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The place isn’t a paradise for minorities but the economy is recovering By Sam Baker Asuasentinel.com: The Government of Mahinda Rajapaksa in Sri Lanka has probably botched its dealings with the United States, the European Union and the United Nations. Still, the disenchantment with Colombo may be overblown three years after the end of the ...
The global escalation of commodity prices in the latter part of last decade impacted Sri Lanka’s rice market, with retail prices showing sharp increases for the consumer. The regulatory forces with a ceiling on consumer prices and guaranteed price for paddy did alleviate this problem to some extent. Today it has taken a different turn ...
10-day rally checkmated by profit taking on Rs. 2 b turnover; buying returns at tail-end Retailers, who staged a dramatic bull run in recent weeks, propelling indices to rise by over 10%, yesterday took what one broker described as a “well-deserved breather” as profit taking ruled the Colombo Bourse. The ASI after a momentary rise ...
24th August 2012 Dr. P. B. Jayasundera, Secretary to the Treasury, Ministry of Finance & Planning The Secretariat, Colombo 1. Dear Dr. Jayasundera, Establishment of a Financial Services Authority and a Banking and Finance Commission I suggest for your consideration that you duly evaluate the long-term national economic benefits of enhancing effective fiscal management capability ...
A historic battle took place in the Kande Uda Rata Rajadhaniya, in the course of one of the many invasions by the Western colonial powers who once occupied what was known as the Maritime Provinces of Lanka, at the site of the ford at Wagolla village, a crossing point of the Mahaweli river on one ...
Global Media Networks Ltd. (GMNet) has unveiled a Colombo Stock Exchange-based free game simulator VstoX Colombo Virtual Exchange (www.vstox.com) with a view of introducing a virtual simulation to investors on the Colombo Bourse’s activities for the first time in Sri Lanka. VstoX integrates the real life order placement system, commonly known as ATS (Automated Trading ...
Shares thoughts on sustainability in volatility and the way forward The Guest of Honour, Dato’ Charon, President and Members of the Professional Bankers’ Association, my dear friends, first of all, let me thank the Association of Professional Bankers for inviting me this evening to your 24th Convention and giving me the opportunity to share a ...
Following is the text of the letter written by good governance activist Chandra Jayaratne to Chairman of the Committee on Public Enterprises (COPE) D.E.W. Gunasekera with regard to the Securities and Exchange Commission and capital markets. 14th August 2012. Hon. D.E.W. Gunasekera M.P. Chairman, COPE, Parliamentary Complex, Sri Jayawardhanapura, Kotte. Dear Sir, The priority ...
Ever since the first aircraft was conceptualised by Leonardo Da Vinci, the dream of flight is still continuously evolving. The latest aircraft is known as the dream liner Boeing 787. There has been no end to the technological advances in aviation. The global aviation industry has since been enlarged into a multibillion dollar business and ...
Impending discussion bolsters investor sentiment as Bourse value gains by Rs. 27 b; some link it to sovereign bond success The Colombo Bourse yesterday staged a mini rally sentiment wise in anticipation of a positive meeting between President and Finance Minister Mahinda Rajapaksa and capital market stakeholders today. The market’s value rose by Rs. 27 ...
Industry experts urge disillusioned local investors to ‘buy when it’s down and sell when it’s up’ In a highly volatile atmosphere and with low investor confidence in the Colombo Bourse, experts earlier this week went against the negative sentiments and instead stated that now is the time to buy. These views were aired at a ...
A solution for loss-making SOEs? In the USA, a new corporate entity referred to as a Benefit Corporation (B-Corp) has been brought into being. The states of Maryland, New Jersey, Virginia, California and Vermont have legislation which permits companies to combine the profit motive with the purpose of making a positive impact on society and ...
Market’s value up Rs. 23 b, ASI back again in 5,000-points level The Colombo stock market produced a confident rebound yesterday driven by high net worth investors as well as institutions picking up low valued opportunities. The market’s value rose by Rs. 23 billion, slightly lower than Friday’s gain of Rs. 26 billion. The rise ...
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 ...
