OECD trims economic outlook over trade and emerging market woes

Views - 1 Friday, 21 September 2018 00:00

PARIS (Reuters): Global economic growth has peaked in the face of rising trade frictions and emerging market turbulence, the OECD said on Thursday, as it trimmed its earlier outlook. The world economy is on course for growth of 3.7% this year and nex

China’s Xi says places ‘high premium’ on Pakistan ties, as Army Chief visits

Views - 1 Friday, 21 September 2018 00:00

BEIJING (Reuters): China places a “high premium” on its relations with Pakistan and believes a key economic project will be successful, President Xi Jinping told Pakistan’s army chief, days after a Pakistani minister stirred unease about Chines

Abbas to hold Middle East meeting in New York

Views - 1 Friday, 21 September 2018 00:00

UNITED NATIONS, AFP: Palestinian president Mahmud Abbas has invited Middle East envoys, foreign ministers and Security Council diplomats to a meeting in New York next week to discuss prospects for peace, the Palestinian ambassador said Wednesday. Th

Japan PM Abe wins extended term, faces Trump trade challenge

Views - 1 Friday, 21 September 2018 00:00

TOKYO (Reuters): Prime Minister Shinzo Abe won a ruling party leadership vote on Thursday, setting him on track to become Japan’s longest-serving premier and try to cement his legacy, including by revising the post-war pacifist constitution. If Abe

Ousted Pakistan PM Sharif freed from jail on court orders

Views - 1 Friday, 21 September 2018 00:00

ISLAMABAD (Reuters): Pakistani authorities released former Prime Minister Nawaz Sharif and his daughter from jail on Wednesday after a court suspended prison sentences they got in July over the purchase of upscale apartments in London. Supporters sho

Former Malaysian PM charged with money laundering, abuse of power

Views - 1 Friday, 21 September 2018 00:00

KUALA LUMPUR (Reuters) - Malaysian prosecutors charged former Prime Minister Najib Razak with 21 counts of money laundering and four counts of abuse of power on Thursday over hundreds of millions of dollars received in his personal bank account. The

China says military ties “backbone” to relations with Pakistan

Views - 4 Thursday, 20 September 2018 00:18

BEIJING (Reuters): Military ties between China and Pakistan are the “backbone” of relations between the two countries, a senior Chinese general told Pakistan’s visiting army chief, days after a Pakistani minister stirred unease about Chinese Si

Pakistan’s new government hikes taxes, cuts spending for economy in ‘intensive care’

Views - 7 Thursday, 20 September 2018 00:18

ISLAMABAD (Reuters): Pakistan’s new government announced cuts in planned development spending and a tax increase for higher earners on Tuesday, unveiling a mini-budget aimed at shoring up an economy in danger of needing another International Moneta

Oil holds near $ 80, supply concern expected to underpin prices

Views - 6 Thursday, 20 September 2018 00:17

LONDON (Reuters): Oil steadied on Wednesday, as concerns that producers may fail to cover a shortfall in supply once US sanctions on Iran come into force outweighed an increase in US inventories. Brent crude futures were up 2 cents at $79.05 a barrel

Asian stocks, US Treasury yields climb as trade row fails to dent confidence

Views - 3 Thursday, 20 September 2018 00:15

TOKYO (Reuters): Asian stocks rose across the board and long-term US Treasury yields hovered near four-month highs on Wednesday with investors looking past the latest escalation in the US-China trade feud, seen by some market participants as less sev

BOJ holds policy, sticks to modest economic growth view despite trade perils

Views - 4 Thursday, 20 September 2018 00:12

TOKYO (Reuters): The Bank of Japan kept monetary policy steady on Wednesday and maintained its view the economy will continue to expand modestly, even as escalating global trade frictions threaten to chill growth. The central bank’s nine-member boa

China to penalise $60 billion of US imports in tit-for-tat move

Views - 9 Thursday, 20 September 2018 00:10

WASHINGTON/BEIJING (Reuters): China and the United States plunged deeper into a trade war on Tuesday after Beijing added $60 billion of US products to its import tariff list in retaliation for President Donald Trump’s planned levies on $200 billion

Trump slaps tariffs on $200 b in Chinese goods, spares some consumer tech

Views - 10 Wednesday, 19 September 2018 00:00

WASHINGTON (Reuters): US President Donald Trump escalated his trade war with China on Monday, imposing 10 percent tariffs on about $200 billion worth of Chinese imports, but sparing smart watches from Apple and Fitbit and other consumer products such

North Korea’s Kim says he hopes for ‘big outcome’ at inter-Korean summit

Views - 2 Wednesday, 19 September 2018 00:00

SEOUL (Reuters): North Korean leader Kim Jong Un said he wanted to produce a “big outcome” as he began three days of summit talks on Tuesday with South Korea’s President Moon Jae-in aimed at rekindling stalled nuclear diplomacy. The two leaders

Trump orders more Russia-related probe documents to be declassified

Views - 2 Wednesday, 19 September 2018 00:00

WASHINGTON (Reuters): US President Donald Trump has directed the Justice Department to immediately declassify more information related to the investigation into possible election meddling by Russia, the White House said on Monday. Trump’s demands m

DIMO plays Cupid

Views - 2 Wednesday, 19 September 2018 00:00

DIMO organized an evening of romance where everybody fell in love with the all new Mercedes-Benz CLS at Park Street Mews recently. This was organised aligning with seven romantic themes to introduce the exclusive features of Mercedes-Benz CLS. Seven

May cautions: Support my Brexit deal or face no deal

Views - 2 Tuesday, 18 September 2018 00:00

LONDON (Reuters): British Prime Minister Theresa May has warned rebels in her party that unless they support her potential Brexit deal with the EU then they will face a no deal. The United Kingdom is due to leave the EU on March 29 and yet little is

