Central Bank begins forensic audits on EPF’s share, bond investments

The Central Bank yesterday said the procurement process for several forensic audits is underway on the Employees’ Provident Fund’s (EPF) investment in stocks and treasury bonds and operations of selected entities regulated and supervised by the bank.  

Lankan entrepreneurs lack crucial business skills to commercialise innovations: academic

The Sri Lankan entrepreneurs lack crucial business skills to take new innovations to the market despite coming up with a large number of innovations and excelling in international competitions, a top academic pointed out. Moratuwa University’s Enterprise Centre for Innovation, Incubation and Entrepreneurship Director Dr. Thusitha Sugathapala said that Sri Lankans have been good at innovating products but however have so far failed in commer

EPF needs governance overhaul to invest in Sri Lanka stock market

Sri Lanka’s Employees’ Provident Fund (EPF), a retirement fund of the private sector workers managed by the state, is about to re-enter the stock market, ending several years of inactivity, after it came under fire for being a dumping ground for both stocks and bonds.  

World Bank forecasts 3.9% economic growth for Sri Lanka this year

The World Bank expects Sri Lanka economy to grow 3.9 percent this year and 4 percent in next two years, recovering from the weather disruptions, which negatively affected agriculture, last year.  

At IMF meetings, China’s globalisation agenda left behind in trade debate

Three days before U.S. President Donald Trump took office in January 2017, Chinese President Xi Jinping portrayed Beijing as the champion and defender of globalisation at the Davos World Economic Forum amid rising fears of trade protectionism.  

What value would CB think to stop depreciation – At Rs.200, Rs.250 or Rs.300?

In response to my article regarding the government and Central Bank abdicating their duty to support the rupee, the Central Bank, by its statement of October 10, 2018, has gone to embarrassing lengths to downplay its current inability to defend the rupee.  The bank has also indirectly suggest

Lankan stock market needs serious state intervention

The All Share Price Index (ASPI) decreased eight points or 0.14 percent to 5872 on Wednesday, October 10, from 5880 in the previous trading session and on Thursday, down to 5840. 

CB takes further action to cut non-essential consumer imports

In their latest action to ease the pressure on the sliding rupee, the Central Bank has directed authorized dealers not to release foreign exchange, which involves conversion of rupees into foreign c

Philippines mulls sponsoring catastrophe bond issue

(Manila) REUTERS: The Philippines’ Finance Ministry said yesterday it was exploring a plan to sponsor a catastrophe bond issue, similar to the one launched by the World Bank early this year covering Latin American earthquakes.

Sri Lanka to count number of coconut trees using drone technology

The Plantation Industries Ministry together with the Coconut Cultivation Board (CCB) plan to employ the application of drone technology and an online coconut land registration to boost productivity and yield of the coconut plantation in the country.  Plantation Indust

August apparel export earnings up 7.7%

Sri Lanka’s apparel export earnings for the month of August rose 7.7 percent from a year ago to US $ 444 million amid a significant rise in export earnings from the United States.

Netherland’s FMO arranges US $ 50mn syndicated loan for Nations Trust Bank

Dutch development bank, FMO, recently arranged a US $ 50 million syndicated loan for Nations Trust Bank (NTB) to support the bank’s business banking activities, which have been geared more towards Small and Medium Enterprises (SMEs).

Sri Lanka urged to look at becoming leading regional arbitration centre

Sri Lanka was recently urged to explore its potential to position the country as a leading arbitration centre in the region, capitalising on the country’s strategic location and political neutrality, which would enhance foreign inflows to the country.  “Arbitration could b

Invest Sri Lanka UK promo concludes with first-ever event in Scotland

The Invest Sri Lanka capital market road show organised by the Colombo Stock Exchange (CSE) in association with the Securities and Exchange Commission of Sri Lanka (SEC) concluded on a

Sri Lanka-Kuwait talks urge bigger role for private sector

The second session of Kuwait-Sri Lanka Joint Ministerial Committee (JMC) held in Kuwait concluded on a “highly positive note,” the Department of Commerce of Sri Lanka (DoC) stated yeste

