LOLC group’s finance firm becomes largest NBFI in the country

The recent merger of LOLC Micro Credit Ltd (LOMC) with LOLC Finance PLC (LOFC) has made the remaining entity, LOFC, effectively the largest non-bank financial institution in the country.

Rupee slips to record low on importer dollar demand

REUTERS: The Sri Lankan rupee slipped to an all-time low yesterday, with dollar demand from importers outpacing limited selling of the US currency by exporters, dealers said.

ADB receives US $ 12.6mn grant from We-Fi to promote Lankan women entrepreneurs

The Asian Development Bank (ADB) has received US $ 12.6 million of funding for 2018-2020 from the Women Entrepreneurs Finance Initiative (We-Fi) to generate more resources for Sri Lankan women-led businesses.

India’s Modi to visit China this week as rapprochement gathers pace

REUTERS: Indian Prime Minister Narendra Modi will visit China this week for an informal meeting with President Xi Jinping, as efforts at rapprochement gather pace following a testing year in ties between the two giant neighbours. 

‘Nut rage’ sisters leave Korean Air, father apologises

SEOUL (REUTERS): Korean Air Lines Co Ltd Chairman Cho Yang-ho apologised yesterday for the behaviour of his two daughters and said they would immediately step down from their positions in the company.

World Bank shareholders back US $13 bn capital increase

Washington (REUTERS):  The World Bank’s shareholders on Saturday endorsed a US $13 billion paid-in capital increase that will boost China’s shareholding but bring lending reforms that will raise borrowing costs for higher-middle-income countries, including China.

Big Bad Wolf to return to Sri Lanka this June

The world’s largest book sale, the Big Bad Wolf book sale, is making a comeback to Sri Lanka, marking its presence for the second time this June, which is good news for all reading buffs and bookworms.

Singaporean buyers yet to finalize due diligence on Weligama Bay Marriot

East West Properties PLC last week said the financial and legal due diligence for the sale of its subsidiary Weligama Hotel Properties Ltd. (WHP), which owns and operates Weligama Bay Marriot Resort & Spa, has not been finalized yet by the Singaporean buyers.

Gem & jewellery industry urges govt. to set-up quota system for gold imports

Sri Lanka’s gem and jewellery industry has urged the government to set-up a quota system for the importation of gold for exports and sale to tourists, in order minimize the impact from the 15 percent levy on gold imports slapped last week.

IMF gives ultimatum to implement fuel pricing mechanism

The government appears to be confronted with the difficult choice between appeasing the International Monetary Fund (IMF) and its electorate, as the IMF has issued an ultimatum to the government to bring an automatic fuel pricing formula before June or they may hold the fourth review of their US $ 1.5 billion stabilisation programme with Sri Lanka.   

U.S. companies upbeat about business in Germany: survey

REUTERS: Some 82 percent of U.S. companies operating in Germany expect revenues to increase this year, a survey showed yesterday, despite a brewing trade conflict over the U.S. decision to impose tariffs steel and aluminum imports.

US considers emergency curbs on Chinese tech investment

The Trump administration is considering declaring a national economic emergency to impose new restrictions on Chinese investment as part of a trade crackdown on Beijing, a senior US Treasury official confirmed. Heath Tarbert, assistant Treasury secretary for international markets and

Fortis Healthcare to form committee to assess binding bids

REUTERS:  Indian hospital operator Fortis Healthcare will set up an advisory committee to evaluate binding offers from suitors lining up to buy the cash-strapped company or take a stake.

Stocks end higher in light trade; banks, telcos lead

REUTERS: Sri Lankan share index ended slightly firmer in a holiday-shortened trading session yesterday, hovering near a five-week closing high hit earlier in the week, as investors picked up banking and telecommunication shares. 

Rupee ends down on mild importer dollar demand

REUTERS: The Sri Lankan rupee closed weaker in a holiday-shortened trading session yesterday, weighed down by mild importer demand for the greenback, dealers said. 

Oil set for weekly gain on supply cuts, strong demand

REUTERS: Oil prices were set for a second consecutive week of gains yesterday, buoyed by tightening supplies and continued support from OPEC and its allies on supply cuts. 

Govt. reaches deal with IMF; cost-reflective fuel pricing formula remains key

The International Monetary Fund yesterday said they reached a staff-level agreement with the Sri Lankan government on the fourth review under the economic reform programme supported by three-year Extended Fund Facility (EFF) arrangement.

Biggest Lankan biz delegation attends C’wealth Business Forum

A record number of Sri Lankan small and medium scale business delegates participated at the Commonwealth Business Forum that was held from 16-18 in London alongside CHOGM 2018.

Mattala Airport losses narrow 15% in 2017 on reduced exchange losses

The losses of Sri Lanka’s Mattala Rajapaksa International Airport (MRIA) have decreased by 15 percent to Rs.3.39 billion in 2017 against Rs.3.9 billion recorded in 2016, mainly due to the slowing down of the rupee depreciation against the US dollar, the unaudited accounts of the Airport & Aviation Services (Sri Lanka) Limited showed. 

Rupee ends higher on exporter dollar sales

REUTERS: The Sri Lankan rupee ended higher yesterday, a day after the local currency hit a record low, as greenback sales by exporters outpaced dollar demand from importers, 

Stocks slip as investors sell select blue chips

REUTERS: Sri Lankan share index slipped yesterday from a five-week closing high hit the previous day, snapping a six-session winning streak, as investors offloaded select blue-chip stocks in low volumes.

Local construction industry likely to feel pinch of global aluminium price surge

With aluminium prices in the world market on the surge owing to US sanctions on Russian aluminium giant United Co. Rusal, prices of new residential and commercial projects under construction in Sri Lan

Tourism authorities to set up mobile unit to register service providers

The Sri Lanka Tourism Development Authority this week announced that it will be establishing a mobile unit for registration and advisory services for establishments providing services to tourists.

Petroleum Minister says final decision on fuel prices to be taken by President and PM

Petroleum Resources Development Minister Arjuna Ranatunga said yesterday the final decision on a possible fuel price hike will be taken by President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe.

ADB expects Cabinet to approve pricing mechanisms for fuel, electricity this year

The government is likely to put its rubber stamp on cost-reflective pricing formulae for fuel and electricity within this year, as the burden of state-owned enterprise (SOE) debt has been weighing on the economy for too long.

Dialog seeks Rs.7.8bn in damages from SLT for industrial espionage

Dialog Broadband Networks (Pvt.) Ltd (DBN), a subsidiary of Dialog Axiata PLC, is seeking Rs.7.8 billion in damages from the state-owned Sri Lanka Telecom PLC (SLT), on the industrial espionage case being heard at the Commercial High Court.

CB goes extra mile to curb money laundering

The Financial Intelligence Unit (FIU) of the Central Bank has made it obligatory for designated non-finance businesses (DNFBs) to conduct customer due diligence in a bid to curb money laundering and terrorist financing activities.  

Rupee edges up after hitting record low

REUTERS: The Sri Lankan rupee inched up after touching a record low yesterday, with dollar demand from importers offsetting limited selling of the US currency by exporters earlier in the session, 

Govt. to set up six-member secretariat to implement National Export Strategy

Sri Lanka is to form a six-member secretariat for monitoring and implementation of the proposed five-year National Export Strategy (NES), Development Strategies and International Trade Ministry Secretary Chandani Wijewardana told Mirror Business, yesterday.

Weak link between CSE and global market trends hinders earnings growth: analysts

The weak link between the Colombo Stock Exchange (CSE) and global market trends is keeping earnings growth of the CSE indices below growth rates of