Rupee closes steady as remittances offset dollar demand

REUTERS: The Sri Lankan rupee closed steady yesterday as exporter dollar sales and inward remittances offset demand for the U.S. currency in early trade, dealers said.The rupee closed unchanged at 156.10/15 per dollar.

BOI forum conveys positive message to potential investors

The Board of Investment held the “Investor Facilitation and Networking Event” at the Cinnamon Lakeside Hotel recently, to engage in a dialogue with investors who have re-invested in Sri Lanka.  

Stocks slip to over 8-week closing low; lower economic growth weighs

REUTERS: Sri Lankan shares slipped to their lowest close in more than eight weeks yesterday, led by beverage and telecom stocks as investors remained worried about the island nation’s slower economic growth, brokers said. 

China to respond to US tariffs, resist protectionism: WTO envoy

REUTERS:  China is preparing a range of responses to planned U.S. tariffs and will stand up to protectionism, but still hopes for dialogue, Beijing’s ambassador to the World Trade Organization (WTO) said on Thursday.

Olive ridley turtles hatch in Mumbai after two decades

AFP: Tiny olive ridley turtles have hatched in India’s financial capital Mumbai for the first time in two decades after a major cleanup of a beach, officials said yesterday. Dozens of the threatened species cracked out of their egg shells and slowly waddled their way into the Arabian sea off Versova beach on Thursday, delighting wildlife conservationists.

US launches WTO challenge against China

AFP: The United States launched yesterday a challenge at the World Trade Organization against China over intellectual property breaches, a statement said. “The United States is taking action at the World Trade Organization (WTO) to address China’s unfair technology practices that run counter to WTO rules,” the statement from the US Trade Representative’s office said.

Asian markets tumble as Trump sparks trade war fears

AFP: Asian markets plunged yesterday following a sell-off in New York as Donald Trump sparked fresh trade war fears by imposing huge tariffs on Chinese imports and Beijing unveiled its own measures against US goods.

Economic reforms in Sri Lanka: Salvation or a recipe for inaction?

Economic reforms have become an urgent need for Sri Lanka, with successive governments since independence, resorting to short-term, politically expedient economic strategies that have placed considerable macroeconomic pressures whilst reducing Sri Lanka’s global competitiveness. 

Governance and short-term focus of financial sector

Paul Polman, Global CEO of Unilever, the world’s largest consumer goods company, told us recently about his personal mission to be a force for good instead of just making a profit and how Unilever is able to serve all their stakeholders as a result. 

Stocks snap 3 sessions of falls

REUTERS: Sri Lankan shares ended marginally higher yesterday, snapping three straight sessions of falls, as investors bought beverage and diversified stocks, brokers said.

Sri Lanka to tighten controls on private companies

ECONOMYNEXT: Sri Lanka’s company law is to be changed to give powers to authorities to force shareholders of private companies to submit more information about themselves under global anti-money laundering laws.

Rupee falls slightly on importer dollar demand

REUTERS:  The Sri Lankan rupee ended slightly weaker yesterday as dollar demand from importers and banks outweighed mild selling of the U.S. currency by exporters, dealers said.

Senkadagala Finance gets IFC loan to boost lending to women entrepreneurs

Senkadagala Finance PLC has entered into a loan agreement with International Finance Corporation (IFC), a member of the World Bank Group to borrow US $ 15 million, a stock exchange filing said.

Labour shortage could cripple exports, warns chamber

The shortage of labour— skilled or unskilled—is cited as the number one limiting factor faced by Sri Lanka’s export-oriented manufacturers, when they met the press at a recently held media round table and this issue has forced many of the manufacturers to operate with sizable spare capacity.  

Visa to make all local cards payWave-enabled from this October

Every new Visa card issued in Sri Lanka from October this year will be payWave-enabled, Visa’s Asia Pacific Head of Risk Joe Cunningham told Mirror Business yesterday.

Government likely to drag feet on cost-reflective fuel pricing formula

The Sri Lankan government has not yet fully committed to the implementation of a cost-reflective fuel pricing formula and is leaning towards maintaining current subsidised prices, Petroleum Resource Development Minister Arjuna Ranatunga told a press conference yesterday. 

