CB says will intervene in high volatility Dealers say CB employing moral suasion By Shihar Aneez and Ranga Sirilal COLOMBO (Reuters): Sri Lanka’s rupee hit a new record low on Tuesday on importer dollar demand, but a State bank sold greenbacks to reverse the drop in an apparent break with the Central Bank’s new policy ...

Reuters:German Chancellor Angela Merkel scraped through a parliamentary vote endorsing a second bailout for Greece on Monday but faced a growing backbench revolt against pouring in more money in support of the euro zone.  The comfortable 496-90 victory, with five abstentions, was inflated by centre-left opposition support, but only 304 of Merkel’s 330 centre-right coalition ...

The gap between the rich and poor used to be the province of Third World countries. Why is it an issue in developed countries these days? INSEAD Knowledge: Gaping disparity between the rich and the poor used to be the hallmark of Third World or developing countries – places without a “middle class” or an ...

MELBOURNE (Reuters): Australia captain Michael Clarke won the Allan Border Medal as his country’s Player of the Year for the third time on Monday. Clarke also won the award in 2005 after scoring 151 on his test debut against India in Bangalore and shared it with Ricky Ponting in 2009. The 30-year-old assumed the captaincy ...

Benito Mussolini, the fascist ruler of Italy, during World War II, said that his brand of fascism ‘should be more appropriately called Corporatism, because it is a merger of state and corporate power’. Compare this with the dictionary definition of capitalism: ‘A system in which a country’s business and industry are controlled and run for ...

Reuters: Sri Lanka expects crude imports from Iran to drop by at least 10 per cent this year due to a range of inflation-fighting policies that should cool demand, potentially helping it find a way around US sanctions, a Government official said on Friday. The island is facing one of the biggest squeezes from the ...

By C. Bryson Hull MALE (Reuters): It was an ordinary blue felt pen, and not a bullet, that killed Mohamed Nasheed’s term as the first democratically elected president of the Maldives. After rising to acclaim as a champion of democracy and action against climate change, Nasheed is now back on the streets where he led ...

Avoiding a crisis The Pathfinder Foundation (PF) commends the Treasury and Central Bank for the policy measures introduced recently. This has prevented an external payments crisis. Without remedial action, the country would not have been able to meet its debt obligations and/or finance essential

By Cheranka Mendis Sri Lanka, which has been acting as a transhipment hub for long years, should now start showcasing its abilities, potentials and possibilities in the logistics market to the world. With only two weeks to go for Sri Lanka’s first-ever international logistics exhibition ‘Sri Lanka International Air Freight, Shipping and Logistics Expo 2012’ ...

PCH Plc Chairman S.H.M Rishan, has been awarded the coveted title of Outstanding Entrepreneur at the annual Asia Pacific Entrepreneurship Awards organised for Sri Lanka by Kuala Lumpur based NGO Enterprise Asia. This accolade, which is recognised on a national and regional level, recognised the trailblazing efforts of Rishan and his significant entrepreneurial achievements. The ...

Sharp reduction in vegetables prices thanks to higher output could help soften an otherwise sharp spike in inflation following the unprecedented fuel hike and devaluation of the rupee, according to analysts. In recent weeks, prices of vegetables have dropped by as much as 50% or more and this development will make the additional cost following ...

TOKYO: Asian shares and the euro fell on Thursday, sharply reversing the previous day’s rally as optimism was dashed by another delay in cementing a crucial bailout for stricken Greece, underscoring how far away Europe is from resolving its debt crisis.  After a three-hour teleconference

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) will hold a one day workshop on the implementation of an integrated risk management framework on Tuesday, 6 March at the Galadari Hotel. Titled ‘Developing and Installing an Integrated Risk Management Framework’ it will be conducted by a top Australian risk management expert. Edmund ...

By Cassandra Mascarenhas Rewarding the most transparent and accountable business entities in Sri Lanka’s corporate sector, the annual ACCA Sustainability Reporting Awards 2011 crowned John Keells Holdings, Aitken Spence Hotels Holdings and HDFC Bank as winners in the large, medium and small sectors respectively yesterday. Janashakthi Insurance was also felicitated for conforming to reporting...

The Central Bank yesterday explained some of the events that led to the erosion of reserves that led to the depreciation of the rupee and assured that pressure on the exchange rate would ease, apart from projecting a balance of payments surplus this year. Noting that the current developments in forex market were ‘temporary,’ the ...

