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WASHINGTON: Developing countries should prepare for a long period of volatility in the global economy by re-emphasising medium-term development strategies, while preparing for tougher times, says the World Bank in the newly-released Global Economic Prospects (GEP), June 2012. A resurgence
Ahead of the G20 world leaders’ meeting in Los Cabos, Mexico, the UNWTO and WTTC call on the leaders to consider Travel and Tourism as an engine for economic growth and stimulating the global economy. Increasing travel and tourism demand through visa facilitation can be central to stimulating
The Oxford Dictionary definition of ‘inept’ is ‘acting or done with no skill’. An ineptitude results is such behaviour being manifested An ‘Inept’ocracy’ has been defined in the Urban Dictionary as ‘a system of government, where the least capable to lead are elected, by the least capable of producing, and where the members of society ...
A pledge of continued support to Sri Lanka’s tourism industry through award-winning air services was one of the highlights of the high profile formal opening of The Emirates Lounge at the Bandaranaike International Airport (BIA), Katunayake yesterday. Tim Clark, President of Emirates airline and Mohammed Mattar, Divisional Senior Vice President Airport Services joined Minister of ...
Region’s tourism to be hit in euro collapse-Euromonitor Tourism receipts could drop as much as 17.3 percent Hotel value sales would be down 15 percent Spending on air travel could drop 20 percent FRANKFURT (Reuters): A collapse of the euro zone would have a crippling impact on Europe’s airlines and hotel groups, as consumers and ...
Ministers of tourism and high-ranking officials meeting at the 93rd session of the UNWTO Executive Council in Madrid this week have highlighted the role of tourism in addressing continuing challenges in the world economy, from a slowdown in growth to global unemployment. “On this occasion
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 ...
Europeans are avoiding vacations to Greece this summer fearing instability sparked by the debt crisis, industry sources say, inflicting a hard blow to the country’s already devastated economy. “From the aftermath of the elections on May 6, we have experienced a 50 percent drop
With highest-ever top and bottom line performance premier blue chip JKH says knowing exactly who were are, what we stand for and where we are headed makes all the differenceI am pleased to present the Integrated Annual Report, and the Statement of Accounts, for the Financial Year ended 31 March 2012. The Report encapsulates the ...
With the end of the war, there was a desire throughout the country for a peace dividend. Over the 30 years of the conflict, pent-up demand had built up both for consumption and investment expenditure. The authorities were under intense political pressure to create an environment that was conducive to finance imports of consumption goods, ...
ANC Education, the premier international higher education provider in the country, launched its first-ever School of Postgraduate Education on Tuesday to mark its 10th anniversary. The ANC School of Postgraduate Education was launched in collaboration with the University of West London, UK (UWL). “This is a significant milestone in our journey of ten years. ANC ...
The International Air Transport Association (IATA) on Tuesday announced in Beijing that South African Airways will host the 69th Annual General Meeting (AGM) and World Air Transport Summit (WATS). The event will draw the top leadership of the air transport industry to Cape Town’s International Convention Centre from 2 to 4 June 2013. “South Africa ...
Sri Lanka has successfully showcased its latest investment opportunities to keen global investors who visited the world’s ninth largest economy to gauge the future of US manufacturing and global economic outlook. The Sri Lankan pavilion at the ‘International Trade Outlook 2012’
Whilst acknowledging progress, business tycoon Harry Jayawardena has renewed his call for a more enabling environment to boost private sector investments to a desired level, warning that rest of Asia was fast reaping benefits of such strategy. “The region offers many examples of how enabling environments have thrust their private sectors to the forefront of ...
LONDON (Reuters): Bookings at London hotels for the Olympic period are down by around a third on last summer, with travellers being put off by high prices, a British travel agent said on Wednesday, dampening hopes that the Games will help to revive Britain’s economy. Credit ratings agency
A doubting Thomas sent an email about last week’s piece; “A minister and IGP stuck in traffic!!!” he exclaimed. “In Sri Lanka?” another heaped sarcasm. Ok, I made that bit up! IGP called this morning; said that he would fix it. I made that up too. Here’s a cracker! The first ‘Ball Guard’ was used ...
SL: Cleanest country in South Asia As we celebrate World Environment Day today, it is important to acknowledge that the Sri Lankan economy has experienced accelerated growth from a 20 billion dollar economy in the 1990s to be a 59 billion rupee economy as at end 2011. However a point to note
an economy mired in a deep five-year ...
Finance Ministry 2011 Annual Report lists key factors Raps promotional agencies BOI, Sri Lanka Tourism, EDB Tea Board and others for bureaucracy and lack of coordination Private investment needs to be increased to 30% of GDP from 24% in 2011 Despite the end of the war three years ago, the full potential for higher investments ...
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
Wide publicity has been given to the events unfolding at the Sri Lanka Tourism regarding the resignation of the Chairman from Sri Lanka Tourism Promotion Bureau, Sri Lanka Institute of Tourism and Hotel Management and Sri Lanka Convention Bureau and the performance of the Board of Investment. The media reports have given the impression that ...
International arrivals into Asia/Pacific1 destinations grew by a collective 7% year-on-year during the first two months of 2012, according to preliminary data released by the Pacific Asia Travel Association (PATA) last week. At this point Southeast Asia is the fastest growing destination, followed by South Asia, however, both sub-regions generated somewhat slower growth than last ...
Sri Lanka and Kazakhstan have signed a Memorandum of Understanding (MoU) to expand the bilateral relations between the two countries and hold regular consultations between the respective foreign ministries. The MoU was signed during the visit of External Affairs Minister, Prof. G. L. Peiris to Kazakhstan on 24 and 25 May at the invitation of ...
Finance Ministry launches Annual Report, says economy on track despite tough trade deficit, adopts wait-and-see approach with policies; urges banks to lend more to agriculture and manufacturing sectors Treasury Secretary Dr. P.B. Jayasundera yesterday gave the economy a clean bill of health
Reuters: The board of Thai Airways International Pcl sacked its president because of disagreements over strategy, a move that could derail the flag carrier’s attempts to return to profit and which is being questioned by its labour union. Piyasvasti Amranand, a former energy minister, became president in October 2009 when the opposition Democrat party was ...
Reuters: Tourism revenues in Mauritius rose 15.6% in the first quarter to March compared to a year ago although arrivals were slightly lower, data showed this week. “Gross tourism receipts for the first quarter of 2012 were estimated by the Bank of Mauritius at 13.81 billion rupees ($465.77 million)… compared to 11.94 billion estimated for ...
MACAU,(Reuters): Russia is placing bets that plans to build a gambling and entertainment zone near the port city of Vladivostok will lure investors who have spent big money on casinos for Asian gamblers in Macau and Singapore. Vladivostok, located near China and known more for its oil and gas pipes, has been undergoing a facelift ...
The UNWTO has welcomed the Declaration issued by the Tourism Ministers of the G20 economies (T20) calling for priority to be given to facilitating travel as a means to boost economic growth and create jobs. The Declaration states, “To ensure that tourism can play a key role in creating employment opportunities, both directly and indirectly ...
The Employees’ Provident Fund (EPF) yesterday categorically rejected the statement allegedly made by an Opposition Member of Parliament as reported in several news papers on 15 May 2012, where the EPF has been accused of fraudulent transactions in the stock market. "Such statement, read in conjunction with several past statements of a similar nature made ...
Sri Lanka’s tea industry generates around 1.5 billion dollars to Sri Lanka and provides almost a million jobs to the economy today. In fact Sri Lanka is considered a model to the world across the value chain, from growing to production and from physical distribution to the most admired