Samsung Electronics flags record US$14.7 bn Q1 operating profit

AFP: Samsung Electronics flagged yesterday a first-quarter operating profit of 15.6 trillion won (US$14.7 billion), a record for any-three month period, as it benefited from soaring demand for its memory chips for mobile devices.

Japan’s hacked crypto exchange Coincheck bought out

AFP:  Japanese online broker Monex Group said yesterday it would buy virtual currency exchange Coincheck, which was hit by a massive hack that saw thieves steal hundreds of millions of dollars in virtual currency.

ADB study proposes economic corridors to address regional imbalances

An economic corridor development plan with a potential to generate 1.2 million new jobs by 2030 is being proposed by a recent study of the Asian Development Bank (ADB). 

Global stocks slip on Trump’s new trade salvo, traders await U.S. jobs report

REUTERS: Stock markets edged downwards yesterday after U.S. President Donald Trump’s threat to impose an extra US$$100 billion in tariffs on China exacerbated fears of a more serious trade dispute, while the dollar paused ahead of crucial U.S. payrolls data.

Prince Charles backs ‘blue economy’ to save Barrier Reef

AFP: Prince Charles has called for a “blue economy” to promote the sustainable use of ocean resources and save Australia’s Great Barrier Reef, as he visited the World Heritage-listed ecosystem yesterday.

China hits back after Trump threatens US$100 bn in tariffs

AFP: China said yesterday it is ready to pay “any cost” in a trade war after US President Donald Trump threatened an additional US$100 billion in tit-for-tat tariffs on Beijing. 

International donors to plough billions into Lebanon

AFP: International donors are set to pledge billions of dollars in aid and development loans for Lebanon at a conference in Paris yesterday, hoping to stave off an economic and humanitarian crisis.

Bank credit reaches over Rs.100bn in February

Sri Lanka’s banking sector in total has pumped in over Rs.100 billion in fresh credit to the economy during February from a minus growth recorded in January as the growth in private sector credit and credit to the public corporations rose although the credit to the government eased. 

Shareholders shoot down attempt to delist PDL

The shareholders of Property Development PLC (PDL) have shot down an attempt to delist company shares from Colombo Stock Exchange’s  (CSE) official list. PDL in a stock market filing said a resolution towards delisting the shares of the company was not duly passed by the shareholders at an Extra Ordinary General Meeting held on Wednesday.

Fitch Ratings increases stake in local unit

Fitch Ratings has increased its ownership of Fitch Ratings Lanka Ltd. to approximately 89 percent from 45 percent, acquiring equity interest of several shareholders. “We are excited about Fitch’s commitment to Sri Lanka, one of Asia’s fastest-growing fixed-income markets,” said Maninda Wickramasinghe, Head of Fitch Ratings Lanka Ltd. 

Cyber tool to track lodgings operating without valid licences

In a bid to enforce registration of all tourism industry service providers in Sri Lanka, the Sri Lanka Tourism Development Authority (SLTDA) has deployed a new cyber tool to track accommodation providers operating without SLTDA valid licence. 

Support boom of informal economy, economist tells govt.

In an effort to pull the national economy towards a position that allows all sections of the population to equally benefit, a top economist says that Sri Lanka must pay greater emphasis on encouraging the informal economy to boom instead of forming policies that would weaken it.

EU delegation say they demand “nothing” from Sri Lanka

A delegation of the European Parliament Committee on International Trade (INTA) currently in Colombo stressed that the European Union (EU) demand “nothing” from Sri Lanka and assistance would only be extended if the island nation is willing to accept such.

New board brings new hopes for SriLankan

The national carrier, SriLankan Airlines, which is running at massive losses, is hoping to return to profitability in three years according to the new director board, which was appointed this week following the resignation of the previous directors.

February worker remittances fall amid expanding trade deficit

The worker remittances to Sri Lanka fell in February as the receipts in the first two months from export of labour languished amid the country facing an uphill task of containing an ever expanding trade deficit and a mounting foreign debt load. 