Says Central Bank ‘miserably politicised’; wants change at the top; warns of public, worker agitation UNP MP and its chief spokesman on the economy Dr. Harsha de Silva yesterday said the Government has to blame itself and take responsibility for the current economic crisis

The theme of World Consumer Day this year, 15 March 2012, is very opportune, interesting and timely. It is our money, our rights – campaigning for real choice in financial services. There is a doubt whether your money is really yours because it is managed by others. Your money is managed by the Central Bank ...

Contrary to Government assurance of minimal impact from the unprecedented fuel hike of Sunday, a set of upward price revisions including on bus fares and electricity will become reality from today. Striking private bus operators yesterday won their demand with the Government agreeing to let fares up by 20% with minimum ticket priced at Rs. ...

Reuters: The International Monetary Fund (IMF) on Friday welcomed Sri Lanka’s policy shift towards a flexible exchange rate, saying it will help contain the trade deficit and protect the nation’s dwindling foreign exchange reserves. In a marked policy shift, Sri Lanka’s Central Bank on Thursday said it would allow the market to determine the currency’s ...

Following are some responses from three economists to the guest column by Chandra Jayaratne titled ‘Important issues’ for Sri Lankan legislators, the Executive, policymakers, Central Bankers, economists and thought leaders to ponder over published on 2 February 1) I disagree with the Stiglitz-Krugman line. My diagnosis is that Europe is in this mess for two ...

MALE (Reuters): The former President of the Indian Ocean archipelago of the Maldives sat inside his house awaiting arrest on Thursday after being ousted from his post in what he said was a coup at gunpoint. About 200 supporters stood under umbrellas in the pouring rain outside as Mohamed Nasheed spoke to reporters at his ...

MALE (Reuters): The ousted President of the Maldives, credited with bringing democracy to the Indian Ocean island resort, said on Wednesday he was forced out of power at gunpoint and urged his successor to step down. The Maldives on Tuesday installed Vice-President Mohamed Waheed Hassan Manik as President, who promptly denied being part of any ...

HAS democracy failed in the Maldives? As chaos engulfs the second closest country to Sri Lanka, it is impossible not to wonder over where this change will lead. Will the country still continue as a democracy or will it fall into extremist hands? What are the lessons that Sri Lanka can learn from what has ...

Indeed with some Spanish and Ptolemy’s nomenclature, it is our sincere wish ‘long live Sri Lanka’ on passing its 64th year of independence from the British. Our period of independence is not greater than the period we were under, but that is not something we should use as an excuse for slow progress since independence. ...

Colombo International Tea Convention discusses trade and marketing of the beverage By Cheranka Mendis Nestled in the dynamic Asian region with a hot beverage to its name, Sri Lanka could benefit well from becoming a ‘tea hub’ in the future, Commonwealth Secretariat Economic Affairs Division Former Director Indrajit Coomaraswamy said. Addressing the Colombo International Tea ...

“We have to give the rural people who comprises 80% of our population the results of giant development works we have initiated in the country. It is not only an expectation but also a challenge which we are ready to take up,” President Mahinda Rajapaksa said. Addressing the 64th Independence Day celebrations at Anuradhapura on ...

AAP: New Sri Lankan skipper Mahela Jayawardene is adamant his unpaid squad can put their money woes and off-field dramas behind them to turn around what’s been a bleak patch of Test and one-day results. Since finishing runner-up to India at last year’s World Cup, Sri Lanka’s form has slumped, falling to series losses to ...

Sydney Morning Herald: This summer’s tri-series will be played amid a backdrop of a pay dispute which sees Sri Lanka’s players owed as much as $US 5million ($4.71 million) due to a cash crisis within the country’s governing body. As Mahela Jayawardene’s team battle the world

We often hear the word ‘crisis’ mentioned in discussion, speeches, orations, in poetry, fiction, articles, cartoons, within corporate board rooms, on strategic plan presentations, broadcasts, narrowcasts, etc. The word assumes even greater weight depending on what adjective is placed

By Tudor Wijenayake Most Sri Lankan universities seem to be in chaos. The majority of them are closed down due to student unrest, where the Government claims that students are manipulated by left parties and breakaway groups aspiring to come into power. The students may be manipulated, but this level of operation is not possible ...