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The Central Bank yesterday denied the Reuters report (also published in the Daily FT yesterday) which said the target of the rupee had been shifted to Rs. 132 levels from the previous Rs. 125. Despite Central Bank denial, Reuters didn’t re-file a corrected story which it usually
- Keheliya joins Rupee talk; Says will settle between 125 and 127 (Category: Business)
- CB says rupee outlook unchanged from 125 (Category: Business)
- Rupee slips on importer dollar demand; shares down (Category: Business)
- Stocks at 23-month low; Rupee stronger (Category: Business)
Year to date negative return tops 20% Rs. 45 b in value wiped off; YTD loss figure tops Rs. 400 b mark The stock market crash persisted for the second consecutive day with more velocity yesterday as Rs. 45 billion in value was wiped off, propelling the year-to-date loss surpass Rs. 400 billion mark and ...
- October ordeal at CSE persists; Rs. 179 b in value wiped off so far (Category: Business)
- Budget fails to boost bourse (Category: Business)
- Rs. 44 b in value wiped out from Bourse (Category: Business)
- Bourse gets better; foreign inflow tops Rs. 27 b; turnover pips Rs. 1 b mark (Category: Business)
The SEC writes in response to the article appearing in the Daily FT dated 28th May 2012 under the heading “SEC reliance on private counsel ignoring AG’s Department raises eyebrows”. SEC was extremely surprised by the article appearing in your esteemed FT newspaper which attempts
- Right of Reply: SEC responds to ‘Cracks in SEC?’ (Category: Business)
- SEC says not out to create a fear psychosis in the minds of investors (Category: Business)
- SEC Chief says no division (Category: Business)
The Securities and Exchange Commission of Sri Lanka (SEC) writes in response to the article published in Daily FT on Monday 28 May 2012 under the caption ‘Cracks in SEC?’ The article has stated that the Chairman has written to the Ministry of Finance that the Senior Commission
- Facebook cracks down on fake “Likes” (Category: Business)
- Europe orders cracks check on Airbus A380s (Category: Business)
- Cracks appear in Balochistan coalition govt over panel for finding missing persons (Category: Breaking News)
Further to the clarification issued by the Central Bank of Sri Lanka regarding the controversial The Finance Company (TFC), I would like to congratulate the President Mahinda Rajapaksa for rescuing its depositors. We know that it was President Rajapaksa who as Minister of Finance intervened to help hapless depositors of TFC and ordered the CBSL ...
- TFC releases popular midfielder Robinson (Category: Canada, Ontario)
- Recapitalising The Finance Company PLC (Category: Breaking News)
- TFC will need quick start in Panama (Category: Canada, Ontario)
- The Finance aims higher, retains MTI Consulting for strategising (Category: Business)
Sri Lanka Tourism Promotion Bureau MD post is a permanent position and comes under scheme of recruitment approved by Treasury Rumy Jauffer hired on one-year contract sans an application or a CV Not marking attendance, unlimited use of fuel among flags-off in Auditor General’s Department query A host of queries by the Auditor General’s Department ...
- First female AG appointed (Category: Business)
- Protect Shani Abeysekara’s Life: Victims Appeal To AG (Category: Breaking News)
- Protect Shani Abeysekara’s Life: Victims Appeal To AG (Category: Breaking News)
- Protect Shani Abeysekara’s Life: Victims Appeal To AG (Category: Breaking News)
Chairman writes for removal of Commissioner P. Jayawardena who failed to attend three consecutive meetings; Strained ties the cause, say insidersSome cracks have appeared within the Securities and Exchange Commission (SEC), just less than six months under new Chairman Tilak Karunaratne. The Chairman has written to the Finance Ministry that senior Commissioner P. Jayawardena must ...
- Right of Reply: SEC responds to ‘Cracks in SEC?’ (Category: Business)
- Mudalige out; Kalinga in (Category: Business)
- Sujeewa’s nomination to SEC dropped? (Category: Business)
- Nalaka new SEC Chief; Priyantha, Sujeewa back as Commissioners (Category: Business)
By Deepal V Perera The volatile exchange rate environment since this year has dealt a fresh crisis for illegal money changers, though the positive outcome is that more transactions taking place officially. “The illegal money changers are now finding a crisis situation to match the daily changing rates, therefore forcing many to change their foreign ...
