The quadrennial conference of the United Nations Conference on Trade and Development (UNCTAD) is due to take place in Qatar from April 25th to 28th. The theme of this year’s conference is ‘Development-led globalisation: Towards sustainable and inclusive development paths’. UNCTAD was established in 1964 as a permanent intergovernmental body dealing with trade, investment and ...

LONDON (Reuters): Stocks and the euro fell on Wednesday after the U.S. Federal Reserve dimmed hopes for fresh asset-buying, further underlining its divergence with an embattled Europe that faces recession and remains firmly in crisis-fighting mode. Overnight minutes from the Fed’s March meet

‘Small is Beautiful’ is the title of the famous book authored by E.F. “Fritz” Schumacher, which was at one time rated among the 100 most influential books to come out after World War II (by the Times Literary Supplement). It was 100 years ago that Fritz Schumacher was born in Bonn, Germany, on 16 August ...

The rupee gained 1.7 per cent on Tuesday as exporters sold dollars after the International Monetary Fund approved thedisbursement of a long-delayed loan tranche of $ 426.8 million to the Government. The rupee strengthened to 126.00/126.30 a dollar from Monday’s close of 128.25/128.30. Dealers said the currency strengthened to 125.60 some importer dollar demand curbed ...

The sports minister in Sri Lanka has vowed to continue bidding for more international sporting events despite the failure to secure 2018 Commonwealth Games in Hambantota. Sri Lanka lost to Australia’s Gold Coast in Saint Kitts last year, after a lengthy bidding process spending Rs. 880 million. But Sports Minister Mahindananada Aluthgamage told BBC Sinhala ...

While the government is fully capable of dealing with any pressures that come from Geneva, New York or Washington, it is the public servants and heads of corporations who should ensure good governance to improve the image of the country internationally, said President Mahinda Rajapaksa. Addressing a gathering of public servants, heads of state corporations, ...

Sri Lanka is to get a $ 400 million lifeline following what is anticipated as a favourable decision on the part of the International Monetary Fund (IMF). The IMF Board was scheduled to meet Monday evening Washington Time, and its Resident Representative Koshy Mathai is scheduled to hold a briefing today in Colombo at 2.00 ...

nInternationally-renowned risk consultant David Roden in town Capital Alliance, a full-service investment bank will focus on highlighting to the industry this week on best practices in risk management for emerging markets. Concentrating on the industry’s financial institutions, CAL along with David Roden will spend two days in Sri Lanka, meeting with senior bank executives including ...

Top investment bank UBS has issued a warning on Sri Lankan economy lowering the 2012 growth rate to 6% and suggesting a degree of overheating in addition to hinting interest rates going up, further pressure on exchange rate, interest rate and Budget deficit. The report exposes some of the mistakes made in the recent past ...

The Secretary of Defence and Urban Development Gotabaya Rajapaksa was invited as a Guest of the Government of Japan in order to interact with the key political leaders, senior technocrats and cabinet ministers. Secretary Rajapaksa, on the day before he left to Colombo, met Minister of Education, Culture, Sports , Science and Technology Hirofumi Hirano; ...

By Firdous Syed DNA India: There seems to be no moral justification behind the United States-sponsored resolution against Sri Lanka at the UN Human Rights Council. The massacre of ‘40,000 civilians’ and continued persecution of Tamils is a fit case for international censure; even an international intervention could be justified. That the US, motivated, or ...

By Cheranka Mendis While Sri Lanka’s largest mega trade, investment and tourism promotion initiative ‘Expo 2012’ has been welcomed by stakeholders as a timely affair, stallholders shared mixed feelings on the order of the show. Some were elated having received inquires just two days into the event, while others expressed disappointment with regard to the ...

We do not inherit the earth from our ancestors; we borrow it from our children, as the Native American proverb goes. It is with this philosophy in mind that Jetwing Hotels will be participating in the Earth Hour campaign on 31 March. Jetwing will be the first Sri Lankan hotel chain to do so and ...

By Cheranka Mendis Even if the status of the world economy seems to have found a rather fragile equilibrium with Europe over the past six weeks, the world is no closer to being immune from the risks that have cropped up as a result of the European and USA led recession and changes in world ...

UAE businessmen are rushing to Sri Lanka as the country opens up its doors for competitive trade. More than 50 business personnel from Dubai and other emirates are camping in Sri Lankan to explore business opportunities. President Mahinda Rajapaksa inaugurated Expo 2012, where over 370 exporters are showcasing a wide array of goods and services. ...

