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By Saman Gunadasa World Socialist Web Site: A scandal over the manipulation of shares on the Colombo Stock Exchange has erupted in recent weeks, after former Sri Lankan Securities Exchange Commission (SEC) Chairman Thilak Karunaratne accused Government ministers of acting in league with speculators. Karunaratne was pressured by President Mahinda Rajapaksa to quit his position, ...
By Cassandra Mascarenhas The Government eServices project spearheaded by the ICT Agency of Sri Lanka celebrated a landmark achievement last evening, launching 22 important eGovernment services, further strengthening the country’s Government sector by making public services easily accessible to the citizens of Sri Lanka via the internet and mobile communication systems. Presidential Secretary...
Commissioners given freedom to decide future course with regard to DG post Dr. Jayasundera says top professionals picked to give leadership to a sound capital market growth Priyantha and Sujeewa served as Commissioners under Indrani Sugathadasa as well Opposition and certain market segments decry choice of men given their conflicting roles By Nisthar Cassim Likely ...
Last week’s weekly Treasury (T) Bill auction saw yields continuing with their upward ascent, with the weighted average yields (WAYs) for 182 and 364 day T Bills rising by seven and four basis points (bps) to 13.02% and 13.27% respectively. However the WAY for the 91 day T Bill stagnated at the 11.36% level, which ...
Point of view By a market participant The investors were compelled to wait nearly 17 years to reap the benefit of a real bull run in 2009 after the elimination of the LTTE terrorism and how the SEC destroyed it within a one-and-a-half year period due to ill conceived, irresponsible decisions is well known and ...
By Cassandra Mascarenhas The technical sessions of the Association of Professional Bankers’ 24th anniversary convention were held yesterday, bringing the APB’s flagship event to a close. Aptly themed ‘Sustainability in volatility: The bankers’ challenge,’ each technical session explored an area that could throw obstacles in the path of bankers and the line-up of speak...
By Ashwin Hemmathagama Our Lobby Correspondent The Government has been repeatedly mentioning that the economy is in sound condition and reserves are very securely and lucratively invested. However, UNP MP Ravi Karunanayake moving yesterday’s adjournment motion accused the Government of robbery." “On examination of the state of the economy we find that the Government, especially ...
Renews call for Select Committee to probe shady deals; wants EPF investments in stocks halted Blasts President-Bourse forum Says CSE Board must be dissolved Akin to firing all cylinders, Opposition Leader Ranil Wickremesinghe has blasted President Mahinda Rajapaksa’s forum with capital
By a Special Correspondent A year or back from today, Sri Lankan economy had been sailing strongly amidst global economic typhoons. Most of the macro variables were reflecting peace dividends and rejuvenated hope. However, by mid 2011, the country’s trade deficit, fuelled by credit expansion was signalling early signs of an economic turmoil. Perhaps being ...
Considerable controversy has arisen regarding Employment Provident Fund (EPF) investment in the Colombo Stock Exchange (CSE). There have even been calls to stop all such investments. It is important, however, to remember that there are positive arguments in favour of such investments
Last week in Parliament, Opposition Leader Ranil Wickremesinghe singled out Daily FT in his usual criticism on newspapers. Among various allegations made by Wickremesinghe was that the FT is one of the papers which is in the pay of the so-called “stock market mafia” and the Central Bank. Wickremesinghe also alleged that FT was one ...
Sri Lanka’s Main Opposition, United National Party (UNP) yesterday claimed that the state-controlled pension fund Employees’ Provident Fund’s (EPF) share portfolio at the Colombo Stock Exchange (CSE) has made losses to the tune of a staggering Rs.12.2 billion.
Jun 28, Colombo: Sri Lanka's main opposition United National Party (UNP) says that the private sector pension fund, the Employees' Provident Fund (EPF) has lost over Rs. 12 billion in its investments in the Colombo Stock Exchange.
The Employees’ Provident Fund (EPF) yesterday welcomed the clarification made by Standard and Poor’s (S&P) that there was “no information of any specific incidences occurring” of “a potential conflict of interest” due to the Central Bank’s oversight
By Marianne David MP and consultant economist Dr. Harsha De Silva yesterday alleged that THE UNP’s criticism over the mismanagement of the economy and the Central Bank as well as the EPF’s investments in banking stocks have been emphatically validated by global rating agency Standard
Positive macro news and rumoured overhauling of SEC among other State entities trigger buying spree; some analysts insist rebound is due to attractive pricingThe Colombo Bourse on Friday shot up by over 100 points before losing some momentum, with the earlier development being linked by some analysts to positive macro news and a rumoured overhauling ...
