Reuters: Kingfisher Airlines’ fourth-quarter net loss more than trebled as huge cuts in the number of flights compounded the woes of a cash-strapped carrier facing high fuel prices and intense competition for low fares. The high-profile airline, which is owned by flamboyant liquor baron Vijay Mallya, lost 11.5 billion rupees in the quarter to end-March, ...

Seeing the growing acceptance of Tata’s Nano by car cab companies in Sri Lanka, Nano’s agents here are motivating three-wheeler owners to exchange their ‘tuk tuks’ for the swankier, air conditioned and more capacious Nano. But three-wheeler owners, who are mostly working class Gulf-returnees or lower middle class skilled workers or petty traders, do not ...

Reuters: Sri Lanka expects a U.S. waiver of sanctions on imports of Iranian crude after it took steps to cut them by up to 38 percent, switching to alternatives from Oman and Saudi Arabia, the island's oil minister said on Tuesday. Susil Premajayantha said Sri Lanka, which is dependent on crude imports, has taken steps ...

INSEAD, the leading international business school, has partnered with leading TMT advisory and investment firm Delta Partners to release a joint white paper that defines core emerging markets, growth drivers as well as opportunities and challenges in the global telecommunications industry. At a time when Facebook is getting ready to IPO, its focus on emerging ...

Reuters: The trade deficit widened 67.5 per cent in February year on year, data showed on Friday, but the Central Bank said stringent policy measures would cut the 2012 gap by at least 10 per cent. The trade deficit widened to $ 701.8 million in February from $ 418.9 million in the same month last ...

SriLankan Airlines expands its operations in the North of Sri Lanka, opening its newest Sales Office in the heart of the Jaffna Peninsula yesterday. The branch office will facilitate travel formalities to a large clientele in the Jaffna and Kilinochchi areas, being fully equipped to handle reservations, ticketing, Prepaid Ticket Advices (PTAs), requests for special ...

Commercial ties offer many profitable opportunities, says Pakistan’s High CommissionerFollowing is the statement of the High Commissioner of Pakistan Seema Ilahi Baloch, on the occasion of the ‘Made in Pakistan’ exhibition 2012 Pakistan and Sri Lanka have traditionally enjoyed excellent relations.  We also need to strive to add more substance to our economic cooperation and ...

Much has been spoken of the Sri Lankan economy by different bodies including the guardians of the economy (the Central Bank and Government Treasury). There is constant backlash to the Government bringing out historical events while portraying a very bleak future, although the Government has taken corrective action to address any major economic catastrophe. The ...

At Monday’s encounter with the media, there was an apparent sense of frustration in Treasury Secretary Dr. P.B. Jayasundera over the manner in which markets and businesses have failed to respond to what he described as ‘fundamentals” but being swayed by speculation. A series of monetary and fiscal policy measures effected from as far back ...

Reuters: Sri Lanka’s annual inflation rate accelerated to a seven-month high of 6.1% in April from a year earlier mainly due to expensive imports after rupee depreciation and price hikes in fuel and electricity to reflect rising oil prices. Inflation rose to 6.1%, above the 6.0% expected by analysts and up from 5.5% in March, ...

Finance Ministry Secretary Dr. P.B. Jayasundera yesterday insisted that the recent fall in the value of the rupee was unwarranted and blamed it on speculators as recent corrective policy actions had strengthened fundamentals for greater stability in the exchange rate. “The recent spike is due to speculation more than on fundamentals. I reiterate that the ...

Reuters: Asian shares rose on Monday as weaker-than-expected U.S. growth data left open the possibility of further monetary stimulus from the Federal Reserve to boost growth, but trading was subdued with Japanese and Chinese markets closed. The dollar remained pressured by Friday’s report showing annual growth in the U.S. economy cooled in the first quarter ...

VESAK is the festival of light. Yet this year it seems that the lights will have to be dimmed to reflect the reduced lustre of the country’s economy. As the Power and Energy Ministry organisers raffle draws for people who save electricity during the upcoming religious season there are many other efforts happening behind the ...

Reuters: China COSCO Holdings Co Ltd, flagship of the country’s biggest shipping conglomerate, made a net loss in the first quarter of 2.7 billion yuan ($429 million) as a continued supply glut in its bulk carrier business pushed freight rates to loss-making levels. China COSCO, which operates the world’s largest bulk cargo fleet and is ...

Reuters: A United Nations-backed court convicted former Liberian president Charles Taylor of war crimes and crimes against humanity, the first time a head of state has been found guilty by an international tribunal since the Nazi trials at Nuremberg. The first African leader to stand trial for war crimes, Taylor had been charged with 11 ...

The rupee edged down on Friday due to importer dollar demand despite the Central Bank saying $ 574 million inflows are expected within a month. The rupee ended at 120.20/30 against the dollar, weaker than Thursday’s close of 129.70/90. It fell to 130.60 intraday, but a State-owned bank sold dollars at 130.40, helping the currency ...

LONDON (Reuters): Warm weather and fears of a fuel shortage helped drive the biggest increase in British retail sales in more than a year in March, raising chances that recovering consumer spending may have helped the economy to avoid recession. The unexpectedly strong figures will come as a relief for policymakers as they try to ...

Importers secure increase in age limit for cars and commercial vehicles; higher duty to stay President Mahinda Rajapaksa yesterday stepped up the accelerator for re-conditioned vehicles agreeing to revise the recently imposed age limit rules at a meeting with importers. Responding to pleas by motorists as well as Vehicle Importers Association, the President has agreed ...

Reuters: Sri Lanka will face a challenge in meeting this year’s budget deficit target as the recent monetary and fiscal tightening measures may hurt revenue growth, the island nation’s central bank chief told Reuters on Monday. The $59 billion economy has agreed with the International Monetary Fund (IMF) to target a budget deficit of 6.2 ...

Times of India: CHENNAI: The Madras high court on Wednesday reserved orders on petitions seeking lof ifting the ban on LTTE in India. The MDMK leader Vaiko, who had moved the high court against the ban, told newspersons later even though the statue of Mahatma Gandhi had been vandalized and desecrated in Sri Lanka, the ...

REUTERS: Isolated North Korea said on Wednesday it was injecting fuel into a long-range rocket “as we speak” ahead of a launch condemned by its neighbours and the West as a disguised long-range ballistic missile test. The launch, set to take place between Thursday and next Monday, has prompted neighbours such as the Philippines to ...

Sri Lanka will continue Iran crude, but will have to reduce Sri Lanka indirectly penalised by US sanction – Basil Reuters: Sri Lanka could trim Iran crude imports up to 20 per cent in the face of US sanctions, the island nation’s economic development minister said on Tuesday as it had taken strong measures to ...

MAN Truck & Bus Middle East and Africa, a leading commercial vehicle producer, has launched the fifth generation of its premium Neoplan Skyliner bus. UITP Mena Congress and Showcase 2012 is the ideal platform for MAN Truck and Bus to engage with partners and potential customers, in order to exchange ideas and experiences on public ...