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Sri Lankan rupee steady; under pressure to depreciate
Jan 31, 2017 (Reuters) – The Sri Lankan rupee was steady on Tuesday in dull trade but dealers said the currency was under depreciation pressure with foreign investors exiting government securities. Rupee forwards were active, with two-week forwards trading at 151. 00/10 per dollar at 0524 GMT, unchanged from Monday’s close. The spot rupee was […]
Opinion: Economic Priorities in Sri Lanka’s Foreign Policy
By Deshal de Mel Context Sri Lanka is a small island economy with a population of 20.9 million and an economy of GDP US$ 82 billion (which is less than Apple’s 2015 gross profit of US$ 89 billion). Sustained growth of enterprise requires economies of scale, which in a country of Sri Lanka’s size, necessarily entails […]
Trump dumps top lawyer who defied immigration order
Jan 31, 2017 (Reuters) – U.S. President Donald Trump fired top federal government lawyer Sally Yates on Monday after she took the extraordinarily rare step of defying the White House and refused to defend new travel restrictions targeting seven Muslim-majority nations. It was another dramatic twist in the unusually raucous roll-out of Trump’s directive that […]
IIT holds big data analytics forum for IT & corporate professionals
Making decisions based on the analysis of Big Data is the secret to success of many organizations in today’s competitive business world. With the aim of providing insight into the new trends of Big Data, the Informatics Institute of Technology (IIT) recently held the Big Data Analytics Tech Forum at BMICH. Several industry leaders, senior […]
‘s Ceylon Tabacco to close two leaf depots
Jan 31, 2017 (LBO) – Sri Lanka’s Ceylon Tobacco Company PLC (CTC) announced that it will be closing its leaf depots situated in Anuradhapura and Sigiriya due to the impact of tax hikes despite an increase in profits reported last year. “It is no secret that the excise and VAT hikes in October and November […]
Global trade, China, RCEP took centre stage in Davos
Jan 31, 2016 (LBO) – Global trade took centre stage at the World Economic Forum meetings in Davos recently with signs of a new leader in town, despite U.S. assurances they wanted trade and not a trade war. With the U.S. pulling out of TPP, ASEAN’s RCEP stepped into the spotlight. Last year trade flows […]
‘s Central Bank extends Amana Bank’s deadline to raise capital
Jan 30, 2017 (LBO) – Sri Lanka’s Central Bank has extended the time allocated to raise the core capital requirement of Amana Bank to 7. 5 billion rupees by six months. The bank said in a stock exchange filing that the letter issued by the Central Bank on 15 January 2017 has extended the time […]
Asian shares rattled by Trump travel curb orders, dollar soft
TOKYO, Jan 31 (Reuters) – Asian shares were on the defensive on Tuesday as stringent curbs on travel to the U.S. ordered by President Donald Trump brought home to investors that he is serious about putting his radical campaign pledges into action. Global stocks posted their biggest loss in six weeks after Trump signed an […]
Toyota relinquishes top global sales spot to Volkswagen in 2016
Jan 30, 2017 (Reuters) – Toyota Motor Corp’s four-year run as the world’s top-selling automaker has ended as the Japanese company said on Monday its global sales for 2016 fell short of Volkswagen AG’s. Toyota said global sales across its Toyota, Lexus, Daihatsu minicar and Hino Motors Ltd truck brands rose 0. 2 percent to […]
‘ dollar buying; stocks up
Jan 30, 2017 (Reuters) – The Sri Lankan rupee traded weaker on Monday as some foreign banks bought dollars amid demand for the U.S. currency from importers, dealers said. Rupee forwards were active, with two-week forwards trading at 150.90/151.00 per dollar at 0551 GMT, weaker from Friday’s close of 150.85/95. The spot rupee was quoted […]