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Pakistan, Sri Lanka Lead Asia Bond Drop; BNY Mellon Awaits Value

Sovereign bonds of Pakistan, Sri Lanka and Indonesia bore the brunt of a sell-off in EM Asian dollar bonds on Thursday as a rout in U.S. stocks spread to equities in the region. BNY Mellon Investment Management says value may emerge when key headwinds recede. Pakistan’s December 2027 USD notes slid 1.5 cents on the…

(0)Comments | October 12, 2018 1:35 pm

Start-up economy is a ‘Ponzi scheme,’ says Chamath Palihapitiya

Palihapitiya said he decided to make drastic changes to Social Capital after becoming “fundamentally not happy.” The investor said he’s taking Social Capital back to its roots by focusing on long-term investments. Palihapitiya also criticized the start-up economy’s unending appetite for growth, calling it a “charade.” Chamath Palihapitiya, the outspoken Silicon Valley tech investor, called…

(0)Comments | October 12, 2018 12:22 pm

CB Responds to Misleading Newspaper Articles on Rupee Depreciation

The Central Bank of Sri Lanka (CBSL) wishes to make the following statement in relation to the article titled “Government and CB have abdicated vital statutory duty by not being able to deal with rupee depreciation” that appeared in various newspapers on 08th and 09th October 2018. The Central Bank is statutorily charged with the…

(0)Comments | October 12, 2018 10:27 am

Sri Lankan rupee edges up; stocks down for third session

Reuters – ** The Sri Lankan rupee ended slightly higher on Thursday, easing from a record low hit in the previous session, as exporters dollar sales surpassed importer demand for the greenback in dull trade, while stocks ended weaker for a third straight session to hit a one-week low. ** The rupee ended at 171.20/40…

(0)Comments | October 12, 2018 6:54 am

South Asia Textiles wins Silver at NCE Export Awards 2018

South Asia Textiles Limited, a leading Sri Lankan textile manufacturer specialized in producing exceptional quality weft knitted fabric for leading global brands such as Victoria Secret, Next, Marks & Spencer, Tesco, Calvin Klein, Decathlon, Hugo Boss and Adidas, has won the Silver Award, in the “Suppliers and Service Providers to Exporters Extra Large” category, at…

(0)Comments | October 11, 2018 10:50 pm

Over 20 Funds and Institutional Investors at Edinburgh Invest Sri Lanka Forum

The Invest Sri Lanka forum that was held at the Waldorf Astoria in Edinburgh yesterday had witnessed over 20 funds and institutional investors based in Scotland attending, whilst Sri Lanka’s capital market stakeholders yesterday (10th October 2018) for the first time lured investors in Scotland, reports point out. After successful exercise in London on Monday (8th October…

(0)Comments | October 11, 2018 6:22 pm

CBSL directs authorized dealers not to release Forex for non-essential consumer imports

Amidst day by day falling rupee against several major currencies whilst US Dollar had hit Rs. 172 level and Euro had hit Rs. 201 level, Sri Lanka’s financial market regulator Central bank of Sri Lanka (CBSL) issuing a directive on 10th October 2018 said that Authorized Dealers are not permitted to release foreign exchange which involves…

(0)Comments | October 11, 2018 4:02 pm

Huawei and Audi Announce Joint Innovation in L4 Automatic Driving

[Shanghai, China, October 11, 2018] At HUAWEI CONNECT 2018, today Huawei and Audi show their future plans of a cooperation in the field of intelligent connected vehicles (ICV), featuring the new Audi Q7 as a demonstration of this state-of-the-art technology. Executive Vice President of Audi China R&D Saad Metz commented on the German automobile manufacturer’s…

(0)Comments | October 11, 2018 3:14 pm

Inaugural event of “The Indian Ocean: Defining our Future” Conference was held under President’s patronage

The inaugural event of “The Indian Ocean: Defining our Future” Conference, which aims to create a platform for Indian Ocean littoral states and major maritime users to discuss issues of mutual interest and concerns, was held under the patronage of President Maithripala Sirisena at the Temple Tress, today (11). The conference is being held today…

(0)Comments | October 11, 2018 3:03 pm

“The CSE will have smiles on their faces soon” – PM Wickremesinghe in London

Sri Lanka’s Prime Minister Ranil Wickremesinghe had recently said that the Colombo Stock Exchange (CSE) will have smiles on their faces soon, referring to a possible return of biggest private sector workers’ pension fund – Rs. 2 trillion – EPF to the stock market, though with stricter new guidelines. “The CSE will have smiles on…

(0)Comments | October 11, 2018 11:39 am