Finance companies to face tougher capital requirements from July

If there was any leniency enjoyed by the Sri Lanka’s finance companies on their capital and disclosure requirements thus far, such will end soon as the sector is set to come under a BASEL-like regulatory framework

Rupee plunges to record low on importer dollar demand

(Colombo) REUTERS: The Sri Lankan rupee touched a fresh low yesterday on dollar demand from importers, just days after it slipped to a record low, but a late bout of selling of the U.S. currency by exporters helped cut losses, dealers said.

No Mirror Business on Saturday

There will be no Mirror Business tomorrow in view of today’s Public and Bank holiday. The next issue will be on Monday (18).

Govt. mulls slapping new import tax on sanitaryware imports

Attention has been drawn to introduce an import tax on imported sanitaryware products as a measure to protect the local manufacturers of such products, a statement from the Presidential Media Division said.

China-SL construction chambers join forces to undertake development projects

The Chamber of Construction Industry of Sri Lanka (CCISL), as the apex representative body of all those engaged in the construction sector, has entered into a historic memorandum of understanding (MoU) with the China International Construction Association (CHINCA), which is the sole representative body of all Chinese construction companies. 

Sampath Bank to launch SL’s first-ever blockchain-based banking product

Sri Lanka’s third largest private lender by assets, Sampath Bank PLC, which was recently included in the MSCI Frontier Market 100 Index, says the bank is ready to launch the first-ever blockchain-based product in Sri Lanka, this year. 

Stocks near 6-month closing low on foreign selling

(Colombo) REUTERS:  Sri Lankan shares ended lower for a sixth straight session yesterday to hit their lowest closing in nearly six months, as foreign investors sold banking shares such as Commercial Bank of Ceylon PLC.

Ambeon Group launched to take on techno-centric business world of tomorrow

In a strategic move to reposition the entity to represent the Group’s business vision and take on the dynamic, technocentric business world of tomorrow, Taprobane Group announced the transformation of the Group including the name change to Ambeon. 

Nobel Prize-winning economist warns FTAs can be “job killers”

In an interview recorded for an upcoming documentary by award-winning filmmaker Bryan Bruce, Nobel Prize-winning economist, Professor Joseph Stiglitz says, “New Zealand should have taken much more time over getting into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), to shape a fairer agreement, now that the USA has gone.”

Construction industry signs MoU with CHINCA in China

The Chamber of Construction Industry of Sri Lanka (CCISL), as the apex representative body of all those engaged in the construction sector, has entered into a historic memorandum of understanding (MoU) with the China International Construction Association (CHINCA), which is the sole representative body of all Chinese construction companies. 

Lankans continue to splurge; loans to manufacturing, agriculture take back seat

Sri Lankans have mostly borrowed for consumption but borrowings for manufacturing and agriculture come at distant fourth and fifth positions, demonstrating the country’s increasing tilt toward a consumption economy at the expense of industrialization and food security—the key ingredients for a sustainable economy.   An analysis of the total outstan

Iran, Sri Lanka meet in August for trade talks

Sri Lanka will look to diversify exports to Iran after Tehran proposed to host the island to a round of trade negotiations this August, the Industry and Commerce Ministry said.

Sri Lanka mulls restricting new developments at tourist hotspots

Sri Lanka is to consider limiting new approvals for tourism projects in tourist hotspots as over visitation threatens the sustainability of the country’s tourism industry.  Addressing the 39th Graduation Ceremony of the Sri Lanka Institut

UDA plans to call fresh RFPs for 9-acre Chalmers Granaries land this month

The Urban Development Authority (UDA) plans to call fresh request for proposals (RFPs) for the mixed development project for the nine-acre Chalmers Granaries land, under the Beira Lake Intervention Plan, within this month, following the necessary Cabinet approval. 

Sri Lanka’s remittance earnings from Qatar likely to double over next few years

Sri Lanka’s remittance earnings from Qatar is likely to double over the years as the number of Sri Lankan migrant workers in Qatar is expected to reach 300,000, from the current 140,000, in the next couple of years. 

