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‘O cursed lust of gold\, to what canst thou not compel the heart of man!’ - Virgil Aenid (greed) This column dedicated to the notion of making Sri Lanka the Wonder of Asia turns its spotlight today on the dreadful suffering of Sri Lankans due to the fraudulent activities of persons masquerading as great philanthropists thereby building public ...
To better harness the post-war rebound in tourism, The Lighthouse Hotel is to add more rooms. The Company’s Board of Directors last week resolved to expand the hotel by the construction of 15-20 new rooms, a new restaurant, and a new bar with an extension to the spa under the expansion plan of the Company ...
Srilankamirror - Deputy Finance Minister Geetanjana Gunawardena says that monies in the Employees Provident Fund (EPF) have been deposited in several private banks. He has told parliament that EPF monies have not been used to buy shares of any private banks. He has noted that monies
Dec 03, Colombo: Deputy Finance Minister of Sri Lanka Gethanjana Gunawardena says that monies in the Employees Provident Fund (EPF), the retirement fund of Sri Lankan workers, have been invested in several private banks.
From early in-house management training to training in world class management schools that professionals, business leaders, academics and civil society leaders have undergone, they have learnt of the key management principle of engaging in quiet reflection, reality checks, risk mitigation assessments and the need to plan lessons learnt response action. These practices are considered essential ...
By Ian The President in his speech at the opening of the Southern Expressway said that this could be the beginning of building a modern society. He also mentioned that had there been such an expressway linking the north with the south the extremists would not have succeeded in capitalising on the mistrust among communities. ...
The Brokers are said to meet with the President on Monday the 28th. Wish them luck though some of them should be saying “mea culpa”. The euphoria after the war led the brokers and the financial journalists to create too much expectation. So the Colombo stock market rose by 96% in 2010 as indicated by ...
Professionals stressed the importance of attracting foreign direct investment (FDI) into the country to usher in much needed development and also to help in foreign debt servicing and to take away pressure on interest rates. Former Central Bank of Sri Lanka Director Statistics Dr. (Mrs.) Anila Dias Bandaranaike speaking at a CIMA sponsored budget seminar ...
IMPRUDENT INVESTMENTS CITED By Jayantha Sri NissankaTrade unions charge that the Employees Provident Fund (EPF) has incurred a loss of Rs1000 million investing in the stock market, and through two transactions that took place recently.Inter Company Employees Union Secretary, Janaka Adikara
Debate on the the 2nd complete UPFA budget since the conclusion of the war in 2009 May, is now on both within the parliament and without. Heavy weights both critical and positive about this budget, have access to media. The debate is about urban middle class life and the Western Province economy. Not much is ...
By Devin Jayasundera HDFC, Sri Lanka’s only bank which specialises in Housing finance industry launched its newest product HDFC Housing Fund that provides affordable and accessible financial services for housing purposes at a media briefing yesterday. HDFC Bank officials believe that these kinds of innovative schemes will strengthen the housing sector in Sri Lanka. The ...
By Marianne David The United National Party yesterday walked out of Parliament in protest of the Government’s “shameful” and “undemocratic” conduct whilst President Mahinda Rajapaksa was presenting the 2012 Budget. UNP Chief Economist and MP Dr. Harsha de Silva, who was one of the first members to walk out, told the Daily FT that the ...
Says that taxation simplified, gives concessions for investment and urges more private sector involvementBy Uditha Jayasinghe The benefits of the tax system have been continued to provide a firm foundation for economic growth, a top official said yesterday. Addressing a packed post-Budget seminar organised by the Inland Revenue Department (IRD), Finance Ministry Secretary Dr. P.B. ...
What are the prospects for the Stock market in the near future? The IMF thinks that the growth rate this year will be closer to 7% rather than 8%. The third quarter company earnings are now being released. Here are some results: Good performers Distilleries Profit growth @ 78; Kelani Cables 259%; LOLC 68%; LWL ...
Following the successful signing last month of two MOU’s between the EFC and the regional chambers of Hambantota and Jaffna, a panel of senior members from the EFC travelled to Hambantota last week as guests of the District’s Chamber of Commerce to meet with the local business community. Speaking about the day long event, Director ...
Nov 17, Colombo: Private sector trade unions in Sri Lanka have commenced a campaign to create awareness among the public on the alleged misuse of the retirement fund of the country's workforce, Employees' Provident Fund (EPF) monies by the government.
Arrangements are in place to re-open the Embilipitiya Paper Factory. The Embilipitiya Paper Factory comes under the Minister of State Resources and Enterprise Development. It has been leased out to an Australlian Company for 30 years for a sum of 600 million rupees. The signing of the lease agreement took place in the presence of ...
ASPI in steepest fall since February; fears over Takeover nBill force dumping of blue chips; EPF the lone ranger Investor confidence is worsening by the day judging by the continued tumble in value of the Colombo bourse, as it suffered one of the sharpest declines yesterday. The market
By: R. M. B. Senanayake The stock market swings 50-100 points each way while the general trend is downwards. Many retail investors have lost money and are now fighting shy of investing in the market. In any case they were more speculators rather than investors. They were led up the garden path by high net worth ...
The UNP yesterday criticised the Board of Investment (BOI) for misleading investors by changing its web site's previous assurance that foreign investments will not be nationalised. An apparent development following the passing of Takeover Bill in parliament on Wednesday, in the BOI web site's section listing Supportive Government Policies, the new version only states "Safety ...
By: R. M. B. Senanayake The EPF has defended their investments in the stock market. But it has missed the point of the criticism leveled by the public. No one is opposing the EPF investing in the stock market. But the EPF should not gamble with the workers money for they are trustees
The Central Bank yesterday issued a fresh statement defending the stock market investments made by the Employees Provident Fund (EPF), which has come under criticism from the Opposition and others. The statement said in an era where interest rates are likely to decline in the medium to long term
Nov 02, Colombo: Sri Lanka's monetary authority, Central Bank says the retirement fund of the country's workforce, Employees' Provident Fund (EPF) is focused on providing long term growth and advised the millions of stakeholders of the fund not to be misled by 'vituperative and negative
The Employees Provident Fund has defended its recent investment moves where it purchased shares of various listed firms through the Colombo Stock Exchange and also made investments in some unlisted firms. EPF says these investments are essential in an era where interest rates are likely to decline
Govt. outlines plan to move into top 30 Doing Business Ranking by 2014 By Cheranka Mendis The Government yesterday outlined the roadmap to up Sri Lanka’s ranking to number 30 in the Doing Business Ranking by 2014 from the current position of 89. The plan highlights the need to reform operations in key institutions with ...
Marque fund manager and investor Asanga Seneviratne structures deal; Galadari Brothers part sell stake as part of settlement of cases in UAEThe buying of a 16% stake in Galadari Hotel (Lanka) Plc by the Dubai Government for Rs. 1.18 billion yesterday is expected to throw open the city five star as an attractive investment in ...
Oct 30, Colombo: Labor Minister of Sri Lanka Gamini Lokuge says there is no problem in Employees Provident Fund (EPF) monies being invested in the Colombo Stock Exchange (CSE).
(Lanka-e-News -29.Oct.2011, 3.30AM) The President of the inter Companies workers Association , Vasantha Samarasinghe addressing a media briefing at the Nippon Hotel on the 27th....
Janatha Vimukthi Peramuna (JVP) affiliated Inter Company Employees’ Union (ICEU) says that authorities were swindling monies of the working masses in the Employees’ Provident Fund (EPF). ICEU Head Wasantha Samarasinghe says the decision to invest EPF monies in the Colombo Stock Exchange