North Carolina devastated as floodwaters rise from deadly storm Florence

Views - 2 Tuesday, 18 September 2018 00:00

Wilmington/Wilson, N.C. (Reuters): Deadly storm Florence drenched North Carolina with more downpours on Sunday, cutting off the coastal city of Wilmington, damaging tens of thousands of homes and threatening worse flooding as rivers fill to the burst

Hong Kong, southern China clean up after super typhoon

Views - 2 Tuesday, 18 September 2018 00:00

SHANGHAI (Reuters): The financial hub of Hong Kong began clearing up on Monday after being battered by one of the strongest typhoons in recent years, with financial markets and offices operating as normal. Super typhoon Mangkhut, with hurricane-force

Japanese submarine conducts first drills in South China Sea

Views - 3 Tuesday, 18 September 2018 00:00

TOKYO (Reuters): A Japanese submarine joined a naval drill in the South China Sea for the first time, the Ministry of Defence said on Monday, in an escalation of Japanese activity in the disputed waterway claimed by China and others. The Maritime Sel

Pakistan’s army chief visits Beijing after “Silk Road” tension

Views - 4 Tuesday, 18 September 2018 00:00

ISLAMABAD (Reuters): Pakistan’s army chief General Qamar Javed Bajwa began a three-day visit to China on Sunday, Pakistan’s military said, days after a Pakistani minister stirred unease about Chinese Silk Road projects in the South Asian nation.

Asian shares slugged by new US tariff threat

Views - 4 Tuesday, 18 September 2018 00:00

SYDNEY (Reuters): Most Asian share markets slid on Monday amid reports Washington was about to announce a new round of tariffs on Chinese imports, setting the stage for possible reprisals by Beijing. Liquidity was thin with Japan on holiday and moves

Super typhoon heads for Hong Kong, China after killing 25 in Philippines

Views - 6 Monday, 17 September 2018 00:13

HONG KONG/MANILA (Reuters): A super typhoon swirled towards Hong Kong and the Chinese coast on Sunday, gaining in strength over the South China Sea after hurtling through the Philippines, where it wreaked havoc that killed at least 25.

Iraq parliament elects Sunni lawmaker al-Halbousi as speaker, breaking deadlock

Views - 2 Monday, 17 September 2018 00:10

ERBIL/SULAIMANIYA, Iraq (Reuters): Iraq’s parliament elected Sunni lawmaker Mohammed al-Halbousi as speaker on Saturday, marking an important step towards establishing a new government four months after an inconclusive national election.

Pope Francis expels Chilean priest accused of child sex abuse

Views - 3 Monday, 17 September 2018 00:08

SANTIAGO (Reuters): Pope Francis on Saturday expelled a Chilean priest under investigation in a case involving the sexual abuse of children, according to a report by local media on Saturday, amid a growing global abuse scandal that has shaken the Rom

Palestinian official says US will never present Middle East peace plan

Views - 2 Monday, 17 September 2018 00:06

Jericho, West Bank (Reuters): The United States will not present its long-awaited plan for Israeli-Palestinian peace any time soon and is instead trying to unilaterally change the terms of reference for any future proposal, a senior Palestinian offic

UK opposition says big London banks must never again be ‘masters of the economy’

Views - 3 Monday, 17 September 2018 00:00

London (Reuters): London’s vast financial sector must never again be the “masters of the economy”, the finance spokesman of Britain’s opposition Labour Party said, accusing bankers of profiting from speculation at the expense of ordinary peop

Pakistan wants more social development from China’s ‘Belt and Road’

Views - 4 Monday, 17 September 2018 00:00

Islamabad (Reuters): Pakistan wants the projects on its soil under China’s global Belt and Road initiative to focus more on social development as well as huge infrastructure projects, a Pakistani minister said last week.

France to replace ‘Exit Tax’ on capital gains, target fiscal cheats

Views - 3 Monday, 17 September 2018 00:00

Paris (Reuters): France will abolish a tax imposed on the capital gains of top earners and entrepreneurs who leave France and sell their assets with a more-targeted levy designed to deter tax optimisation, a finance ministry spokesman said on 15 Sept

Arun Jaitley says confident of meeting fiscal deficit target

Views - 3 Monday, 17 September 2018 00:00

New Delhi (Reuters): Finance Minister Arun Jaitley said on 15 September that the government is confident of meeting its fiscal deficit target of 3.3% of gross domestic product in the current fiscal year, a day after outlining a number of measures to

Today's Columnists

The rate of exchange, capital flight and the Central Bank

Friday, 21 September 2018

The Central Bank (CBSL) exists for the sole purpose of price stability. Its controls on the financial system and monetary policy exist to maintain price stability. As put forth many times by the Governor, the failing of the CBSL to control inflation

Red flag over the Sri Lankan Navy

Friday, 21 September 2018

Shocking story Rusiripala, a former banker in Sri Lanka, who has taken to writing in Daily FT, is perturbed by the red flag I have raised (Daily FT article 18 September) over the shocking charge that our Navy had operated a ransom gang that had abduc

The bald truth about fake news, etc.

Friday, 21 September 2018

In its most innocent forms, we may all enjoy a bit of ‘fake news’ and go to bed with a lighter heart and clean conscience. A meme on Facebook urging social media consumers to caution – “You can’t believe everything you read on the internet

Withholding Taxes – What, why, when?

Thursday, 20 September 2018

The tax regime in Sri Lanka historically imposes WHT on both domestic as well as cross border payments. WHT on domestic payments eases revenue collection (e.g.: PAYE) while WHT on cross border payments are adopted by most countries to ensure that the

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