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BRUSSELS (Reuters): Euro zone economic sentiment defied expectations of stabilisation and again fell sharply in September, underlining the economic gloom brought on by the sovereign debt crisis as the euro zone sinks into a recession. The European Commission’s monthly economic sentiment
The place isn’t a paradise for minorities but the economy is recovering By Sam Baker Asuasentinel.com: The Government of Mahinda Rajapaksa in Sri Lanka has probably botched its dealings with the United States, the European Union and the United Nations. Still, the disenchantment with Colombo may be overblown three years after the end of the ...
By Shanuka Tissera Amendments to the Petroleum Products (Special Provisions) Act have been finalised and approved by the Attorney General. It is expected that both bills will be presented to Parliament shortly for enactment. Pending the enactment of new legislations, the Cabinet of Ministers has appointed the Public Utilities Commission of Sri Lanka (PUCSL) as ...
Reuters: China’s top state newspaper warned the visiting US Secretary of State Hillary Clinton on Wednesday not to seek advantage from tensions in the South China Sea, ahead of talks likely to focus territorial disputes and other sources of discord. Beijing and Washington have both stressed hopes for steady ties, especially as they confront domestic ...
PARIS/LONDON (Reuters): Leading members of the Group of 20 nations are prepared to trigger an emergency meeting to address soaring grain prices caused by the worst US drought in more than half a century and poor crops from the Black Sea bread basket. France, the United States and G20 president Mexico will hold a conference ...
by Sarath De Alwis The crisis is not in our system of higher education. The crisis is in not knowing what higher education is. Arrogance of presumed superior knowledge of the policy makers and dogmatism of the teachers has precipitated a debate that reflects a pedantry of crisis proportions. We do not seem to have ...
LONDON (Reuters): Britain’s economy shrank far more than expected in the second quarter, battered by everything from an extra public holiday to government spending cuts and the neighbouring euro zone crisis. Finance minister George Osborne said figures released on Wednesday showed Britain
Global Foreign Direct Investment (FDI) inflows rose 16 per cent in 2011, surpassing the 2005-2007 pre-crisis level for the first time, despite the continuing effects of the global financial and economic crisis and the current debt crisis in Europe, UNCTAD’s annual survey of investment trends
LONDON (Reuters): Oil retreated slightly on Wednesday, snapping five days of gains as U.S. Federal Reserve Chairman Ben Bernanke offered few signs of further monetary stimulus and a gloomy view of the economy of the world’s top oil consumer. Brent crude slipped 38 cents to $103.62 a barrel by 1017 GMT, after settling 63 cents ...
By Shamil Samsul Mueen 1. Introduction The global financial crisis has raised imperative issues concerning the stability and reliability of existing financial systems. This has driven an extensive global re-examination on the competence of the existing financial architecture and the search
Following is the full text of Secretary to Ministry of Finance and Planning and Ministry of Economic Development Dr. P.B. Jayasundera’s keynote address titled ‘Sri Lankan Economy in Perspective’ at first plenary session of the Ceylon Chamber of Commerce Sri Lanka Economic Summit yesterday under the theme ‘Positioning Sri Lanka in the Global Economy’ Chairman, ...
LONDON WASHINGTON, (Reuters): The global economy is showing signs of deteriorating after manufacturing in the United States contracted in June for the first time in three years, European factories took another hefty blow and China and Japan were hit hard by crumbling orders from abroad. Business surveys released on Monday, covering thousands of factories across ...
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...
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 ...
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
MUMBAI (Reuters): India’s natural rubber imports are likely to drop by 27% to 150,000 tons in the current year to end-March 2013 as local output rises and international prices make imports less attractive, a senior government official said. The world’s fourth-biggest producer of natural rubber imported 205,433 tons of the tyre-making raw material last year, ...
Reuters: Loose global monetary conditions are stoking credit and asset price booms in some emerging markets that could lead to a new financial crisis, the Bank for International Settlements warned on Sunday. Such a boom-and-bust cycle might have severe global repercussions, not least due
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 ...
Reuters: Brent crude steadied around $96 a barrel on Tuesday, staying close to 16-month lows hit in the prior session, as Spain’s rising borrowing cost showed Europe is nowhere near resolving its debt crisis that has hurt the outlook for fuel demand. Oil, along with other commodities, fell
Peter Kropotkin is a Russian revolutionist who has commented in his book ‘The Conquest of Bread’ what he considers to be the weaknesses of the economic systems of capitalism and how poverty and scarcity thrives on. However, Kropotkin did not believe in the theory of state and is known as an anarchist. The issue of ...
BEIJING (Reuters): Fresh fears over the global economy could unravel the benefit of cheaper oil prices and keep a lid on financial forecasts for the airline industry when its chiefs gather in China for their annual summit. An eight percent drop in oil prices this year has delivered a quick fix to an industry severely ...
By Damien The Secretary to the treasury Dr. P.B Jayasundera recently made statement that the country is wasting the foreign currency on things that can be made in this country. I would like to add to this by stating that as a country we should have clear targets and policies that are aimed at both ...
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, ...
Key insights to state of the economy and market and future prospects from NDB Stockbrokers’ latest Sri Lanka Equities report Uncertainty in the macro environment The robust economic growth and steep rise in global crude oil prices increased Sri Lanka’s import bill by 51% in 2011. As a result the trade deficit widened, putting the ...
BRUSSELS (Reuters): Rising tensions with India and China over the European Union’s “arrogant” law on carbon emissions could rob the region of the markets that can rescue it from economic malaise, airline leaders said last week. They also said they had prepared contingency plans for a possible exit of Greece from the euro, as part ...
Reuters: The World Bank cut its economic growth forecast for China this year to 8.2 per cent on Wednesday and urged the country to rely on easier fiscal policy that boosts consumption rather than state investment to lift activity. In a biannual East Asia and Pacific economic update, the World Bank said a slowing China ...
Asian prices return to pre-Lehman crash high New production start-ups to add 10 cargoes/month Europe re-exports record number of cargoes London (Reuters) : Asian liquefied natural gas (LNG) spot prices for July delivery hit highs not seen since mid-2008 this week as import demand from a nuclear power-free Japan rose while recent high oil prices ...
DUBAI, UAE: The Emirates Group has today announced its 24th consecutive year of profit and companywide growth amidst unprecedented economic pressure and record high fuel prices. Released today in the Group’s 2011-12 Annual Report the company posted a AED 2.3 billion (US$ 629 million) net profit, with dnata marking its highest ever profit in 52 ...
Reuters: The European Space Agency is hatching plans for a branding campaign aimed at making people more aware of the benefits of spending their hard-earned taxes on the International Space Station (ISS). The list of products and technologies that have their roots in space research is long, from memory foam to the in-ear thermometer, but ...
The International Air Transport Association (IATA) last week announced global traffic results for March showing that total passenger demand rose 7.6% and freight demand climbed 0.3% compared to the same month last year. Comparisons with March last year are affected by events that depressed passenger demand in 2011, including the Arab Spring, which disrupted travel ...