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BANGALORE (Reuters): India’s inflation may have accelerated at its fastest pace this year in May, driven by higher food and fuel prices, impeding chances of a rate cut by the RBI at its review next week, a Reuters poll showed. The wholesale price index, India’s main inflation gauge
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 ...
By Ashwin Hemmathagama Losses incurred by the botched state enterprise, Ceylon Petroleum Corporation (CPC) have increased by Rs. 65 billion during the five month period ending May 31, 2012 and possibilities are being explored to retain the overpriced fuels at the current levels or to increase them further to recover the losses. Although the total ...
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, ...
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
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
By Damien The Secretary to the treasury Dr. P.B Jayasundera recently made statement that the country is wasting the foreign currency on things that can be made in this country. I would like to add to this by stating that as a country we should have clear targets and policies that are aimed at both ...
Union Bank conducted its 10th SME customer training workshop in Chilaw recently. The workshop was jointly organised with the Puttalam District Chamber of Commerce. As the preferred bank for the small and medium enterprises, UBC launched its free advisory services as a value addition to the growth of this sector and focuses on entrepreneur development ...
Sri Lankan inflation accelerated to a nine-month high in May, fanned by currency weakness that makes imports costlier. Consumer prices in the capital, Colombo, increased 7 percent from a year earlier after gaining 6.1 percent in April, the Department of Census and Statistics said on its website today. The median of seven estimates in a Bloomberg News survey was for a 6.5 percent advance. Sri ...
Key insights to state of the economy and market and future prospects from NDB Stockbrokers’ latest Sri Lanka Equities report Uncertainty in the macro environment The robust economic growth and steep rise in global crude oil prices increased Sri Lanka’s import bill by 51% in 2011. As a result the trade deficit widened, putting the ...
Adding to its rapidly developing branch network, Union Bank of Colombo PLC (UBC) opened its newest branch on 23 May, in Chilaw offering a host of financial services delivered through superior customer care to Small and Medium enterprises and retail customers. The new branch counts as the 33rd branch of UBC branch network. Located at ...
Reuters: Analysts at Goldman Sachs and Bank of America-Merrill Lynch cut their growth forecasts for India, following up on a Morgan Stanley downgrade earlier this week that had sparked much concern in domestic markets. The downgrades come in a tough month for Indian markets, after global risk aversion surged, exposing the country’s fiscal and economic ...
with the addition of fuel surcharge for March was sure ...
Reuters: The World Bank cut its economic growth forecast for China this year to 8.2 per cent on Wednesday and urged the country to rely on easier fiscal policy that boosts consumption rather than state investment to lift activity. In a biannual East Asia and Pacific economic update, the World Bank said a slowing China ...
Delivering on its value proposition in delivering innovative banking solutions and in keeping with the Bank’s premise for superior customer service, Union Bank of Colombo PLC (UBC) launched Union Factors, yet another value added service to enhance the product offering to the Small and Medium Enterprises, enabling even greater convenience and efficiency to conduct business ...
The exchange rate (ER) further weakened to the Rs. 129.80 level on the back of import demand to end last week at Rs. 129/70/90 in two way quotes, a market source told this newspaper. However call money rates and market repurchase transactions held at the previous day Thursday’s levels and so also did Treasury Bills ...
Reuters: Sri Lanka expects a U.S. waiver of sanctions on imports of Iranian crude after it took steps to cut them by up to 38 percent, switching to alternatives from Oman and Saudi Arabia, the island's oil minister said on Tuesday. Susil Premajayantha said Sri Lanka, which is dependent on crude imports, has taken steps ...
SINGAPORE (Reuters): Singapore Airlines Ltd (SIA), the world’s No.2 carrier by market value, will focus on flights to smaller Asian cities as a weak global economy batters demand on long-haul routes and competition from premium airlines intensifies. SIA, which posted its first quarterly loss in more than two years last week, has been hammered by ...
Reuters: The trade deficit widened 67.5 per cent in February year on year, data showed on Friday, but the Central Bank said stringent policy measures would cut the 2012 gap by at least 10 per cent. The trade deficit widened to $ 701.8 million in February from $ 418.9 million in the same month last ...
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 ...
Receipt of aid, both in the form of grant aid and concessional aid, like in the good old days, would give an impetus to development. When there are roads, power plants and power connections, water supply and sewerage facilities and such like built, that would also give a fillip to investments and therewith job creation ...
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 ...
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 ...
The Asian Development Bank (ADB) said yesterday it has secured Special Drawing Rights 7.9 billion ($ 12.4 billion) for the next four-year phase of its concessional development fund that will provide critical financial support to fight poverty in the Asia and Pacific region. The contributions to the Asian Development Fund (ADF), which will cover ADB ...
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 ...
The solar energy development will not face any obstruction as it generates energy through sunlight. Being alternative energy source, it is sustainable as well as eco-friendly. An American political activist Ralph Nader writes- 'the use of solar energy has not opened up because the oil industry does not own the sun. 'Yes! if we use the costly diesel generators to tide over long load shedding...
( April 29, 2012, Colombo, Sri Lanka Guardian) Sri Lanka has once again, like many times in recent years, sought the assistance of China to help avert a balance of payments crisis and also fund two key projects, official and political sources said. In a visit just before the Sinhala and Hindu New Year, that was kept under wraps, a team of officials led by Treasury Secretary Dr. P.B. Jayasundera we...
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