BERNE (Reuters) : Swiss National Bank Chairman Philipp Hildebrand resigned with immediate effect on Monday, saying he could not prove he had been unaware of a controversial currency trade made by his wife and wanted to protect the integrity of the central bank. Hildebrand’s decision to relinquish one of the top 10 central banking jobs ...

Dr. H.N Thenuwara, formerly Assistant Governor of the Central Bank and now an Adjunct Professor of Economics at the University of Iowa in USA, spoke on the economics of development to a group of selected economists in Colombo last week. Thenuwara’s enterprise was to revisit

I would like to thank the Organisation of Professional Associations for inviting me to be the Guest of Honour at this Induction Ceremony. I also take this opportunity to wish the incoming President and the members of the Council every success in taking this organisation to greater heights in future. Sri Lanka today is a ...

In the backdrop of the uncertain conditions that exists in some of Sri Lanka’s key tea exports destinations, attempting to analyse market prospects could have a strong element of ‘crystal ball’ gazing. Nevertheless, a logical approach would be to analyse the past performance of the industry and equate it to supply/demand scenarios that are likely ...

A Sri Lankan has been awarded one of the most prestigious international scholarships to network with the next generation of Asian leaders by the Government of Singapore. Duminda Ariyasinghe, Executive Director (Investment Promotion and Media) at the Board of Investment of Sri Lanka (BOI), has been awarded a Lee Kuan Yew (LKY) Fellowship by the ...

By Sarath de Alwis Tracing my roots to traditional marketing times in aviation and tourism, I am awed by the enormous potential of modern technologies that bring new frontiers to our doorstep; drop new vistas virtually on our laptops. Then I am appalled to see what unfolds. Global opportunities are whisked away from our grasp ...

Reuters: U.S. manufacturing grew at its fastest pace in six months in December, capping a late-year upswing, but a European slump and rising oil prices posed threats to the U.S. economy in the new year. The Institute for Supply Management’s index of national factory activity hit its highest level since June, coming in above forecasts ...

The third year undergraduates of the University of Colombo’s Business Administration degree program visited the Colombo Stock Exchange recently. The group of 120 undergraduates was introduced to the basics and inner working of Sri Lanka’s dynamic Stock Exchange through a discussion and a visit to the trading floor. The field visit was organised by the ...

Sampath Bank with effect from 1 January has got a new Chairman and several new youthful additions to its Board of Directors. The Bank announced on Friday that at a Board of Directors meeting held on 29 December Chairman I.W. Senanayake decided to step down with effect from 31 December. Whilst accepting this decision the ...

Reuters: New U.S. claims for jobless benefits rose last week but the underlying trend pointed to an improving labor market, while regional factory data showed the economy gaining momentum as the year ended. The growth picture was brightened by other data on Thursday showing pending sales of previously owned homes jumped to a 1-1/2 year ...

An International Research Conference on Transdisciplinary Perspective on Accounting will be held in Sri Lanka on 4 and 5 January at the Central Bank’s Centre for Banking Studies Auditorium at Rajagiriya, Colombo from 9 a.m. to 4:30 p.m. The conference has been jointly organised by the Department of Accounting of the University of Sri Jayawardenapura, ...

DNH Financial showcases impressive GDP data to make a credible case to consider stock market as an attractive medium to long term investment option The high 8.4% economic growth enjoyed by Sri Lanka in the third quarter is considered the fourth best in the world according to an analysis by stock broking firm DNH Financial. ...

Washington, Reuters: The US economy is gaining momentum and should push through next year with only a few bruises despite an almost certain European recession and slower global growth. A firming in the anemic US labour market should put the economy in reasonable shape to withstand headwinds from overseas, although the recovery will likely slow ...

Six-day losing streak ends as ASI gains by 1.3% though most investors out with turnover dropping to two-and-a-half-year low The Colombo stock market saw a welcome rebound yesterday, raising hopes for a Merry Christmas over the weekend as hitherto weak-hearted investors appear to have received a boost from impressive economic data. Improved sentiments saw the ...

FRANKFURT: Banks took a huge euro 489 billion at the European Central Bank’s first ever offering of three-year funding on Wednesday, raising hope a credit crunch can be avoided and that the money may be used to buy Italian and Spanish bonds. A total of 523 banks borrowed money at the tender with demand way ...

Central Bank has approved the five new nominees to the Board of Sampath Bank Plc in place of an equal number retiring by next week. The five nominees who are qualified and professionals in their respective fields are former International Finance Corporation (IFC) Sri Lanka and Maldives Resident Representative Sanjiva Senanayake, Orit Apparels Chairman Channa ...