- CBSL decides not to renew permits of 15 money changers (Category: Breaking News)
- CBSL suspends renewal of permits of 15 private foreign exchange dealers (Category: Breaking News)
- Pressure mounts on overnight rates (Category: Breaking News)
- CBSL permanently revokes money changing permit of Prasanna Money Exchange (Category: Breaking News)
The Rules Committee of the Colombo Stock Exchange (CSE) is likely to meet shortly to study and recommend changes if any to the SEC’s directive issued on Friday incorporating some new regulations following the fiasco centring on the NSB-TFC transaction. Sources said that after a SEC directive is issued, the CSE’s Rules Committee, comprising three ...
- Credit ban for illiquid: SEC suspends 12 brokers from giving credit (Category: Business)
- Backlash at Bourse: Rs. 40 b in value lost after SEC new rules (Category: Business)
- Credit not a right but at broker discretion, capacity (Category: Business)
- SEC gives more flexibility on broker credit (Category: Business)
Last week’s resignation of Dr. Nalaka Godahewa from three tourism entities whilst remaining Tourism Development Authority Chairman as exclusively reported by the Daily FT is being linked by industry circles as a direct fallout with Treasury Secretary Dr. P.B. Jayasundera. The strained
- Tourism development strategy finalised (Category: Breaking News)
- Sri Lanka opens up for a 4 million domestic tourism industry (Category: Business)
- Nalaka Godahewa tosses three tourism hats (Category: Business)
- Basil bats for PB (Category: Business)
Dr. Milinda Salpitikorala’s latest collection of Skzin tees as well as sketches, paintings and digital artwork will be on display and up for sale at the Lionel Wendt Harold Pieris Gallery Colombo 03 today (26) and tomorrow (27) May from 10a.m. to 7p.m. in the artist’s debut exhibition. The exhibition will showcase works from past ...
- Loot from the Loft (Category: Business)
- ‘Power Sri Lanka 2012’ (Category: Business)
- The symbolism of life (Category: Business)
- Exhibition for ‘Bride and Groom’ (Category: Business)
Confirming the Daily FT’s exclusive report, the Securities and Exchange Commission (SEC) said yesterday it has issued a Directive dated 23 May 2012 to the Chairman and Board of Directors of Taprobane Securites (Pvt) Ltd. to suspend with immediate effect Dinal Wijemanne, CEO/Managing Director
- SEC suspends Taprobane’s Dinal (Category: Breaking News)
- SEC directs Taprobane to suspend CEO / Managing Director (Category: Breaking News)
- SEC Allows Transfer Of NSB Shares (Category: Business)
- SEC resolves NSB-TFC in-limbo trade via private transfers (Category: Business)
To remain as Chairman of Tourism Development Authority Top professional Dr. Nalaka Godahewa yesterday resigned as Chairman of Sri Lanka Tourism and two other entities whilst continuing to serve as Head of Tourism Development Authority. “I have decided to resign from the Chairmanship of the Sri Lanka Tourism Promotion Bureau, Sri Lanka Tourism Convention Bureau ...
- Tourism development strategy finalised (Category: Breaking News)
- Nalaka Godahewa resigns as SLTDA chairman (Category: Breaking News)
- Dr. Godahewa steps down from three of his SL Tourism postings (Category: Breaking News)
- Nalaka Godahewa takes over SL Tourism (Category: Breaking News)
By The Lion Without Spot The Pure Ceylon Tea debate rages on. Though the dialogue so far has largely been confined to the print media on the way forward for Sri Lanka’s tea industry and it will no doubt open out the opportunity for discussion in other forums as well, in the days to come. ...
- Akbar Brothers flies Lankan flag high as world’s biggest tea exporter (Category: Business)
- Govt. pledges to protect ‘Pure Ceylon Tea’ (Category: Business)
- “PURE CEYLON CINNAMON” SECOND NATIONAL BRAND UNVEILED (Category: Breaking News)
The Securities and Exchange Commission (SEC) has suspended the Investment Advisor role of Taprobane Securities CEO Dinal Wijemanne, who was also part of the consortium of sellers of TFC shares to NSB. Daily FT learns the SEC decision to suspend, made at Monday’s Commissioners meeting
- CSE’s Rules Committee to meet on SEC’s new directive (Category: Business)
- NSB Head gives quit notice (Category: Business)
- NSB-TFC deal: CID questions Kariyawasam (Category: Business)
- Kneejerk reactions by SEC (Category: Business)
In mid February, the Ceylon Electricity Board (CEB) informed consumers of their intention to revise their electricity charges from the following month. The March electricity bill issued to the consumer by the meter-reader was based on previous rate. The April bill based on revised rates with the addition of fuel surcharge for March was sure ...
