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Reuters: Barclays (BARC.L) will shut three of its nine bank branches in India by the end of this month, two sources with direct knowledge of the development said on Tuesday, as the British bank reduces its retail banking operations in the country. Britain’s fourth-largest bank is expected to cut about 30-40 jobs as a result ...
Reuters: Banks are getting round new rules intended to make a still vulnerable industry safer while countries are distracted by the continuing financial crisis, the International Monetary Fund said on Tuesday. The IMF’s latest Global Financial Stability Report said banks will adjust to new costs from tougher regulation to curb excessive risk taking, with deep-pocketed ...
The WTO in its annual World Trade Report for 2012, in addition to analysing world trade, has dealt in detail on Non Tariff Measures (NTMs), which has gained an important place in international trade today. In a world of trade liberalisation and free trade agreements which deal mainly with tariff reductions, which are clearly spelt ...
UNITED NATIONS(Reuters): President Barack Obama will say on Tuesday the United States will “do what we must” to prevent Iran from acquiring a nuclear weapon as UN Secretary-General Ban Ki-moon warned against threatening attacks whose consequences would be devastating. Preparing to take the podium at the United Nations six weeks before the US presidential election, ...
East London recently received a boost as five ICT firms announced plans to expand their operations in Tech City, Europe’s fastest-growing digital hub. Milton Keynes, Sheffield and Ulster will also benefit from multi-million pound international business deals announced at the Global Business Summit on ICT, organised by UK Trade & Investment (UKTI) during the Olympic ...
Reuters: Chinese university teacher Zhu Haibin wept softly as she and other Communist Party cadres stood in rows before a mass grave of Communist fighters in southern China. Ignoring light drizzle, the group listened to a party instructor tell the story of Zhang Longxiu, a “hero mother” from the early days of China’s Communist revolution ...
Global giant Standard Chartered Bank tips Sri Lanka’s economic growth to rebound in 2013, after contracting this year from 2011. It is forecasting economy to grow by 7.5% in 2013 and by 7.7% in 2014 from 6.8% this year. However, forecasts for the next two years are lower in comparison to record 8.3% growth achieved ...
Reuters: Stocks ended slightly firmer on Tuesday as investors picked up banking shares, with foreign interest centred on blue chips, dealers said, while the rupee firmed on dollar sales by banks. The Colombo Stock Exchange’s main index, or All Share Price Index (ASPI), ended 0.18%, or 10.39 points, higher at 5,926.29. “The market is holding ...
Globe Mirror Industries (GMI), the first tempering plant to be established in Sri Lanka in 1969 has been awarded ISO 9001:2008 certification, a clear indication of its growth and credibility in terms of maintaining a high standard of quality throughout the years. GMI was started by late Mohammed Nawaz and has since grown to be ...
The Sri Lanka-Poland Business Council (SLPBC) has made significant progress this year, not only in terms of business awareness amongst the business community, but also strengthened relationships with the Polish Embassy in New Delhi and Sri Lanka’s Embassy in Poland. Even though there was no exchange of business delegations between the two countries, total exports ...
The Embassy of Sri Lanka in Tokyo organised a high profile “Sri Lanka Promotional Seminar” consisting of over 150 officials and personnel engaged in the sphere of tourism and travel trade, leaders of corporates and industry of Japan, senior bureaucrats and technocrats of the Government of Japan and select invitees. The said Seminar was held ...
Expolanka Holdings PLC walked away with the Best of Category – Grand Award for the year 2011 in Green/Environmentally Sound Annual Reports winning the Gold award from among 2200 entries from 32 countries at the glittering Academy Awards of Annual Reports the 26th ARC Awards International in New York City on Thursday, 20 September. Commenting ...
Leading textile companies from Taiwan will be exhibiting a wide range of quality design and high performance textile and garment products in Colombo at the Taj Samudra, Upper Crystal Room, on 30 and 31 October 2012. After a decade long success story of textile fairs in India, Taiwan Textile Fair now expands into Sri Lanka. ...
A number of articles which appeared in print media in the recent past signify the volatility in the economy. High volatility leads to vulnerability. Volatility and vulnerability are reflections of the haphazard nature of the economic policies and poor economic governance in a country. What is volatility? Volatility is the severity and the frequency with ...
Fitch Ratings has assigned the Ceylon Income Fund an ‘A-(lka)’ National Fund Credit Rating. This is the first fund rating assigned by an international rating agency in Sri Lanka. The fund primarily invests in corporate debt instruments and is managed by Ceylon Asset Management (CAM). The ‘A-(lka)’ National Fund Credit Rating is driven by the ...
