CB says has enough “firepower” to deal with depreciating rupee

The Central Bank yesterday described the recent sharp depreciation of the rupee against the U.S. dollar as a “normal demand and supply phenomenon,” and assured there’s no need for panic as the Central Bank has enough “firepower” to intervene if the situation warrants.

Central Bank releases 2017 Annual Report

The Central Bank Governor Dr. Indrajit Coomaraswamy handed over the first copy of Central Bank’s Annual Report - 2017 to Minister of Finance and Mass Media Mangala Samaraweera yesterday at the Treasury as per the statutory requirement. Secretary to the Treasury Dr. R. H. S. Samaratunga, and Deputy Governors Dr. P. Nandalal Weerasinghe, K.D. Ranasinghe and C.J.P. Siriwardene were present at the occasion.

Transparency improves in SL’s budget implementation process

The government has made significant progress in disclosing the status of implementation of promises in the budget 2017 in the last six months of 2017 and beyond, compared to the first half, a leading think-tank in the country said.

Union Bank 1Q18 net up on higher margins

Despite the higher sour loans and stalled credit growth due to higher interest rates, Union Bank of Colombo PLC (UBC) managed to improve its margins and report higher profits for the January-March quarter (1Q18) compared to the corresponding period of the previous year.

Rupee hits all-time closing low on importer dollar demand

REUTERS: The Sri Lankan rupee hit a record closing low yesterday, as importers bought dollars while exporters stayed away expecting a further fall in the currency, dealers said.

Construction of 32-storey Renuka Towers begins

Renuka Holdings PLC said one of its sub-subsidiaries, Galle Face Properties Ltd, commenced the construction of the group’s ambitious property development plan, ‘Renuka Towers’, which was in the pipe line for several years, on a company-owned land in Colombo 3.

CB says has “substantial liquidity” to service debt

The Central Bank of Sri Lanka (CBSL) yesterday hit back at the erroneous media reports, which had said that the CBSL lacks funds to pay off the treasury bonds before their  date of maturity.

IFC approves US $ 24m loan for Melwa hotel project with Hilton

The International Finance Corporation (IFC) of the World Bank Group has approved a loan up to US $ 24 million for a mega luxury leisure project in Sri Lanka, handled by the real estate developer Melwa Hotels & Resorts (Pvt) Ltd.

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.