- More power cuts after China-built plant fails again (Category: Business)
- In the Chinese-built coal power plant of Norchcholai, there are more questions than answers. (Category: Breaking News)
- Chinese firm says coal plant failed after overuse (Category: Business)
- CEB is not a burden on national economy, says Power Minister (Category: Business)
Parliament told EPF has lost Rs. 4.2 b in value over investments in five listed companies alone Last audited accounts of EPF presented in Parliament was for year 2009 only The main Opposition UNP yesterday in Parliament stepped up its charge on alleged mismanagement of funds of the EPF by the Central Bank, raising fresh ...
- Ranil raises red flag over EPF, ETF in Parliament (Category: Business)
- What the UNP Leader told Parliament (Category: Business)
- EPF is well managed, not corrupt: CB Chief (Category: Business)
- UNP MP renews warning over fate of EPF’s questionable investments in stock market (Category: Business)
National Savings Bank (NSB) Chairman Pradeep Kariyawasam yesterday tendered his resignation amidst mounting pressure for the same from Opposition and trade unions over the ill-fated decision to invest in The Finance Company Plc (TFC). Kariyawasam, who only completed two years as NSB Chief last week, had sent his resignation to President Mahinda Rajapaksa, who is ...
- NSB-TFC deal: CID questions Kariyawasam (Category: Business)
- NSB’s custodial role suspended, Sampath clears Friday settlements (Category: Business)
- NSB conspicuous by its silence on allegations over TFC buy (Category: Business)
- NSB Chairman resigns (Category: Breaking News)
SEC, CSE and CSBA hold positive joint meetingThe stock market is likely to step up the migration to Delivery Versus Payment (DVP) system in a more robust risk management regime following the fiasco triggered by the default of National Savings Bank (NSB). Daily FT learns the DVP
- SEC resolves NSB-TFC in-limbo trade via private transfers (Category: Business)
- Taprobane buys back the TFC shares it sold to NSB (Category: Breaking News)
- NSB’s custodial role suspended, Sampath clears Friday settlements (Category: Business)
- Sanctity of CSE hinges on NSB (Category: Business)
Following is the response from Dlimah Tea Director Malik J. Fernando to Willie Weerasekera’s article ‘Pure Ceylon Tea’ or ‘tea hub’? The billion dollar question published last Friday in Daily FT.The writer speaks sense when he says “the million-dollar question is therefore much more than ‘Ceylon Tea’ or ‘tea hub’ – It is: How do ...
- Hub is no hoodoo, says TEA (Category: Business)
- Debate on importation of lower cost tea (Category: Business)
- Storm in Sri Lanka’s teacup: A more pragmatic approach is key (Category: Business)
- Govt. pledges to protect ‘Pure Ceylon Tea’ (Category: Business)
Sri Lanka’s top policy administrator, Dr. P.B. Jayasundera, popularly known by the initials of his name PB, is reported to have proclaimed that Sri Lanka should stop altogether the importation of tea from abroad for blending purposes for it would tarnish the reputation which the country has earned for centuries as the best tea producer ...
- ‘Pure Ceylon Tea’ or ‘tea hub’? The billion dollar question (Category: Business)
- Ceylon Tea: To blend or not to blend? (Category: Business)
- Coca-Cola launches ‘Minute Maid Apple’ flavour (Category: Business)
- Hub is no hoodoo, says TEA (Category: Business)
In yesterday’s Daily FT page 13 which carried an advertisement on the ‘HRM Awards Learning Conference 2012 – The Axiom Revolution,’ we had inadvertently carried the wrong picture of the keynote speaker who was C.H. Wee, Ph.D., M.B.A., B.B.A. (Hons), B.B.M., P.P.A.
The Merchant Bank of Sri Lanka (MBSL) in a filing to the Colombo Stock Exchange (CSE) has stated that The Daily FT articles of 14 and 15 May had carried misleading insinuations over the position with regard to the disposal of the shares of MBSL Savings Bank. Chairman M.R. Shah’s filing
- Shareholders furious over lack of disclosure, sale plan of MBSL’s savings subsidiary (Category: Business)
- MBSL selling savings bank for a song! (Category: Business)
- Navara-led consortium to buy 68% of MBSL Savings Bank for Rs. 562 m (Category: Business)
- MBSL Savings Bank invests in community of Galle with relocated Extension Office (Category: Business)
Columnists come and go. Hope this one stays! I’ll agree to do that; if you’d let me kick up controversy, poke fun at you and distort the life out of news and gossip that come my way. The Daily FT Ed is a nice guy; he’s already let me do that. As long as I ...