Asia, Europe stage market fight back after global rout

TOKYO (AFP) - Asian and European stock markets rallied yesterday after two days of ferocious selling sparked by higher US interest rates, trade war fears and attacks by President Donald Trump on his “crazy” central bank. Equities across Asia closed in

Arjuna says he will not let anybody sell Trinco fuel tanks

Responding to Parliamentarian Bimal Rathnayaka, Minister of Petroleum Resources Development Arjuna Ranatunga said he will not offer Trincomalee oil tanks to any Indian oil company. 

New World Bank fund to insure against climate disasters

Indonesia (AFP) - The World Bank yesterday launched a new US$150 million fund intended to help insure vulnerable countries against natural disasters and the increasing risk of climate change-linked crises.

Rupee rises on exporter dollar sales; stocks extend falls

COLOMBO (Reuters) - The Sri Lankan rupee strengthened 0.5 percent yesterday, as inward remittances and exporters dollar sales surpassed mild importer demand for the greenback, while stocks declined for a fourth straight sessi

IEA lowers growth forecast in oil demand for 2018, 2019

PARIS (AFP) - The International Energy Agency yesterday revised lower its growth forecast in global oil demand for 2018 and 2019, citing high prices, trade tensions and a less favourable economic outlook.

China-US surplus hits record, adding fuel to trade war

BEIJING (AFP) - China’s trade surplus with the United States ballooned to a record US$ 34.1 billion in September, despite a raft of US tariffs, official data showed yesterday, adding fuel to the fire

UK PM faces backlash over Brexit compromise

LONDON (AFP) - Prime Minister Theresa May’s office insisted yesterday it would not “trap” Britain in an endless customs union with the EU after Brexit, amid reports some ministers could quit if this is the price of a divorce deal.

Private sector credit growth loses steam; State steps up borrowings

Credit to the private sector in August has eased from a month ago although the overall bank credit stayed high as the cash-strapped government as of late was seen stepping up borrowings

Rupee edges up; stocks down for third session

 (Colombo) REUTERS: The Sri Lankan rupee ended slightly higher yesterday, easing from a record low hit in the previous session, as exporters dollar sales surpassed importer demand for the greenback in dull trade, while stocks ended weaker for a third straight session to hit a one-week low. The rupee en

PM, FinMin to grace Sri Lanka Retail Forum

The Sri Lanka Retailers’ Association (SLRA), with a vision of ‘Achieving Retail Excellence’ will hold the nation’s premier retail sector knowledge event – Sri Lanka Retail Forum (SLRF) 2018

Mobile payment platform Alipay launched at BIA

Flemingo Duty Free, Cargills Bank and Supreme Paysez recently signed a strategic partnership agreement to roll out the Alipay mobile payment gateway at Bandaranaike International Air

Softlogic to open 2 more Délifrance outlets by mid 2019

Softlogic Holdings PLC plans to open two more new Délifrance outlets including a bakery by mid next year with the aim to popularise the brand in the Sri Lankan market, contemplating future expan

Mangala highlights impact of natural disasters amid trade wars, high energy prices

Finance and Mass Media Minister Mangala Samaraweera yesterday appealed to the Commonwealth of Nations to redouble the efforts to support smaller nations to mitigate risks arising from increasingly frequent natural disasters in the backdrop of an uncertain global environment marked by trade wars and high energy prices.  Addressing the Commonwealth Finan

Sri Lanka to sell hotel stakes, possibly within six months

London (REUTERS): Sri Lanka plans to put two state-owned hotel companies up for sale within the next six months in a sale that could raise US $ 500 million for the island nation as it seeks to bolster its finances, the finance minister said on Tuesday.  

Jetwing chief calls for consensus among city hoteliers to raise room rates

Jetwing Group Chairman Hiran Cooray recently urged the Colombo city hoteliers to be united to increase the minimum hotel room rates in Colombo, as the room rates were getting depressed.