Asia after liberal international order

With the election of Donald Trump as President of the United States, the West suddenly woke up with an acute anxiety about the fate of the US-led liberal international order. Until then, the liberal establishment in the United States had assumed that Hillary Clinton would succeed Barack Obama as president and ensure continuity in the liberal order. They ignored or dismissed warnings about the order’s crisis and decline. The belief in the re

Colombo needs better managed parking

Colombo is in need of better managed parking as the city continues to grapple with congestion on the streets.

Payback time

The owners of a company from Old Blighty are an annoyed lot. The approvals for their projects have been hard to come by despite the greasing they have done.  

Ministering types 

There are essentially two types of ministering types in this country according to a distinguished policy maker. He gives the best type answers over his phone and knows clearly his office is temporary in nature and therefore he needs to be with his people.

Fresh face

A survey done by a paradise non-profit type we hear is very revealing. The majority of the millennial types want a non-political type to come up and emulate Macron of French fame.  

Lost billions

The paradise stock market has a taken heavy beating that is unimaginable in an administration led by the green types.    

Tussle

A big corporation under a VVIP is going nowhere. The latest we hear is that the board had been asked to resign with immediate effect, 

Central Bank tells Swarnamahal Finance to immediately pay 10% of deposit liabilities

Upon the requests of depositors, the Central Bank yesterday said it instructed Swarnamahal Financial Services PLC (SFS) to urgently pay 10 percent of deposit liabilities commencing July 10 (yesterday). Both SFS and its parent, ETI Finance Ltd., have run into difficulties and currently operate under the supervision of the Central Bank.

Singapore’s Lazard and MTI to advise government on Hilton, Grand Hyatt sales

The government has selected Singapore-based Lazard Asia Limited and Sri Lanka’s MTI Consulting to advise on the sale of the government ownership in Hilton and Grand Hyatt Hotels.

Sri Lanka may get Chinese-funded convention centre to host BRI events

Sri Lanka may get its largest convention centre through Chinese investments, which would potentially become one of the main platforms to host Belt and Road Initiative (BRI) related events.

Shares end steady; turnover at near 3-month low

(Colombo) REUTERS: Sri Lankan shares closed steady yesterday, while the turnover slumped to a near three-month low as many investors remained on the sidelines due to a lack of bullish news amid concerns over political uncertainty, stockbrokers said.

Rupee ends steady after 6 sessions of decline

(Colombo) REUTERS: The Sri Lankan rupee closed steady yesterday after six straight sessions of decline, as importer dollar demand offset mild exporter dollar sales, traders said.

Declining ethics, morals blamed for businesses going behind politicos

The decline of ethics and morals in Sri Lanka’s business community has led businesses to heavily depend on excessive lobbying to politicians to gain “favour and unfair advantage” over the competitors, a leading shipping and logistics industry figure lamented. 

Apparel exports pick up pace in May

Sri Lanka’s apparel exports rebounded in May with a 9.3 percent year-on-year (YoY) growth to achieve US $ 415 million in export earnings, which is also the highest growth rate recorded so far for this year, as Europe entered the summer season, the latest apparel export data released by the Joint Apparel Association Forum indicated.

CB says long-delayed EPF, ETF annual reports to be released soon

The much-delayed annual reports of the Employees’ Provident Fund (EPF) and Employees’ Trust Fund (ETF), which have been finalised now, would be released shortly Central Bank Governor Dr. Indrajit Coomaraswamy said. 

Global stocks rally continues apace

AFP: A global stocks rally took root yesterday after strong US jobs data and despite Brexit uncertainty that boosted the pound.

Parliamentarians Act: Step it up for gender equality, deliver on 2030 Agenda

‘Step it up for gender equality’ was one among the many commitments renewed at the third South Asian Speakers Summit on Sustainable Development Goals (SDG) implementation, convened by the International Parliamentary Union and Sri Lanka’s Parliament in Colombo, July 11-12, 2018.  

