Trump’s net worth dwindled to US $3.5 bn, Forbes says

REUTERS: While Donald Trump’s political fortunes were rising, his net worth was dropping to a mere US $3.5 billion, or roughly a third of what he claimed during his successful campaign for the U.S. presidency, according to the latest Forbes list of the world’s billionaires.

Top statistician says flawed surveys present ample space for distortions in national accounts

Ample space for distortions in national account estimates may exist due to shortcomings in conducting surveys, which requires constant vigilance, a leading statistician in South Asia said recently.

Cargills Bank turns a profit in FY16 amid favourable cost of funds, higher loans

Cargills Bank Limited turned a net profit of Rs.26 million for the year ended December 31, 2016 (FY16), 

Japanese PE firm buys 11% stake in Sunshine Holdings for Rs.742mn

The shareholding structure of Sunshine Holdings PLC (Sunshine), a diversified holding company, has been reshaping during the last four months or so in particular as the ownership is seen getting concentrated among a few strategic partners. 

Softlogic to help SL beat the heat with Vego air coolers

As temperatures begin their ascendance towards the seasonal peak in Sri Lanka, Softlogic Holdings is offering a way to beat the heat without the high investment and operating costs associated with traditional air-conditioning.

BPPL Holdings revenue up 19% to Rs.2.2bn

Brush manufacturer and exporter, BPPL Holdings, announced its interim unaudited financial results for the 11-month period April 2016 to February 2017. 

SMB Leasing expands geographic footprint with new Negombo branch

SMB Leasing marked a new chapter in its remarkable turnaround story inaugurating another branch in Negombo. 

Intensive week for German-Sri Lankan relations

Following the official visit of President Maithripala Sirisena to Germany in February 2016 and visits of numerous business and parliamentary delegations from Germany to Sri Lanka last year, the upcoming events of this week will again underline the growing intensity of German-Sri Lankan relations. 

Liquor licensees-Inland Revenue officials iron out VAT issues in Matara

The members of the Liquor Licensees’ Association in the south and the officials of the Inland Revenue Department ironed out the problems that have arisen with the introduction of the new value-added tax (VAT) schemes at a workshop held in Matara yesterday.

Port City to attract US$ 13 bn investment from 2018: company

A Chinese-backed real estate project near Sri Lanka’s main port is expected to attract US$13 billion worth of investment from next year, the developer said yesterday.

Pathfinder Foundation convenes conference on Bay of Bengal

The Centre for Indo-Lanka Initiatives of the Pathfinder Foundation, in partnership with Carnegie India, convened two-day track 1.5 conferences called ‘Trincomalee Consultations’ recently. 

China’s big banks say bad loan fears eased in 2016

AFP: Bad-loan concerns at China’s big banks eased in 2016 despite flat earnings growth, the companies said this week, but analysts warn asset-quality problems in the world’s second-largest economy could worsen next year.

Trump to name and shame trade ‘cheats’

AFP: President Donald Trump ordered staff yesterday to pinpoint countries and goods responsible for America’s nearly US$50 billion trade deficit,

Asian markets lower as quarter draws to close

AFP: Asian markets sank yesterday as the quarter drew to a close, with dealers ignoring better-than-expected US economic growth data, while South Africa’s rand plunged after President Jacob Zuma sacked his respected finance minister.

EIB’s permanent office marks new era of stronger activity across India and South Asia

The European Investment Bank’s first permanent office in India was formally opened earlier this week by Arun Jaitley, Finance Minister of the Republic of India, Werner Hoyer, President of the European Investment Bank, Andrew McDowell, European Investment Bank Vice President responsible for South Asia and Tomasz Kozlowski, Ambassador of the European Union to India.

Shares hit near 3-wk closing high; post 1st weekly gain in 6

REUTERS: Sri Lankan shares closed at their highest in nearly three weeks yesterday, rising for a fourth straight session on purchases by foreign investors and on quarter-end window dressing, stockbrokers said.

Sri Lankan delegation’s Reunion Island visit to begin today

On invitation from the French Agency for Development (AFD), an official delegation headed by M.I.M. Rafeek, Secretary to the Ministry of National Policies and Economic Affairs will visit the Reunion Island from 1st to 7th of April. 

Kelani Cables hosts Kelani Challenge Trophy 2017 for second consecutive year

Kelani Cables PLC led the Kelani Challenge Trophy 2017 annual cricket tourney at the Bloomfield Cricket Club grounds in Colombo.

Jade Restaurants introduce unbeatable seasonal offers

The best of the delicious Chinese cuisine could now be savoured at Jade Restaurants in Nugegoda and Maharagama where dine in customers can enjoy a 30 percent discount on Commercial Bank credit cards until April 10 on all food and beverages in the menu.

CIMA prepares you for the boardroom, says Unilever National Finance Director

Unilever Sri Lanka National Finance Director Priyadharshana Ekanayake (ACMA, CGMA) has worked for Unilever in Sri Lanka, Singapore and India.  During his 25 years at Unilever, his professional experience spans all finance functions - in regional, global and local roles.

Floating umbrellas of Portugal at The Factory Outlet

Ever wanted to go to Portugal? Come over to The Factory Outlet in Havelock and witness a glimpse of the Portugal culture. 

CIM Sri Lanka networking event hits high note with eminent musicians

CIM Sri Lanka hosted its first networking event for 2017, titled ‘Evolution of Music in Sri Lanka’ recently at the CIM Office, in Colombo.

SLTC welcomes new students at inauguration ceremony

The Sri Lanka Technological Campus (SLTC) held an inauguration ceremony earlier this week to welcome the new students.

Government to build national consensus for PPPs: minister

The government is hoping to build a national consensus for the role of public-private partnerships (PPPs) in revamping state-owned enterprises (SOEs), Public Enterprise Development Minister Kabir Hashim said this week.

Top economist advocates homegrown monetary and fiscal policy for Sri Lanka

An outspoken economist yesterday advised Sri Lanka’s Central Bankers and politicians to adopt a more or less a homegrown monetary and fiscal policy instead of following mythical monetarism and free markets.

Shashi Tharoor to speak at PM’s biography launch

Compelling and eloquent speaker and award-winning author Dr. Shashi Tharoor, a former Under-Secretary-General at the United Nations (UN) will be in Colombo next week for the launch of Prime Minister Ranil Wickremesinghe’s biography authored by Dinesh Weerakkody  The book will be launched at the BMICH. 

CEB refuses to pay interest on customer security deposits

The Ceylon Electricity Board (CEB) is currently refusing to pay interest on Rs. 10 billion in customer security deposits that have been made when opening new connections, until the state-owned entity returns to a financially viable status or better terms are negotiated, Mirror Business learns. Multiple sources have revealed to Mirror Business that CEB has refused to pay interest due to its current loss making status.

Govt. postpones SVAT abolition

Sri Lanka’s premier trade chamber, Chamber of Commerce, yesterday welcomed the decision by the Finance Ministry to postpone the abolition of Simplified Value Added Tax (SVAT) system that was due to come into effect  on April 1.

Rupee edges up on exporter dollar sales; stocks rise

REUTERS:  The Sri Lankan rupee firmed up yesterday, led by exporter dollar sales and inward remittances but demand from importers for the U.S. currency weighed on sentiment,  dealers said.

Sunshine Holdings celebrates 50 years of responsible entrepreneurism

Sunshine Holdings PLC is celebrating its 50th anniversary.