Sri Lanka urged to look at becoming leading regional arbitration centre

Sri Lanka was recently urged to explore its potential to position the country as a leading arbitration centre in the region, capitalising on the country’s strategic location and political neutrality, which would enhance foreign inflows to the country.  “Arbitration could b

Invest Sri Lanka UK promo concludes with first-ever event in Scotland

The Invest Sri Lanka capital market road show organised by the Colombo Stock Exchange (CSE) in association with the Securities and Exchange Commission of Sri Lanka (SEC) concluded on a

Sri Lanka-Kuwait talks urge bigger role for private sector

The second session of Kuwait-Sri Lanka Joint Ministerial Committee (JMC) held in Kuwait concluded on a “highly positive note,” the Department of Commerce of Sri Lanka (DoC) stated yeste

Asia, Europe stage market fight back after global rout

TOKYO (AFP) - Asian and European stock markets rallied yesterday after two days of ferocious selling sparked by higher US interest rates, trade war fears and attacks by President Donald Trump on his “crazy” central bank. Equities across Asia closed in

Arjuna says he will not let anybody sell Trinco fuel tanks

Responding to Parliamentarian Bimal Rathnayaka, Minister of Petroleum Resources Development Arjuna Ranatunga said he will not offer Trincomalee oil tanks to any Indian oil company. 

New World Bank fund to insure against climate disasters

Indonesia (AFP) - The World Bank yesterday launched a new US$150 million fund intended to help insure vulnerable countries against natural disasters and the increasing risk of climate change-linked crises.

Rupee rises on exporter dollar sales; stocks extend falls

COLOMBO (Reuters) - The Sri Lankan rupee strengthened 0.5 percent yesterday, as inward remittances and exporters dollar sales surpassed mild importer demand for the greenback, while stocks declined for a fourth straight sessi

IEA lowers growth forecast in oil demand for 2018, 2019

PARIS (AFP) - The International Energy Agency yesterday revised lower its growth forecast in global oil demand for 2018 and 2019, citing high prices, trade tensions and a less favourable economic outlook.

China-US surplus hits record, adding fuel to trade war

BEIJING (AFP) - China’s trade surplus with the United States ballooned to a record US$ 34.1 billion in September, despite a raft of US tariffs, official data showed yesterday, adding fuel to the fire

UK PM faces backlash over Brexit compromise

LONDON (AFP) - Prime Minister Theresa May’s office insisted yesterday it would not “trap” Britain in an endless customs union with the EU after Brexit, amid reports some ministers could quit if this is the price of a divorce deal.

Private sector credit growth loses steam; State steps up borrowings

Credit to the private sector in August has eased from a month ago although the overall bank credit stayed high as the cash-strapped government as of late was seen stepping up borrowings

Rupee edges up; stocks down for third session

 (Colombo) REUTERS: The Sri Lankan rupee ended slightly higher yesterday, easing from a record low hit in the previous session, as exporters dollar sales surpassed importer demand for the greenback in dull trade, while stocks ended weaker for a third straight session to hit a one-week low. The rupee en

PM, FinMin to grace Sri Lanka Retail Forum

The Sri Lanka Retailers’ Association (SLRA), with a vision of ‘Achieving Retail Excellence’ will hold the nation’s premier retail sector knowledge event – Sri Lanka Retail Forum (SLRF) 2018

Mobile payment platform Alipay launched at BIA

Flemingo Duty Free, Cargills Bank and Supreme Paysez recently signed a strategic partnership agreement to roll out the Alipay mobile payment gateway at Bandaranaike International Air

Softlogic to open 2 more Délifrance outlets by mid 2019

Softlogic Holdings PLC plans to open two more new Délifrance outlets including a bakery by mid next year with the aim to popularise the brand in the Sri Lankan market, contemplating future expan

Mangala highlights impact of natural disasters amid trade wars, high energy prices

Finance and Mass Media Minister Mangala Samaraweera yesterday appealed to the Commonwealth of Nations to redouble the efforts to support smaller nations to mitigate risks arising from increasingly frequent natural disasters in the backdrop of an uncertain global environment marked by trade wars and high energy prices.  Addressing the Commonwealth Finan

Sri Lanka to sell hotel stakes, possibly within six months

London (REUTERS): Sri Lanka plans to put two state-owned hotel companies up for sale within the next six months in a sale that could raise US $ 500 million for the island nation as it seeks to bolster its finances, the finance minister said on Tuesday.  

