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Minority shareholder activist K.C. Vignarajah has written a letter to President Mahinda Rajapaksa appealing him to retain Securities and Exchange Commission (SEC) Chairman Tilak Karunaratne who has announced his resignation by Friday. Here is the full text of the letter: 16.08.2012 H.E Mahinda Rajapaksa The President of the Republic of Sri Lanka, Temple Trees, Colombo ...
King Mswati III of Swaziland who was on a state visit to Sri Lanka visited the World Trade Centre, Colombo. The visit to view the gems on display was on an invitation extended by Gem and Jewellery Authority Chairman Prasad Galhena and members of the Gem and Jewellery Exchange. Under the sponsorship of the ...
For better economic development in Sri Lanka After the war we are experiencing the dividends of peace. Sri Lanka economy grew by 8.3 per cent in the year 2011, following an eight per cent growth in 2010. But this year it has forecast economic growth may be as slow as 6.75 per cent due to ...
UNP MP Dr. Harsha de Silva yesterday admitted that the record net foreign inflow so far this year reflected that foreigners see the future upside in the long term but claimed Sri Lanka was missing a much larger amount due to issues of governance in the market. “Yes, the inflows are positive and foreigners must ...
People’s Leasing Company (PLC) saw its revenues rise nearly 27% in the June quarter, led by growth in its core leasing business, the group said. In results released to the Colombo Stock Exchange, the country’s biggest leasing company said group revenue rose to Rs. 4,367 million during the first quarter of June 2012, from Rs. ...
Both governments to double bilateral trade to USD 10 billion by 2015 The High Commission of India and the Indian expatriate community in Sri Lanka celebrated the 66th Independence Day of India yesterday at the India House in Colombo. Indian High Commissioner Ashok K. Kantha hoisted the Indian national flag, which was followed by ...
In its first-ever official level discussions with Sri Lanka on the proposed pharmaceutical manufacturing hub, which has now excited the Lankan private sector, India has given a strong, structured recommendation on the way forward for Sri Lanka’s dream: Focus on the huge global market first. “I don’t say that the local market of Sri Lanka ...
Point of view By a market participant The investors were compelled to wait nearly 17 years to reap the benefit of a real bull run in 2009 after the elimination of the LTTE terrorism and how the SEC destroyed it within a one-and-a-half year period due to ill conceived, irresponsible decisions is well known and ...
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 ...
Former Ceylon Chamber of Commerce head and top Sri Lankan business leader, has called on Parliamentandrsquo;s Committee on Public Enterprises (COPE) to take effective action and empower the countryandrsquo;s capital market watchdog andmdash; Securities and Exchange Commission of Sri Lanka.
Reuters: Tourist arrivals in July rose 7.8% from a year earlier, Government data showed on Tuesday. The number of visitors has risen year-on-year in the past 39 months since a 25-year civil war ended in May 2009. The Tourism Board expects over one million tourists in 2012, yielding revenue of more than $ 1 billion, ...
Exceptional balance sheet indicators, with deposit growth averaging nearly Rs. 7 billion per month and gross loan book growth of more than Rs. 5 billion per month in the first six months of 2012 have combined with strong gains in non-interest income to generate stellar first half results for Commercial Bank Plc. The benchmark private ...
Sri Lanka and Swaziland Tuesday signed an agreement on Economic, Commercial and Technical Cooperation between the two countries following bilateral discussions held between Sri Lankan President Mahinda Rajapaksa and the visiting King Mswati III of Swaziland. King Mswati III accompanied by Queen Inkhosikati LaMahlangu and his delegation arrived in the island yesterday for a three-day ...
The High Commission of the Islamic Republic of Pakistan and the Pakistani community in Sri Lanka yesterday celebrated the 66th Independence Day of Pakistan with traditional fervor and resolve to make Pakistan a strong, dynamic, progressive, tolerant and democratic Islamic welfare state. High Commissioner of the Islamic Republic of Pakistan in Sri Lanka Seema Ilahi ...
Sri Lanka and Swaziland Tuesday signed an agreement on Economic, Commercial and Technical Cooperation between the two countries following bilateral discussions held between Sri Lankan President Mahinda Rajapaksa and the visiting King Mswati III of Swaziland. King Mswati III accompanied by Queen Inkhosikati LaMahlangu and his delegation arrived in the island yesterday for a three-day ...