The Monetary Board, at its meeting held on 16 December 2011, has promoted four Staff Class Grade IV officers, A. Kamalasiri, R. Dheerasinghe, S.S. Ratnayake and K.D. Ranasinghe to the post of Assistant Governor with effect from 1 January, 2012. These promotions have been made in line with the succession plan of the Bank to ...

The Reserve Bank of India (RBI) has decided to create a separate category of Non Banking Financial Company – Micro Finance Institution (NBFC-MFI). This implements a recommendation of the Malegam Committee Report on Micro Finance in India, which was appointed subsequent to the MF crisis due to indebted farmer suicides in Andhra Pradesh. The NBFC-MFI ...

Plastic crates: Universally used in agri markets In 2002, the writer had a chance of visiting a few farms in Czech Republic, some 200 kilometres away from its capital, Prague. They were all medium sized farms owned by private individuals producing such products as vegetables, fruits and honey. At the time of the writer’s visit, ...

Etihad Airways on Monday announced it was buying 10 more Boeing 787-9 Dreamliners in a deal which will make it the largest operator of the aircraft type in the world. The airline has also ordered another two Boeing 777 Freighters for its fast growing Etihad Crystal Cargo operation. The 12 additional aircraft are valued at ...

The Colombo stock market saw a dull day’s trading with turnover recording Rs. 664 million and the All Share Price Index falling 0.52% to close below the psychological support level of 6,000 at 5,965 while the Milanka Price Index lost 0.05% to register 5,228. The top turnover contributor list was dominated by fundamentally sound counters ...

UNP MP Dr. Harsha de Silva blasts PM on import banning statement UNP MP Dr. Harsha de Silva yesterday insisted that the statement by the Prime Minister that wheat flour imports should be banned is an irresponsible statement and must be retracted. “While it may be his choice to consume only rice, or he wishes ...

We are still stuck in the winter of our discontent! By Jude Fernando Groundviews.org: “Nearly all children nowadays were horrible. What was worst of all was that by means of such organisations as the Spies they were systematically turned into ungovernable little savages, and yet this produced in them no tendency whatever to rebel against ...

Order increases Boeing’s 787 customer base in Middle EastBoeing and Oman Air, the Sultanate of Oman’s flagship carrier recently announced an order for six Boeing 787-8s at the Dubai Airshow. The airline completed an arrangement with Boeing and Kuwait-based leasing company ALAFCO to transfer existing orders for the six Dreamliners from ALAFCO to Oman Air. ...

Ray Wijewardene (1924-2010) was a true Renaissance Man. An alumnus of Cambridge and Harvard Universities and a former Chancellor of Moratuwa University, Ray excelled in many different areas of human endeavor: agriculture, aviation, engineering design, inventions, renewable energy technologies and water sports. A Fellow of the Sri Lanka National Academy of Sciences and the Institution ...

The outstanding learner awards of Cambridge Ordinary and Advanced Level 2011 was held at the Ceylon Continental Hotel in Colombo recently where high achievers of the examination were rewarded. The Chief Guest at the occasion was the Minister of Education Bandula Gunawardena. Here, shows Uditha Devapriya of Lyceum International School, Nugegoda, receives the award from ...

By Peter Day The Ray Wijewardene Charitable Trust that continues the legacy and the vision of the late Sri Lankan innovator is organising the inaugural ‘Ray Wijewardene Memorial Lecture’ to be held on 13 December 2011. The Ray Wijewardene Charitable Trust organises the lecture with the Institution of Engineers of Sri Lanka – of which ...

What do nation states do when their politicians ruin their economies by serial lying to the voters, running up huge domestic and international financial deficits, uncontrolled corruption, cannot keep interest rates at reasonable rates, cannot control inflation nor hold the exchange rate steady and run the country on an unsustainable basis, depending on what has ...

A striking feature of both the Mahinda Chinthana – A Vision for the Future and the Budget 2012 is the open rejection of neoliberal economic models and the portrayal of the government policy as a special model developed indigenously for the country. Mahinda Chinthana rejects neoliberal models apparently on the ground of their high failure ...

WASHINGTON: As the United Nations conference on climate change opens in South Africa, a new World Bank study demonstrates that women, when fully empowered, can be an important force for change as countries and citizens grapple with the impacts of climate change and prepare to adapt to them. World Bank Vice President for Sustainable Development ...