Jetwing chief calls for consensus among city hoteliers to raise room rates

Jetwing Group Chairman Hiran Cooray recently urged the Colombo city hoteliers to be united to increase the minimum hotel room rates in Colombo, as the room rates were getting depressed.  

Central Bank asserts role in financial system stability

The Central Bank of Sri Lanka (CBSL) is making the following statement in relation to the article titled “Rupee depreciation shows abdication of vital statutory duty by CB, Govt”, authored by former Central Bank Governor Ajith Nivard Cabraal, that appeared in Mirror Business on October 9.  

IMF cuts world economic growth forecasts

(Nusa Dua, Indonesia) REUTERS: The International Monetary Fund this week cut its global economic growth forecasts for 2018 and 2019, saying that trade policy tensions and the imposition of import tariffs were taking a toll on commerce while emerging markets struggle with tighter financial conditions and capital outflows.

Price controls on foodstuffs —a political gimmick?

The price controls slapped on a number of foodstuffs are of limited value despite their popular rhetoric, given the low adherence of traders towards the administered prices and lax enforcement actions by authorities, a recent survey conducted in Colombo and a few of the suburbs, revealed.   

Budget 2019: Informal sectors must be included in tax net

The government gets set to unravel its fiscal policy plan for 2019 at a crucial juncture in time, as on the one hand it prepares for the much-anticipated elections at the end of next year and on the other, the Sri Lankan economy is under immense scrutiny and pressure to take bold and decisive steps to strengthen its place and course for the purpose  of development.

Sri Lanka, Armenia, Pakistan face greatest funding risks: Moody’s

(London) REUTERS: Sri Lanka, Armenia and Pakistan top the list of smaller emerging economies most vulnerable to refinancing risks, because they face a combination of large upcoming repayments and low foreign currency reserves, ratings agency Moody’s said yesterday.  

G-24 hopes to influence global agenda at IMF, WB Bali gathering: Mangala

Global finance and reserve bank chiefs will gather this week in Bali, Indonesia, for the annual gathering of the International Monetary Fund (IMF) and World Bank, amid the rising concern over trade war and risks of global economic crisis. Finance and Communications Minister Mangala Samaraweera is the Chair of the Groups of 24 (G-24) developing nations, which is active in lobbying international institutions on issues of concern in the global econo

Rise in electricity tariffs unlikely despite high generation costs

Fitch Ratings does not see the government raising electricity tariffs in the foreseeable future, but expects power generation costs to remain high in the next couple of years amid rising 

Rupee hits fresh low for 5th straight session

(Colombo) REUTERS:  The Sri Lankan rupee hit a record low for a fifth straight session yesterday on strong dollar demand from importers and foreign banks amid outflows from government securities, while stocks snapped a four-day winning streak and ended marginally weaker.

Remittance income continues falling streak aggravating external woes

Worker remittance to Sri Lanka continued its declining streak as Sri Lanka’s largest foreign income earner and one of the two current account stabilisers is facing the crucial test of rebalancing socio econom

Unemployment in second quarter accelerates to 4.6%

Sri Lanka’s unemployment rose to 4.6 percent in the second quarter of 2018 (2Q18) amid a fall of employment in the country’s agriculture and industries sector, the data released by the Department of Census and Statistics showed. 

MillenniumIT founder urges Lankans to shed ‘dog in the manger’ attitude

A highly successful local entrepreneur who made it to the global stage this week urged Sri Lankans not to become dogs in the manger for fellow Sri Lankans who aspire to progress and turnaround the country’s economy.

Govt. says putting final touches to new microfinance law

The government at the moment is putting final touches to a law covering microfinance, to save the borrowers from exorbitant and unnecessary charges and other malpractices, Finance and Mass Media Minister Mangala Samaraweera said yesterday.