The Sri Lankan rupee surged more than 2% after the central bank cut the period for converting export proceeds into the local currency. The rupee climbed as much as 2.1% to 330.15 per dollar on Wednesday, according to Bloomberg-compiled data. Once approved by the parliament, exporters will have 30 days to convert foreign-exchange proceeds into the local currency from 90 days currently, according to...
The Sri Lankan rupee surged more than 2% after the central bank cut the period for converting export proceeds into the local currency. The rupee climbed as much as 2.1% to 330.15 per dollar on Wednesday, according to Bloomberg-compiled data. Once approved by the parliament, exporters will have 30 days to convert foreign-exchange proceeds into the local currency from 90 days currently, according to a central bank statement released Tuesday. The Central Bank of Sri Lanka is stepping up efforts to shore up the rupee, which has come under pressure from higher oil price gains and dollar demand from importers. The currency is among the worst performers in Asia since the start of the war, having fallen about 7% since end-February. Officials have taken steps including boosting dollar liquidity in the interbank markets, intervening in the currency market, and raising interest rates Read: Sri Lanka Surprises With Big Rate Hike as EMs Defend Currencies
Proparco , the private-sector financing arm of Agence Française de Développement , plans to fund Sri Lankan companies involved in renewable energy, agribusiness and women-led small enterprises, according to Vincent Vandenbussche, acting regional director for South Asia. The Paris-based development agency decided to resume financing projects in Sri Lanka after the South Asian island’s sovereign cre...
Proparco , the private-sector financing arm of Agence Française de Développement , plans to fund Sri Lankan companies involved in renewable energy, agribusiness and women-led small enterprises, according to Vincent Vandenbussche, acting regional director for South Asia. The Paris-based development agency decided to resume financing projects in Sri Lanka after the South Asian island’s sovereign credit rating was upgraded out of default, Vandenbussche said in an interview in Colombo. Proparco last invested in the island nation through Hatton National Bank in 2020, just before the country’s economic crisis, of which $20 million remains to be repaid. “We want to help Sri Lanka to continue its development and to help low-income people move to the middle class,” Vandenbussche said. Renewable energy will also help protect lower income families and businesses from imported fuel price shocks, he said. Proparco’s return will open an avenue for foreign debt financing to boost private investment, as Sri Lanka looks to sustain its recovery after an unprecedented default in 2022. The country secured $695 million from the International Monetary Fund last month to shore up reserves as higher energy prices, linked to the war in Iran, cloud the growth outlook. READ: Sri Lanka Took Steps to Boost Dollar Liquidity, Governor Says The French lender initially plans to provide foreign exchange-denominated financing to local banks, which can then lend to small borrowers, Vandenbussche said. Renewable power or battery energy-storage projects could also access credit lines that Proparco expects to extend through local lenders, in line with its decarbonization mandate. With the electricity utility also now offering dollar-denominated tariffs, reducing the currency risk, Proparco could consider financing such projects directly, Vandenbussche said. Still, Proparco is not taking equity positions in Sri Lanka due to currency depreciation risks. “Because as soon as you invest in equity, you take th...
Robert Way Meta Platforms ( META ) entered a partnership with billionaire Mukesh Ambani's Reliance Industries to develop an AI-enabled data center in India, expanding its infrastructure footprint in one of its largest user markets. Under the agreement, Reliance will construct a 168-megawatt AI-ready facility in Jamnagar, Gujarat, which Meta will lease for its computing operations, Reuters reported...
Robert Way Meta Platforms ( META ) entered a partnership with billionaire Mukesh Ambani's Reliance Industries to develop an AI-enabled data center in India, expanding its infrastructure footprint in one of its largest user markets. Under the agreement, Reliance will construct a 168-megawatt AI-ready facility in Jamnagar, Gujarat, which Meta will lease for its computing operations, Reuters reported. The initiative deepens existing ties between the two companies; in August last year, Meta ( META ) and Reliance established a JV to develop enterprise AI platforms and tools in India based on Meta’s Llama models. Facebook's parent ( META ) also invested $5.7B in Reliance's Jio Platforms in 2020. The move also aligns with Reliance’s broader strategy to position itself as a core infrastructure provider in India’s emerging AI ecosystem. India’s data center market is projected to nearly double by 2034, reaching $13.11 B, supported by accelerating digital transformation, rising cloud adoption, and expanding AI workloads, according to market research and consulting firm IMARC Group. More on Meta Meta-Worse: Doubling Down On LLMs Nobody Wants Meta's Rerating Path Remains Clouded (Rating Downgrade) Meta Platforms: The Market Is Missing What Nvidia Just Confirmed EU to Meta: "Tear down this (WhatsApp) wall!" Why is Meta dragging NSO back to court? New WhatsApp threats raise alarm
Japan’s producer prices rose 6.3% year-on-year in May 2026, accelerating from a 5.3% gain in April and beating market forecasts of 5.5%. This marked the fastest annual factory-gate inflation pace since March 2023, heavily driven by surging energy and commodity import costs tied to ongoing supply chain disruptions from the conflict in Iran. On a monthly basis, producer prices rose by 0.9%, slowing ...
Japan’s producer prices rose 6.3% year-on-year in May 2026, accelerating from a 5.3% gain in April and beating market forecasts of 5.5%. This marked the fastest annual factory-gate inflation pace since March 2023, heavily driven by surging energy and commodity import costs tied to ongoing supply chain disruptions from the conflict in Iran. On a monthly basis, producer prices rose by 0.9%, slowing from a revised 2.8% surge in April, which had marked the largest monthly increase since April 2014. This hotter-than-expected corporate inflation data, compounded by import pressures from a weakening yen, has heightened market expectations that the Bank of Japan (BoJ) may raise interest rates at its upcoming policy meeting next week. XtockImages The Nikkei 225 Index dropped 1.2% to below 65,000, while the broader Topix Index fell 0.4% to 3,880 on Wednesday . The Japanese yen traded around 160.3 per dollar. More on Japan economy DXJ: Japanese Equities Remain Attractive; Positive Carry Enhances The Appeal EWJ: The Land Of The Rising Sun Is Set For Continued Growth JPY Intervention - Unilateral Or Joint Will Be Key Asia markets mixed on Wall Street tech cues and easing geopolitical tensions Asian stock markets plunge as South Korea's KOSPI triggers halt amid global tech rout, geopolitical shock
The US military carried out precision strikes on Iranian air defense and radar sites, calling it a proportional response to recent attacks on American forces and shipping, Bloomberg's Abeer Abu Omar reports. (Source: Bloomberg)
The US military carried out precision strikes on Iranian air defense and radar sites, calling it a proportional response to recent attacks on American forces and shipping, Bloomberg's Abeer Abu Omar reports. (Source: Bloomberg)
AUSTIN, Texas, June 10, 2026--Zoho Corporation, a global technology company and parent company of Zoho and ManageEngine, today announced the launch of Nathu La, a designed in-house server and a pivotal step in the company's journey toward building its full technology stack, from the hardware layer to the software applications. With Nathu La, Zoho has achieved equivalent performance with 12-18% low...
AUSTIN, Texas, June 10, 2026--Zoho Corporation, a global technology company and parent company of Zoho and ManageEngine, today announced the launch of Nathu La, a designed in-house server and a pivotal step in the company's journey toward building its full technology stack, from the hardware layer to the software applications. With Nathu La, Zoho has achieved equivalent performance with 12-18% lower power consumption and 20-30% lower total cost of ownership (TCO), and in turn, bringing down infe