Denying accusations that the Ceylon Electricity Board is a burden on the national economy, Minister of Power and Energy Champika Ranawaka points out its contribution towards the country’s development and claims the staggering loss of $ 42 billion predicted for 2012 was mainly due to the fuel price hike and rupee depreciation. Following are excerpts ...

Veteran banker Eastman Narangoda today stepped down as Chairman of Seylan Bank after a record-making three year tenure at its helm. Making the announcement at the Bank’s AGM yesterday Narangoda cited “personal reasons” for his decision. Appointed as Chairman of Seylan Bank PLC on 30 December 2008, Eastman Narangoda was a key figure who instrumented ...

With the recent relaxing of the rupee exchange rate and subsequent increase in fuel prices, trade unions and the opposition parties are conducting protest campaigns against the Government, demanding a reduction in oil prices and the cost of living. This article investigates the living conditions of citizens in the recent past and present, quality and ...

By Cheranka Mendis Despite the risk of negative global conditions worsening the ground situation in Asian countries, rating service Standard & Poor’s believes that by and large the region will continue to grow, with most countries now building resilience to face and absorb shocks. Standard & Poor’s Rating Service South East Asia Managing Director Surinder ...

By Cheranka Mendis The volatility in Middle Eastern markets, coupled with the increasing issue of low quality due to competition and increasing costs, has placed the local tea industry in a big fix, which could, if unattended, immediately mark the end of a Sri Lankan legacy in four to five years. Despite Sri Lankan tea ...

By Amantha Perera IPS: As the UN Human Rights Council (UNHRC) voted in, Thursday, a resolution asking Colombo to act on recommendations made by its own Lessons Learnt and Reconciliation Commission (LLRC), Buddhist prayers reverberated through the Sri Lankan capital. “It is a resolution that encourages Sri Lanka to implement the recommendations of its own ...

Sri Lanka, affected by the sanctions imposed by the United States on Iranian oil, has entered into an agreement with Oman to buy oil from that country ahead of the US deadline. Ceylon Petroleum Corporation Chairman Dayananda Vidanagama Arachchi on behalf of Sri Lanka and Oman Oil Corporation Chairman Nasheer Al Jasmi inked the agreement ...

The world is looking towards making bold and concrete decisions which will enable policies, funding and political will, for sustainable development at the United Nations Conference on Sustainable Development also known as the Rio+20 which will be held in Rio de Janeiro, Brazil, this June. However, none of this would possible without the crucial support ...

During his recent visit to Sri Lanka, MTI’s Bahrain-based CEO Hilmy Cader, as part of MTI’s ‘Think Tank’ initiative, shared  their learnings on the impact of media on world opinion and what governments around the world can learn from businesses. The cold war and the ensuing threat of nuclear warfare has always preoccupied the world ...

Arguably, the silver lining in the currency depreciation is that Sri Lanka’s exports will grow, or it seems to be that at first glance. Yet, deepening the gloom, there is increasing concern that import-dependent exports such as apparel will take a hit from the plummeting rupee, resulting in the US$ 12 billion target being left ...

Reuters: Textiles exporters hoping the fall of Sri Lanka’s rupee would drive a boom this year are set to be disappointed as a resulting rise in costs of imported materials undermines margins, the state-run Export Development Board (EDB) said on Wednesday. Firms have been calling for years for a weaker currency to help them compete ...

The Central Bank yesterday was emphatic that much needed dollars are coming to Sri Lanka and the foreign exchange market, reassuring that stability was on course. In an apparent reaction to widespread criticism including that of UNP MP Dr. Harsha de Silva’s claim that the robust inflows projected under the Central Bank’s 2012 and beyond ...

A spectacular laser show and water dance taking place Friday and Saturday this week will mark the launch of a major campaign to improve water management. Backed by the International Water Management Institute (IWMI), headquartered in Pelawatte, the campaign, RipplesOnWater.org, will raise awareness about water issues, initially in Sri Lanka and will then spread globally ...

Today is World Water DayBy Marianne David Recalling King Parakramabahu’s famous quote on water conservation and utilisation – ‘do not release even a drop of rain water to the sea without putting it to good use’ – Environmental Scientist Professor Sarath Kotagama called on Sri Lankans to “regain what was once ours by going back ...

The Janatha Vimukthi Peramuna (JVP) spokesman and parliamentarian Anura Kumara Dissanayaka in an interview with the Daily FT critiques the on-going sessions of the UN Human Rights Council (UNHRC), the state of bad governance, deteriorating law and order and the economic crisis in the country.