The NSB/TFC deal and the General Recent events in Sri Lanka have reconfirmed that though seemingly power may be unlimited, there are in reality constraints which limit the options those in power have. As proof of this fundamental reality, the first event is the purchase by the National Savings Bank (NSB), a State-owned entity, whose ...
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 does if the news agency had made a ...
By Cassandra Mascarenhas The biggest mobile forum in the region, the South Asian Mobile Conference was held for the third year in Colombo earlier this week, bringing together some of the world’s top experts in the mobile sphere, developers of the next generation, researchers, academics and policy makers, creating a platform for a chance of ...
The stock market’s misery worsened yesterday with the benchmark All Share Index (ASI) dipping below the psychological 5,000 points level whilst year to date a staggering Rs. 371 billion in value has been wiped off. The ASI yesterday dipped by 1.5% or 74.66 points, to close at 4,935.01, the lowest close in 22 months or ...
Ballooning trade gap Even with the multitude of measures taken to curb imports, Sri Lanka's cumulative trade deficit widened to nearly US$ 1.7 billion in the first two months of the year with earnings from exports increasing marginally by 3.3 per cent to US$ 1.8 billion whilst import expenditure shooting by 24.7 per cent to ...
What is corporate governance? According to the World Bank Corporate governance is “the system by which companies are directed and controlled”. It involves the balance of powers among three key corporate constituencies: the board of directors, which is charged with monitoring, overseeing, and guiding the company; the shareholders, who invest their funds in the company’s ...
Taprobane Securities (Pvt) Ltd (TSL) and the National Savings Bank (NSB) by letters dated 11 May 2012 made an application to the Securities and Exchange Commission of Sri Lanka (SEC) seeking prior approval under Section 28 (1) of the SEC Act to transfer The Finance Company PLC (TFC) shares purchased by NSB on 27 April 2012 on the Colombo Stock Exchange (CSE) to persons identified by TSL outside th...
Sri Lankaandrsquo;s banking watchdog - Central Bank is expecting to increase foreign reserves in 2012 and narrow the current accounts deficit in the balance of payments, despite strong capital inflows, which will increase domestic spending power.
Mr. Thilak Karunarathne Chairman, Securities Exchange Commission,Colombo. Dear Sir, Re: SEC inquiry connected with the stock exchange transaction where the National Savings Bank acquired shares of The Finance Company I wish to hail your expressed commitments to initiate with urgency a comprehensive inquiry connected with the stock exchange transaction where the National Savings Bank acquired ...
Even as prices of several essential items saw monumental increases last week, Central Bank Governor Ajith Nevaard Cabraal assures the country that inflation is at an all time low, foreign reserves are adequate and the Sri Lankan economy is sounder than ever.
The highest oversubscription ever seen for a Sri Lankan international bond in April and KPMG’s latest positive Change Readiness Index ranking for Sri Lanka show the growing international investor confidence in the country, which prefers patient investments to hot money. “Sri Lanka has entered a new era of development thanks to the visionary leadership of ...
VESAK is the festival of light. Yet this year it seems that the lights will have to be dimmed to reflect the reduced lustre of the country’s economy. As the Power and Energy Ministry organisers raffle draws for people who save electricity during the upcoming religious season there are many other efforts happening behind the ...
The Colombo stock market yesterday produced a late rally following the removal of the 10% price band by the Securities and Exchange Commission (SEC). The market’s value swelled by Rs. 41 billion whilst main All Share Index gained by 2% or 111 points as sentiments of investors and brokers got a boost following the regulatory ...
The challenges Sri Lanka has to face in its march towards development are manifold. Although the war has ended the wrong political ideologies, the proposals and timetables it created are still in operation. By Government Information Department Additional Director General Chandrapala Liyanage Similarly, various social activity groups and individuals and organisations operating under the advice ...
By Cheranka Mendis Even if the status of the world economy seems to have found a rather fragile equilibrium with Europe over the past six weeks, the world is no closer to being immune from the risks that have cropped up as a result of the European and USA led recession and changes in world ...
By Cheranka Mendis The volatility in Middle Eastern markets, coupled with the increasing issue of low quality due to competition and increasing costs, has placed the local tea industry in a big fix, which could, if unattended, immediately mark the end of a Sri Lankan legacy in four to five years. Despite Sri Lankan tea ...