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Economic Times Editorial: Whatever transpired during the extremely brief visit of National Security Adviser Shivshankar Menon to Colombo, ostensibly to deliver an ‘act on the reconciliation front’ message, it is clear that New Delhi has decided to up the ante on Sri Lanka. The recent Indian vote for the US-backed resolution in the UN Human ...
An estimated 150,000 acres of paddy will be affected by the ongoing drought and thousands of people will be directly affected by their crops failing. The numbers that are filtering through are shocking and causing worries not only for the Government but the public in general. The drought has resulted in hydro electricity generation dropping ...
The vital importance of the development of export and its national value with policy on priority for export trade was emphatically stressed in the Budget speech for 2012 presented by the President. The projected objective was to achieve the export target braving the challenges from the international market. Imperatively Trade Promotion Organisations (TPOs) are bound ...
The Standard and Poorandrsquo;s (Sandamp;P) Rating Services assigned a score of 8 (very high risk) to the Sri Lankan economy and banking industry last week. The role of ratings agencies in the lead-up to the global financial crisis (2008) was certainly highly questionable.
LONDON (Reuters): Gold prices eased a touch on Monday after a sharp rally the previous session, surrendering gains along with the euro and other commodities as a bounce lent to the financial markets by European Union plans to tackle the debt crisis petered out. Gold surged 3 percent on Friday, its biggest one-day rise since ...
LONDON, (Reuters): Barclays Plc chairman Marcus Agius quit on Monday, saying “the buck stops with me” after an interest rate rigging scandal that has dealt “a devastating blow” to the bank’s reputation. Agius, chairman of Britain’s third biggest bank for 5-1/2 years, is the first major scalp from the scandal, which is likely to draw ...
The Oxford Dictionary tells us that being ‘happy’ is being cheerful with feelings of pleasure or satisfaction. ‘Satisfaction’ is, in turn, when you are pleased because you have achieved something or because something has happened as you wanted it to. A synonym is being ‘content’ – being happy and satisfied with what you have. Rulers ...
OVER the last three years Sri Lanka has become used to being at the forefront of development potential and political stability in South Asia but interestingly, neighbour Maldives has had the highest per capita income in the region and continues to lead the way in investment and economic growth. A study done by a ...
A top level Sri Lanka Ports, Trade and Logistics conference and exhibition will be held from 10 to 11 July at Colombo Hilton, organised by industry specialists Seatrade. The multi-stakeholder sponsored and endorsed event will showcase commercial opportunities and development of South Asia’s new maritime hub and logistics centre – Colombo and Sri Lanka. Seatrade ...
Reuters: Persistent fears about the euro zone’s future and an increasingly subdued global economy will restrain further advances for the world’s major stock markets, according to Reuters polls of analysts, who slashed their forecasts. Equity strategists were badly wrong-footed by last year’s disastrous showing for global stocks. Analysts overestimated gains in all but one of ...
China demand for coal, iron ore expected to drive market Average capesize earnings to rise to $12,400 in H2 Panamax earnings seen increasing to $11,000 SINGAPORE (Reuters): The Baltic Exchange’s Dry Index, an indicator of global economic activity, will rebound by 35 percent in the second half of 2012 versus the last six months on ...
Reuters: Drydocks World, the indebted Dubai shipbuilder, said last week it has inked a joint venture for its Southeast Asia operations with a company linked to Malaysian billionaire Robert Kuok. Drydocks, which is restructuring $2.2 billion in debt and sought insolvency protection in April, said the venture with Kuok Group’s Pacific Carrier Ltd. will be ...
UNP MP Karu Jayasuriya has called for the Opposition parties to unite to abolish the Executive Presidency saying it was the singular enemy of Sri Lanka. Here is the full text of Jayasuriya’s statement: Everything that presently ails Sri Lanka hinges on a single factor – the Executive Presidency that concentrates all power in the ...
Reuters: Romney or Obama? Republican or Democrat? The U.S. presidential election may inflame voter passions, but based on past experience, whoever wins the world’s most powerful elected office isn’t likely to move the dollar. The U.S. dollar’s performance over the past 40 years shows little relation to the party holding the presidency and more to ...
Reuters: Angela Merkel was portrayed across Europe as the big loser of a euro zone showdown in Brussels after the German chancellor was forced to accept the crisis-fighting measures championed by countries struggling with their debts. Newspapers in Spain, Italy and France on Saturday toasted the triumph of their leaders – Mario Monti, Mariano Rajoy ...
