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.

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.