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Sunday 24 June 2018
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Category: Business

Japan’s markets lower after disappointing US job numbers

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Tokyo’s Nikkei 225 opened lower on Monday, following falls on Friday in the US after disappointing labour market numbers. The benchmark index was down 1.36% at 16,602.06 in mid-morning...

Volkswagen delays publishing results

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Volkswagen says it will not release its results nor hold its shareholders’ meeting on time, as it needs more time to work out its accounts as a result of last year’s emissions crisis. The...

HSBC pays $470m for mortgage misconduct

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HSBC has reached a $470m (£325m) settlement with the US government and states related to dubious mortgage lending and foreclosure practices that contributed to the financial crisis....

US economy adds 151,000 jobs in January

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The US economy added 151,000 jobs in January, helping to push the country’s unemployment rate down to 4.9%. The number was lower than expected and is a sharp slowdown from December, when...

President Obama to propose a new levy on oil firms

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S oil firms would have to pay a fee of $10 (£6.85) on every barrel of oil they produce, under a White House budget proposal to be announced next week. The funds raised would be spent on green...

Credit Suisse announces 4,000 job cuts

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Credit Suisse has announced that it is going to cut 4,000 jobs. The announcement came with the release of results for 2015. The bank made a pre-tax loss for the year of 2.4bn Swiss francs ($2.4bn;...

LinkedIn shares fall 26% on lower profit forecast

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LinkedIn shares dropped 26% after the company projected lower than expected profits for the first quarter of 2016. The social media site forecast earnings of $0.55 per share – far below...

Wells Fargo has agreed to pay US authorities

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Wells Fargo has agreed to pay US authorities $1.2bn (£822m) to settle claims it improperly approved loans for federal mortgage insurance. The US bank was accused of improperly certifying...

LVMH’s shares are in lead

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LVMH’s shares rose 4.5% on Wednesday after it posted record sales last year despite weakness in China, although profits were less than expected. The world’s biggest luxury goods group...

Exxon Mobil quarterly profits drop 58%

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US oil giant Exxon Mobil has said its profits fell 58% to $2.78bn (£1.93bn) in the three months to the end of December, compared with $6.57bn for the same period a year earlier. It saw annual...

BT apologises after nationwide broadband failures

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BT has apologised after “several hundred thousand” UK customers had their broadband services cut off. Down detector, a website that monitors internet failures, reported thousands of cases...

Microsoft ‘buys UK AI firm SwiftKey’

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UK-based artificial intelligence firm SwiftKey is to be acquired by Microsoft, according to reports. The Financial Times said the deal was worth $250m (£174m). SwiftKey is known for its predictive...

Yahoo to cut its workforce by 15%

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Yahoo is cutting 15% of its workforce as the company pursues an “aggressive strategic plan” to return to profitability. The job cuts will reduce the number of its employees to about...

US economic growth slows sharply

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The US economy grew at an annualised rate of 0.7% in the fourth quarter of 2015 compared with the same quarter a year ago, official figures show. The rate of growth marks a sharp slowdown from the...

Microsoft shares boosted by growth in cloud services

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Microsoft shares rose in after-hours trading as it reported strong growth in its cloud computing and mobile applications divisions. Chief executive Satya Nadella has been focusing on cloud services...

Airbus signs $25bn deal to sell 118 planes to Iran

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Iran has signed a deal to buy 118 Airbus planes worth $25bn (€22bn; £17.4bn) at list prices in one of the biggest deals signed since Western sanctions against Tehran were lifted. The agreement...

A Google artificial intelligence program has beaten the European champion of the board game Go

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A Google artificial intelligence program has beaten the European champion of the board game Go. The Chinese game is viewed as a much tougher challenge than chess for computers because there are many...

Netflix blocked by Indonesia in censorship row

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Netflix has been blocked by Indonesia’s biggest internet service provider, upsetting its move into the country. The state-owned telecoms firm said it had concerns about the content Netflix was...

Walmart ordered to reinstate workers

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Walmart must offer to give jobs back to 16 workers it fired for missing shifts to take part in a strike, a judge has said. Administrative Law Judge Geoffrey Carter found the workers had suffered...

Japanese shares continue to rise despite weak trade data

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Japanese shares have risen despite the latest trade figures showing exports have fallen for a third straight month. The country’s exports fell by 8% in December from a year earlier, suggesting...

Google agrees £130m UK tax deal with HMRC

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Google has agreed to pay £130m in back taxes after an “open audit” of its accounts by the UK tax authorities. The company had been accused of “not paying its fair share” of...

EU trade delegation to Sri Lanka

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An European Union trade delegation is expected to visit Sri Lanka on a three day visit. The delegation comprises officials from the European Commission and the European External Action Service. The...

Prawn season Commences in Vadamaradchchi

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With the commencement of prawn harvesting season in the seas off Vadamaradchchi, Aliyawalai Fishermen started their prwn harvesting on the Thai Pongal day. Very large amounts of prawns breed in the...

Farmers who cultivated Ginger in Jaffna, disappointed by the drop in expected price

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Those who have invested in Ginger cultivation had been subjected to great disappointment and financial losses it is reported. The farmers engaged in Ginger cultivation in the hope of reaping a high...

Formula for lower fuel prices soon

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Global oil prices continue to tumble with current levels the lowest in over a decade. But Sri Lankans may have to wait longer to benefit. Ceylon Petroleum Corporation Chairman, T. G. Jayasinghe rules...

Decline in production of fish in seas off Jaffna Peninsula

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The total fish production which was at 48,677 MT  before 36 years had fallen to only 31,767 MT now, the District statistics had revealed. During 1983, when war situation was prevailing, 48,677 MT of...

