SYDNEY (Reuters): Australia’s Qantas Airways Ltd said on Friday it was raising domestic and international fares for the second time in as many months to partially offset high jet fuel prices. Domestic fares and international fuel surcharge will increase by between A$7 and A$30 ($7.2 to $30.1

LONDON (Reuters):  Oil rose above $123 a barrel on Friday, reversing three straight sessions of losses, supported by a weaker dollar and expectations of tight gasoline supplies in the world’s largest oil consumer the United States. Front-month Brent crude futures rose 81 cents to $123.20 a barrel by 0905 GMT, recovering from its sharpest daily ...

IPS: Most things in Sri Lanka are becoming expensive these days. In early February fuel prices were increased by margins ranging from eight to 49 per cent, with the all-important diesel, used widely in commercial transport and power generation, going up by 36 per cent. The Sri Lankan rupee

Reuters: The Head of the Central Bank said on Thursday it may stop supplying dollars to pay for oil import bills from May, its latest move to allow more rupee flexibility after it refrained from intervening in foreign exchange markets last month. The Central Bank shifted its foreign exchange policy to allow the market to ...

Denying accusations that the Ceylon Electricity Board is a burden on the national economy, Minister of Power and Energy Champika Ranawaka points out its contribution towards the country’s development and claims the staggering loss of $ 42 billion predicted for 2012 was mainly due to the fuel

With the recent relaxing of the rupee exchange rate and subsequent increase in fuel prices, trade unions and the opposition parties are conducting protest campaigns against the Government, demanding a reduction in oil prices and the cost of living. This article investigates the living conditions

NDB‘s contribution to infrastructure development has been substantial during the last three decades. Having garnered the experience and expertise to cater towards the development process in Sri Lanka, NDB continues to focus on this vital component providing the necessary support that will help towards economic development in the country. NDB CEO Russell de Mel says, ...

Reuters: Ferrari’s Fernando Alonso scored a dramatic victory in the Malaysian Grand Prix on Sunday when the Spaniard denied Sauber’s Sergio Perez a first Formula One triumph in a race turned on its head by the weather.  The race started in torrential rain and was stopped for 51 minutes after eight laps but Alonso took ...

The International Air Transport Association (IATA) last week announced a downgrade to its industry outlook for 2012 primarily due to rising oil prices. IATA expects airlines to turn a global profit of $3.0 billion in 2012 for a 0.5% margin. This $500 million downgrade from the December forecast is primarily driven by a rise in ...

Titan Fleet Management, France a specialist yacht management company places confidence in Colombo for their repair requirements on super luxury yacht Lauren L. This seven star category 90 meter long yacht called in for repairs on 1 February. The luxury yacht called in for her 10 year class survey repairs coupled with hull surface preparation ...

Market-leading, next-day service linking HK, Los Angeles and Leipzig available from more Asian markets to US Enhanced service offering for Western US and Canada – Europe route Additional capacity in DHL global air fleet to meet growing customer demand on key intercontinental trade lanes DHL, the international specialist, last week announced significant enhancements to its ...

Says reserves depletion has been arrested Expects US Dollar exchange rate to settle down to below Rs. 125 Emphasises correction in rupee’s value after 'external shock' is positive all round with considerable savings and boost for local producers Claims future of IMF support is not a major concern but will be a bonus Likens affordable ...

Suren Rajanathan is Vice President of 3M Sri Lanka, an innovation-based company which boasts a catalog of over 1,000 products sold in Sri Lanka that span 25 different business categories. 3M has an income internationally of $30 billion in sales, employs about 84,000 people worldwide, and has operations in more than 65 countries with products ...

By Cheranka Mendis Dubai’s low cost airline, flydubai yesterday announced the increase of frequencies to Sri Lanka, going from five to seven weekly flights since 11 March following a surge in passenger numbers. flydubai CEO Ghaith Al Ghaith noted that with the changes in flight timing by moving on from four flights a week during ...

The Janatha Vimukthi Peramuna (JVP) spokesman and parliamentarian Anura Kumara Dissanayaka in an interview with the Daily FT critiques the on-going sessions of the UN Human Rights Council (UNHRC), the state of bad governance, deteriorating law and order and the economic crisis in the country.  Following are excerpts from the interview.   Q;  What are your ...

