MANY are the articles penned and opinions aired over Sri Lanka’s bid for the 2018 Commonwealth Games bid, but now the only question that needs to be answered is, where to from here? Central Bank Governor Ajith Nivard Cabraal told media that the cost for the promotion of Hambantota as the venue was US$ 8 ...

I recently read a document produced by the World Bank this year, titled ‘Reshaping tomorrow’ and in its overview written by Ejaz Ghani, he asks the question ‘what will south Asia look like in 2025?’ The World Bank says, ‘The optimistic view is that India which accounts for 80% of the regional economic output, and ...

At a recently concluded event in Tangalle, the third group of 31 students were enrolled under the NDB Jeevana Livelihood Development Scheme, in Hotel Operations, in association with the International Hotel School of Mount Lavinia Hotel.   The initiation of the Jeevana Program in Tangalle is in response to the high demand for trained staff ...

Having being involved actively in the last seven years of Sri Lanka’s economic development agenda, the last two years in particular have been dramatic in nature. Private sector thinking has now come into the public sector which is interesting but needs to be careful managed so that we do not lose the democratic spirit of ...

MADRID, (Reuters):Spain’s economy stopped growing in the third quarter, calling into question the government’s ability to achieve its deficit reduction target for 2011 and pushing the euro zone’s fourth largest economy to the brink of recession. Austerity measures implemented to help Spain bring its deficit within European Union limits and retain the confidence of financial ...

The 2011 Agriculture, Livestock, Technology and Machinery Exhibition together with the Mannar Investor Forum and Financial Facilitator Forum, which is the first-ever mega event of this nature to be held in this region, has grossed more than Rs. 10 million in its on-the-spot sales alone. During its two days’ duration more than 3,000 visitors thronged ...

By Chamitha Kuruppu The Janatha Vimukthi Peramuna claims spending Rs. 265 billion on an 11-day extravaganza is intolerable for an economically ailing country like Sri Lanka. Addressing a media briefing the JVP warned that the aftermath of hosting the 2018 Commonwealth Games would not be rosy as the Rajapaksa administration predicts According to JVP Propaganda ...

The 17th SAARC summit ended on Friday with the adoption of a 20-point ‘Addu Declaration’ to forge effective cooperation among the member states in a host of areas including economy, connectivity, climate change and food security. The Addu Declaration was adopted at the concluding session in presence of all heads of government and states of ...

THE expected has happened. Sri Lanka’s tourist arrivals have reached a new high and are set to keep climbing, but as with every silver lining one must not forget the dark cloud in its midst.   Sri Lanka’s tourist arrivals in the first 10 months of the year have surpassed 2010’s record as visitors to ...

COLOMBO, (Reuters) – Sri Lanka’s tourist arrivals in the first 10 months of the year has surpassed 2010’s record as visitors to the island nation has continued to rise every month on a year-on-year basis since a 25-year civil war ended in May 2009. Tourist arrivals in the first 10 months of 2011 jumped 34.2 ...

Kitts and Nevis: The Sri Lankan delegation lobbying to host the 2018 Commonwealth Games has arrived in the Caribbean nation of St. Kitts and Nevis ahead of the crucial voting process to select the hosting city. The 60-strong delegation comprising the Sports Minister Mahindananda Aluthgamage, Central Bank Governor Ajith Nivard Cabraal, Hambanthota district parliamentarian Namal ...

OTTAWA (Reuters): Canada’s economy gained momentum for the third straight month in August as output in the energy sector expanded at the fastest clip in eight months, confirming expectations of solid third-quarter growth. Gross domestic product climbed 0.3 percent from the previous month as oil and gas extraction surged, Statistics Canada said on Monday, beating ...

Banks says economy didn’t grow in third quarter from second Says year-on-year growth eased to 0.7% Risks to Spain’s fiscal deficit target; onus on new govt Official data invariably match Bank of Spain figures MADRID (Reuters): Spain’s already lacklustre economy likely stagnated in the third quarter with domestic demand slumping, posing a threat to budget ...

World Bank Vice President for South Asia meets Economic Development Minister The Vice President of the World Bank for South Asia Ms. Isabel Guerrero yesterday (2) met Hon. Basil Rajapaksa, Minister of Economic Development at the Ministry of Economic Development. The World Bank has been primarily focusing on developing the island’s energy, transport, telecom, health, ...

