No officials will be penalised for the purchase of 7,500 tons of contaminated jet fuel by State-owned Ceylon Petroleum Corporation (CPC), a Government spokesman said, but a decision on the company is yet to be taken.   Cabinet Spokesman and Deputy Economic Minister Lakshman Yapa Abeywardana

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 ...

Lufthansa, the national carrier of Germany, has become the first airline in the world to take delivery of a Boeing 747-8 with the landing of the new “Jumbo” in Frankfurt last week. After the handover at Boeing’s manufacturing facility in Everett, Washington, 747-8 with the registration D-ABYA performed a touch and go at Hamburg Airport, ...

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 ...

The Asian Development Bank (ADB) said yesterday it has secured Special Drawing Rights 7.9 billion ($ 12.4 billion) for the next four-year phase of its concessional development fund that will provide critical financial support to fight poverty in the Asia and Pacific region. The contributions to the Asian Development Fund (ADF), which will cover ADB ...

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 ...

By Mani Shankar Aiyar It is curious but true that although from the time of Mahatma Gandhi leading the struggle for Independence to the present day there has been extensive recognition in India of the imperative of effective Panchayat Raj1 (local self-government) for both deepening India’s democracy and making its development processes “inclusive”, that is, ...

SINGAPORE (Reuters): The Ceylon Petroleum Co (Ceypetco) has unexpectedly shut a unit at its 50,000 barrels-per-day refinery, reducing its jet fuel production, a company source said on Monday. The shutdown is expected to last a week, said the source who was speaking on condition of anonymity

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 ...

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 ...

According to the preliminary traffic figures from the Association of Asia Pacific Airlines (AAPA) for the month of March 2012, international air passenger demand showed sustained growth, while international air cargo markets remained weak. Supported by an improvement in business travel markets, airlines based in the Asia Pacific region carried a combined total of 17.2 ...

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 International Air Transport Association (IATA) last week called upon governments to work together and with the aviation industry to maximise aviation’s ability to sustainably drive global economic development and job creation. “Governments and industry share a common interest in aviation’s success. Aviation is a business and a driver of economic and social development that .....

The Porsche 911 was honoured as the “2012 World Performance Car” at the recent New York International Auto Show. The 911 won the award against strong competition. The choice was between 19 vehicles in all. A high-powered jury made up of 64 automotive journalists from 25 countries gave first place to the 911. The seventh ...

AMMAN (Reuters): Hussein Dabbas, President and CEO of Royal Jordanian Airlines(RJ), said he had resigned after almost three years as head of the state airline following a tough year for both the company and the industry due to regional political turmoil. “It has been a very tough year for the airline industry as a whole ...

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 ...

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 ...

IATA says outlook remains fragileThe International Air Transport Association (IATA) last week released global traffic results for February 2012 showing an 8.6% improvement in passenger demand and a 5.2% rise in cargo demand compared to the same month in the previous year. Several factors inflated February 2012 results and distorted comparisons with the year-ago period. ...

The Government has revised upward import tariffs and excise duties intensely for all motor vehicles and spare parts except on agricultural tractors, buses, lorries and trucks with effect from 31 March 2012. According to the Government, the current upward revision was effected to achieve the objective of controlling the sharp increase of import bills and ...

UNP MP Dr. Harsha de Silva yesterday charged that the Government and the Central Bank seriously lacked credibility, whilst the people were being taken for a ride with falsehood. He alleged that a few months ago the Government, especially the Central Bank, was hoodwinking the masses saying the economy was robust and fiscal and monetary ...

COLOMBO (Reuters): Sri Lanka’s central bank will have room to raise interest rates by at least another 50 basis points if April trade and inflation data show signs of stabilizing, the treasury secretary said on Wednesday. “Since we have already raised policy rates by half a percent (in February), maybe another 50 basis points upward ...

Fitch Ratings has affirmed Sri Lanka Telecom PLC’s (SLT) Long-Term Foreign-Currency (FC) and Local-Currency (LC) Issuer Default Ratings (IDRs) at ‘BB-’, respectively, as well as its National Long-Term rating at ‘AAA(lka)’. The Outlook is Stable. SLT’s IDRs are constrained by the respective sovereign IDRs of ‘BB-’. This is principally due to the Gover...

$ 427 m released to boost reserves bringing total to $ 2.13 b under $ 2.6 b SBA; balance likely in mid-July Emphasises Govt. has taken several positive measures to stem current account deficit, reserve loss and bolster fiscal performance Says recent tax hike on vehicles “unexpected” but shows Govt.’s seriousness in dealing with Balance ...

While the government is fully capable of dealing with any pressures that come from Geneva, New York or Washington, it is the public servants and heads of corporations who should ensure good governance to improve the image of the country internationally, said President Mahinda Rajapaksa. Addressing a gathering of public servants, heads of state corporations, ...

Employees Provident Fund (EPF) yesterday bought a 5% stake in Piramal Glass Plc for Rs. 280.5 million increasing its overall holding to near 10% thereby becoming the single largest local shareholder. Prior to yesterday’s purchase, EPF held 4.11% stake as at end 2011, up from 1.94% in September. The block of 5% stake amounted to ...

Sri Lanka is to get a $ 400 million lifeline following what is anticipated as a favourable decision on the part of the International Monetary Fund (IMF). The IMF Board was scheduled to meet Monday evening Washington Time, and its Resident Representative Koshy Mathai is scheduled to hold a briefing today in Colombo at 2.00 ...