Stocks fall to 1-week low as political woes weigh

REUTERS: Sri Lankan shares fell yesterday to their lowest in one week as political uncertainty hurt sentiment ahead of a no-confidence vote against Prime Minister Ranil Wickremesinghe, brokers said.

FinMin puts bunching debt figure at US $ 15bn between 2019 and 2022

The headroom to tackle Sri Lanka’s worsening public debt situation appears to be disappearing as the government estimates a whopping US $ 15 billion in foreign debt service payment during the four years from 2019 to 2022.

Will new entrants fire up SL’s modern retail market?

Competition in Sri Lanka’s supermarket landscape is set to intensify with the entrance of at least a couple of international retail giants through well-established local partners in the near future, Mirror Business learns. 

Softlogic to consolidate all retail operations under one arm

Softlogic Holdings PLC has incorporated a new company to house its retail sector subsidiaries to consolidate all its retail operations under one arm.

Envoy says Indian ‘aid is not to raid or invade’

India is always available to collaborate with Sri Lanka, according to the pace Sri Lanka is comfortable with, said India’s top diplomat in Sri Lanka this week, in a diplomatic speech which nevertheless alluded to regional geopolitics.

Role of Science in adapting climate-resilient plantation sector

Despite some politicized rhetoric and limited debates on the far fringes of the global scientific community, all of humanity’s scientific experience and observations have proved beyond any shred of a doubt that climate change is not a myth, and never was. 

Rate cut signals end to tightening bias: Central Bank

The 25 basis point lending policy rate cut announced yesterday signals the Central Bank moving away from the tightening bias it had maintained for almost two years, Central Bank Governor Dr. Indrajit Coomaraswamy said.

Sri Lanka targets pharmaceuticals self-sufficiency with new production facility

The efforts to increase domestic and foreign investment in Sri Lanka’s pharmaceuticals industry is set to boost output and broaden the sector’s product range, bringing the country closer to the government’s goal of self-sufficiency in medical production.In early January, State Pharmaceuticals Manufacturing Corporation (SPMC) announced it was joining forces with Malaysian investment firm Pharma Zone to develop a dedicated industr

Time for political change of a higher order

The backbiting and enduring state of chaos over the past three months within our corridors of power points to what should be a watershed year for Sri Lankan voters and even business. Our country’s multifaceted leadership has been entirely immersed in ensuring their political permanence that the country and its economy have come to a protracted standstill.

Unemployment falls to 5-year low in 4Q17

Unemployment in Sri Lanka fell to a 5-year low of 4 percent during the fourth quarter of 2017 (4Q17), amid booming apparel exports and a rebound in agricultural activity after suffering from a two 

Will new entrants fire up SL’s modern retail market?

Competition in Sri Lanka’s supermarket landscape is set to intensify with the entrance of at least a couple of international retail giants through well established local partners in the near future, Mirror 

Lankem disposes prime real estate for Rs.700mn

Lankem Ceylon PLC last week sold the Lanlib Building situated off Nawam Mawatha for Rs.700 million, according to a disclosure made to the Colombo Stock  Exchange yesterday.

Softlogic to bring all retail operations under one arm

Softlogic Hldings PLC has incorporated a new company to house its retail sector subsidiaries to consolidate all its retail operations under one arm.

Govt. now appears serious in creating start-up ecosystem: VC

The Sri Lankan government is finally taking requests of the start-up community to create a start-up ecosystem seriously following the involvement of the World Bank in authoring a white paper, according to a venture capitalist (VC).

FinMin puts bunching debt figure at US $ 15bn between 2019-2022

Headroom to tackle Sri Lanka’s worsening public debt situation appears to be disappearing as the government estimates a whopping US $ 15 billion in foreign debt service payment during the four years from 2019 to 2022.