Wide range of issues discussed; separate meetings held with Basil, Gota and SampanthanIndian National Security Advisor Shiv Shankar Menon met President Mahinda Rajapaksa yesterday. Menon who arrived on Thursday night is accompanied by the Joint Secretary Harsh Vardhan Shringla. At President’s meeting External Affairs Minister Prof. G.L. Peiris was also present. During his stay Menon ...
Reuters: Malaysia is separated from Indonesia’s Sumatra island by just 40 miles of water, but an ocean has opened up between them over who owns a traditional dance, the latest in a series of disputes between the Southeast Asian neighbors. The feud, one of many over issues as diverse as culture, pollution and borders in ...
BANGKOK (IPS): The just-ended United Nations sustainable development summit in Rio de Janeiro has exposed the discomfort that many developing Asian countries have over buzz words like ‘green economy’ and ‘green growth’ in development diplomacy. With the Economic and Social Commission for Asia and the Pacific (ESCAP), the U.N. regional development arm, endorsing these concep...
Drug Trafficking was one of the main sources of finance for the LTTE terrorists as reflected in the World Drug Report 2012, says Permanent Representative of Sri Lanka to the United Nations Dr. Palitha Kohona. He was addressing at the UN General Assembly Thematic Debate on ‘Drug and Crime as a Threat to Development’ ...
By Joseph Hammond The end of the civil war brought hopes that the country could become united. But attacks by radical Buddhists suggest Sri Lanka faces a new challenge to internal harmony. Colombo’s suburb of Dehiwala is probably best known for housing the Colombo Zoo. But late last month, it became the site of a ...
Reuters: Asian shares jumped and the euro surged more than 1 percent on Friday after European leaders agreed that euro zone banks could be recapitalised without adding to government debt, soothing fears over growing credit strains in Italy and Spain. As the dollar retreated on the back of the euro’s sharp rebound, dollar-based oil, copper ...
Reuters: JPMorgan Chase & Co’s (JPM.N) losses from disastrous derivatives trades will likely amount to $4 billion to $6 billion in the second quarter, far more than the original estimate of at least $2 billion, according to a person familiar with the matter. The bank has gotten out of more than half of the position, ...
Case study Middle East Sri Lanka is one of the most sought-after tourist destinations in the world. It is surrounded by the Indian Ocean strategically located between West Asia and South East Asia and has been an important stop on the silk route or the Silk Road. It has all requirements to be one ...
By S.S Selvanayagam The Supreme Court yesterday allowed to file amended petition by Sinhala Jathika Peramuna (SJP) seeking declaration that one of aims of four Tamil political parties is the establishment of a separate state. The Bench comprising Chief Justice Shirani A. Bandaranayake, Justices K. Sripavan and Sathya Hettige allowed to file amended petition subject ...
There is no other industry in Sri Lanka which has suffered at the hands of the Government more than the media industry. Media freedom is enshrined in our Constitution, but it cannot just be exercised unless the right to gather news and information is also guaranteed. Media freedom is enshrined in our Constitution, but it ...
Reuters: Asian shares rose on Thursday on encouraging US economic data, but prices were capped with investors tense ahead of a European Union summit deeply divided on how to tackle the protracted euro zone debt crisis and stop it spreading further. On Wednesday, European shares rebounded from a steep sell-off and Wall Street stocks logged ...
Another day, another boatload of people rescued off the coast of Australia while trying to sneak into the country illegally. More lives lost and more despair spread while a solution drifts into the distance. For the past three years, Sri Lanka’s economic and social situation has increased significantly. Many people are grateful for the ...
Rio+20 has come and gone. For some, with June gone, the task may be looking at the flavour of the month for July to prop up different hoardings. The conference was concluded successfully and most of the final photos and comments indicated it was well attended and well run and perhaps well concluded. For sure, ...
The Standard and Poor’s (S&P) Rating Services assigned a score of 8 (very high risk) to the Sri Lankan economy and banking industry last week. The role of ratings agencies in the lead-up to the global financial crisis (2008) was certainly highly questionable. There are also issues related to their accountability. Despite this, and setting ...
Recent newspaper advertisements heralding the birth of a sports economy is indeed good news for sportsmen in general and sports entrepreneurs in particular. Tax exemptions that serve as attractive incentives are a much awaited step in the right direction for a small nation who has time and again made forays into the big leagues. The ...