The STING Corporate Accountability Index is an independently researched analysis of the standing of corporate Sri Lanka against a model of responsible business practices. It is published in order to encourage more companies to adopt a holistic system of corporate responsibility. The adoption of such a system and making this the usual way of operating, ...

The country’s forex market encompassing highly dependent importers and key source exporters was yesterday rocked by what analysts described as the sharpest day gain in the US dollar exchange rate. Before mid-day the Rupee touched a new low of Rs. 127 and then on to Rs. 128 prompting many to assume the rate had bottomed ...

Parent Company – The Mackwoods Group (ML) Possessing a history of over 170 years, Mackwoods Group the parent company of Mackwoods Energy Limited has a diverse portfolio of businesses consisting power and energy, healthcare, agri business and plantations, industry, Information and Communication Technology (ICT), hotels and leisure, infrastructure development, real estate and financial service...

Citizens should make a noise The Central Bank’s former Assistant Governor and its long-time Director of Statistics, Dr. Anila Dias Bandaranaike, at a recently held exporters’ forum, expressed the view that the business community should make it their business to discuss, debate and deliver their views on economic policies being formulated by the country’s policy ...

NOL Group last week reported a US$ 478 million net loss in 2011 following net earnings of US$ 461 million in 2010. The container shipping and logistics company said unsettled economic conditions, high fuel costs and lower freight rates impacted results.   “The performance of container

Industry calls for higher productivity, new market development to ride out uncertainties Tea industry stakeholders say the industry needs to urgently improve productivity and generate new markets, as volatility in major Middle Eastern markets continue to dampen tea export earnings.   While there is strong demand for tea in global markets, price increases for Ceylon ...

TOKYO (Reuters): Asian shares rose on Wednesday as upbeat U.S. economic data plus signs of improving capital positions at big American banks stoked appetites for risk, while reduced expectations for more  monetary easing by the Federal Reserve underpinned the dollar.  The dollar eased from a seven-week high against a basket of major currencies of 80.320 ...

BANGALORE (Reuters): India’s headline inflation likely picked up slightly in February from January’s 26-month low as higher global oil prices fed into the country’s import costs, a Reuters poll showed.  Economists expect headline inflation of 6.79 percent in February from a year earlier, faster than January’s 6.55 percent.  “There is a likelihood of a higher...

CONCERN over the controversial Channel 4 documentary has reached a fever pitch. In fact it is so high that it is causing some politicians to talk deliriously and call for local consumers to boycott US products such as Pepsi and Coca Cola or return to the days of snail mail by forgoing Gmail. Even though ...

Preamble State ownership of public utilities dates back to the colonial period. The early post-independent years saw the State establish public enterprises that were involved in the production and distribution of key goods and services. The share of State ownership in the economy expanded steadily and gathered momentum in the 1970s when Government policy, in ...

SRI LANKA’S fabled post-war window of opportunity seems to be closing, with the Central Bank following the International Monetary Fund (IMF) in reducing growth rates for 2012. But does that mean only gloom awaits Sri Lanka or can we ride out the tide and reach the golden shores? The Central Bank had originally forecast this ...

TNT Express’ airline subsidiary, TNT Airways, and Emirates SkyCargo expanded their cooperation by signing a code-share and blocked-space agreement. Under the agreement, Emirates SkyCargo will place its airline code and use space on TNT Airways’ B777 freighter flights on the New York JFK to Liege and Hong Kong-Dubai-Liege routes. The agreement enables each airline to ...

Reuters: Qantas Airways has called off talks with Malaysian Airlines to set up an Asian premium carrier because deal terms could not be agreed, a big setback to the Australian airline’s plans to turn around its ailing international operations. The announcement sent Qantas shares down as much as 4.3 per cent to a two-week low ...

Access Engineering Ltd. yesterday announced that its Rs. 500 million IPO was oversubscribed within a few hours of opening. As the IPO was oversubscribed, the subscription list closed on 6 March 2012, the official day of opening of the IPO, according to the regulations laid down by the Colombo Stock Exchange. The company issued 20 ...

DHAKA (Reuters): Bangladesh has signed a deal to buy 250 megawatts of electricity from India to partly ease power shortages, as Dhaka slowly moves away from producing power using costly imported fuel, a senior official said on Tuesday. Under the deal, State-run Bangladesh Power Development Board