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HOUSTON, Texas (AFP): Financier and cricket mogul Allen Stanford was sentenced to 110 years in jail for a $7 billion Ponzi scheme, closing the book on the flamboyant ex-tycoon’s stunning fall from grace. “This is one of the most egregious frauds ever presented to a trial jury in federal court,” Judge David Hittner said in ...
- Stanford wins elite HSBC Women’s golf event in playoff (Category: Business)
- ‘Flawed’ COVID-19 vaccine rollout leads to protests outside Stanford hospital (Category: USA, New York)
- ‘Flawed’ COVID-19 vaccine rollout leads to protests outside Stanford hospital (Category: USA, New York)
- ‘Flawed’ COVID-19 vaccine rollout leads to protests outside Stanford hospital (Category: USA, New York)
Reuters: Oil prices near $100 a barrel are still a threat to a slowing global economy that is likely to consume less fuel than the International Energy Agency (IEA) had forecast, the IEA’s executive director said on Tuesday. Brent crude this week dropped to a 16-month low below $96 a barrel before recovering to around ...
- Iran sanctions already hitting oil trade flows: IEA (Category: Business)
- IEA has assured OPEC no more oil stock shocks (Category: Business)
- Arab Spring disrupts energy investment-IEA (Category: Business)
- Saudi says high oil prices a worry, will take steps (Category: Business)
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 ...
- NSB conspicuous by its silence on allegations over TFC buy (Category: Business)
- Not-so-ugly truth of the NSB saga! (Category: Business)
- NSB-TFC deal’s stench spreads! (Category: Business)
- NSB Head gives quit notice (Category: Business)
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 ...
- 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)
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 ...
- Creating digital inclusion and regional connectivity (Category: Business)
- Microsoft, Nokia unveil new Lumia smartphone (Category: Business)
- Google+ and Apple iCloud bring mobile platform battle to the cloud (Category: Business)
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 ...
- SEC gives more flexibility on broker credit (Category: Business)
- Margin mayhem! (Category: Business)
- Bourse crosses half a million ‘individuals’ milestone (Category: Business)
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 ...
- Hub is no hoodoo, says TEA (Category: Business)
- Marketing 3.0 and Sri Lanka (Category: Business)
- ‘Pure Ceylon Tea’ or ‘tea hub’? The billion dollar question (Category: Business)
- Do people prefer coffee over tea? (Category: Business)
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 ...
- A Company Director’s Role (Category: Business)
- Meeting the corporate governance challenge (Category: Business)
- Critique on Board directors’ role and liabilities (Category: Business)
- STING recognises Aitken Spence Sustainability Strategy (Category: Business)
Reuters: China’s premier called for additional efforts to support growth on Sunday, signalling Beijing’s willingness to take action after a recent series of economic indicators suggested that the world’s second-biggest economy will slow further in the second quarter. “We should continue to implement a proactive fiscal policy and a prudent monetary policy while giving more ....
- China can easily boost consumtion to strengthen its economy: IMF (Category: Business)
- China swings to surprise trade surplus in March (Category: Business)
- Audi July unit sales up 16%, driven by China (Category: Business)
- China on track to meet 2012 growth target: Wen (Category: Business)
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...
- Deal reversal awaits SEC instructions (Category: Business)
- Kneejerk reactions by SEC (Category: Business)
- A comprehensive investigation is underway on TFC-NSB deal – SEC (Category: Breaking News)
- SEC Investigating Taprobane Securities For Multiple Offenses On The NSB Deal (Category: Breaking News)
MUMBAI (Reuters): The Indian rupee slumped to a record low against the dollar on Wednesday as risk aversion in global markets added pressure on a currency already under fire from the country’s current account and fiscal deficits. The currency’s slide came just before Finance Minister Pranab Mukherjee said he had directed his ministry to boost ...
