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, ...

 Eurozone crisis makes industry outlook uncertain COSCO negotiates lower charter rates Many shipping companies hit hard by industry downturn BOAO, China, (Reuters): Global shipping is in a downturn even worse than during the 2008 financial crisis, China’s transportation minister said on Thursday, with the outlook for the industry made increasingly uncertain by the European debt ...

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, ...

Environmental trends threaten global progress for poor, warns 2011 Human Development ReportDevelopment progress in the world’s poorest countries could be halted or even reversed by mid-century unless bold steps are taken now to slow climate change, prevent further environmental damage, and reduce deep inequalities within and among nations, according to projections in the 2011 Human ...

DUBAI, UAE: Emirates airline produced a net profit of Dhs 827 million (US$ 225 million), for the first six months of its current financial year ending 30th September 2011.  The airline continues to be the fastest growing airline in the world and continues to make a profit despite unstable global economic, geopolitical and environmental conditions. ...

The biggest ever IPO by a home grown entity People’s Leasing Ltd., (PLC) officially opens today aiming to raise Rs. 7 billion to boost its growing business in post-war Sri Lanka. The IPO involves 390 million ordinary voting shares at Rs. 18 each. Top brokerages have already recommended the IPO as ‘Buy’. PLC is 100% ...

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 ...

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: Bullish hedge funds and speculators returned en masse to commodity markets in the week to Tuesday, putting on about $5 billion worth of long positions, a major change after their massive exodus in September, data showed on Friday. Led by renewed investments in crude oil and heating oil positions, the funds, also known as ...

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 ...

In business the most difficult part is finding, servicing and retaining markets and market share. In exports, this is even more challenging. The ultimate in value addition is brand marketing. The optimum return in global business is achieved by the growth and development of brands. The national economy where the brand is owned has a ...

This may sound too religious! Yet the objective is to show the attitude and the direction needed in our words and deeds today in terms aligning ourselves to national economic development. The essence of the statement is that thoughts manifest as words and words manifest as deeds and so on. The onus is on ensuring ...

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

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 ...

By Engineer P.G. Joseph An official website about the life and vision of the late Dr. Ray Wijewardene, one of the most accomplished and innovative engineers and scientists produced by Sri Lanka, will be launched on 28 September and will be located at www.raywijewardene.net. In this article, one of several available on the website, a ...

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 ...

BANGKOK (Reuters): Thai Airways International Pcl said on Friday it will not extend its budget airline contract with Singapore’s Tiger Airways Holdings Ltd., effectively terminating their alliance. The Thai flag carrier’s planned new regional airline, Thai Smile, would help replace the alliance with Tiger Airways, Chairman Ampon Kittiampon told reporters after a board meeting “We...

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 ...

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 ...

MetalFactor teamed up with the International Advertising Association’s (IAA) Sri Lanka Chapter yet again to host the Young Spikes contest for young advertising professionals. The winning team, consisting of two members each from the following categories – Integrated communication and Media, will represent Sri Lanka at the Young Spikes contest at Spikes Asia 2011 in ...

By Devin Jayasundera A top Finance Ministry official last week declared that the country’s import sector has bright opportunities on to the future in tandem with fast growing economy and per capita income of the people. Delivering the keynote address at the Ceylon Chamber Import Section Annual General Meeting the Ministry of Finance and Planning ...

Reuters: India’s desire to spend billions of dollars on overseas infrastructure could undermine efforts to ease major domestic port congestion that has hindered trade in Asia’s third largest economy. New Delhi plans to create a state-owned firm, India Ports Global, dedicated to investing in ports overseas as it looks to catch up with rival China ...

Eshana De Silva, the Chairman of the Esna Group of Companies and Shermans Logistics has been officially appointed as the Honorary Consul to Kazakhstan. De Silva is also a Director of Pan Asia Bank, Mc Marine and functions as a board member of the Board of Investment (BOI) and the Sri Lanka Ports Authority (SLPA). ...

After two decades, Hilton Colombo owning company Hotel Developers finally releases accounts Accumulated losses by end FY 2009/2010 top Rs. 10 billion Revaluation of hotel results in Rs. 4.7 b gain yet company beset with negative networth of Rs. 4.7 b as against Rs. 8.26 b in 2008/9 Total outstanding loans and borrowings near Rs ...

Bloomberg: Sri Lanka’s economic growth is set to outstrip India’s for the first time since 2000 as record foreign investment and Government spending fuel a resurgence after almost three decades of civil war. The island nation’s $ 50 billion gross domestic product will increase 8.5