Jordan faces tough economic path, after protests scupper tax hikes

 AMMAN (AFP): Jordan's authorities may have shelved a proposed income tax hike after a week of protests -- but they still face the tricky task of balancing popular demands with the need to fix the economy.

Asian markets stagger into weekend as G7 approaches

Asian markets retreated yesterday at the end of a broadly positive week, with traders turning their attention to a Group of Seven summit that could see world leaders clash with Donald Trump over his latest tariff provocations.

China’s Ant Financial raises US$14bn to become biggest fintech firm

SHANGHAI (AFP): Chinese digital payments giant Ant Financial said yesterday it had raised US$14 billion in its latest financing round, making it the world’s largest fintech company ahead of an expected mammoth IPO.

CB rubbishes reports of its involvement in manipulating GDP estimates

The Central Bank yesterday rubbished misleading reports suggesting the monetary authority’s involvement in manipulating GDP estimates of the country. The Central Bank noted that t

Argentina and IMF agree on US$50 bn loan: minister

BUENOS AIRES (AFP): The International Monetary Fund (IMF) agreed with Argentina to a standby loan of US$50 billion over a three-year period, Finance Minister Nicolas Dujovne said this week.

Rupee extends declines, hits record low

REUTERS: The Sri Lankan rupee hit a fresh record low of 159.00 per dollar yesterday, as importer dollar demand outpaced greenback sales by exporters who held back from selling the U.S. currency expecting a further decline in the rupee, dealers said. 

Virtusa hosts professional panel discussion on ‘How to Achieve Career Nirvana’

As more women enter the workforce the pressures and challenges they face only begin to increase each year. Despite these growing obstacles many women persev

The vibrant role of women in building a modern and prosperous Sri Lanka

Today, despite immense progress made by enterprising, socially conscious and highly successful female leaders like social entrepreneur and philanthropist Otara Gunawardene, Ceylon Biscuits Group Manag

Laugfs Gas cut March quarter losses as costs under check

Laugfs Gas PLC cut losses in the January–March quarter as the group managed to keep the costs under check while the revenues rose moderately.  The downstream LPG player whic

Sri Lanka attracted US$ 1303 mn FDIs in 2017 – UNCTAD

Sri Lanka attracted US$ 1303 million in net Foreign Direct Investments (FDIs) in 2017, almost doubling FDIs YoY compared to 2016, according to United Nations Conference on Trade and Developm

Rupee hits all-time low, exporters see further decline

REUTERS: The Sri Lankan rupee hit a fresh record low of 158.90 per dollar yesterday, as importer dollar demand offset the lack of greenback sales by exporters who expect the currency to drop further, 

Shares end lower; blue chips lead

REUTERS: Sri Lankan shares ended weaker yesterday, after breaching the psychological barrier of 6,400, pulled down by blue-chip shares such as John Keells Holdings Plc , brokers said. 

State enterprises to consider ‘retraining’ employees to enhance productivity

If there is a single most nagging issue in the country’s State sector, it is the weak productivity inherent in the public service which has been dragging the economic growth in the post independence Sri Lanka, and the 

Exports to China gets major boost

Sri Lanka’s Export Development Board (EDB) has drawn up a new entry strat

Doha Bank to play key role in attracting Qatari investments to Sri Lanka

Doha Bank, the third largest conventional bank in Qatar yesterday inaugurated its representative office at World Trade Centre (WTC) in Colombo, becoming the first Gulf bank to be launched in the country. The bank is said to be aiming to promote bi-lateral trade and investments between the two countries while mulling over a potential FTA between Sri Lanka and Qatar. 

Shares hover near 5-month closing low

(Colombo) REUTERS: Sri Lankan shares ended slightly weaker on Wednesday, hovering near their lowest close in over five months hit earlier in the week, led by diversified shares such as John Keells Holdings PLC, while foreign buying helped boost the turnover.

Does the stock market reflect state of the economy?

The stock exchange in any country is comprised of leading companies which play a pivotal role in the respective economy. 

PM identifies ICT industry as savior to help realise national export targets

The country’s budding ICT sector was yesterday looked up to by the government to help reach national export targets in the medium term and was urged to boost its efforts to ensure not only its progression, but also the industries it supports.

Are you breathing plastic air at home? Here’s how microplastics are polluting our lungs

Research shows that many of the microplastics in our bodies come from the air we breathe – not just from drinking bottled water or eating fish from polluted oceans. Due to their small size, microplastics can be inhaled and may induce a wide range of diseases including respiratory and cardiovascular diseases, as well as cancer. 

Should emerging markets worry about higher interest rates and strong dollar?

The US 10-year treasury yield recently hit 3 percent, the so-called “psychological ceiling,” for the first time in five years. It remains to be seen whether the long-term rate will settle there, but capital markets in advanced and emerging economies seem taken aback.

Sri Lanka and the world: Whither political prudence ?

There is piercing hopelessness for the future when listening to certain political rhetoric in Sri Lanka. 

When (and when not) to use PPPs

In the context of strained public finances and limited borrowing capacity for developing countries, there is growing debate on the roles of public and private actors to deliver the trillions of dollars of infrastructure necessary to achieve the Sustainable Development Goals (SDGs).

Five reasons why Sri Lanka needs to attract foreign direct investments

To facilitate Foreign Direct Investment (FDI), Sri Lanka is launching this week an innovative online one-stop shop to help investors obtain all official approvals. To mark the occasion, this blog series explores different aspects of FDI in Sri Lanka. 

Removal of JKH from MSCI Index drives Tundra Fund to up stake to 2.5%

The Sweden-based global asset management company, Tundra Fonder’s Tundra Sustainable Frontier Fund said they upped their position in Sri Lanka’s premier blue chip John Keells Holdings PLC (JKH) following the latter’s exclusion from the Frontier100 Index.

May tourist arrivals up 6.2%

Tourist arrivals to Sri Lanka in May rose 6.2 percent year-on-year (YoY) to 129, 466, recording the lowest arrival number so far this year. For the first five months of the year, the cumulat

The Finance revival efforts go south as firm mounts losses amid shrinking loan book

The losses at The Finance Company PLC (TFC) widened many-fold during the period ended in March 31, 2018, as the troubled licensed finance company saw the hole in its balance sheet deepening with over Rs.16 billion in negative shareholder funds.

Finlays Colombo to divest insurance broking arm to Singaporean party

Finlays Colombo Limited has entered into a binding agreement to dispose its insurance broking business to a Singaporean party, according to the company’s 2017/18 annual report.

Fitch says more M&As likely in Lankan insurance sector

Fitch Ratings sees further consolidation by way of mergers and acquisitions (M&As) in Sri Lanka’s insurance market, particularly in the general insurance segment, as the players continue to compete in a crowded market amid tougher operating conditions due to enhanced capital requirements. 

‘The One’ project ready to showcase tallest skyscraper in South Asia

One Transworks Square (Pvt) Ltd together with Zhong Tian Ding Hui (ZTDH) Company yesterday announced that it is ready to transform Colombo’s skyscape with South Asia’s tallest building, rising to a height of 376 meters in 92 floors by 2021. 

SLTPB gets new Chairman

The Tourism Development and Christian Religious Affairs Ministry yesterday announced the appointment of veteran marketer Dehan Seneviratne as the Sri Lanka Tourism Promotion Bureau (SLTPB) Chairman with effect from June 4, 2018.