Shareholders of Riverina Hotels Plc (RHL) and Palm Garden Hotels Plc (Palm) yesterday approved the amalgamation of the former with the latter. Following this development, trading in the shares of RHL will be suspended with effect from today. Yesterday RHL share price rose by Rs. 11.70 to Rs. 96.70 whilst it hit an intra-day high ...
The share price of Aviva NDB Insurance Plc yesterday soared to a record high as investors took speculative positions on the impending sale of its control. The company’s stock price hit an all time high of Rs. 448.90 during the day before settling down at Rs. 436.60, up by a whopping Rs. 67 or 18% ...
UNP MP Dr. Harsha de Silva yesterday decried the serious slip in good governance and effectiveness at the Securities and Exchange Commission (SEC), saying the stench was unbearable. With reference to Daily FT article on SEC’s decision to send letters of assurance to 50 investors who had been previously summoned or written to seeking information, ...
Reuters: Sri Lankan stocks edged up Monday as investors picked up telecommunication and banking shares, while retail investors made speculative plays, dealers said. The Colombo Stock Exchange’s main index, or all share price index (ASPI), ended 0.1%, or 5.83 points, firmer at 5,915.90. The index had risen 19% in 15 sessions through to Sept. 17 ...
Expolanka Holdings PLC’s subsidiaries Expolanka (Pvt.) Limited, Expolanka Freight (EFL) and Hello Corp (Pvt.) Ltd walked away with top honours with two Gold, one Silver and a Merit Award at the National Chamber of Exporters Awards Ceremony for the Year 2011, held in Colombo. Expolanka Limited, the pioneer exporter of Sri Lanka’s fresh fruits and ...
Scientists have pinpointed a gene that enables rice plants to produce around 20% more grain by increasing uptake of phosphorus, an important, but limited, plant nutrient. The discovery unlocks the potential to improve the food security of rice farmers with the lowest value phosphorus-deficient land, allowing them to grow more rice to add to global ...
TOKYO, (Reuters): Key TOCOM rubber futures edged down on Monday, taking cues from weaker oil and Asian stock prices, with investors continuing to fret about global growth despite steps from major central banks to bolster their economies. The key Tokyo Commodity Exchange rubber contract for February delivery <0#2JRU:> was changing hands 3.4 yen lower at ...
Niru Lanka (Pvt) Ltd. opened its new office at Access Towers, Union Place last Thursday, which will handle sorting and grading of diamonds and dispatching orders for customers of prestigious Niru Diamonds Ltd., Israel. The office was declared open by Gem and Jewellery Authority of Sri Lanka Chairman Prasad Galhena and the event was attended ...
BEIJING (Reuters): Jaguar Land Rover and Chery Automobile Co Ltd have won regulatory approval to form a 12.1 billion yuan ($1.92 billion) car venture in China, the Chinese automaker said on Friday. The deal would help raise the profile of Chery, a mass volume player aspiring to gain access to the lucrative upscale segment dominated ...
Reuters: A deeply divided and unproductive Congress wrapped up its final business before November’s elections early on Saturday as the US Senate passed a stopgap measure to fund federal programs and avoid an 1 government shutdown. The 62-30 vote on the funding bill, which now moves to President Barack Obama’s desk to be signed into ...
Leaving nobody out in the cold In India, the Rangarajan Committee on Financial Inclusion defined the concept as: “The process of ensuring access to financial services, timely and adequate credit where needed by vulnerable groups such as weaker sections and low income groups, at an affordable cost.” At the recent FutureGov SAARC Summit in Colombo, ...
The Securities and Exchange Commission of Sri Lanka has issued a consultation paper aimed at tightening regulations pertaining to disclosures and governance in related party transactions.
Once again last week foreign investors closed in a net buying which amounted to Rs. 601.37 million; this, however, was a w-o-w decline of 25.33% from previous’ net buying position of Rs. 805.32 million. The daily average net buying position amounted to Rs. 120.27 million relative to the previous week’s daily average of Rs. 161.06 ...
Asia Wealth Management is urging retail investors to ‘pull up their socks,’ suggesting a more confident approach to equities investment. Here are excerpts from Asia Wealth’s weekly review: The market has healed so fast within a very short period lowering the year-to-date loss to -2.7%, despite reaching highs of negative 20%. There are many explanations ...
The Commercial Bank of Ceylon has opened a Branch in the scenic hill country town of Maskeliya, extending its award winning services to residents and travellers to this tea-growing region. Located at No. 244-246, Main Street, Maskeliya, the Bank’s 221st Branch was inaugurated by Commercial Bank Chairman Dinesh Weerakkody. The new branch is computer-linked to ...