Rupee firms on exporter dollar conversions, remittances

REUTERS: The Sri Lankan rupee ended stronger yesterday on exporter dollar conversions, inward remittances and foreign buying of government securities, as Prime Minister Ranil Wickremesinghe surviving a no-confidence motion earlier this week boosted sentiment, dealers said. 

Samsung Electronics flags record US$14.7 bn Q1 operating profit

AFP: Samsung Electronics flagged yesterday a first-quarter operating profit of 15.6 trillion won (US$14.7 billion), a record for any-three month period, as it benefited from soaring demand for its memory chips for mobile devices.

Japan’s hacked crypto exchange Coincheck bought out

AFP:  Japanese online broker Monex Group said yesterday it would buy virtual currency exchange Coincheck, which was hit by a massive hack that saw thieves steal hundreds of millions of dollars in virtual currency.

ADB study proposes economic corridors to address regional imbalances

An economic corridor development plan with a potential to generate 1.2 million new jobs by 2030 is being proposed by a recent study of the Asian Development Bank (ADB). 

Global stocks slip on Trump’s new trade salvo, traders await U.S. jobs report

REUTERS: Stock markets edged downwards yesterday after U.S. President Donald Trump’s threat to impose an extra US$$100 billion in tariffs on China exacerbated fears of a more serious trade dispute, while the dollar paused ahead of crucial U.S. payrolls data.

Prince Charles backs ‘blue economy’ to save Barrier Reef

AFP: Prince Charles has called for a “blue economy” to promote the sustainable use of ocean resources and save Australia’s Great Barrier Reef, as he visited the World Heritage-listed ecosystem yesterday.

China hits back after Trump threatens US$100 bn in tariffs

AFP: China said yesterday it is ready to pay “any cost” in a trade war after US President Donald Trump threatened an additional US$100 billion in tit-for-tat tariffs on Beijing. 

Bank credit reaches over Rs.100bn in February

Sri Lanka’s banking sector in total has pumped in over Rs.100 billion in fresh credit to the economy during February from a minus growth recorded in January as the growth in private sector credit and credit to the public corporations rose although the credit to the government eased. 

Shareholders shoot down attempt to delist PDL

The shareholders of Property Development PLC (PDL) have shot down an attempt to delist company shares from Colombo Stock Exchange’s  (CSE) official list. PDL in a stock market filing said a resolution towards delisting the shares of the company was not duly passed by the shareholders at an Extra Ordinary General Meeting held on Wednesday.

Fitch Ratings increases stake in local unit

Fitch Ratings has increased its ownership of Fitch Ratings Lanka Ltd. to approximately 89 percent from 45 percent, acquiring equity interest of several shareholders. “We are excited about Fitch’s commitment to Sri Lanka, one of Asia’s fastest-growing fixed-income markets,” said Maninda Wickramasinghe, Head of Fitch Ratings Lanka Ltd. 

Cyber tool to track lodgings operating without valid licences

In a bid to enforce registration of all tourism industry service providers in Sri Lanka, the Sri Lanka Tourism Development Authority (SLTDA) has deployed a new cyber tool to track accommodation providers operating without SLTDA valid licence. 

Support boom of informal economy, economist tells govt.

In an effort to pull the national economy towards a position that allows all sections of the population to equally benefit, a top economist says that Sri Lanka must pay greater emphasis on encouraging the informal economy to boom instead of forming policies that would weaken it.

EU delegation say they demand “nothing” from Sri Lanka

A delegation of the European Parliament Committee on International Trade (INTA) currently in Colombo stressed that the European Union (EU) demand “nothing” from Sri Lanka and assistance would only be extended if the island nation is willing to accept such.

February worker remittances fall amid expanding trade deficit

The worker remittances to Sri Lanka fell in February as the receipts in the first two months from export of labour languished amid the country facing an uphill task of containing an ever expanding trade deficit and a mounting foreign debt load. 

