Passenger traffic continues by 5.7% to rise in January; cargo remains in doldrums with 8% dipThe International Air Transport Association (IATA) last week announced global traffic results for January showing a 5.7% rise in passenger demand but an 8.0% decline in air freight compared to the same month in 2011. The occurrence of Chinese New ...

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 ...

In a change of sentiment, the Government is asking people to step onto the streets and protest the possible US resolution Sri Lanka is facing at the United Nations Human Rights Council sessions, which kicked off yesterday. It was reported that over 150 protests were organised by different parties around the country and in an ...

Safety and food hygiene of Colombo eating houses quite poor, says CMC’s Chief Medical Officer By Cheranka Mendis Even though Colombo has over 750 eating houses (from five-star hotels to roadside ‘bath kades’), only 290 obtained trade licenses last year, CMC Chief Medical Officer Dr. Pradeep Kariyawasam said. Speaking at the Indexpo food and management ...

(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 ...

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 ...

IATA says capacity, economy loom as issues in 2012 The International Air Transport Association (IATA) last week reported that full year 2011 passenger demand rose 5.9% compared to 2010, in line with long-term growth trends. In contrast, cargo markets contracted by 0.7% for the year; but recorded positive demand growth in December of 0.2%. Growth ...

Are the Indian Army’s golf courses illegal?                 Sri Lanka’s fourth golf course opened by Air Force   India’s national auditor, the Comptroller and Auditor General (CAG), has reported to Parliament that the country’s Army has turned large tracts of State military property into illegal privately-run ...

The Range Rover Evoque, Land Rover’s sensational new SUV – a car that won 34 international awards in the three months after its first production model came off the line in September 2011 – has arrived in Sri Lanka. The smallest, lightest, most fuel-efficient Range Rover ever produced, the Evoque has been described as ‘one ...

Saudi Arabia will soon allow foreign airlines to fly domestic routes, its aviation regulator said on Sunday, opening the market beyond state-owned Saudi Arabian Airlines (Saudia) and private National Air Services, which struggled to meet demand. The General Authority for Civil Aviation said in a statement carried by the state news agency it will let ...

New CEO Kapila Chandrasena upbeat on prospects for national carrier and Sri Lanka as a tourist destination post-warWhen the news of the impending change at the top in the national carrier broke, the Daily FT headlined the lead story on 6 May 2011 as ‘Turb-UL-ence,’ with a pun. But for the man in the hot ...

PARIS/NEW YORK (Reuters): Standard & Poor’s has warned it may carry out an unprecedented mass downgrade of euro zone countries, including Germany and France, if EU leaders fail to deliver a convincing agreement on how to solve the region’s debt crisis in a summit on Friday. The ratings warning sent markets reeling and drew a ...

By Cheranka Mendis With mobile penetration directly linked to increasing economic growth in a country, Sri Lanka with its bullish growth prospective stands to benefit heavily from the ever-expanding ICT and telecommunication sector. Alcatel-Lucent Asia Pacific President Rajeev Singh-Molares who was in Sri Lanka for a brief visit yesterday told the media that a World ...

After the recent Commonwealth Games in New Delhi, India, critics found three new words for the acronym ‘CWG’ – Corruption, Waste and lack of Governance. The Chairman of the Indian National Olympic Committee, who was Chairman of the Organising Committee, is presently in Tihar Jail, in Delhi with many of his acolytes, on charges regarding ...

Economy minister advises against buying foreign cash, gold Dollar rush pushes forex price 23 pct above official rate Struggling to control rate, cen bank names new forex head TEHRAN (Reuters): The Iranian government has asked its citizens not to buy dollars, in an effort to stem a rush for hard currency that has sent the ...

Following is a statement on the Expropriation Bill by UNP Deputy Leader Karu JayasuriyaThe might of numbers in Parliament steamrolled the plight of the private sector albeit the nation last week. Notwithstanding widespread protests, the Government has placed in the statute books the draconian Revival of Underperforming Enterprises and Underutilised Act. That 37 business enterprises, ...

Discussion on the validity of non-military engagements of the military The war or internal armed conflict in the north and east is over; the Emergency is no more; but still the military is everywhere. The military is now engaged in peacetime police-work, whale watching, selling vegetables, agriculture, cleaning, constructions and many other non-military activities. Yet, ...

Following is the address delivered by Senior Minister for International Monetary Cooperation Dr. Sarath Amunugama at the fourth South Asia Economic Summit (SAES IV) Plenary Session: In the aftermath of the global economic crisis, there has been a noticeable shift in economic clout, moving from the USA and the debt-plagued countries of the Eurozone, to ...

Harvard University may be America’s top-ranked national university, along with Princeton University, in US News and World Report’s latest best colleges rankings, but a competitor across the pond is now stealing some of that thunder. For the second year in a row, the United Kingdom’s University of Cambridge topped Harvard in the U.S. News World’s ...

The last week was an eventful week indeed. We barely recovered from the news of the death of the maverick inventor Steve Jobs. Although I am a loyal Microsoft right-brain person, I admired the ‘left-brain innovative spirit’ of Apple and the ingenuity of the man. He had not gone to university and had what some ...

LONDON (Reuters):  Oil prices slipped towards $105 on Friday as some London traders cashed in on a sharp move up in Brent at the close of the U.S. session and as negative sentiment around UK banks returned, reminding investors of the worrying global economic outlook. Brent crude futures were down 57 cents to $105.16 a ...

New Delhi, (IANS) India’s annual inflation rate for August inched closer towards double digits, fuelling speculation that the central bank may hike key rates again for the 12th time since January last year amid fears over slackening industrial output.  The headline inflation, based on the wholesale price index, rose to 9.78 percent in August as ...

Solar, wind, wave, geo thermal, bio massNorochcholai – underperforming, Kerawalapitiya – under maintenance, power utility – threatens strike, Sampur at Trincomalee – coal power agreement signed with NTPC of India, lack of rain in hydropower catchments… the travails of Sri Lanka’s power sector are always in the news. The policy on energy has been driven ...