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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 ...
- Harry’s Melstacorp buys 11% more in Spence for Rs. 5 b (Category: Business)
- LOLC Group ‘buys’ top Rs. 7 b in two and half years (Category: Business)
- DFCC buys 10% NTB stake for Rs. 1.3 b (Category: Business)
- Controlling shareholder CFLB buys 12% more of Colonial Motors for Rs. 319 m (Category: Business)
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.
- David Shapiro: Finding laughs between groans as election goes overtime (Category: USA, Hawaii)
- Vaccines offer the key to speed of Hawaii’s economic recovery (Category: USA, Hawaii)
- Vaccines offer the key to speed of Hawaii’s economic recovery (Category: USA, Hawaii)
- Vaccines offer the key to speed of Hawaii’s economic recovery (Category: USA, Hawaii)
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
- UNP vows to prove the truth (Category: Business)
- EPF and ETF tangled up! (Category: Business)
- EPF is well managed, not corrupt: CB Chief (Category: Business)
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
- Harsha claims Govt., CB lack credibility (Category: Business)
- UNP draws guns on “military control” of Rupee (Category: Business)
- S&P’s soother! (Category: Business)
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 ...
- Politicos , Brokers ; Bourse’s Tailwind (Category: Breaking News)
- Festive cheer prevails in Colombo Bourse (Category: Business)
- Return of retailers revs up Bourse (Category: Business)
- Stock market struggles on 2012 debut (Category: Business)
“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,...
- Protest stage in London against the arrival of President Rajapaksa (Category: Breaking News)
- President leaves for UK (Category: Breaking News)
- Commonwealth parliamentary session to be held in SL (Category: Breaking News)
- Sri Lanka President Rajapaksa to be guest of honour at CWG closing (Category: Breaking News)
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 ...
- Subsidized student loan scheme through commercial banks in addition to existing interest-free st... (Category: Breaking News)
- Banks lift overseas spending limits imposed on credit cards as dollar liquidity improves (Category: Breaking News)
- Ten problems; one solution (Category: Business)
- Causes Of Economic Crisis In Sri Lanka & Lessons For A New Age (Category: Breaking News)
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).
UNP MP Ravi Karunanayake has written to Committee On Public Enterprises (COPE) Chairman D.E.W. Gunasekara requesting him to summon officials of the Securities and Exchange Commission (SEC) and the Colombo Stock Exchange (CSE) over the fiasco in capital markets and boost investor confidence. Following is Karunanayake’s full letter to the COPE Chairman: Over the last ...
- SEC Chief insists on independence at COPE (Category: Business)
- Fresh motion to summon Ex-SEC Chiefs before COPE (Category: Business)
- Chandra J writes to COPE Chief over SEC (Category: Business)
- Peoples Bank Nonperforming loans Rs. 54 billion in 2021 (Category: Breaking News)
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 ...
- TFC buy against NSB Act: Legal experts (Category: Business)
- NSB Head gives quit notice (Category: Business)
- NSB-TFC deal: CID questions Kariyawasam (Category: Business)
- NSB conspicuous by its silence on allegations over TFC buy (Category: Business)
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 ...
- Serious decline of the stock market under the present SEC (Category: Business)
- Broker Credit Drives Up Market (Category: Breaking News)
- Politicos , Brokers ; Bourse’s Tailwind (Category: Breaking News)
- Majority of brokers recommend PLC IPO as buy (Category: Business)
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 ...
- People’s Leasing allots mega IPO shares; makes all happy (Category: Business)
- November 3 opening for People’s Leasing’s mega IPO (Category: Business)
- Amidst crisis in bourse, PLC IPO shines with record Rs. 9.5 b demand (Category: Business)
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
- Motion Against EPF To Further Expose The Regime (Category: Breaking News)
- UNP vows to prove the truth (Category: Business)
- Attempt to table messy draft bill again (Category: Breaking News)
It is very tragic that Sri Lanka may lose the confidence of the business world both locally and internationally courtesy of the Government-appointed nominees of the State. I like to highlight just two such incidents with no bias. The first was the rundown of foreign reserves. The Central Bank went on saying there is no ...
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...
- Chandra J sends his proposals for 2013 Budget to the President (Category: Business)
- Accelerating growth: catching the wave or missing the bus (Category: Business)
- Time for reflection, reality check, risk mitigation and lessons learnt action (Category: Business)
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 ...
- Bourse Hits New Low (Category: Breaking News)
- Palmyrah Development Board improve turnover (Category: Breaking News)
- Brokers blame ATS-7 for turnover slump on CSE (Category: Breaking News)
- Shares move from marginally down position in mid-day trade to red territory as day proceeds (Category: Breaking News)
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 ...
- Rupee Strengthens, But Illiquid Status Worsens (Category: Breaking News)
- Money Market, ER Management, Full Marks To CBSL (Category: Breaking News)
- Quo Vadis Exchange Rate? (Category: Breaking News)
- PBJ, (Category: Breaking News)
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 ...