Stocks fall to 1-week low as political woes weigh

REUTERS: Sri Lankan shares fell yesterday to their lowest in one week as political uncertainty hurt sentiment ahead of a no-confidence vote against Prime Minister Ranil Wickremesinghe, brokers said.

FinMin puts bunching debt figure at US $ 15bn between 2019 and 2022

The headroom to tackle Sri Lanka’s worsening public debt situation appears to be disappearing as the government estimates a whopping US $ 15 billion in foreign debt service payment during the four years from 2019 to 2022.

Will new entrants fire up SL’s modern retail market?

Competition in Sri Lanka’s supermarket landscape is set to intensify with the entrance of at least a couple of international retail giants through well-established local partners in the near future, Mirror Business learns. 

Softlogic to consolidate all retail operations under one arm

Softlogic Holdings PLC has incorporated a new company to house its retail sector subsidiaries to consolidate all its retail operations under one arm.

Envoy says Indian ‘aid is not to raid or invade’

India is always available to collaborate with Sri Lanka, according to the pace Sri Lanka is comfortable with, said India’s top diplomat in Sri Lanka this week, in a diplomatic speech which nevertheless alluded to regional geopolitics.

Unemployment falls to 5-year low in 4Q17

Unemployment in Sri Lanka fell to a 5-year low of 4 percent during the fourth quarter of 2017 (4Q17), amid booming apparel exports and a rebound in agricultural activity after suffering from a two 

Will new entrants fire up SL’s modern retail market?

Competition in Sri Lanka’s supermarket landscape is set to intensify with the entrance of at least a couple of international retail giants through well established local partners in the near future, Mirror 

Lankem disposes prime real estate for Rs.700mn

Lankem Ceylon PLC last week sold the Lanlib Building situated off Nawam Mawatha for Rs.700 million, according to a disclosure made to the Colombo Stock  Exchange yesterday.

Softlogic to bring all retail operations under one arm

Softlogic Hldings PLC has incorporated a new company to house its retail sector subsidiaries to consolidate all its retail operations under one arm.

Govt. now appears serious in creating start-up ecosystem: VC

The Sri Lankan government is finally taking requests of the start-up community to create a start-up ecosystem seriously following the involvement of the World Bank in authoring a white paper, according to a venture capitalist (VC).

January trade gap widens amid swelling oil bill

Sri Lanka’s trade deficit widened in the first month of this year as the country consumed more imported goods than what it exported during the month, according to the import-export trade figures seen by Mirror Business.

BOC maintains highest profit-earning single entity status in FY17

The state-owned banking giant, Bank of Ceylon (BOC), said it reported Rs.30.3 billion in profit before tax (PBT) for the financial year ended December 31, 2017 (FY17), maintaining its position as the highest profit-earning single entity in the country.

CB seen keeping rates steady, but cut not ruled out

REUTERS: Sri Lanka’s Central Bank is expected to keep key interest rates unchanged tomorrow after a rate review, but economists in a Reuters poll are not ruling out the possibility of a rate cut to help bolster economic growth that has slipped to a 16-year low.

Bluestone1 to buy Melsta Regal Finance for Rs.2.55bn

A share purchase agreement has been entered into, to sell 100 percent of Melsta Regal Finance Limited to Bluestone1 (Pvt.) Ltd, for Rs.2.55 billion.

Serendib Engineering new owners said to be investing in EAP Group assets

In an interesting development, it has come to light that the Singaporean firm that recently bought the controlling interest in Serendib Engineering Group PLC (SEG) is the same party that is said to be investing in the assets of EAP Group to bail out the troubled ETI Group finance firms.

Indian Oil Corp. plans US$22 bn expansion over five years

NEW DELHI (REUTERS): Indian Oil Corp plans to invest INR 1.43 trillion (US$22 billion) in next five years as the country’s top refiner seeks to raise its annual capacity to about 3.2 million barrels per day by 2030, its head of refineries said on Saturday.