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The Employees’ Provident Fund (EPF) yesterday categorically rejected the statement allegedly made by an Opposition Member of Parliament as reported in several news papers on 15 May 2012, where the EPF has been accused of fraudulent transactions in the stock market. "Such statement, read
- Harsha rebuffs CB’s rosy EPF story (Category: Business)
- CB says EPF investments are long-term and of value (Category: Business)
- EPF defends its investment strategy (Category: Breaking News)
- UNP MP renews warning over fate of EPF’s questionable investments in stock market (Category: Business)
A high-risk strategyMicrofinance seems the flavour of choice among financial service providers today in Sri Lanka. Almost all financial service providers ranging from licensed commercial banks, finance companies, Non-Government Organisations, cooperatives, money lenders, pawn brokers, cheetu schemes (Rotating Savings and Credit Associations – ROSCAs), registered voluntary social service orga...
- Regulation of microfinance institutions (Category: Business)
- Finance: Restrictions on use of the word (Category: Business)
- The ability to save (Category: Business)
- ‘Divi Neguma’ Dept: Development catalyst, dependency creator or a white elephant? (Category: Business)
Central Bank of Sri Lanka today denied allegations by Dr. Harsha de Silva that Employeesandrsquo; Provident Fund (EPF) that it was engaged in corrupt deals in the Colombo Bourse.
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)
The National Chamber of Commerce of Sri Lanka will hold a Workshop on ‘Industrial Relations and Labour Laws’ from 9a.m. to 4.30p.m. on Tuesday 22 May at the Chamber Auditorium No 450 D.R. Wijewardene Mawatha, Colombo-10. Resource person will be Ananda Sahabandu, an Assistant Commissioner of Labour. Sahabandu is also an Attorney at Law having ...
- Industrial work sites to be graded (Category: Business)
- SLT, unions ring deal (Category: Business)
- Jordan probing allegations of sexual abuse at factory (Category: Breaking News)
- Trade unions to complain to ILO (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 ...
Dealing a fresh blow to the contentious deal legal, experts say NSB’s decision to buy a 13% stake in The Finance Co. Plc (TFC) last month had contravened the National Savings Bank Act. They said as per Section 39 of the NSB Act No. 30 of 1971, the savings giant before investing in a particular ...
- NSB Head gives quit notice (Category: Business)
- NSB conspicuous by its silence on allegations over TFC buy (Category: Business)
- NSB-TFC deal: CID questions Kariyawasam (Category: Business)
- A comprehensive investigation is underway on TFC-NSB deal – SEC (Category: Breaking News)
Listed below are some observations which need clarification from the relevant authorities. Lieu leave on 07.05.2012 Government has declared 7 May 2012 (Monday) as a Public and Bank Holiday in lieu of the Statutory Holiday falling on Sunday 6 May 2012. No lieu leave needs to be granted to Government employees who are enjoying Statutory ...
- Private Sector requested to declare 7 May a holiday (Category: Business)
- Workers’ benefits (Category: Business)
- No Public Holiday On Monday (Category: Breaking News)
- Nov. 11 should be a statutory holiday: Ottawa MPP (Category: Canada, Ontario)
Rs. 50 per share paid in deal worth Rs. 400 m for Rs. 9.4b loss carrying and negative networth finance company giant was a hefty premium as per some analysts Others say given lack of liquidity, price for 13% strategic block was good; NSB eyeing future upside with likely further buying; TFC to get big ...
- NSB conspicuous by its silence on allegations over TFC buy (Category: Business)
- NSB Head gives quit notice (Category: Business)
- NSB 12% buy a future investment, says TFC (Category: Business)
- TFC buy against NSB Act: Legal experts (Category: Business)
As a minority shareholder I thank Daily FT for highlighting the highway robbery committed by the directors of leading banks, which are ultimately owned by the public via the shareholdings of SLIC, EPF and ETF. What you have highlighted in your article is only the tip of the iceberg, in terms
- Top Marks (Category: Business)
- Islamic Banking (Category: Business)
- Lucky Thirteen (Category: Business)
- Top Marks (Category: Business)
It is hard to put a price on time, but we all know that time is money. Given the propensity of workers to strike in this country, it is interesting to look at the results as measured by the Central Bank annual report. The report says that although the number of strikes and man-days lost ...
- Making sense of strikes (Category: Business)
- Strikes paralyse government hospitals (Category: Breaking News)
- Trade Unions warn of Countrywide Strikes on March 15 (Category: Breaking News)
- Poppy thief strikes again (Category: Canada, Ontario)
Former Attorney General Mohan Peiris PC is tipped to be appointed as the new Chairman of the Seylan Bank. The appointment on a non-executive capacity follows the resignation of veteran banker Eastman Narangoda at Seylan’s Annual General Meeting for 2011 held last month after a three year stint. Peiris is currently the Senior Legal Advisor ...