Luxury passenger vessel calls at Hambantota Port

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The 400-passenger capacity luxury passenger vessel M/S/Europa bound for Ko Phi islands in Thailand called at the Port of Hambantota yesterday.  The current voyages of the vessel include a 154 days...

Sri Lanka Banking sector launch massive strike against maiden budget

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Thousands of Sri Lanka banking sector employees  held a protest in the capital on Tuesday against the government’s maiden budget for 2016. More than 10,000 bank employees from state and private...

Commercial Bank honours 88 staff for 25 years of service

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Commercial Bank of Ceylon recently felicitated 88 employees who have completed 25 years of service at the 2015 edition of the bank’s annual Long Service Awards gala at Cinnamon Grand, Colombo....

Uber takes to the roads in free-wheeling Sri Lanka

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Taxi app company Uber launched Wednesday in Sri Lanka, a country dominated by three-wheeler auto rickshaws, as part of the US start-up’s growing push into Asia. Uber said it hopes to snatch a...

India Sourcing Fair 2015 declared open

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The India Sourcing Fair 2015 was declared open yesterday at SLECC. Minister of International Trade Samarawickrema, Indian High Commissioner to Sri Lanka Y.K.Sinha and India Trade Promotion...

TEA PRODUCTION HITS 3 YEAR LOW

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Heavy rains and poor prices have reduced Sri Lanka’s tea output this year to a three-year low, especially of low grown teas cultivated mainly by small farmers who grow the bulk of the crop. Tea...

Fashion Bug awarded best dealer for Emerald

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Fashion Bug, one of Sri Lanka’s leading retail clothing chain with over 16 outlets island-wide, won the prestigious award for being the ‘best dealer’ in the ‘Diamond’ category at the...

Sri Lanka’s Inflation for October rises to 3.0%

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Sri Lanka’s inflation in October 2015 determined under a new National Consumer Price Index (NCPI) rose to 3.0 %, the Department of Census and Statistics said on Monday. The inflation, as...

Mihin Lanka conducts presentation to update agents on its latest product developments

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Mihin Lanka recently conducted a comprehensive presentation for its agents to highlight the airline’s updated product and service offerings. The presentation was well attended by 102 agents who...

Hero Cycles set to acquire Sri Lanka-based company

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On a spree to expand its base and boost the ever-increasing demand for high-end bicycles, world’s largest bicycle manufacturer Hero Cycles is set to acquire a Sri Lankan bicycle manufacturing...

Ravi meets Marks & Spencer CEO

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Finance Minister Ravi Karunanayake, during his recent visit to London, held talks with the British multinational retailer Marks & Spencer Company Chief Executive Officer Marc Bolland, a statement...

Sri Lanka seeks investment from Bangladeshi firms

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The Sri Lankan government has invited Bangladeshi companies to invest in their country to boost ties between the two Saarc nations. The two countries have identified several areas of cooperation,...

Amãna Bank bottom-line grows by 171.8% at Q3 end

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Reaches profit of LKR 121.2 million against last year’s loss of LKR 168.7 million  Amãna Bank, Sri Lanka’s premier non-interest based banking institution, continued its upward profitability...

HSBC’s profit boosted by cost-cutting and fewer fines

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Pre-tax profit at Europe’s biggest lender jumped 32% from a year ago in the third quarter, beating analysts’ expectations. Its profit was $6.1bn (£3.9bn), up from $4.6bn in the same...

Sri Lanka’s tax system is ‘pathetic’ and ‘regressive’: slams CB Governor Arjuna Mahendran

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Sri Lanka’s Central Bank Governor Arjuna Mahendran on Thursday slammed Sri Lanka’s tax system as ‘pathetic’ and ‘regressive’ and said government revenue is still only 10% of GDP despite...

CB Chief slams tax system

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Tough-talking Central Bank Governor Arjuna Mahendran yesterday slammed Sri Lanka’s tax system as “pathetic” and “regressive,” insisting it needed to be boosted through fresh measures and...

Tourism sector of the North to be developed

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Action had been taken to develop the Tourism sector in identified areas under the Local Government bodies of the North. This will be undertaken through the UNDP, and initially areas in Jaffna,...

China-Sri Lanka Cooperation Studies Center inaugurated

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A long felt need to promote and nurture Sino-Lanka relations was realized recently with the inauguration of China-Sri Lanka Cooperation Studies Centre (CSLCSC) at the headquarters of the Pathfinder...

China to boost cultural ties with Sri Lanka: ambassador

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China attaches great importance to Sri Lanka’s economic and social development needs, Chinese Ambassador to Sri Lanka Yi Xianliang said on Friday. Addressing the inauguration ceremony of the...

Union Bank 3Q net up 51% over higher loans and lower impairments

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Union Bank of Colombo PLC (UBC) group increased its net profit by 51 percent year-on-year (YoY) to Rs.76.7 million for the quarter ended September 30, 2015 on the back of a 15 percent growth in its...

Janashakthi Shareholders Approve Rights Issue to Fund Acquisition of AIA General

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In a bid to further bolster its position in the market, Janashakthi Insurance PLC., signed a share purchase agreement with AIA Insurance Lanka PLC., to acquire 100% of the shares of AIA General...

Chaliking out Batti Agricultural Development

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A meeting was held recently to chalk out a program to promote agriculture in the Batticaloa district. The meeting was held under the patronage of Government Agent Mrs. Charles. Eastern Province...

Annual real estate conference to get underway

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The second annual real estate conference will take place on October 21, 2015, from 3pm – 8pm, at the Bandaranaike Memorial International Conference Hall, according to a statement released by...

More Facilities to Mushroom growers

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The Agricultural Department said that, more facilities will be given mushroom producers and that, the mushroom producers who had not registered themselves with the department register themselves....