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.

Critical role of ‘risk control function’ in banks

In the influx of changing business priorities and competition in banks across the world, the greatest emerging risk for banks could be on account of the waning role clarity between ‘Risk taking function (RTF)’ and ‘Risk Control function (RCF)’. 

February tea output rises 14%

REUTERS: Sri Lanka’s tea output in February rose 14 percent from a year earlier due to favourable weather and a lower base last year, the state-run Tea Board said yesterday.  

DFCC gets nod to list Basel III sub-debt on bourse

DFCC Bank PLC has received the preliminary approval to list the Basel III-compliant sub-debt instruments worth up to Rs.7 billion, on the Colombo  Stock Exchange.

Rupee hits record low on importer dollar demand

REUTERS: The Sri Lankan rupee touched an all-time low yesterday on dollar demand from importers but selling of the US greenback by exporters late in the day eased some pressure on the currency, dealers said.

US dumps anti-dumping inquiry on Lankan rubber products

The United States has terminated the anti-dumping and countervailing duty investigations on imports of rubber bands from Sri Lanka on March 15, Sri Lanka’s Industry and Commerce Ministry said in a statement, yesterday.

Stocks fall to nearly 7-week closing low on growth worries

REUTERS: Sri Lankan shares fell to their lowest close in nearly seven weeks yesterday, as investors sold diversified and manufacturing stocks on worries over slower economic growth, brokers said.

Government mum on energy price reforms

The Sri Lankan government yesterday kept mum on the possible outcome of its failure to implement a cost-reflective energy pricing reform in the coming months as part of the US $ 1.5 billion balance of payments support programme with the International Monetary Fund (IMF).

CRM not an option but a ‘must’ for every marketing company

Peter Drucker was an Austrian author of numerous economics and economics-related literature and a Professor of Management. He once said, “The purpose of a business is to create customers.”

Statistics office withdraws GDP data

REUTERS: Sri Lanka’s Department of Census and Statistics withdrew its 2017 full-year and fourth quarter gross domestic product data on Friday, a day after posting the island nation’s worst economic growth in 16 years.

Seylan Bank’s Rs.10bn debenture issue to open on Wednesday

Seylan Bank PLC will raise Rs.10 billion in corporate debentures as the bank is shoring up capital to fund its loan growth and to meet the elevated capital ratios under the new BASEL III rules. 

Manufacturing and services expand in Feb. despite political uncertainty

Manufacturing and services sector activities expanded for the second month in a row in 2018 demonstrating that the economy is gradually gaining resilience despite the political uncertainties, which sent vibrations across the economy.

Corporate earnings rebound in December, but lack vitality

Sri Lanka’s corporate earnings recorded some robust growth during the final quarter of 2017 rebounding from a contraction in earnings in the September quarter. But earnings growth slowed when adjusted for one-off gains in few sectors. 

Looming ban on tobacco cultivation fast-tracked, accuse farmers

The government’s plans to ban tobacco farming in Sri Lanka by 2020 is being quietly fast-tracked for prohibition this year, the President of the All Ceylon Cigarette Tobacco Barn Owner’s Association (AICTBOA) said recently.

Dialog employs robots to up game in customer service

Dialog Axiata PLC in collaboration with Arimac Lanka (Pvt) Ltd, announced the introduction of an intelligent humanoidrobot, as a customer assistant at the Dialog Iconic flagship store.

Hotels Association of Sri Lanka condemns recent spate of violence in the country

As one of the biggest beneficiaries of peace returning to the country in 2009, the President of the Tourist Hotels Association of Sri Lanka, Sanath Ukwatte stressed the importance of unity among all communities for Sri Lanka to 

Merkel, Macron consider key eurozone reforms

AFP: Shocked by Brexit, the European Union has made reform a top priority, spurred on by the energetic French President Emmanuel Macron who wants big changes especially for the euro, the bloc’s single currency.

Stocks recover as investors buy select blue chips

REUTERS: Sri Lankan shares rose marginally yesterday, recovering from a one-and-a-half-month closing low hit in the previous session, as investors bought select blue chips in low volumes while lower economic growth weighed on the market. 

Indonesia wants Australia as full ASEAN member

AFP: Indonesian President Joko Widodo wants Australia to become a full member of ASEAN, signalling yesterday he is keen on Canberra playing a bigger regional role in trade and defence matters.

Symposium on improving biz climate

Ministry of Development Strategies and International Trade organized a symposium on ‘Initiatives to improve the business climate in Sri Lanka’ at Hotel Taj Samudra yesterday. Minister of Development Strategies and International Trade Malik Samarawickrama and State Minister for National Policies and Economic Affairs Harsha de Silva also addressed the gathering. This was followed by the presentations on ‘Current reform activities

Asian markets mixed after week of fluctuations

Asian investors remained on edge yesterday as the curtain came down on another volatile week for markets with fears of a global trade war playing off against a positive economic outlook.

EU readies tax on US tech titans

AFP: The European Union will next week unveil plans for a digital tax on US tech giants like Facebook, Amazon and Google as transatlantic tensions flare over prospects of a trade war.

Rupee hits new low on importer dollar demand

REUTERS: The Sri Lankan rupee hit an all-time low for a second straight session yesterday due to importer dollar demand, but ended steady as exporters sold the U.S. currency in late trade, dealers said. 

Hong Kong’s richest man Li Ka-shing to retire

AFP: Hong Kong’s richest man Li Ka-shing announced yesterday he was stepping down as chairman of his flagship company CK Hutchison, marking the end of an era for one of the world’s most storied tycoons.