- Narangoda to step down as Seylan Chairman (Category: Business)
- Seylan Bank expands network to Akuressa (Category: Business)
- New seylan Chairman assumes office (Category: Business)
- Seylan Bank gets a new Chairman (Category: Breaking News)
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)
Employees Provident Fund (EPF) yesterday bought a 5% stake in Piramal Glass Plc for Rs. 280.5 million increasing its overall holding to near 10% thereby becoming the single largest local shareholder. Prior to yesterday’s purchase, EPF held 4.11% stake as at end 2011, up from 1.94
- Ranil brush up! (Category: Business)
- SLIC sells 3.4% DFCC stake to EPF for Rs.1.2 b (Category: Business)
- Laugfs gas has last laugh at EPF? (Category: Business)
- ‘Empathetic’ Provident Fund! (Category: Business)
The UNHRC resolution was very unfortunate. This is the first time our country has been subject to this kind of scrutiny. As a fan of the President, it is very unfair that he has been subject to such humiliation. The President has been let down by his advisors. In the recent weeks we have seen ...
- Kamala Harris' VP win is huge for HBCUs, Tougaloo president says (Category: USA, Mississippi)
- Shribman: Gorman, summoned to participate, is celebrated (Category: USA, Massachusetts)
- Shribman: Gorman, summoned to participate, is celebrated (Category: USA, Massachusetts)
- Shribman: Gorman, summoned to participate, is celebrated (Category: USA, Massachusetts)
Veteran banker Eastman Narangoda is tipped to step down as the Chairman of Seylan Bank at its Annual General Meeting scheduled for today. The move is despite Narangoda being listed in AGM’s agenda for re-election as Chairman and Director as he retires by rotation in terms of Article 82 of the Articles of Association of ...
- Seylan Bank H’tota branch relocates (Category: Business)
- Seylan Bank Chairman resigns (Category: Breaking News)
- Seylan Bank gets a new Chairman (Category: Breaking News)
- Seylan Bank extends network to Chenkalady (Category: Business)
Rupee recovers on State bank dollar supplies; stocks down Reuters: TWO State banks sold dollars to boost the rupee on Tuesday after it hit a record low of 131.60 a day earlier, despite strong importer demand for greenbacks due to the forthcoming April festive season. The rupee, however, retreated to close at 129.90/130.00 a dollar, ...
- Rupee on a yo-yo! (Category: Business)
- Rupee hits record low as IMF discusses loan (Category: Business)
- Rupee a tad weaker, stocks remain bearish (Category: Business)
- Rupee sinks to record low (Category: Business)
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)
Continuous foreign buying in to select listed companies saw the year to date net inflow top the Rs. 20 billion mark by yesterday. The Colombo stock market began a fresh week with year to date net inflowing being at Rs. 17.7 billion and a further Rs. 2.5 billion was added bringing the total to Rs. ...
- Govt. Debt Up Rs. 465 Bn. (Category: Breaking News)
- Debt: 89% Of GDP (Category: Breaking News)
- Net foreign inflow tops Rs. 29 b mark (Category: Business)
- Foreign inflows at CSE top Rs. 23 b (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)
Malaysia’s sovereign wealth fund buys 8.8% stake in premier blue chip JKH for an estimated US$ 120 m from EPF Market turnover rockets to four-year high Khazanah Nasional Berhad, Malaysia’s State investment arm, yesterday bought an 8.8% stake in John Keells Holdings (JKH
- EPF gets a profit of 800 million rupees (Category: Breaking News)
- Rupee hits new low despite inflows (Category: Business)
- ‘Empathetic’ Provident Fund! (Category: Business)
- Stock market at 11-week low despite foreign inflows (Category: Business)
Amidst a mandatory offer for Aitken Spence by Melstacorp, both linked to business tycoon Harry Jayawardena, outside investors are managing to collect quantities in a development which analysts termed a bit bizarre. For example, last week on Monday three million shares of Spence traded for Rs. 347 million, but Harry had been able to pick ...
- Harry triggers Takeover Code on Aitken Spence (Category: Business)
- Harry picks up Rs. 336 m more of Spence shares (Category: Business)
- Harry’s Melstacorp buys 11% more in Spence for Rs. 5 b (Category: Business)
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)
Ceylon Hotels Corporation Plc has appointed Guanapala Tissakuttiarachcchi as a Director representing the Employers Trust Fund Board from 16 February. He replaced K.M.A. Godawatte. Tissakuttiarachchi is a Director of the Employers Trust Fund Board, on which he has served since 2005. EPF owns 11.4
- Higher Level (Category: Business)
- Albuquerque police investigate two fatal stabbings (Category: USA, New Mexico)
- Hotel Buy (Category: Business)
- Eastern Beaches (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)
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