By Uditha Jayasinghe Global hotel giant Sheraton has received Cabinet approval to invest US$ 300 million in Sri Lanka, on a venture that will stand on land made famous in the China National Technical Import and Export Corporation (CATIC) deal. ITC Limited of India is a franchise holder of Sheraton Group of USA and the ...

Consul General of Sri Lanka in Dubai, Abdul Raheem met with Director General Hamad Buamain and Dubai Chamber of Commerce Director, External Relations Hassan Al Hashemi at their Head Quarters to discuss mutual trade interests between UAE and Sri Lanka and also brief them about forthcoming mega trade event ‘Expo 2012’ to be held in ...

President Mahinda Rajapaksa presents development-oriented fiscal programme for 2012 and medium-term policy framework with support for almost all key segments of society and economy In their initial takes, overall welcome tone from private sector, though a few express concerns on select proposals President and Finance Minister Mahinda Rajapaksa yesterday presented what the Government described as ....

BANGKOK (Reuters): Thailand’s worst floods in 50 years have hit tourism at the start of the high season, but the country has recovered quickly in the recent past from all sorts of scourges and some tour operators are hopeful a recovery might start next month. Floodwater in some areas of the capital, Bangkok, and other ...

Underutilisation, underperformance, acquisitionThere is a story about Sir Winston Churchill. When an Opposition Member of Parliament, he was using the urinal in the House of Commons gentleman’s restroom, when a Minister in the Labour Party Government (which was in the midst of a spate of nationalisation of British industry) walked in and stood at the ...

Expolanka Holdings PLC said yesterday it has sustained its consolidated NPAT for the first half of FY 2011/12 at Rs. 668 m, with a consolidated NPBT at Rs. 862 m. These results have been achieved against the backdrop of the many challenges faced by the Group in the international trading sector with its global economic ...

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 ...

Viet Nam President promises full support, encourages investment in tourism, textile, agriculture, says consistent policies key to FDI By Uditha Jayasinghe Sealing Sri Lankan and Viet Nam ties, the Presidents of the two countries yesterday witnessed the signing of eight  agreements, including one on oil and gas exploration. Speaking at the Sri Lanka-Viet Nam Business ...

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 ...

In the latest figures available, the Pacific Asia Travel Association (PATA) last week reported that the preliminary figures for international visitor arrivals into Asia/Pacific destinations1 for July 2011 show a year-on-year increase of 7%. Director of the PATA Strategic Intelligence Centre John Koldowski PATA’s Strategic Intelligence Centre notes that the growth rate has become more ...

Economic Development Minister Basil Rajapaksa met a high level business delegation led by Kuniyo Takahashi, Japanese ambassador in Sri Lanka with a view to reviewing the progress made by the Japanese investors already operating in Sri Lanka and promoting further investment from Japan. This meeting was the third in a series of interactions that the ...

More inflows into service, capital, financial accounts, says CB Rupee was under pressure due to heavy imports in Aug., Sept. Currency dealers wary on rupee stability By Shihar Aneez Reuters: Pressure on Sri Lanka’s rupee currency will recede in coming months due to increasing inflows into the country’s service, capital and financial accounts, the Central ...

Sri Lanka Ports Authority (SLPA) Chairman Dr. Priyath B. Wickrama made an exclusive presentation at the International Port Security Conference in the Netherlands on 28 September 2011. Expressing views delivering the keynote address at the International Port Security 2011 conference on the subject of the past successes of securing Sri Lankan ports and the predicted ...

Introduction Growth has stalled in the global economy. Stock markets have plummeted. Risk appetite has declined and there has been a flow of resources to safe havens. The IMF has stated that the world economy has entered its most dangerous phase since the financial crisis of 2008. The ammunition available to policymakers is much reduced ...

In its march towards development, Sri Lanka is still seeking the assistance of bilateral and multilateral organisations as well as greater input from foreign investors, Governor of the World Bank Group and International Monetary Fund for Sri Lanka, Senior Minister for International Monetary Cooperation Dr. Sarath Amunugama said in a statement to the IMF. Given ...