“The demoralising, destructive character of the patriotic degeneracy….” Sebastian Haffner (Germany: Jekyll and Hyde) By Tisaranee Gunasekara It was the Oxford Debacle all over again. The events were drearily predicable. Sri Lanka, like every Commonwealth nation, received an invitation for the Diamond Jubilee celebrations of Queen Elizabeth II. President Rajapaksa, unlike most Commonwealth leaders,...
By Damien The Secretary to the treasury Dr. P.B Jayasundera recently made statement that the country is wasting the foreign currency on things that can be made in this country. I would like to add to this by stating that as a country we should have clear targets and policies that are aimed at both ...
Jun 03, Colombo: Sri Lanka's main opposition United National Party (UNP) has appointed a committee to study and make proposals on the private sector retirement fund, Employees' Provident Fund (EPF), monies that have been lost due to bad investments in the Colombo Stock Exchange (CSE).
May 29, Colombo: A private sector trade union in Sri Lanka is to lodge a complaint today with the Commission to Investigate Allegations of Bribery and Corruption calling for an inquiry into the investing of Employees Provident Fund (EPF) monies in the Colombo Stock Exchange (CSE).
the Employees’ Provident Fund (EPF). Ceylon Grain Elevators PLC, Laugfs Gas PLC ...
By an Analyst There is no doubt and there is near unanimity that overregulation by the previous Securities and Exchange Commission arising from inexperience, lack of knowledge and lack of correct strategies was the prime cause for the market collapse witnessed today. The SEC without any foresight and professionalism has introduced ad hoc legislation detrimental ...
Business tycoon Harry Jayawardena-controlled Distilleries Company Plc is the biggest private sector shareholder in People’s Leasing Company Plc., after the latter went public via the biggest ever IPO in post-war Sri Lanka. With 24.5 million shares Distilleries account for 1.57% stake in People’s Leasing Plc. At the issue price of Rs. 18 per share, Distilleries ...
Noting that the NSB-TFC deal is peanuts, the main Opposition UNP yesterday declared that the bigger problem was questionable investments by the EPF and demanded immediate answers from a 'dodgy' Government. Following is the full text of the statement issued yesterday by UNP MP
Parliamentary accountability The Parliament, as the country’s foremost representative institution, has the sole authority over national resources and financial allocations and concurrently has a prominent role to play in fiscal responsibility, the budgetary process, economic development and effective transparent economic and financial management, with a view to assuring sustainable growth an...
The bourse breathed a sigh of relief at Friday’s trading on the knowledge that sanctions, at least in the immediate future will not be imposed on the island despite Thursday’s Human Rights (HR) resolution against Sri Lanka at Geneva which resulted in it returning a higher Rs. 926.9 million turnover on Friday compared to low ...
Avurudhu Rupee Commitments Bear on Exporters The exchange rate (ER) held at the Rs. 130 levels to the US dollar ($) at Wednesday’s, Thursday’s and Friday’s trading as exporters began encashing their $ proceeds to meet their local commitments, a market source told this reporter. “In the event they persisted in holding on to their ...
The country’s forex market encompassing highly dependent importers and key source exporters was yesterday rocked by what analysts described as the sharpest day gain in the US dollar exchange rate. Before mid-day the Rupee touched a new low of Rs. 127 and then on to Rs. 128 prompting many to assume the rate had bottomed ...
Instead of 'Employees', one could call it the ‘Empathetic’ Provident Fund (EPF) considering its unprecedented move of sharing the mega sale of 8.4% stake or 71 million shares in premier blue chip JKH for Rs. 13.77 billion (Rs. 194 per share) on Friday to Malaysia’
The entry in to Sri Lanka by Malaysia’s sovereign wealth fund Khazanah Nasional Berhad via John Keells Holdings (JKH) is being hailed as a all round boost for the country, the Colombo stock market as well as the premier blue chip. JKH which has many first to its credit is also the first stock on ...