Rupee ends lower on foreign sell-off on uncertainty

The Sri Lankan rupee ended weaker yesterday amid pressure on the currency due to foreign outflows from bonds and stocks as uncertainty from a lingering political crisis weighed on sentiment.  

Germany integrating migrants quickly: business chief

FRANKFURT AM MAIN (AFP) - Many among the more than one million people who arrived in Germany as migrants or refugees since 2015 are integrating speedily through work, the head of a key business group said yesterday.  

Asian markets sink as profit-takers move in, pound resilient

HONG KONG (AFP) - Asian markets fell yesterday, putting the region on course to end a broadly positive week on a sour note, as traders took a step back and their profits off the table.  

Supreme Court backs Modi over Rafale jet deal

NEW DELHI (AFP) - India’s Supreme Court dismissed yesterday calls for an investigation into a controversial French fighter jet deal, in a move seen as a boost for Prime Minister Narendra Modi.  

Argentina’s economic programme yielding results: IMF

WASHINGTON (AFP) - Argentina’s economic programme, including tough budget cuts, is yielding results and stabilizing financial markets, an International Monetary Fund spokesman said this week.  

China says to halt additional tariffs on US-made cars from Jan. 1

BEIJING (Reuters) - China will suspend additional tariffs on U.S.-made vehicles and auto parts for three months starting Jan. 1, 2019, the country’s finance ministry said yesterday, following a truce in a trade war between the world’s two largest economies.  

China’s ZTE loses major German mobile contract

FRANKFURT AM MAIN (AFP) -  Chinese telecoms giant ZTE lost its biggest contract in Germany, network provider Telefonica yesterday told AFP, as resistance mounts across the West to Beijing’s infrastructure manufacturers.  

CICT to enhance Colombo port’s deep water capacity by March 2019

The Colombo International Container Terminals (CICT) has announced a significant equipment addition that will enhance the terminal’s deep water capacity and make Colombo one of the few ports in Asia capable of handling vessels of 22,000 plus TEUs.  

Hutch welcomes removal of floor rates; expects no price war

Hutch Sri Lanka, Sri Lanka’s third largest mobile operator following its merger with Etisalat Sri Lanka, on Wednesday said they welcome the recent move by the government and the telecom industry regulator to remove the floor rates on voice calls.

OYO expands international presence entering Sri Lanka

(New Delhi) PTI: Hospitality firm OYO has entered Sri Lanka as part of its expansion plan in South Asian market, sources said yesterday. Currently, the company has presence in seven countries including India, China, Indonesia, Malaysia, Nepal, the UK and UAE. “The company launched operations in Colombo, Sri Lanka, earlier last month with over 10 properties,” sources aware of the development said.

Court rules against Sri Lanka President, impeachment edges closer

(Colombo) AFP: Sri Lanka’s Supreme Court opened the way for potential impeachment proceedings against the President yesterday, ruling that he broke the law by dissolving parliament last month.  

Rupee ends lower on foreign sell-off

(Colombo) REUTERS: The Sri Lankan rupee ended a tad weaker yesterday in dull trade amid pressure on the currency due to foreign outflows from bonds and stocks as a lingering political crisis weighed on sentiment ahead of a key ruling by the island nation’s Supreme Court.

No decision to suspend FTA with Singapore: ministry

The International Trade and Investment Promotion Ministry yesterday stressed that no decision has been reached to temporarily suspend the Sri Lanka-Singapore Free Trade Agreement.

Google releases top trending searches in 2018

(San Francisco) AFP: The World Cup topped a list of this year’s hottest Google search topics that turned quickly to lost stars such as Avicii, Mac Miller and Stan Lee. An annual summary of “top trending searches” released Tuesday by the world’s most popular online search engine was meant to reflect fresh subjects or names in which interest 

Colombo Stock Exchange to launch a dollar board for secondary listing of foreign firms shortly

In an attempt to diversify investment options for foreign investors, the Colombo Stock Exchange (CSE) is set to launch a dollar-denominated secondary board for foreign firms to trade their s

Rupee ends lower as foreign sell-off continues

(Colombo) REUTERS: The Sri Lankan rupee ended weaker yesterday, as foreign investors continued to exit from bonds and stocks as a lingering political crisis weighed on sentiment ahead of a key ruling by the island nation’s Supreme Court.