The Supreme Group fully owned subsidiary SupremeSAT Ltd., which has become the first and only satellite operator of Sri Lanka, has signed the joint investment agreement with China Greatwall Industry Corporation and Sino Satellite Communications Company Ltd. for the setting up of Sri Lanka’s first ever space academy within the Pallekele BOI Zone in Kandy. ...
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 ...
Following is the copy of letter written by public interest activist Nihal Sri Ameresekere to Secretary to President Lalith Weeratunga on the Securities and Exchange Commission (SEC) based on some of the reported discussions during the President’s meeting capital market stakeholders in late July at Temple Trees. 10th August 2012 Mr. Lalith Weeratunga &...
By Cassandra Mascarenhas The technical sessions of the Association of Professional Bankers’ 24th anniversary convention were held yesterday, bringing the APB’s flagship event to a close. Aptly themed ‘Sustainability in volatility: The bankers’ challenge,’ each technical session explored an area that could throw obstacles in the path of bankers and the line-up of speak...
Tourist Hotels Association of Sri Lanka (THASL) President Anura Lokuhetty has welcomed the Mahindra Sri Lanka Premier League as a boost for tourism industry. “Sri Lanka requires this kind of event to create awarenessand a good image of the country as a destination,” Lokuhetti said. “Therefore, we always welcome events that will generate revenue, especially ...
Efutures is rapidly expanding its in-house Mobile application development teams to handle the projects which are increasingly coming in from the US and Europe. The clients vary from technology start ups to large international conglomerates. The move is also given the fact that mobile application projects are becoming increasingly dominant in its project portfolio for ...
SLASSCOM appointed four new Board Members to the Board of Directors of SLASSCOM consisting of key industry leaders and decision makers at the recently held AGM. Ruwindhu Peiris was appointed as the General Secretary while Dr. Arul Sivagananathan was appointed as the Treasurer for 2012-1214. Ashique M. Ali, Decca F.C. Fan, Jeevan Gnanam were the ...
The NDB Group has delivered yet another strong performance for the first half year of 2012 recording a commendable profit after tax of Rs. 1,362 million to its shareholders, which is an increase of 36 per cent compared to the previous year. Chairman of the Bank Hemaka Amarasuriya stated: “The impressive results are attributable to ...
Sunil S. Sirisena has been appointed as the new Chairman of the National Savings Bank with effect from 13 August 2012. He is a senior officer in the Sri Lanka Administrative Service and prior to this, he has served as the Secretary to the Ministries of Education, Co-operatives and Internal Trade and Foreign Employment Promotion ...
Hemas Holdings Plc has posted a net profit attributable to equity holders of Rs. 346.6 million in the first quarter of FY13, an increase of 32% over the corresponding period of last year. Group after-tax profit was Rs. 361.7 million, up by 28% whilst pre-tax profit grew by 37% to Rs. 457.5 million. Group revenue ...
The head of Sri Lanka’s Securities and Exchange Commission (SEC) yesterday said he was coming under immense pressure to resign on false accusations by some investors under investigation for “pump - and - dump” deals.
Reuters: The Head of the Securities and Exchange Commission on Monday said he was coming under immense pressure to resign on false accusations by some investors under investigation for “pump-and-dump” deals. “I am under immense pressure to resign for the reason those concerned know best,” Tilak Karunaratne, the Head of SEC told Reuters. Karunaratne did ...
Considered Sri Lanka’s oldest commercial establishment, George Steuart will enter the Colombo stock market by listing its finance industry subsidiary, a development which analysts described as momentous. This is following the Colombo Stock Exchange (CSE) approving in principle an application submitted by George Steuart Finance Ltd for the listing of 22.5 million ordinary voting shares ...
Sri Lanka Telecom (SLT), the pioneer telecommunication services provider, has in the first half of 2012 posted a Rs. 3.36 billion group operating profit, a growth of 15% Year-on-Year (YoY). Group revenue has increased to Rs. 27.50 billion, an increase of 11% YoY. Depreciation of the Sri Lankan Rupee continued to have a significant adverse ...
In response to the Daily FT’s article yesterday titled ‘SEC split?’ SEC Chairman Tilak Karunaratne has sent the following statement. I, as the Chairman of the Securities and Exchange Commission of Sri Lanka (SEC), write in reply to the front page main article in the Daily FT of 13 August 2012 under the heading ‘SEC ...