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Sri Lankan rupee up as exporters, foreign investors convert dollars
June 10 (Reuters) – Sri Lankan rupee forwards edged up on Friday as dollar conversions by foreign investors and exporters surpassed importer demand for the U.S. currency, dealers said. The spot rupee, which was traded actively for a third straight day, also rose, dealers said. Dollar/rupee forwards, known as spot next, were at 145.02/12 per […]
Huawei to reveal duo entry-range smartphones in Sri Lanka
According to a reliable source within the company, Huawei is set to launch two new-entry range smartphone in Sri Lanka. The devices are believed to be targeted at the highly competitive entry-range smartphone market in the country. According to company sources the devices would be under the much successful Huawei Y-series smartphones and will be […]
Opinion: Sri Lanka’s Efficiency Enhancers Lagging
By Arosha Jayasundera It is revealing to see how Sri Lanka fares in the global business sector. According to the World Competitiveness Index, Sri Lanka ranks halfway — 73rd overall out of 144 countries, and we have moved down in ranking since 2011. There are 12 pillars which contribute to this ranking, and the ‘efficiency […]
PTL Watch: Volatility returns, some foreign buying
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Sri Lanka’s MICE tourism capacity could do better: Minister
Jun 10, 2016 (LBO) – Sri Lanka should look at increasing its potential as a venue for holding Meetings, Incentive travel, Conferences and Events (MICE) tourism, a minister said. “This is something we need to work on as our MICE tourism capacity is lagging behind,” John Amaratunge, minister of Tourism Development and Christian Religious Affairs, said. […]
Criticizing Ravi on VAT is baseless – Rishad
Sri Lanka’s Minister of Industry and Commerce Rishad Bathiudeen came on strong to defend his embattled Cabinet colleague, Finance Minister Ravi Karunanayake. “Many times Minister Karunanayake is criticized more than the government regarding VAT. I would like to ask this August House on what logical basis that Hon Minister Karunanayake could be criticized?” asked Minister […]
South Korea cuts base rates by 25bps first time in 12 months
June 10, 2016 (LBO) – South Korea’s central bank yesterday decided to cut the base rate by 25 basis points to 1.25 percent amid risks to growth from domestic and international markets. Releasing a statement, the Monetary Policy Board said it will ensure the recovery of economic growth continues and consumer price inflation approaches the […]
South Asia developing 7.1 pct; Sri Lanka falling behind on debt, growth
June 10, 2016 (LBO) – Growth in South Asia is expected to reach 7.1 percent in 2016 and strengthen to 7.3 percent by 2018, underpinned by robust domestic demand, the World Bank said in its Global Economic Prospects report. In the near term, consumption spending continues to benefit from low oil prices and modest inflation […]
CA Sri Lanka’s strategy summit makes comeback
Following the overwhelming demand from the country’s corporate elite, the Strategy Summit organized by the Business School of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), is making a comeback for the second consecutive year. This year’s summit, which will be held on the 26 and 27 July 2016, will see four […]
No-faith motion against Sri Lanka’s Finance Minister defeated
June 09, 2016 (LBO) – The no-confidence motion moved by the joint opposition against Sri Lanka’s Finance Minister Ravi Karunanayake was defeated in Parliament a short while ago by a majority of 94 votes. 51 voted for and 145 voted against the motion while 28 were absent.