- Rupee hits new low despite inflows (Category: Business)
- CB gives fresh boost to CSE (Category: Business)
- Markets becalmed (Category: Business)
- Rupee weakens on importer dollar demand (Category: Business)
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’
- Khazana entry an all-round boost as net foreign inflow tops Rs. 17 b (Category: Business)
- Khazanah kudos! (Category: Business)
- Captains reduce exposure to JKH (Category: Business)
- SLIC sells 3.4% DFCC stake to EPF for Rs.1.2 b (Category: Business)
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 ...
- Khazanah kudos! (Category: Business)
- ‘Empathetic’ Provident Fund! (Category: Business)
- Net foreign inflow tops Rs. 30 b; Bourse rebounds (Category: Business)
- Foreign craving for stocks grows; inflow tops Rs. 28 b (Category: Business)
The Employees Provident Fund gets a profit of 800 million rupees. The Employees Provident Fund which possessed 71 million shares of conglomerate John Keells Holdings had been sold at 194 rupees per share, bringing a capital gain to the Fund. These shares have been purchased by Malaysia’s Khazana Nasional Berhard, a sovereign wealth Fund. ...
- Political bunfight over City Hall costs (Category: Australia, Queensland)
- 2.9 mil to asbestos victims (Category: Australia, Tasmania )
- IMF to consider $ 800m loan for Sri Lanka (Category: Breaking News)
- Sri Lanka continued strong economic recovery says IMF (Category: Breaking News)
SLIC books hefty Rs. 4 b capital gain as an eager Harry secures large block; Ups control to 40.8%; Melstacorp to revise Spence mandatory offer price to Rs. 115 per share from Rs. 113 Business tycoon Harry Jayawardena-linked Melstacorp Ltd. yesterday acquired a strategic block of an 11% stake in Aitken Spence Plc for Rs. ...
- Harry picks up Rs. 336 m more of Spence shares (Category: Business)
- Others secure, Harry misses in scramble for Spence shares (Category: Business)
- Harry triggers Takeover Code on Aitken Spence (Category: Business)
- Distilleries transfers 16.3% Spence stake to Melstacorp for Rs. 7 b (Category: Business)
Locals may be having fears of the Geneva outcome but the very investors from the West are continuing to be bullish with net inflow topping the Rs. 3 billion mark by yesterday. Foreigners were net buyers to the tune of Rs. 224 million increasing the net inflow under just two months of the year to ...
- Foreign inflows at CSE top Rs. 23 b (Category: Business)
- Foreigners in Rs. 600 m net buying (Category: Business)
- EPF ups stake in Vallibel One to 2% (Category: Business)
- Foreigners bullish; buy Rs. 279 m worth of shares (Category: Business)
Benito Mussolini, the fascist ruler of Italy, during World War II, said that his brand of fascism ‘should be more appropriately called Corporatism, because it is a merger of state and corporate power’. Compare this with the dictionary definition of capitalism: ‘A system in which a country’s business and industry are controlled and run for ...
- Entrepreneur and the profit motive (Category: Business)
- The rise of State capitalism: new masters of the universe or an ominous portent? (Category: Business)
- State Capitalism: Revitalising underperforming businesses the Mussolini way (Category: Business)
- Governance - Four examples; two bad and two good (Category: Business)
The Colombo Bourse last week saw a net foreign inflow of Rs. 1.2 billion, with Aitken Spence Plc drawing the most buying, whilst brokers expect the non-national interest to grow further. Spence saw net foreign shareholding increase by 4.8 million shares or 1% last week, whilst overall nearly five million of its shares traded for ...
- Harry picks up Rs. 336 m more of Spence shares (Category: Business)
- Continuous buying pushes net foreign inflow to over Rs. 20 b (Category: Business)
- Foreigners bullish; buy Rs. 279 m worth of shares (Category: Business)
- Bourse back to double digit dip (Category: Business)
Contrary to exaggerated claims the EPF investments in to the stock market last week had amounted to only less than 10% of market activity and unlike some past contentious buys, this time around it had focused on blue chips. The total turnover of the Colombo bourse last week was Rs. 8.6 billion
- Investor confidence worsens by the day; bourse loses Rs. 53 b in value (Category: Business)
- Crisis Colombo! (Category: Business)
- Foreign net inflow tops Rs. 3 billion (Category: Business)
- Aitken Spence draws biggest foreign buying as net inflow tops Rs. 1 b (Category: Business)
ASI gains by 5% as Bourse’s value swells by Rs. 96 b Brokers positive after fresh meeting with SEC EPF, private institutional and high networth investors active on attractive valuations The Colombo stock market yesterday produced a major rebound gaining by 5% thanks what some described
- Investor confidence worsens by the day; bourse loses Rs. 53 b in value (Category: Business)
- Crisis Colombo! (Category: Business)
- From bust to boom? (Category: Business)
- ‘Boom’ is back? (Category: Business)
The Sri Lankan economy is dragged out – the country is over-borrowing, underperforming and leading into a debt crunch, claims United National Party Colombo District Parliamentarian Ravi Karunanayake. Karunanayake accuses the Rajapaksa administration of damaging the country’s social fabric, which he says is Sri Lanka’s biggest asset. Following are excerpts of an interview: Q: What...
- Share Market Volatility – Causes and Remedies – Part Two (Category: Business)
- Lion leads frontier markets (Category: Business)
- CEB is not a burden on national economy, says Power Minister (Category: Business)
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