LONDON(Reuters): Cleaner and better-managed seas and coasts would help boost economic growth and reduce poverty and pollution, a United Nations Environment Programme (UNEP) report said on Wednesday. The report, produced with several other U.N. organizations, highlights the huge potential of a marine-based economy some five months before world governments meet to discuss pathways to more ...

Reuters: The world economy will lose momentum in 2012 but it will keep moving in the right direction, according to Reuters polls of around 600 economists who said crisis-hit Europe would drag on global growth. Asian economies will again power the expansion of the world economy this year, but with relatively subdued performances. The United ...

The Central Bank of Sri Lanka recently unveiled its pioneering Sixth Strategic Plan – communicating in all transparency its plans for the forthcoming financial period – based on the theme ‘Raising the Bar’. The Sixth Strategic Plan, like its predecessors, takes root from the policy measures underscored in the ‘Mahinda Chinthana,’ and is formulated to ...

The Comprehensive Economic Partnership Agreement (CEPA) seems to be set to hit the headlines again, after the Industry and Commerce Minister on a recent visit to India expressed strong interest in expanding business ties with Sri Lanka’s closest neighbour. Readers will remember that all past attempts to sign CEPA have resulted in many local businessmen ...

“Our sense is that if we do not act boldly and if we do not act together, the economy around the world runs the risk of a downward spiral of uncertainty, financial instability and potential collapse of global demand… we could run the risk of what some commentators are already calling the lost decade” – ...

If the Governor of Central Bank has an urge to enter politics, he should come to Parliament without playing politics inside the CB, charges United National Party Parliamentarian and well-known Economist Dr. Harsha de Silva. Dr. de Silva notes that Governor Nivard Cabraal should respect the sanctity of the Central Bank and therefore if Cabraal ...

Union Bank unveiled its new state-of-the-art Head Office yesterday. Governor of the Central Bank Ajith Nivard Cabraal ceremonially declared opened the new premises located at No. 64 Galle Road, Colombo 3. The new head office marks another momentous occasion for Union Bank, bringing together a combination of state-of-the-art technology, competitive financial solutions and superior service ...

Today, as much as China is the centre of global manufacturing, India has become the international hub for global service industries. India’s IT and outsourcing exports amount to over US$ 50 billion. The economic resurgence of China and India has also made way for the emergence of Thailand, Indonesia, Pakistan and Vietnam as manufacturing bases. ...

The Colombo stock market showed signs of struggle on the New Year’s first day of trading, managing to close up on a razor-thin margin with a turnover of just Rs. 419 million. In an apparent reflection of continuity of past year’s woes, the ASI gained by 0.01% or 0.4 points whilst MPI improved by over ...

ABUJA(Reuters): Nigerian authorities announced on Sunday that a controversial plan to scrap fuel subsidies will be effective from Jan. 1, a move likely to lead to strikes and street protests. The plan is unpopular with Nigerians, many of whom see cheap fuel as the only benefit they get from living

Union Bank opened its newest branch in Ratnapura on 20 December 2011. The branch was ceremonially opened by the bank’s Director/Chief Executive Officer Anil Amarasuriya. Located at No. 109 Main Street, Ratnapura, it marks the bank’s 28th branch, highlighting the rapid growth of its network.   As a preferred bank for the small and medium ...

As the preferred bank for the small, medium enterprises and retail sectors, Union Bank of Colombo PLC (UBC) continues to develop its comprehensive product portfolio and offer a range of value added services to the SME sector. Early this year the Bank launched a free advisory service to the SME sector in order to further ...

Reuters: India’s tax officials have frozen 11 bank accounts of Kingfisher Airlines and 10 of Air India earlier this month as they have failed to pay their service tax dues, an official from the Mumbai service tax department said on Friday. State-run carrier Air India owes the department 1.5 billion rupees, while India’s third largest ...

PARIS/NEW YORK (Reuters): Standard & Poor’s has warned it may carry out an unprecedented mass downgrade of euro zone countries, including Germany and France, if EU leaders fail to deliver a convincing agreement on how to solve the region’s debt crisis in a summit on Friday. The ratings warning sent markets reeling and drew a ...

The Central Bank said this week that inflation, as measured by the Colombo Consumers’ Price Index (CCPI) (2006/07=100) computed by the Department of Census and Statistics, decreased on a year-on-year basis (YoY) to 4.7% in November from 5.1% in October 2011. “This declining trend was observed for the fourth consecutive month. The annual average inflation ...