The Merchant Bank of Sri Lanka (MBSL Bank) has today established itself in the industry as a catalyst in national development by promoting and assisting both public and private sector enterprises in the country. It is embraced by the parental strength of the Bank of Ceylon and features a Board of Directors that comprises of ...

Reuters: Residents fled Thailand’s capital, Bangkok, on Thursday after authorities warned the city would soon be flooded and called a special five-day holiday to let people escape. Traffic in central Bangkok was light as the holiday began but a main road out of the city to the flood-free south was jammed. Many people were heading ...

Trade deficit widening now at 88.4% to near Rs. 6 b beating 2010 full year figure of $ 5.2 billion; In June increase was at 63% 2011 first eight months import figure at $ 12.92 b almost near 2010 full year total of $ 13.5 b August value at highest level of Rs. 1.83 b ...

India has become the first country to express displeasure at the US$ 50 visa charge as part of the new electronic system to be introduced in January. Is the Government trying to do too much too soon? The new Electronic Travel Authorisation (ETA) replaces the free visa-on-arrival system and must be purchased online. Transit passengers ...

Sri Lanka’s economic progress gained acknowledgement when the World Bank on Thursday announced that Sri Lanka was the most business friendly country in South Asia. Yet the journey still looms long on several points. A new report from IFC and World Bank finds that the reforms implemented by Sri Lanka have helped create a much ...

Amidst woes in US and European markets, Sri Lanka’s apparel sector has survived to grow with the outlook for the next few quarters remaining positive, industry sources told the Daily FT yesterday. Whilst July saw earnings from textiles and garments increase year on year by 5% to US$ 385 million, the highest monthly value, August ...

Reuters: Sri Lanka’s tea production fell in September for a sixth straight month due to adverse weather in high growing areas, the State-run Tea Board said on Wednesday. Tea production in September recorded 22.93 million kg against 25.61 million kg in the same month last year. The output in the first nine months has slipped ...

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, ...

Arguably the world’s most powerful leader, Barak Obama, underscored that the Eurozone crisis is “scaring the world”. It comes as no surprise then that his Treasury Secretary Tim Geithner heads the international clamour for more action to solve the burgeoning sovereign debt problem that has dominated financial markets in recent times. George Osborne, Britain’s current ...

The adage ‘there is no smoke without fire’ appears to be a perfect fit to Monday’s mega deal of EPF buying an 8% stake in Laugfs Holdings Plc for Rs. 1.6 billion, given its timing and the price paid. The Employees Provident Fund (EPF), which is heading towards a fund base of Rs. 1 trillion, ...

PATHUM THANI (Reuters): Thailand raced on Tuesday to build floodwalls on the outskirts of Bangkok to prevent the worst floods in half a century from inundating parts of the capital later this week when water flowing from the north reaches the low-lying city. At least 269 people have been killed by heavy monsoon rains, floods ...

The Central Bank yesterday indicated that the economy and markets, especially money, are stable, encouraging it to leave policy rates unchanged at its September monetary policy review. It said inflation continued to moderate with the year-on-year change in the Colombo Consumers’ Price Index declining from 7.0% in August to 6.4% in September 2011. Annual average ...

MOST countries use electronic visa systems to solve problems, but the imposition of a US$ 50 charge for visitors could result in the opposite happening in Sri Lanka. Operators could challenge Sri Lanka’s decision to introduce a $ 50 charge for all visitors to the country from 1 January 2012. The new Electronic Travel Authorisation ...

COLOMBO (Reuters): Sri Lanka’s tourist arrivals rose 27.2 percent in September from a year earlier, continuing to rise every month on a year-on-year basis since a 25-year civil war ended in May 2009. The government is targeting annual revenue of $2.75 billion by 2016 from 2.5 million expected visitors attracted by Sri Lanka’s beaches, hills, ...

Lanka Business Coalition on HIV & AIDS had its Annual General Meeting at the Cinnamon Lake Side Hotel, Colombo on 29 September 2011 which was attended by the members of the Coalition. Membership includes all top corporates in Sri-Lanka such as John Keels, Standard Chartered Bank, Hayleys, Aitken Spence, HNB, Dialog, Chevron Lubricants, Brandix etc. ...

NEW YORK (Reuters): A Greek cemetery, a British bus station, stone drawings in Peru and a New York box-shaped building are among the world’s most at-risk cultural heritage sites, a monuments fund said on Wednesday. This year there are 67 at-risk sites in 41 countries and territories on the biennial World Monuments Watch, compiled by ...