- Rupee strengthens on inflows into bonds (Category: Business)
- Dollar Exchange rate hits 134 (Category: Business)
- Indian Rupee posts biggest annual drop since 2008 (Category: Business)
- Rupee up on exporter demand (Category: Business)
Reuters: The leader of JPMorgan Chase & Co’s hedging unit is retiring after trading losses that could end up exceeding $3 billion, a shortfall that President Barack Obama said might have led the government to step in had such losses struck a smaller bank. The Federal Reserve meanwhile said it is now looking into whether ...
- JPMorgan likely to post $4 b to $6 b trade loss (Category: Business)
- Obama has assets in JPMorgan accounts: White House (Category: Business)
- JPMorgan has trading loss of at least $2 b, reputation hit (Category: Business)
- Obama pledges tough enforcement of Wall Street reforms (Category: Business)
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.
Reuters: Asian shares fell on Monday after weekend talks to form a new Greek government failed and China’s latest move to loosen monetary policy highlighted concerns its economy is faltering, prompting investors to further trim their exposure to risk. MSCI’s broadest index of Asia-Pacific shares outside Japan fell as much as 0.6 percent to its ...
- Asian shares fall, dollar spikes vs yen on intervention (Category: Business)
- Asian shares fall on sluggish US jobs, focus on more data (Category: Business)
- Growth worries hit Asian shares (Category: Business)
- Asia shares, growth assets hit by economy worries (Category: Business)
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 ...
- Economic management and the way forward (Category: Business)
- Govt. to consider tightening laws on white collar crimes (Category: Business)
- NSB-TFC deal’s stench spreads! (Category: Business)
- Wijetilleke backs calls for tough action on NSB-TFC deal (Category: Business)
Calls for dismissal of wrongdoers Outlines the numerous offenders Insists brokers are now market “breakers” Casts blame on CSE and says worst hit is the Bourse Prominent banking personality Rienzie T. Wijetilleke, who is best known as the former Head of the Hatton National Bank and for his 10-year stint as a Director of the ...
- Stock Exchange responds to Wijetilleke’s comments (Category: Business)
- NSB-TFC deal’s stench spreads! (Category: Business)
- SEC unveils new, tougher rules post NSB-TFC fiasco (Category: Business)
- Sanctity of CSE hinges on NSB (Category: Business)
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 ...
- Rishad to promote Lanka at Dubai AIM power forum (Category: Business)
- Indian interest - Sri Lanka readying for dedicated trade talks in March (Category: Business)
- UAE-Sri Lanka trade tops $ 1 b mark in 2011 (Category: Business)
- Robust exports to get boost via Expo 2012 (Category: Business)
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 ...
- Plane explodes near school (Category: South Australia)
- Hayleys Consumer’s ‘Light-Styles’ glow at architectural lighting showroom (Category: Business)
- No electricity tariff hike this year (Category: Business)
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 ...
- No show by SEC Santa this X’mas! (Category: Business)
- Price band duration reduced - SEC (Category: Breaking News)
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 ...
- President’s leadership led to great achievements in ICT: Weeratunga (Category: Business)
- Building resilience in Asia Pacific’s digital society (Category: Business)
- Namal on dynasties and democracies (Category: Business)
- EDB turns 33 (Category: Business)
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 ...
- S&P says Asia will pull through hard times (Category: Business)
- Emerging Asia’s 2012 growth cut to 6.8% from 7.4% (Category: Business)
- Lion leads frontier markets (Category: Business)
- World economy fragile, faces “uneasy calm” – IMF (Category: Business)
LONDON, March 29 (Reuters): Global stocks and the oil price dipped on Thursday as disappointing U.S. data continued to temper risk appetite and analysts said the effect of a potential accord to release oil reserves would take time to filter through to the broader economy. In Europe, shares fell to a three-week low and peripheral ...