NEW DELHI: India’s food inflation eased to a four-month low in the week to 19 November as vegetables, cereals and eggs turned cheaper. The decline in the reading for the fourth consecutive week came as a respite to the government struggling to recover from a string of recent bad tidings. Data released by the commerce ...

 Annual inflation slows despite all analysts expected rise Cenbank says better supply offset impact of fuel price hike Analysts wary of government’s inflation data By Shihar Aneez COLOMBO (Reuters): Sri Lanka’s annual inflation slowed to a 16-month low of 4.7 percent in November

By Cheranka Mendis With mobile penetration directly linked to increasing economic growth in a country, Sri Lanka with its bullish growth prospective stands to benefit heavily from the ever-expanding ICT and telecommunication sector. Alcatel-Lucent Asia Pacific President Rajeev Singh-Molares who was in Sri Lanka for a brief visit yesterday told the media that a World ...

Says depreciation by Budget only a one off, admits other sectors will suffer but notes growth will offset negatives By Uditha Jayasinghe The detriments of depreciation must be countered by aggressive growth in exports, the Central Bank Governor said yesterday, insisting that impediments to the industry had been removed by the latest Budget. Speaking for ...

Edirisinghe Trust Investments (ETI) announced recently the company’s first half financial results for 2011/2012. The company’s revenue of Rs. 1.3 billion represented a 30% jump from Rs. 1 billion that the group earned during the same period last year. The increase in revenue is testimony to ETI’s strong growth momentum, boosted by a buoyant economy ...

1. The President in his capacity as the Minister of Finance and Planning delivered the seventh consecutive Budget of the present Government for the year 2012 to the Parliament on 21 November. Prior to the preparation of the Budget, the President himself, Secretary, Minister of Finance and Planning and most of the line ministries conducted ...

Arrenga Capital Research takes a deeper look at Budget 2012 and impact on select listed companies 1. A challenging deficit target – 6.2% of GDP in 2012 I. Government revenue targeted to grow by 20.2% YoY to Rs. 1,126.1 b (14.7% of GDP) II. Total Government expenditure to rise 14.1% YoY to Rs. 1,594.9 b ...

UNP Co-Deputy Leader Karu Jayasuriya The Budget lacks direction and is neither here or there. For the consumer, it is inflationary; nor does it instil investor confidence. It has a political aim but lacks an economic aim. Furthermore, it does not address the productivity of employment; nor does it address the salaries of professionals and ...

Says that taxation simplified, gives concessions for investment and urges more private sector involvementBy Uditha Jayasinghe The benefits of the tax system have been continued to provide a firm foundation for economic growth, a top official said yesterday. Addressing a packed post-Budget seminar organised by the Inland Revenue Department (IRD), Finance Ministry Secretary Dr. P.B. ...

Economy minister advises against buying foreign cash, gold Dollar rush pushes forex price 23 pct above official rate Struggling to control rate, cen bank names new forex head TEHRAN (Reuters): The Iranian government has asked its citizens not to buy dollars, in an effort to stem a rush for hard currency that has sent the ...

Exports, imports up in Sept; Healthy financial inflows Two commercial banks infuse $ 250 m capital from overseas sources; corporate offshore debt capital raising tops $260 m Private sector borrowing averages Rs. 37 b per month in 2011 CB leaves policy rates unchanged for 10th straight month despite benign inflation and the inflation outlook Urges ...

Kingfisher Airlines doubles 2Q loss to $ 93 m MUMBAI (Reuters): India’s cash-strapped Kingfisher Airlines, which has cancelled scores of flights in recent weeks, cannot afford to fly heavily loss-making routes, its chairman said on Tuesday. “We cannot, as a private company, fly routes that are heavily loss-making,” Vijay Mallya told reporters. Earlier on Tuesday, ...

DUBAI (Reuters): Qatar Airways slammed the brakes on an expected $6.5 billion deal with Airbus at the last minute on Tuesday, throwing the Dubai Air Show into disarray as the airline’s head signed a deal with Boeing and told its European rival to go back to basics. Chief Executive Akbar Al Baker said Airbus was ...

MJF Group Director Operations Malik J. Fernando has called for a Master Plan for the plantation sector. In a press statement issued this week, Fernando says an industry-wide Master Plan is required for Sri Lanka’s 150-year-old plantation industry to realign itself with internal and external changes and to remain competitive. “We need to develop a ...

The biggest ever IPO by a home grown entity People’s Leasing Ltd., (PLC) officially opens today aiming to raise Rs. 7 billion to boost its growing business in post-war Sri Lanka. The IPO involves 390 million ordinary voting shares at Rs. 18 each. Top brokerages have already recommended the IPO as ‘Buy’. PLC is 100% ...