US $ 500mn ‘The One’ to redefine urban regeneration in Colombo

‘The One’, an ambitious property development project with a price tag of US $ 500 million in the heart of Colombo, is hoping to bring back its former glory to the Colombo Fort area.

John thanks all industry stakeholders for support extended to manage Kandy situation

Tourism Development and Christian Affairs Minister John Amaratunga yesterday said that the recent violence in Kandy caused a negative impact on the tourism industry. 

FinMin to borrow US $ 300mn from state and foreign banks to settle bond payments

The Finance Ministry will be resorting to borrowings from state banks and offshore banking units to cover just under half of the Sri Lanka Development Bond Maturities during the first quarter of 2018. According to Finance and Mass Media Acting Minister Eran Wickramaratne, around US $ 732 million is required for interest payments and to roll over foreign debt.

Rupee rises slightly on remittances, exporter dlr sales

REUTERS: The Sri Lankan rupee rose slightly yesterday as exporters sold dollars and remittances boosted inflows, while the gains were capped by importer demand for the US currency in late trade, dealers said.

Fingers pointed at greedy investment bankers, brokers for public losing confidence in IPOs

The investment banks and stockbrokers came under fire yesterday by the industry experts for their greed and inaction when dealing with initial public offerings (IPOs), which has led to the deterioration of the capital market, since the public has lost heavily when investing in IPOs.  

CB Governor makes clarion call for political stability

Sri Lanka cannot afford to deviate from the path it has embarked upon and ensuring political stability is of paramount importance to attain sustained economic growth for the country, according to Central Bank Governor Dr. Indrajit Coomaraswamy. 

Rebuilding trust in global economic system

The global financial system is in a frail state. Global debt reached a record high of US $ 233 trillion in the third quarter of 2017. The global debt-to-gross domestic product (GDP) ratio has grown beyond expectations since the 2007–08 global financial crisis and governments will struggle to pay off the interest. While a full-blown debt crisis has not materialised, the vulnerabilities are apparent. 

Digital finance to be main focus of National Financial Inclusion Strategy

The Central Bank with the assistance of International Finance Corporation (IFC), a member of the World Bank Group yesterday held the inaugural session to develop National Financial Inclusion Strategy (NFIS) in a fresh push to increase financial inclusion.

Mission underway to alter Cabinet approved Demutualization Bill to grant brokers’ wish

An attempt is likely to be made to alter the Cabinet approved Demutualization of the Colombo Stock Exchange Bill, which is scheduled to be presented to Parliament today, Mirror Business learns. A major sour point for the bill was the value allocation—the ownership stake the broking firms will receive in the demutualized Colombo Stock Exchange.

Dialog invests Rs.262mn in JV with Orion City to build data centre

Dialog Axiata PLC yesterday said it would invest Rs.262.5 million to establish, operate and manage a data centre, which they are hoping to develop with St. Anthony’s Property Developers (Pvt.) Ltd.

Fitch local boss wants hurdle ratings out on corporate debt

Sri Lanka may have put in place safeguards to protect the mom-and-pop investor who holds a small amount of corporate bonds but those same safeguards seem to be turning away the institutional investors who account for the bulk of those investments, impeding the development of the corporate debt market.  

CB Governor makes clarion call for political stability

Sri Lanka cannot afford to deviate from the path it has embarked upon and ensuring political stability is of paramount importance to attain sustained economic growth for the country, according to Central Bank Governor Dr.Indrajit Coomraswamy.

Xi’s new power and China’s economic and social goals

The 19th Party Congress set out the principles that will define the approach to what Deng Xiaoping described as the third phase of China’s modern economic development. This is the phase when China seeks to achieve income levels on par with the OECD average. The National People’s Congress last week gave President Xi Jinping an unprecedented and extended mandate to deliver by removing the term limits on China’s presidency.

Muturajawela and housing scheme – Historical perspective

A news item in the Daily Mirror of March 15, 2018, titled ‘Private Co. grabs Muturajawela land for housing scheme’, has caused alarm to environmentalists who feel that the rich biodiversity of this wetland would result in irreparable and extensive damage to the fauna and flora especially the migrant bird life.