Sri Lanka suffers sharpest monthly drop in worker remittances

Remittances drive local household expenditure in Sri Lanka, and Central Bank Governor Indrajit Coomaraswamy said recently the decline in money sent by the country’s overseas workers was disturbing. (AFP)
Updated 18 October 2017
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Sri Lanka suffers sharpest monthly drop in worker remittances

COLOMBO: Sri Lankan workers in the Middle East sent back fewer dollars in August, the sharpest monthly drop yet owing to adverse economic and geopolitical conditions in the region, its central bank said Wednesday.
Remittances declined by a record 10 percent to $556.6 million (SR2.08 billion), compared with $618.3 million in August last year, the bank said in a report.
About two million Sri Lankans or 10 percent of the population work overseas, mostly in the Middle East and in construction and hospitality or as household maids.
Money they send back to families is the main source of the country’s foreign exchange and is used to finance nearly 80 percent of its trade deficit.
Remittances in the first eight months of the year also fell by 6.3 percent to $4.5 billion, the bank said, the biggest drop ever seen and significantly more than 2015’s dip of 0.53 percent.
Central Bank Governor Indrajit Coomaraswamy said recently the decline in remittances was disturbing, while pinning his hopes on growth in the country’s small export sector.
Sri Lanka has been an exporter of skilled and unskilled labor for decades.
The fall in remittances is a double blow for the country, which is simultaneously having to shell out more for foreign workers.
That demand comes from a labor shortage at home in sectors such as construction and manufacturing, which have picked up since the decades-long Tamil separatist war ended in May 2009.


CrowdStrike said to hire Goldman Sachs to lead IPO

Updated 20 October 2018
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CrowdStrike said to hire Goldman Sachs to lead IPO

  • IPO could come in first half of next year
  • CrowdStrike raised $200 million in June

NEW YORK: Cybersecurity software maker CrowdStrike Inc. has hired investment bank Goldman Sachs Group to prepare for an initial public offering that could come in the first half of next year, people familiar with the matter said on Friday.
CrowdStrike is aiming to be valued more than the $3 billion funding round assigned to it earlier this year, the sources added.
CrowdStrike’s IPO plans could still change, the sources cautioned, asking not to be identified because the matter is confidential.
CrowdStrike and Goldman Sachs declined to comment.
Sunnyvale, California-based CrowdStrike raised $200 million in June led by investors General Atlantic, Accel and IVP. Other major backers include CapitalG, an investment arm of Google’s parent company Alphabet Inc. and Warburg Pincus.
CrowdStrike uses artificial intelligence for its Falcon platform to prevent attacks on computers on or off the network.
CrowdStrike is trying to stand out from the hundreds of security startups that have sprouted in recent years, promising next-generation technologies to fight cyber criminals, government spies and hacker activists, who have plagued some of the world’s biggest corporations.
The recent crop of publicly listed cybersecurity companies have had a mixed stock performance. Zscaler Inc. went public in the spring and is trading 125 percent above its IPO price. Tenable Holdings Inc. is worth about 25 percent more than its IPO price. Carbon Black shares have been trading below their IPO price.
CrowdStrike was founded in 2012 by two executives who left security software maker McAfee, including George Kurtz, the startup’s chief executive.