- Shares, euro dip on Europe; French bond auction eyed (Category: Business)
- Oil falls to 18-month low on global growth worries (Category: Business)
- Asian shares rise, investors see brighter US economy (Category: Business)
- Asia stocks end 2011 sharply lower (Category: Business)
Reuters: Brent crude fell for a second session on Wednesday, breaching $125, on the possibility of a release of strategic oil reserves by the United States even after crude stockpiles in the world's largest oil user rose more than expected last week. Oil remained supported by supply concerns on rising tensions between Iran and the ...
- Govt. expects US waiver after Iran oil import cut (Category: Business)
- Brent slips below $111 (Category: Business)
- Oil gains on Fed QE hint hopes (Category: Business)
- US exempts 11 states from Iran sanctions; China, India exposed (Category: Business)
TOKYO (Reuters): Asian shares drifted lower on Wednesday, after rallying the previous session on hopes for further stimulus from the Federal Reserve, as investors waited for more clues on the state of the U.S. economy. European equity markets were likely to follow weaker Asian peers, with financial spreadbetters predicting major European markets to open down ...
- Upbeat US data, Fed view fuel appetite for shares (Category: Business)
- Shares, euro dip on Europe; French bond auction eyed (Category: Business)
- Asian shares struggle as growth worries linger (Category: Business)
- Shares at one-week high, rupee steady (Category: Business)
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 ...
- Tackling tea travails (Category: Business)
- Planters’ Association Chief says turbulent times for tea (Category: Business)
- Sector report (Category: Business)
- Tea Industry Divided Over Importing Tea For Blending (Category: Breaking News)
Reuters: Asian shares gave back earlier gains on Thursday after data showed China’s factory activity shrank for a fifth successive month, underscoring concerns about a growth slowdown in the world’s second largest economy. The MSCI Asia Pacific ex-Japan index was nearly flat, falling sharply from a 0.6 percent gain before the Chinese data. Still, the ...
- China Aug trade surplus dips, exports off peak (Category: Business)
- China 2Q GDP growth may dip below 7% (Category: Business)
- Asia sizes up threats from faltering Europe, U.S. (Category: Business)
- China GDP growth at 2-1/2 year low but tops forecast (Category: Business)
Having successfully defeated terrorism, ended years of civil war, ushered an era of peace and prosperity to the country, initiated resoundingly successful development initiatives in the north and the east, the Government of Sri Lanka needs to be applauded for consolidating a unified national identity; an identity that only occasionally reared its head at cricket ...
- UNHRC inspection team to visit Sri Lanka next week (Category: Business)
- Double-edged reconciliation (Category: Business)
- Political dialogue must be accompanied by concrete changes on the ground (Category: Breaking News)
- International Crisis Group statement on LLRC report (Category: Business)
HANOI (Reuters): Vietnam’s central bank cut key rates on dong loans and deposits for the first time in nearly three years, helping ease the burden of high operating costs faced by businesses after inflation eased last month. The State Bank of Vietnam (SBV) as expected cut the refinance rate, or the rate at which it ...
- Hong Kong, GCC pegs, Vietnam hike rates after Fed as Sri Lanka eyes flexible policy (Category: Breaking News)
- Vietnam lets banks restart offshore gold trading (Category: Business)
- Central Bank seen holding rates, SRR steady (Category: Business)
- RBI shifts focus to growth, cuts CRR by 50 bps (Category: Business)
Clouded prospects in developed markets cast a shadow over outlook for trade and economyBy Jonathan Story Two key forces that have driven Asia’s transformation for decades can be counted on to continue apace in the coming year: economic development and China’s rise. Nonetheless, individual Asian countries will struggle to balance domestic and international responsibilities in ...
- Divergent trends as Sept. passenger traffic rises freight declines — IATA (Category: Business)
- Islamic markets seen leading global trade volumes (Category: Business)
- Bouyant StanChart eyes 10th record year, new hires (Category: Business)
- Asia, not North America, now has most millionaires (Category: Business)
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