Stocks gain on foreign investor buying

REUTERS: Sri Lankan shares edged higher yesterday from their lowest close in more than one week as foreign buying provided some support to the market amid continued political uncertainty, stockbrokers said.

Govt. decides to buy crude oil under long-term contract

The Cabinet has decided to purchase crude oil under a long-term contract to ensure the regular crude supplies to the Sapugaskanda oil refinery.

Building the future of HR for the Avocado Toast generation, with social media principles

When people in Asia Pacific want to buy a pair of shoes, book a holiday abroad or catch up with friends and family, they turn to social media.

Bogala Graphite back in black after temporary mine closure

Bogala Graphite PLC, one of the world’s leading exporters of vein graphite, rebounded in the 1st quarter of 2018 with Rs. 44.3 million in net profits compared to Rs. 4.3 million in net losses in the corresponding quarter last year, with its mining operations returning to normalcy following a temporary suspension caused by an accident.

Kerawalapitiya LNG tender awarding faces further delays

The construction of Kerawalapitiya 300MW Liquefied Natural Gas (LNG) power plant is likely to experience further delays as two bidders have filed objections over the awarding of the tender to Lakdanavi Ltd, a subsidiary of LTL Holdings (Pvt) Ltd.  

Rupee hits record low on importer dollar demand

REUTERS: The Sri Lankan rupee hit an all-time low yesterday, as dollar demand from importers outpaced selling of the U.S. currency by exporters, dealers said. The rupee hit a record low of 157.35 against the dollar intraday, weakening further from its previous low of 156.90 hit on Monday.

CB to release 2017 annual report tomorrow

The Central Bank said yesterday that its annual report for 2017 would be released tomorrow.  The first copy will be presented to Finance and Mass Media Minister Mangala Samaraweera, since the Central Bank falls under his portfolio under prevailing legislation. 

IFC to invest US $ 3-4mn in PickMe

International Finance Corporation (IFC), the private sector investment arm of the World Bank Group, is set to invest US $ 3 to 4 million in Digital Mobility Solutions Lanka (Private) Limited, the operators of PickMe, Sri Lanka’s largest ride hailing app.

Govt. moves ahead with further liberalisation of lubricant market

Petroleum Resources Development Ministry along with the shadow industry regulator, Public Utilities Commission of Sri Lanka (PUCSL), are gearing to implement the third round of liberalisation of Sri Lanka’s lubricant industry, based on a budget proposal.

Fuel pricing formula to reach Cabinet next week

The cost-reflective pricing formula for petroleum has not been finalised yet and presenting it to the Cabinet will be delayed until next week since the key personnel in the Finance Ministry are attending the International Monetary Fund (IMF) Spring Sessions in Washington DC.

Paddy output set to recover this Maha season

Sri Lanka’s paddy production will increase by approximately 63 percent to reach 2.4 million metric tonnes, in the current 2017/18 Maha season, recovering from the drought experienced during the previous Maha season, the Agriculture Department forecasted in a report. 

LOLC group’s finance firm becomes largest NBFI in the country

The recent merger of LOLC Micro Credit Ltd (LOMC) with LOLC Finance PLC (LOFC) has made the remaining entity, LOFC, effectively the largest non-bank financial institution in the country.

Rupee slips to record low on importer dollar demand

REUTERS: The Sri Lankan rupee slipped to an all-time low yesterday, with dollar demand from importers outpacing limited selling of the US currency by exporters, dealers said.

ADB receives US $ 12.6mn grant from We-Fi to promote Lankan women entrepreneurs

The Asian Development Bank (ADB) has received US $ 12.6 million of funding for 2018-2020 from the Women Entrepreneurs Finance Initiative (We-Fi) to generate more resources for Sri Lankan women-led businesses.

AIIB’s creative spirit: Experiments in infrastructure finance

Mid-January 2018 marked the second anniversary of the founding of the China-led Asian Infrastructure Investment Bank (AIIB) but many are still debating whether it will be any different from the existing multilateral development banks like the World Bank or Asian Development Bank (ADB). 