Bitcoin tumbles as hackers hit S. Korean exchange Coinrail

SEOUL (Reuters): South Korean cryptocurrency exchange Coinrail said it was hacked over the weekend, sparking a steep fall in bitcoin amid renewed concerns about security at virtual currency exchanges as global policy makers struggled to regulate trading in the digital asset.

SL’s worker remittances pick up steam as April figure up 11%

Worker remittances to Sri Lanka appear to have stabilized lately as the income from the Sri Lankan migrant worker community grew for the second month in a row in April. 

Rupee hits record low; lack of exporter dollar sales weigh

COLOMBO (Reuters): The Sri Lankan rupee hit a record low yesterday, as importer dollar demand outpaced greenback sales by exporters who held back from selling the U.S. currency expecting a further decline in the rupee, dealers said.

Stocks hover near 5-1/2-month closing low

COLOMBO (Reuters): Sri Lankan shares edged lower yesterday, falling for a fourth straight session to end at their lowest close in more than five months, as investors continued to stay on the sidelines looking for fresh cues.

Growing household debt brings fresh headaches to borrowers and financiers

Growing household debt is nothing new for both developed and emerging economies, and Central Banks globally have been grappling with the issue from time-to-time and have used interest rates and other macro-prudential measures to arrest the situation when it poses threats to their system’s financial stability.  The situation is no different in Sri Lanka as there was a sharp increase in

‘Enterprise Sri Lanka’ to groom 100,000 entrepreneurs by 2020

Sri Lanka will launch the ambitious Rs. 60 billion ‘Enterprise Sri Lanka’ programme on 21st of this month aiming to groom 100,000 entrepreneurs by 2020 through 16 concessional loan schemes with additional incentives provided to encourage female entrepreneurship.

Trump trade fury torpedoes Canada’s G7 summit

QUEBEC CITY (AFP): The G7 summit ended in farce and a renewed threat of global trade war on Saturday as US President Donald Trump abruptly rejected the text of a consensus statement and bitterly insulted the Canadian host.

High tech Swiss electronic company considers investing in Sri Lanka

Manuel Inauen, head of business development KUK Electronics AG, a high technology Swiss electronic manufacturer had a meeting with Malik Samarawickrama, Minister of Development Strategies and International 

Sampath Bank included in MSCI Frontier Market 100 Index

Sampath Bank PLC, Sri Lanka’s third largest private lender by assets, has been included to the MSCI Frontier Market 100 Index, Mirror Business learns. During the last week the shares o

Treasury makes progress in reporting on State’s non-financial assets

The government of Sri Lanka has reported Rs. 814.3 billion worth non-financial assets for 2017, compared to Rs. 21 billion reported in 2015, under the new Computerised Integrated Government Accounti

Shares at more than 5-mth closing low; blue-chips drag

REUTERS: Sri Lankan shares fell for a third straight session yesterday and ended at a more than five-month low, dragged down by diversified shares such as John Keells Holdings Plc, brokers said. 

China’s trade surplus with US jumps, global imports surge

BEIJING (AFP): China’s trade surplus with the United States jumped in May, official data showed yesterday, worsening the imbalance at the centre of tensions between the economic titans while Beijing’s advantage with the rest of the world shrank.

Auction of Brazil’s pre-salt oil fields earns US$807 mn

RIO DE JANEIRO (AFP): Brazil raked in 3.15 billion reais (US$807 million) yesterday in the first auction of deep sea, pre-salt oil fields since a crippling strike led to the resignation of state oil company Petrobras’s CEO.

Embattled Air India seeks ‘urgent’ loan

MUMBAI (AFP): Air India has announced it is seeking an urgent multi-million-dollar loan to maintain day-to-day operations, highlighting the wretched financial predicament of the country’s debt-stricken national carrier.

Jordan faces tough economic path, after protests scupper tax hikes

 AMMAN (AFP): Jordan's authorities may have shelved a proposed income tax hike after a week of protests -- but they still face the tricky task of balancing popular demands with the need to fix the economy.