Rupee extends fall for 6th straight session

(Colombo) REUTERS: The Sri Lankan rupee fell for a sixth straight session yesterday on importer dollar demand and further weakness was expected in the currency, traders said.

National Export Strategy gets Cabinet approval

Sri Lanka’s Cabinet of Ministers has approved the National Export Strategy (NES)—a five-year strategy aimed at increasing exports and generating enhanced revenue for Sri Lanka’s small and medium enterprises and exporters, a communiqué by the Export Development Board (EDB) said.  The EDB, Sri Lanka’s apex body for export promotion, said the implementation of the NES would increase Sri Lanka’s export revenu

Think tank urges govt. simplify export registration process

ECONOMYNEXT: Sri Lanka’s government has been urged to simplify the process for registering exporters to make it more effective, as the present system is seen as too cumbersome and time-consuming and open to abuse.

ETI Finance completes disbursement of 10% of deposit liabilities

The Central Bank said the troubled ETI Finance Limited (ETIFL) has paid back 10 percent of the deposit liabilities to its existing deposit holders in the first round of payments concluded two weeks ago, and

Sampath Bank to raise US $ 100mn via Singapore listed debentures

Sampath Bank PLC last Friday announced its plans to raise US$ 100 million quoted in the Singapore Exchange (SGX), as the bank is gearing up for faster growth while adhering to new and higher capital thresholds coming into effect from early next year. 

NSB may not dispose stock investments: CB Governor

State-owned savings giant, the National Savings Bank (NSB) may have reversed its earlier decision to dispose the shares of 37 listed companies that are part of the bank’s equity portfolio, within a period of four months, according to the Central Bank Governor, Dr. Indrajit Coomaraswamy. 

Vasu asks why ‘no action’ on large-scale frauds committed during CBK era

Parliamentarian and Joint Opposition stalwart Vasudeva Nanayakkara last week questioned as to why the present good governance regime, which came into power promising swift probes into past financial crimes, is backtracking on some of the large-scale graft cases alleged to have taken place during the administration of former President Chandrika Bandaranaike Kumaratunga. 

Sri Lanka gets US $ 50mn loan from OFID for technical education

Sri Lanka has received US$ 50 million loan from OPEC Fund for International Development (OFID) to improve the country’s technological education. A Finance & Mass Media Ministry statement said Sri Lanka signed a loan agreement for obtaining financial assistance worth US$ 50 million from OFID to implement the Technological Education Development Programme. 

Central Bank says relationship between credit and economic growth weakening

The Central Bank has urged the government to put more weight on factor market reforms, improving investment climate and capitalising the country’s geographical location through trade policy in order to boost future economic growth, as the relationship between credit growth and economic expansion is on a weakening trend, while the loosening of monet

US, China fire first shots in ‘largest trade war in economic history’

WASHINGTON/BEIJING (AFP) :  The US and China yesterday launched tit-for-tat tariffs on each other’s imports, the opening shots in what Beijing called “the largest trade war in economic history” between the world’s top two economies. At the stroke of midnight Washingto

Sri Lanka’s expenditure on tobacco use surpasses GSP Plus export income: Rishad

The Sri Lankan consumers’ annual expenditure on cigarettes and tobacco is so high it surpasses the country’s annual bill on milk powder imports. This tobacco expenditure also exceeds another

CB stands pat, says low rates will support growth

The Central Bank left its key policy rates unchanged as expected yesterday, saying a low rates environment and stabilising inflation will support an economy in the face of a fragile rupee currency.

UK has ‘no clue’ on Brexit deal: Airbus chief Enders

LONDON (AFP) : Britain’s government has “no clue or at least no consensus” over reaching a Brexit deal, Airbus chief executive Tom Enders said yesterday. During a company presentation delivered in London, Enders repeated the European planemaker’s stark concerns made last month should Britain exit the European Union without a deal.