Business should not be limited to making boatloads of money: Prof. Ulrich

Prof. Dave Ulrich is the Rensis Likert Professor at the Ross School of Business, University of Michigan. Prof. Ulrich has published over 25 books and has been ranked the #1 Management Educator and Guru by Business Week and named the most influential thinker of the decade in HR by the HR magazine. Prof. Ulrich in an interview with Dinesh Weerakkody talks of the many challenges faced by the leaders and businesses and points out the CEOs can add con

India’s Modi to visit China this week as rapprochement gathers pace

REUTERS: Indian Prime Minister Narendra Modi will visit China this week for an informal meeting with President Xi Jinping, as efforts at rapprochement gather pace following a testing year in ties between the two giant neighbours. 

Urbanisation – A strategy to increase GDP

A book titled ‘Economic Policy in Sri Lanka – Issues and Debates’, edited by Dr. Saman Kelegama, was published by the Institute of Policy Studies of Sri Lanka in 2004.  This book has 22 chapters in the volume, which are divided into six parts namely, Development Strategy and Ideology, 

Building a more English-literate Sri Lanka: the Need to combat inequities

Lack of English proficiency is a key constraint affecting the employability of the Sri Lankan graduates in the private sector, according to a recent Labour Demand Survey conducted by the Census and Statistics Department.

Plan and execute strategy and tactics to achieve your business success

Many people use strategies and tactics interchangeably but anyone with military experience can tell you they’re different. The senior management usually defines strategies, while the middle managers and those who execute employ tactics. 

‘Nut rage’ sisters leave Korean Air, father apologises

SEOUL (REUTERS): Korean Air Lines Co Ltd Chairman Cho Yang-ho apologised yesterday for the behaviour of his two daughters and said they would immediately step down from their positions in the company.

World Bank shareholders back US $13 bn capital increase

Washington (REUTERS):  The World Bank’s shareholders on Saturday endorsed a US $13 billion paid-in capital increase that will boost China’s shareholding but bring lending reforms that will raise borrowing costs for higher-middle-income countries, including China.

Big Bad Wolf to return to Sri Lanka this June

The world’s largest book sale, the Big Bad Wolf book sale, is making a comeback to Sri Lanka, marking its presence for the second time this June, which is good news for all reading buffs and bookworms.

Singaporean buyers yet to finalize due diligence on Weligama Bay Marriot

East West Properties PLC last week said the financial and legal due diligence for the sale of its subsidiary Weligama Hotel Properties Ltd. (WHP), which owns and operates Weligama Bay Marriot Resort & Spa, has not been finalized yet by the Singaporean buyers.

Gem & jewellery industry urges govt. to set-up quota system for gold imports

Sri Lanka’s gem and jewellery industry has urged the government to set-up a quota system for the importation of gold for exports and sale to tourists, in order minimize the impact from the 15 percent levy on gold imports slapped last week.

IMF gives ultimatum to implement fuel pricing mechanism

The government appears to be confronted with the difficult choice between appeasing the International Monetary Fund (IMF) and its electorate, as the IMF has issued an ultimatum to the government to bring an automatic fuel pricing formula before June or they may hold the fourth review of their US $ 1.5 billion stabilisation programme with Sri Lanka.   

Eran says capacity building to manage public debt a top priority

Sri Lanka’s State Minister of Finance Eran Wickramaratne has pointed out that building capacity for public debt and liability management is a matter of priority for many developing nations, particularly the low-income countries. 

U.S. companies upbeat about business in Germany: survey

REUTERS: Some 82 percent of U.S. companies operating in Germany expect revenues to increase this year, a survey showed yesterday, despite a brewing trade conflict over the U.S. decision to impose tariffs steel and aluminum imports.

US considers emergency curbs on Chinese tech investment

The Trump administration is considering declaring a national economic emergency to impose new restrictions on Chinese investment as part of a trade crackdown on Beijing, a senior US Treasury official confirmed. Heath Tarbert, assistant Treasury secretary for international markets and

Fortis Healthcare to form committee to assess binding bids

REUTERS:  Indian hospital operator Fortis Healthcare will set up an advisory committee to evaluate binding offers from suitors lining up to buy the cash-strapped company or take a stake.