SL’s worker remittances pick up steam as April figure up 11%

Worker remittances to Sri Lanka appear to have stabilized lately as the income from the Sri Lankan migrant worker community grew for the second month in a row in April. 

Rupee hits record low; lack of exporter dollar sales weigh

COLOMBO (Reuters): The Sri Lankan rupee hit a record low 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.

A passenger drone Volocopter 2x is on display

A passenger drone Volocopter 2x is on display

Healthy oceans and sustainable fishing

Oceans cover two thirds of world’s surface, and over 7.6 billion people directly or indirectly benefit from oceans around the world. Global fishery production is ever expanding, and according to the Food and Agriculture Organization (FAO), fisheries and aquaculture assure the livelihoods of 10-12 percent of the world’s population. 

SL to advance cross border trading through NSW, trade information portal

Simplification of trade procedures and documentation, harmonization of the trade practices and rules, transparent information and procedures of international flows, recourse to new technologies to promote international trade and more secured means of payment for international commerce could be identified as trade facilitation. 

Stocks hover near 5-1/2-month closing low

COLOMBO (Reuters): Sri Lankan shares edged lower yesterday, falling for a fourth straight session to end at their lowest close in more than five months, as investors continued to stay on the sidelines looking for fresh cues.

Customers’ personal experiences – once so fondly remembered – may fade with time

Two weeks ago, we spoke about creating a visual image of your customer service profile by giving a percentage to each of the three levels: Level 1 – initial transactions, Level 2 – repeat customers and Level 3 – customer advocates. 

Growing household debt brings fresh headaches to borrowers and financiers

Growing household debt is nothing new for both developed and emerging economies, and Central Banks globally have been grappling with the issue from time-to-time and have used interest rates and other macro-prudential measures to arrest the situation when it poses threats to their system’s financial stability.  The situation is no different in Sri Lanka as there was a sharp increase in

‘Enterprise Sri Lanka’ to groom 100,000 entrepreneurs by 2020

Sri Lanka will launch the ambitious Rs. 60 billion ‘Enterprise Sri Lanka’ programme on 21st of this month aiming to groom 100,000 entrepreneurs by 2020 through 16 concessional loan schemes with additional incentives provided to encourage female entrepreneurship.

Trump trade fury torpedoes Canada’s G7 summit

QUEBEC CITY (AFP): The G7 summit ended in farce and a renewed threat of global trade war on Saturday as US President Donald Trump abruptly rejected the text of a consensus statement and bitterly insulted the Canadian host.

High tech Swiss electronic company considers investing in Sri Lanka

Manuel Inauen, head of business development KUK Electronics AG, a high technology Swiss electronic manufacturer had a meeting with Malik Samarawickrama, Minister of Development Strategies and International 

Sampath Bank included in MSCI Frontier Market 100 Index

Sampath Bank PLC, Sri Lanka’s third largest private lender by assets, has been included to the MSCI Frontier Market 100 Index, Mirror Business learns. During the last week the shares o

Treasury makes progress in reporting on State’s non-financial assets

The government of Sri Lanka has reported Rs. 814.3 billion worth non-financial assets for 2017, compared to Rs. 21 billion reported in 2015, under the new Computerised Integrated Government Accounti

Unit rate-based duty failed to achieve government revenue targets: CMTA

The unit rate-based duty scheme on vehicle imports has failed to realise the government revenue targets while causing additional foreign exchange outflows from the country.

Shares at more than 5-mth closing low; blue-chips drag

REUTERS: Sri Lankan shares fell for a third straight session yesterday and ended at a more than five-month low, dragged down by diversified shares such as John Keells Holdings Plc, brokers said. 

China’s trade surplus with US jumps, global imports surge

BEIJING (AFP): China’s trade surplus with the United States jumped in May, official data showed yesterday, worsening the imbalance at the centre of tensions between the economic titans while Beijing’s advantage with the rest of the world shrank.

Auction of Brazil’s pre-salt oil fields earns US$807 mn

RIO DE JANEIRO (AFP): Brazil raked in 3.15 billion reais (US$807 million) yesterday in the first auction of deep sea, pre-salt oil fields since a crippling strike led to the resignation of state oil company Petrobras’s CEO.

Embattled Air India seeks ‘urgent’ loan

MUMBAI (AFP): Air India has announced it is seeking an urgent multi-million-dollar loan to maintain day-to-day operations, highlighting the wretched financial predicament of the country’s debt-stricken national carrier.

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.