Gives comprehensive address highlighting issues of developing countries Shoots down discriminatory practices by developed countries Outlines post-war development, reiterates stance against terrorism Backs Palestine, Cuba and Africa By Nisthar Cassim in New York In his much-anticipated address to the UN, President Mahinda Rajapaksa yesterday took a comprehensive local, regional and world view, with...

With the World Bank announcing that the world economy is teetering on “a new danger zone,” it is of paramount importance for governments and financial power-houses to restore confidence through concrete policies and systematic financial planning. This is the order of the day, given the recent pessimistic report on the world economy delivered by Morgan ...

Economic Development Minister Basil Rajapaksa met high level business delegations led by the French Ambassador and the British High Commissioner in Sri Lanka respectively with a view to promoting investments from France and the United Kingdom. Addressing the business community that included some of the leading enterprises in the fields of insurance, garments, tourism and ...

EXPATRIATE Sri Lankans on international assignments often cite several reasons for leaving the home country. Generally, factors such as wages, employment, professional development, children’s education, socioeconomic and political conditions drive skilled people to migrate. The priority given to each issue typically depends firstly on the skill and profession of the migrant and secondly on h...

An English traveller encounters optimism in the unlikeliest of pachydermsBy Will Maude During my stay here in Sri Lanka there have been dramatic monuments, extraordinary temples and rock-top forts to explore; strangely colourful flora and fauna to investigate; trees running with monkeys; encounters with elephants; and some of the world’s most stunning golden beaches nearby ...

The policy changes, reforms and modernisation since Budget 2011 appears to have been the context of a presentation made to the Joint Apparel Association Forum in July 2011 by the “leading light” in finance, planning, treasury management and economic development. Sri Lanka background 2000-’10 The presentation articulates the background issues experienced from 2000 to 2010. ...

Last week I received an invite for an ‘Inventors Day Celebration’ in one of the leading schools in the country and the master in charge shared a thought that I felt was a cutting edge idea. Apparently, every one of us is an inventor in some part of our daily life. The issue is that ...

Time.com: Aboard the Man Gyong Bong, fresh coffee is served, along with dried fish and local beer. Karaoke parties pep the night life. That said, turn on a faucet and there’s usually no water – and cabins are more like dormitories. Welcome to North Korea’s first cruise ship. If all goes according to the plans ...

Private sector borrowing in first half of 2011 tops Rs. 200 b; cumulative figure surpasses Rs. 1.7 trillion markCredit boom to private sector continues unabated with the amount extended in the first half topping Rs. 200 billion and the end June cumulative figure surpassing the Rs. 1.7 trillion mark. The estimated Rs. 209 billion lent ...

Reuters: England piled more misery on India with a thrilling six-wicket victory in a one-off Twenty20 match at Old Trafford on Wednesday. After losing the test series 4-0, India started brightly in the shortest version of the game and racked up 165 all out, only to see England reach their target with three balls to ...

Agra (IANS): Global tourists may finally be able to fly directly into Agra, the city of the Taj Mahal that attracts millions every year. While the Civil Aviation Ministry has moved to identify land for an international airport, the existing airport at Kheria is also being upgraded to cater to global visitors – with an ...

The country’s private sector yesterday hailed the Government’s decision to lift the emergency saying it was a positive signal to the world. Premier private sector lobby group the Ceylon Chamber of Commerce in a statement said, “After many decades of conflict, the lifting of the emergency is a clear indication of return to normalcy and ...

Sri Lanka needs to foster a strong mutual relationship with Pakistan and China to maintain strong economic and military development. The need of the hour is that all three countries come together to form a new association so that they all can benefit from each other’s expertise with this new friendship bloc in Asia. The ...

Reuters Life!): Construction cranes on beaches, damaged coral, and floating trash in the turquoise waters off Bali are an unfortunate sign of just how successful the Indonesian resort island has been in attracting tourists. Foreign visitors have been drawn to the unique Hindu culture, art and volcanic landscapes of Bali since the 19th century, but ...