-ending Wales Rally GB earlier this month, Ford set a new record in the FIA World Rally Championship. It was the first occasion since the championship was created in 1973 that a single manufacturer placed eight cars in ...

Nov 23 (Reuters) – Leaked reports into England’s rugby World Cup debacle paint a picture of a squad in meltdown and expose schisms and leadership failings greater than even their dismal performance had suggested. A trio of reviews by the Rugby Football Union’s director of elite rugby Rob Andrew; the players’ union; and professional clubs, ...

By Cheranka Mendis To facilitate the growing need for professional human resources in the developing local business market, BRC (Bill Roy Consulting) Partnership, a consultancy based in Carrickfergus, Northern Ireland set up shop in Sri Lanka with the launch of BRC Lanka – a leadership and management development company. Officially launched yesterday, BRC has partnered ...

Independent research by PwC into the IT priorities of European Communications Service Providers (CSPs) has uncovered CIOs’ focus areas for 2012.The research found the majority of CIOs (60%) currently spend more than half of their opex budget on ‘maintenance.’ Addressing this is going to be a major priority in 2012 and CIOs will respond with ...

ANN ARBOR, Mich (Reuters): At the Chevrolet dealership here, customers want to see and touch the Volt, the gasoline-electric hybrid hailed by enthusiasts as the kind of innovation that could secure the future of General Motors. But they usually kick the Volt’s tires and move on, often to a Cruze. The compact Chevy gets up ...

BRC Partnership in Carrickfergus recently signed a joint venture to provide management training and coaching to top business people in Sri Lanka, following an Invest Northern Ireland (Invest NI) trade mission to India and Sri Lanka in April this year. The consultancy agreement was announced by Alan George, BRC’s Business Development Manager, and welcomed by ...

Port of Salalah has signed a strategic partnership agreement with Oman Air Cargo to open up a new sea-air cargo corridor through the port between Asia and Europe. The agreement is aimed at strengthening links between the Sultanate’s sea and air freight transport sectors, as well as increase opportunities to develop Oman’s European freight transport ...

The first ever Islamic Finance Country Report in Sri Lanka was launched by KPMG Ford, Rhodes, Thornton and Co. in collaboration with the Research Intelligence Unit. The publication titled ‘Islamic Finance Country Report – Window of opportunity in Sri Lanka’ provides insight into the demographics of the Islamic finance market and an in-depth analysis of ...

By D. C. Ranatungha Seeing a vintage car on the road always raises curiosity. When it passes, we tend to turn back and take a second look. With the release of four stamps featuring vintage cars in Sri Lanka last week, the ‘old crocks’ are being talked about. The stamps themselves are unique in that ...

KPMG Ford, Rhodes, Thornton & Co. (KPMG Sri Lanka) opened its fifth branch office in the city of Hambantota recently. Commenting on the firm’s decision to open a branch in Hambantota, Coordinating Partner for KPMG Sri Lanka’s branch offices in the Southern Province Jagath Perera stated that recent developments in the region had brought to ...

Races are scheduled to kick off from 7.00p.m on 17 December By Kshanika Argent For the first time in Sri Lanka’s history (with the exception of a brief period in the 60’s) Colombo will witness night races at the inaugural Colombo Night Races which coincides with the second Electric Peacock Festival, scheduled for this December. ...

The Institute of Chartered Accountants of Sri Lanka (ICA Sri Lanka) honoured illustrious personality Gamini Benedict Wikramanayake the revered Lifetime Achievement Award 2011 in appreciation of his contribution made to accountancy in particular and society in general. A chartered accountant by profession, Wickremanayake has played a key role in the development of the accounting profession ...

BANGKOK (AFP): Thailand’s worst floods in decades have jolted a global supply chain already straining under the impact of Japan’s tsunami, as deluged factories threaten some of the kingdom’s key export industries. The floods have killed about 300 people, damaged one-tenth of Thailand’s rice paddy and made major roads north of Bangkok impassable. Toyota, Ford, ...

Resolutions seeking reappointment of two retiring directors not passed; two new Directors rejected; four nominees of 7.6% owning BAT go throughThere was spark at the 21st Annual General Meeting of Blue Diamond Jewellery Worldwide last week with regard to the election and appointment of Directors to the Board. Ananda Wehalle and Mairus Fernando, who retire ...

Steve Jobs, who died on Wednesday, was a singular figure in American business history. He will go in the pantheon of great American entrepreneurs, inventors, and innovators, alongside John D. Rockefeller, Henry Ford, and Sam Walton. Jobs didn’t invent computer technology, or the cell phone, or the notion of digitising music. But he invented methods, ...

Reuters: Switzerland, despite bank settlements with the United States to disclose tax evaders, remains the top refuge for financial secrecy, according to a new international ranking of tax haven countries. Switzerland is the world leader in financial opacity, only grudgingly conforming with disclosure agreements among developed countries while courting tax evaders in developing nations, said ...

By Dinali Goonewardene As International Financial Reporting Standards (IFRS) are to be adopted in Sri Lanka from 1 January 2012, a question looms as to how tax liabilities will be calculated under the new standards. The tax laws may be changed in order to fall in line with the IFRS or another set of accounts ...

By Dinali Goonewardene A luncheon presentation was held by the Association of Chartered Certified Accountants (ACCA) and KPMG Ford Rhodes Thornton on ‘International Financial Reporting Standards Implementation – The Next Steps,’ with the aim of promoting knowledge of IFRS before their adoption in Sri Lanka in January 2012. Speaking at the presentation V. Venkataramanan, Executive...

DUNEDIN,  (Reuters): The rugby World Cup paused for breath on Thursday with a rare rest day as attention turned to the preparations of the 13 teams hoping this weekend’s final round of pool games will send them into the quarter-finals. South African Springboks players Morne Steyn, Francois Louw, Victor Matfield and Jannie du Plessis stretch ...

The Taprobana 4×4 challenge, the country’s premier off-road race, this year powered by Etisalat will see 30 participants test their limits through some of the toughest terrains of the Uva Province. Come race day on 7 October through to the 14 October, this flagship race organised by the Four Wheel Drive (FWD) Club of Sri ...

IOS says that SL can take local benchmarks to the world to grow exportsBy Uditha Jayasinghe Sri Lanka’s attempt to broaden its presence in international markets must be led with its adherence to international standards and best practices, says an international expert. The International Organisation for Standardisation (IOS) Secretary General Rob Steele told the Daily ...

The moment of truth has finally arrived for England’s players and management. Their three-week stay in the South Island may have had its bizarrely eventful moments but the sharp end of this Rugby World Cup has mostly been somewhere over the rainbow. Not any longer. The dwarves and the bungee-jumping are about to be replaced ...

The second public lecture titled ‘Convergence of Sri Lanka accounting standards with international financial reporting standards: A business perspective,’ of the Postgraduate Institute of Management Alumni (PIMA) was successfully held on 9 September 2011 at the PIM Auditorium. The welcome address was made by Dilini Wijeweera, President of PIM Alumni. Professor Uditha Liyanage, Patron a...

The Speed Racing Series jointly organised by the Ceylon Motor Sports Club, the Sri Lanka Motor Cycle Club, the Motor Racing Association and the Asian Motor Racing club will be held on 16 October 2011 at the Pannala Race track. It will be the final round of the Championship out of four rounds in total. ...

Dany Torres (ESP) was crowned the overall champion of the 2011 Red Bull X-Fighters World Tour in Sydney (Australia), the world’s most prestigious FMX tour. Local hero Josh Sheehan won the event on his home soil on Cockatoo Island in front of a sell-out crowd of 11,000. Sydney will go down in the 11-year-history of ...