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aUNP MP and the party’s Economic Spokesman Dr. Harsha de Silva yesterday renewed his warning over the fate of EPF’s questionable investments in the stock market. In a statement, he urged that EPF must follow its own investment guidelines and code of professional conduct or else
The adage ‘there is no smoke without fire’ appears to be a perfect fit to Monday’s mega deal of EPF buying an 8% stake in Laugfs Holdings Plc for Rs. 1.6 billion, given its timing and the price paid. The Employees Provident Fund (EPF), which is heading towards a fund base of Rs. 1
The Central Bank last week said that the base of the Employees Provident Fund (EPF) is expected to reach the Rs. 1 trillion milestone later this year. “As at 31 August 2011, the value of total assets of the EPF reached Rs. 976 billion, recording an annual growth of 14.6%. With this growth
Sri Lanka’s Employees Provident Fund’s asset value is expected to reach the Rs. 1 trillion mark during this year, announced the Central Bank. The Bank says as of 31st of August this year the total assets of the EPF have grown up to Rs 976 billion. According to the Central Bank this is an annual
Corporate institutions can now make Employees’ Provident Fund (EPF) payments in a convenient manner via ‘Paymaster,’ the innovative electronic total payment solution of the Commercial Bank of Ceylon, the Bank rated internationally as Sri Lanka’s best. The formal agreement
Business leader Dhammika Perera sells 51% personal stake in Amaya Leisure to Hayleys Group for Rs. 2.6 b and buys 9% more of the latter for same amount Deputy Chairman’s control in Hayleys tops 40%; Hayleys Group firms pay Rs. 107 per Amaya share after getting independent report valuing share at Rs. 160; to announce ...
By Harsha de Silva We understand that the Securities and Exchange Commission (SEC) is planning to compound undisclosed securities fraud by some billionaire investors. Media reports have begun to circulate that Environmental Resources Investments (ERI) and its Directors have agreed with the SEC to pay an insignificant fine of Rs. 10 million and compound an ...
Sri Lanka Insurance Corporation (SLIC) has sold 3.4% stake in DFCC Bank to Employees Provident Fund (EPF) for Rs. 1.2 billion. Of the amount 7.9 million shares were sold Tuesday at Rs. 135 each whilst on Monday 1.24 million shares were sold at the same price. Monday’s sale was the entire
Deputy Chairman Ashok Pathirage is keen to buy more shares of NDB Bank, if available at the right price. On Friday, Ashok, who is the Chairman of Softlogic Holdings, bought 470,000 shares at Rs. 135 each in a deal worth Rs. 63.4 million. This was after he picked up one million shares at the same ...
Aug 11, Colombo: The Employee's Provident Fund (EPF) of Sri Lanka has come to an agreement with the Commercial Bank to speed up the fund's services.
More To Exit following UN Report The stock market continued to lose its momentum as predicted in the lead story on these pages in its last week’s edition, compounded by foreigners fleeing the market, made worse by the UN’s negative war report on the island. “There is panic selling by foreigners in the backdrop of ...
Banks’ Profits Up 111% The banking industry achieved a considerably high level of profits in 2010. Profit after tax amounted to Rs. 57.5 billion last year, a 111% growth in comparison to a Rs. 27.2 billion profit in 2009. The significant growth in profitability was mainly attributed to a higher increase in fee-based income, a ...
A political expert contacted for an explanation on how the Bill to establish a private sector Employees’ Pension Scheme could go through parliament so urgently. He insisted no “Urgent Bill” could be brought up for debate in parliament without first being presented in the Supreme Courts. This insistence took our mind back to an anecdote ...
The gross income of the Employees Provident Fund was Rs.121.3 billion, which is 10.6 percent higher compared to that of the preceding year. By the year 2010, the total value of the Fund has reached Rs.900 billion registering a growth of 16.9 per cent over that of 2009 reveals Central Bank reports.
The total value of the Employees Provident Fund has risen to 900 Billion Rupees. The Central Bank said this was the highest value of the Fund. This surge is attributed to the generation of more new jobs and a hike in the salaries of the Private Sector. The value of the Employees Provident Fund in ...
No Investments With the market throwing up an excess liquidity of more than Rs. 120 billion day, day in day out, and signs being that investments have not picked up, are all favourable indicators for the prevalence of a low interest regime in the economy, a market source told this reporter. The market has no ...
The total value of the Employees Provident Fund has increased. The Central Bank attributed this to the many new jobs generated. The current asset base of the EPF has risen to 900 Billion Rupees. The Central Bank said it is the highest value achieved by the EPF. The generation of many jobs
The Employees Provident Fund(EPF) asset base crossed the Rs 900 billion mark for the first time in its history, Central Bank Governor Ajith Nivard Cabraal said. According to the CB Governor, the emergence of new employment opportunities in recent times and the increase of salaries in the private
Excess Liquidity, Small Forex Market Excess liquidity coupled with low volumes of foreign exchange traded have been continuing to bug markets here, which a source attributed as being are reflection of the low levels of economic activity taking place in the country. Despite a spike last Friday, the foreign exchange (forex) market has been averaging ...
President Rajapaksa as Minister of Finance presented the first budget in his second term as the Executive President, making proposals giving a major impetus to value addition of local industrial products, to improve export earnings while granting a wide range of concessions, increasing outsourcing facilities in Sri Lanka for foreign business enterprises. Thus the President, ...
By Chamitha Kuruppu Reputed Economist and UNP Member of Parliament Dr. Harsha de Silva, while talking about the crony capitalism in the country, warns that the situation is only going to get worse within the new set up, where economic...
A new Amendment will be introduced to the Employees Provident Fund to grant additional benefits to the working class. The Cabinet gave the nod for the amendment. Cabinet Spokesman Keheliya Rambukwella said major amendments will include the withdrawal of 30% of members from the funds for housing and medical treatment. Housing purposes will cover construction ...
(Lanka-e-News, Sep.11, 2010, 11.05 PM) According to Central Bank statistics, during the year 2009-2010, the EPF payments to its members have dropped by...
The bourse, affected by the 10% price ceiling on daily trading, and with no foreign investments in sight, saw the benchmark ASPI and the more sensitive MPI picking up by five and 13 points respectively on Friday’s trading (over that of Thursday’s close), according to provisional results. Turnover was Rs. 2.5 billion led by Aitken ...
Aug 18, Colombo: Sri Lanka Central Bank (CBSL) today dismissed an opposition party claim that the Employee's Provident Fund (EPF) does not have the authority to invest in banking and financial sector stocks listed on the Colombo Stock Exchange.
The Employees’ Provident Fund receives an interest of 13.75 percent. According to the Central Bank, it is the highest percentage so far granted for the EPF, according to the Central Bank. Last year’s interest rate was 13.20 percent. The new rate is an increase of 55 units based on the interest paid