- Ore. father accused of trying to give away the kids (Category: USA, Washington)
- Jana Aragalaya now ‘Frontline Socialist Party’ (Category: Breaking News)
- Bayliss feels for Marsh as Dilshan quits (Category: Business)
- Heshan comes second in heats but fails to qualify for next round (Category: Business)
By Chamitha Kuruppu Parliamentarian Tiran Alles yesterday met President Mahinda Rajapaksa to discuss about the release of former Army Commander Sarath Fonseka. Speaking to Daily FT Alles said that he met President Rajapakse Wednesday morning at the Temple Trees to discuss the release
- President Meets Anoma Fonseka (Category: Breaking News)
- President meets Anoma Fonseka (Category: Breaking News)
- DNA parliamentarian discusses Sri Lanka's jailed Army commander's release with the President (Category: Breaking News)
- Tiran meets with President on release of Fonseka (Category: Breaking News)
Exporters deny lobbying to import cheap tea Insist more liberal regime for select import of orthodox varieties key to boost blending for exports and establish Colombo as a tea hub Stress Pure Ceylon Tea will remain supreme and unaffected By Uditha Jayasinghe Stirring a fresh storm in the industry, the Tea Exporters Association (TEA) yesterday ...
- Govt. pledges to protect ‘Pure Ceylon Tea’ (Category: Business)
- Storm in Sri Lanka’s teacup: A more pragmatic approach is key (Category: Business)
- Tea Industry Divided Over Importing Tea For Blending (Category: Breaking News)
Carson Cumberbatch joined hands with the Ceylon Chamber of Commerce as the Platinum Sponsor of the Sri Lanka Economic Summit 2012, the key corporate forum in the country’s business calendar. For the 13th consecutive year, the Sri Lanka Economic Summit will be held on the 10, 11 and 12 July 2012 at the Cinnamon Grand, ...
- WB South Asia Chief Economist to address Sri Lanka Economic Summit 2012 (Category: Business)
- Young guns to share insights to positioning Sri Lanka in global economy (Category: Business)
- Economic summit begins today (Category: Breaking News)
- CCC’s 13th Economic Summit from 10-12 July (Category: Business)
Minority shareholders and analysts are fuming over MBSL’s failure of proper disclosure, including providing no justification for the sale of its controlling stake in its savings bank subsidiary. Sequel to Daily FT’s expose yesterday, investors said that MBSL in its 2010 Annual Report
- MBSL selling savings bank for a song! (Category: Business)
- MBSL says savings subsidiary sale will result in a profit of Rs. 325 m (Category: Business)
- Navara-led consortium to buy 68% of MBSL Savings Bank for Rs. 562 m (Category: Business)
- HNB’s Rights undersubscribed (Category: Business)
With open economic policies, the health sector in Sri Lanka has shown a significant development during the last few years. With the increasing population, which has now reached 20.8 million, there was a dire need for the country to improve her healthcare facilities and this requirement is now being fulfilled by both public and private ...
- ‘Arogya 2012’: A step towards better healthcare (Category: Business)
- Private Hospitals Association’s case for employing foreign medical specialists (Category: Business)
- Nawaloka Hospitals sponsors ‘Arogya 2012’ as Official Cardiac Partner (Category: Business)
- MARKSS Healthcare expands footprint in Kandy (Category: Business)
Planned divestiture of subsidiary – the sole private savings bank in the country – not advertised Deal with in-out-and-in Navara Capital under fire as Rs. 562 m strike price falls below Board recommendation Analysts label deal price as “cheap” when CB is unlikely to be generous in issuing new Specialised Bank licences in the future ...
- Shareholders furious over lack of disclosure, sale plan of MBSL’s savings subsidiary (Category: Business)
- Navara-led consortium to buy 68% of MBSL Savings Bank for Rs. 562 m (Category: Business)
- MBSL says savings subsidiary sale will result in a profit of Rs. 325 m (Category: Business)
- Double-edged deal (Category: Business)
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