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By Cassandra Mascarenhas Setting its sights on placing Sri Lanka in the global economy and expanding its reach in overseas markets, the Sri Lanka Economic Summit 2012, the Ceylon Chamber of Commerce’s annual flagship event, aptly themed ‘Positioning Sri Lanka in the Global Economy,’ commenced last evening at the Cinnamon Grand. In the context of ...
There were some interesting bits of news in the papers about a week back, with some stories having a certain thread running through them. The US Ambassador Patricia Butenis visited the Coca Cola plant in Biyagama. The British High Commissioner John Rankin visited Unilever Sri Lanka’s newly built factory in Horana and the new Chinese ...
Insurers need to look beyond national boundaries and expand their operations abroad, urges Sudhin Roy Chowdhury of the IRDA, according to Business Standard. “If foreign companies can come to India in a big way, why can’t we expand our wings abroad? Look at (German insurer) Allianz. Around 60% of their business is from markets outside ...
The Asian Human Rights Commission recently announced a new initiative, ‘Torture: Asian and Global Perspectives’. It was launched at an event that was jointly organised by the Asian Human Rights Commission and the Centre for Comparative and Public Law at the University of Hong Kong in the Foreign Correspondents’ Club, last month. The bi-monthly magazine ...
Reuters: China, Europe and Britain loosened monetary policy in the space of less than an hour on Thursday, signalling a growing level of alarm about the world economy, although suggestions of coordinated action were played down. Of the three, the surprise move was from Beijing which lowered its lending rate by 31 basis points to ...
Diplomacy plays a direct role in addressing the root cause of insecurity. Diplomatic initiatives build partnerships so nations can work together to address bilateral and multilateral issues. Diplomacy refers to communication or negotiations tactics that use political and legal channels to address both bilateral and multilateral issues. Good diplomacy works at least in four ways ...
Like Sri Lanka, India is also facing a fuel crisis. However, some Indian economic experts had analysed the situation and expressed an opinion, which is applicable to Sri Lanka as well. In 1970 America insisted that all petroleum (crude oil) dealings should be in US dollars. Several countries purchased excess US sdollar to be kept ...
LONDON (Reuters): Aviva, Britain’s second biggest insurer, will on Thursday unveil plans to sell or close up to a quarter of its businesses in a shake-up designed to bolster its finances and reinvigorate its flagging share price. The company, whose weak stock market performance led to the removal of chief executive Andrew Moss in May, ...
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 ...
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 ...
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: 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 ...
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 ...
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 ...
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 ...
The Sri Lanka Economic Association (SLEA) on Friday 29 June will launch a book titled “Achieving Economic Goals in the Midst of Global Challenges” containing the proceedings of its 2011 Annual Sessions. It will be held at HARTI Auditorium, Hector Kobbekaduwa Agrarian Research and Training Institute, 114, Wijerama Mawatha, Colombo 7 at 4.30 p.m. SLEA ...
By Shelton Dharmaratne Changing global trends will continually pose challenges to economic theory and policy and the ways in which we analyse tourism activity. Sri Lanka Tourism’s public policies are trapped in a dynamic, ongoing process and it has become increasingly evident that the Government is struggling to comprehend the tourism industry, its impact and ...
Around two weeks back when I was invited to address the business chambers of Pakistan in Karachi, I realised that the bond between the people of Pakistan and Sri Lanka was not due to business or commerce but the game of cricket. Whenever I mentioned cricket in my addresses, there was a round of applause ...
A solution for loss-making SOEs? In the USA, a new corporate entity referred to as a Benefit Corporation (B-Corp) has been brought into being. The states of Maryland, New Jersey, Virginia, California and Vermont have legislation which permits companies to combine the profit motive with the purpose of making a positive impact on society and ...
Reuters: Swedish retailer IKEA, the world’s largest furniture maker, is opening up in India, marking a crucial step for the Indian government whose policy flip flops related to foreign investment have damaged market confidence. The company, known for huge stores selling flatpack furniture and accessories, said it would invest 1.5 billion euros to open 25 ...
Differences of opinion are normal It is not unusual for one to find instances where there is a difference of opinion as to how one sees oneself and how others see him. Such differences invariably lead to hurling charges at each other and even making counter-charges to prove that the original opinions expressed had all ...
A new social contract between Government and the people The Friday Forum comprises a group of concerned citizens who have come together to consider current issues of public interest with a view to making meaningful contributions towards peace, democracy, good governance and social justice in Sri Lanka. The recent attack on the Dambulla Mosque is ...
Reuters: Weakening economies that roiled markets last year also took their toll on the world’s rich, though faster-growing Asia for the first time had more millionaires than North America, according to a study released on Tuesday. A new report said the global personal wealth of people with $1 million and more to invest fell in ...
The Central Bank of Sri Lanka notes with grave concern, a statement by Standard and Poor’s, issued yesterday, on the Sri Lankan Banking System and wishes to state that the statement is factually incorrect, illogically analysed, and is highly contradictory. 1. Soundness of the Banking System Quite contrary to the rationale for the statement, Sri ...
By Marianne David MP and consultant economist Dr. Harsha De Silva yesterday alleged that THE UNP’s criticism over the mismanagement of the economy and the Central Bank as well as the EPF’s investments in banking stocks have been emphatically validated by global rating agency Standard and Poor’s.“Standard and Poor’s reiterated what we have been saying ...