Sri Lanka parliament demands sacked PM restored

(Colombo) AFP: Sri Lanka’s legislature voted overwhelmingly yesterday to demand the reinstatement of prime minister Ranil Wickremesinghe, as a bitter power struggle headed for a government shut down within weeks.

India appoints Modi ally as new central bank head

(New Delhi) AFP: The Indian government yesterday named an ally of Prime Minister Narendra Modi as new central bank head after his predecessor quit following a row about alleged government interference.  

Low skill trap and skill shortage

In the local and global labour market, those involved in mass production in particular, the trend is towards creating a large number of low skill employment. Low skill jobs have a very narrow range of skills that need no training or training of few days if not a few hours.   

Sri Lanka 12-month treasury yield edges up to 11.24%

ECONOMYNEXT: Sri Lanka’s 12-month treasury bill yield edged up four basis points to 11.24 percent at an auction yesterday compared with the week before, data from the state debt office showed.  

CSE to launch a dollar board for secondary listing of foreign firms shortly

In an attempt to diversify investment options for foreign investors, the Colombo Stock Exchange (CSE) is set to launch a dollar-denominated secondary board for foreign firms to trade their securities on the CSE shortly.  

Rupee ends lower as foreign sell-off continues

(Colombo) REUTERS: The Sri Lankan rupee ended weaker yesterday, as foreign investors continued to exit from bonds and stocks as a lingering political crisis weighed on sentiment ahead of a key ruling by the island nation’s Supreme Court.  

Sri Lanka parliament demands sacked PM restored

(Colombo) AFP: Sri Lanka’s legislature voted overwhelmingly yesterday to demand the reinstatement of prime minister Ranil Wickremesinghe, as a bitter power struggle headed for a government shut down within weeks.  

Rupee, stocks slide as political crisis spurs outflows

(Colombo) REUTERS: The Sri Lankan rupee ended weaker yesterday, as foreign investors continued to exit from bonds and stocks as a lingering political crisis weighed on market sentiment ahead of a key ruling by the island nation’s 

India appoints Modi ally as new central bank head

(New Delhi) AFP: The Indian government yesterday named an ally of Prime Minister Narendra Modi as new central bank head after his predecessor quit following a row about alleged government interference.

Agriculture Ministry holds ‘Harvest 2018’ modern agri exhibition

‘Harvest 2018’, organised by the Agriculture Ministry with the intention of building a modern culture in agriculture, was opened by President Maithripala Sirisena, at the Bandaranaike Memorial International Conference Hall, yesterday. 

Foreign reserves see US $ 885mn slump in Nov.

Sri Lanka’s foreign reserves fell by a whopping US $ 884.92 million during the month of November to little over US $ 7.01 billion, partly due to a US $ 500 million payment under the Asian Clearing Unit, the latest data released by the Central Bank showed.   

Norwegian support for creating strong institutions

The Norwegian government has entered into a partnership agreement with the United Nations Development Programme (UNDP) in Sri Lanka to promote peace, justice and strong institutions under Sustainable Development Goal 16 for the period of December 2018 to December 2020.  

India central bank chief quits amid spat with government

(New Delhi) AFP: The head of India’s central bank announced his resignation yesterday following a public spat with Prime Minister Narendra Modi’s administration about alleged government interference.

Sanken to build a 185-room luxury hotel in Galle with Rs.6bn investment

Sri Lanka’s Sanken group plans to build a 185-room luxury hotel with an investment of Rs.6 billion in Galle next year, which will be managed by a top Sri Lankan hotel chain.