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 ...

Annual inflation surprises with higher-than-expected fall Improved food supply cool inflation-cenbank Cenbank says Nov inflation to rise By Shihar Aneez  (Reuters) – Sri Lanka’s annual inflation slowed far faster than forecast to a 14-month low in October from a year earlier, government data showed on Monday, due to a better local food supply and easing ...

IT is said that there are two constants in life – death and taxes. To this, it is practical to add fuel hikes and the latest increase is just another example of how the lack of a clear and transparent price adjustment policy undermines the vibrancy of the economy. This is the second price increase ...

Delayed fuel price increase comes as import bill rise tops 50% to $ 3 billion by AugustThe much-delayed fuel hike in the aftermath of rising oil prices came into effect from Sunday morning, whilst the quantum of the increase was unprecedented. Petrol prices were increased by Rs. 12 per litre and diesel by Rs. 8 ...

HSBC announced its new alliance with Lanka IOC PLC, an overseas venture of the oil giant, Indian Oil Corporation Ltd., to offer the bank’s loyal credit card holders more benefits and convenience. The new agreement was signed on 19 October between HSBC Sri Lanka and Maldives Chief Executive Officer Nick A. Nicolaou and LIOC Managing ...

Reuters: Boeing Co is battling to prevent teething problems on its 747-8 freighter from turning into a wider customer revolt as jittery airlines seize on a chance to curb their exposure to a slump in the global freight market, industry sources said. The largest plane ever built by Boeing, a stretched version of its instantly ...

Reuters: New investors who have shown interest in Sri Lankan oil and gas exploration await the results of Cairn India’s drilling of a second well in the Mannar Basin before committing to anything, Sri Lanka’s Oil Minister said on Tuesday. Petroleum Industries Minister Susil Premajayantha confirmed that Russian gas export monopoly Gazprom, Malaysian State oil ...

Global banking giant HSBC is upbeat on Sri Lanka’s external trade, predicting exponential growth above global average over the next 15 years. In its October 2011 dated HSBC Trade Connections Trade Forecast Quarterly Update, HSBC said Sri Lanka’s external trade would grow in volume terms by 105% by 2025 and value wise by 83% to ...

As a preferred bank for Small and Medium Enterprises sector (SMEs), Union Bank of Colombo Plc (UBC) launched free advisory services to the SMEs as a value addition to further build this segment. In a series of training programmes organised under this initiative, UBC recently conducted a workshop to SME customers in Batticaloa. Coordinated by ...

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, ...

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 ...

LONDON (Reuters): European stocks were flat on Friday, losing early steam ahead of mid-day U.S. employment data but the euro clung to gains from a two-cent rally after euro zone policymakers moved to shore up struggling banks to fend off a financial crisis. Aggressive liquidity measures unveiled Thursday by the European Central Bank (ECB) to ...

Economic Development Minister Basil Rajapaksa yesterday inaugurated the country’s largest ultra modern fuel station and shopping complex in Paradise, Kuruwita along the Colombo-Ratnapura road. This trade complex includes a fuel station, a Commercial Bank branch, ATM machines, a restaurant and a super market. The KDU Group of companies has planned this commercial trade complex to ...

Reuters: Anyone hoping that recent falls in commodity prices would provide a boost to powerhouse Asian economies and help lift the developed world out of recessionary danger will be disappointed. The region’s focus remains firmly on inflation. Commodities from crude to corn have slid in the last quarter, with many showing the most dramatic losses ...

Sir Richard Branson and American actor and environmental campaigner, Edward Norton, are among the pantheon of global environmental leaders who are set to speak at the third annual Six Senses Slow Life Symposium, to be held at Soneva Fushi in the Maldives. The conference will run over four days between 6-9 October 2011 and will ...

President’s revelation in Kandy of natural gas find in Mannar basin prompts global giant’s Indian unit to make official disclosure Hydrocarbon column found to be predominantly gas bearing with some additional liquid hydrocarbon potential Further drilling required to establish commerciality; Cairn investing over $100m   Key breakthrough opens up Mannar basin for geological play In ...

1. Section 2 is of prime importance to an understanding of the scope of the income tax. Unless a person can be brought within the charge imposed by Section 2, he cannot be taxed, subject to the exception mentioned in paragraph 8 below. The power to tax which is implicit in Section 2, is a ...

LONDON(Reuters): World stock markets will recover next year from a nightmarish 2011 that has wiped trillions of dollars off share prices, according to a Reuters poll that showed almost all major stock indexes ending 2011 in the red. Darkening economic prospects and fears the euro zone debt crisis will unravel into financial catastrophe sent global ...

NAIROBI (IRIN): Ban Ki-moon, the UN Secretary-General warns that the gains made in reducing extreme poverty are under threat from the rise in global food and fuel prices and global economic slowdown. In the UN’s Millennium Development Goals Report 2008, launched on 11 September, Ban writes: “The largely benign development environment that has prevailed since ...

NEW DELHI (Reuters):  India’s food price index rose 8.84 percent and the fuel price index climbed 13.96 percent in the year to Sept. 10, government data on Thursday showed. In the previous week, annual food and fuel inflation stood at 9.47 percent and 13.01 percent, respectively.  The primary articles index was up 12.17 percent, compared ...

Financial stability risks have risen sharply in recent months, as slower economic growth, market turbulence in Europe, and the credit downgrade of the United States have weighed on the global financial system, according to new analysis by the IMF. Financial markets have begun to question the ability of policymakers to command broad political support for ...

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 ...

Union Bank of Colombo PLC (UBC) held the ‘Mega Dinum’ promotion grand draw prize awarding ceremony on Tuesday at its Colpetty Branch. The winner of the super prize of a brand new Suzuki A Star motor car and two years free fuel was produced by the UBC Old Moor Street branch. The winner, M. Yoganathan, ...

Reuters: Demand for new airplanes from China and Asia will provide Airbus with a buffer for growth in the event of a global recession resulting from Europe’s debt crisis, the company’s chief operating office said last week. “So far we have 1,000 net orders (from Europe) at the end of August and the air traffic ...

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 ...

  LONDON Reuters: Stock markets rose for a third day on Thursday and the euro steadied, helped by signs that euro zone leaders are committed to keeping Greece afloat for now. European banking shares recovered from an initial dip to gain 0.9 percent despite Swiss bank UBS reporting a 2 billion U.S. dollar loss caused ...

Since 1948, we have been planning for economic prosperity, but six decades have gone by without a semblance of anything to claim as our own. India has superseded all Asian countries and has reached a pinnacle of an economic power and it has even more potential to be a super power. It would be of ...

The Asian Development Bank (ADB) has cut its 2011 and 2012 growth forecasts for developing Asia amid ongoing worries about weak external demand from its key trading partners. In its Asian Development Outlook Update 2011, released yesterday, ADB trimmed its full year forecast to 7.5% from 7.8% seen in April. The 2012 projection is also ...

St. Benedict’s College will showcase its talent through an exhibition covering diverse areas of science, information technology among others at an event titled CUBE from 15 to 17 September at the College from 9 a.m. to 9 p.m. St. Benedict’s College Director Rev. Bro. Granville Perera said CUBE’s objective was to help students transform theoretical ...

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 ...