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UNP MP Ravi Karunanayake has written to Committee On Public Enterprises (COPE) Chairman D.E.W. Gunasekara requesting him to summon officials of the Securities and Exchange Commission (SEC) and the Colombo Stock Exchange (CSE) over the fiasco in capital markets and boost investor confidence. Following is Karunanayake’s full letter to the COPE Chairman: Over the last ...
By an Analyst There is no doubt and there is near unanimity that overregulation by the previous Securities and Exchange Commission arising from inexperience, lack of knowledge and lack of correct strategies was the prime cause for the market collapse witnessed today. The SEC without any foresight and professionalism has introduced ad hoc legislation detrimental ...
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 ...
The Employees’ Provident Fund (EPF) yesterday categorically rejected the statement allegedly made by an Opposition Member of Parliament as reported in several news papers on 15 May 2012, where the EPF has been accused of fraudulent transactions in the stock market. "Such statement, read in conjunction with several past statements of a similar nature made ...
Sri Lanka’s largest retirement fund, the EPF today blamed an opposition MP for trying to tarnish its reputation and also trying to destabilize the economy through such a strategy. However the EPF did not name the Opposition MP. Issuing a statement, the EPF rejects the accusation
Parliamentary accountability The Parliament, as the country’s foremost representative institution, has the sole authority over national resources and financial allocations and concurrently has a prominent role to play in fiscal responsibility, the budgetary process, economic development and effective transparent economic and financial management, with a view to assuring sustainable growth an...
The UNHRC resolution was very unfortunate. This is the first time our country has been subject to this kind of scrutiny. As a fan of the President, it is very unfair that he has been subject to such humiliation. The President has been let down by his advisors. In the recent weeks we have seen ...
Avurudhu Rupee Commitments Bear on Exporters The exchange rate (ER) held at the Rs. 130 levels to the US dollar ($) at Wednesday’s, Thursday’s and Friday’s trading as exporters began encashing their $ proceeds to meet their local commitments, a market source told this reporter. “In the event they persisted in holding on to their ...
The entry in to Sri Lanka by Malaysia’s sovereign wealth fund Khazanah Nasional Berhad via John Keells Holdings (JKH) is being hailed as a all round boost for the country, the Colombo stock market as well as the premier blue chip. JKH which has many first to its credit is also the first stock on ...
Benito Mussolini, the fascist ruler of Italy, during World War II, said that his brand of fascism ‘should be more appropriately called Corporatism, because it is a merger of state and corporate power’. Compare this with the dictionary definition of capitalism: ‘A system in which a country’s business and industry are controlled and run for ...
Contrary to exaggerated claims the EPF investments in to the stock market last week had amounted to only less than 10% of market activity and unlike some past contentious buys, this time around it had focused on blue chips. The total turnover of the Colombo bourse last week was Rs. 8.6 billion and local purchases ...
ASI gains by 5% as Bourse’s value swells by Rs. 96 b Brokers positive after fresh meeting with SEC EPF, private institutional and high networth investors active on attractive valuations The Colombo stock market yesterday produced a major rebound gaining by 5% thanks what some described as “spirited support” whilst others emphasised it was largely due ...
The Sri Lankan economy is dragged out – the country is over-borrowing, underperforming and leading into a debt crunch, claims United National Party Colombo District Parliamentarian Ravi Karunanayake. Karunanayake accuses the Rajapaksa administration of damaging the country’s social
To focus on skills development, trade, investment, sustainable development and business excellence to sustain GDP growth rate of 8%Following is the address delivered by National Chamber of Commerce of Sri Lanka President Asoka Hettigoda at the NCCSL’s 53rd Annual General Meeting Ayubowan, good evening. Let me extend a warm welcome to all of you to ...
‘A ruler with a depleted treasury eats into the very vitality of the citizens and the country. A ruler, who impoverishes his own people or angers them by unjust exactions will also lose their loyalty Impoverishment, greed and dissatisfaction are engendered among the subjects, when the ruler among other things (i) fails to give what ought ...
If the Governor of Central Bank has an urge to enter politics, he should come to Parliament without playing politics inside the CB, charges United National Party Parliamentarian and well-known Economist Dr. Harsha de Silva. Dr. de Silva notes that Governor Nivard Cabraal should respect the sanctity of the Central Bank and therefore if Cabraal ...
From early in-house management training to training in world class management schools that professionals, business leaders, academics and civil society leaders have undergone, they have learnt of the key management principle of engaging in quiet reflection, reality checks, risk mitigation assessments and the need to plan lessons learnt response action. These practices are considered essential ...
Debate on the the 2nd complete UPFA budget since the conclusion of the war in 2009 May, is now on both within the parliament and without. Heavy weights both critical and positive about this budget, have access to media. The debate is about urban middle class life and the Western Province economy. Not much is ...
What are the prospects for the Stock market in the near future? The IMF thinks that the growth rate this year will be closer to 7% rather than 8%. The third quarter company earnings are now being released. Here are some results: Good performers Distilleries Profit growth @ 78; Kelani Cables 259%; LOLC 68%; LWL ...
Following the successful signing last month of two MOU’s between the EFC and the regional chambers of Hambantota and Jaffna, a panel of senior members from the EFC travelled to Hambantota last week as guests of the District’s Chamber of Commerce to meet with the local business community. Speaking about the day long event, Director ...
By: R. M. B. Senanayake The stock market swings 50-100 points each way while the general trend is downwards. Many retail investors have lost money and are now fighting shy of investing in the market. In any case they were more speculators rather than investors. They were led up the garden path by high net worth ...
The UNP yesterday criticised the Board of Investment (BOI) for misleading investors by changing its web site's previous assurance that foreign investments will not be nationalised. An apparent development following the passing of Takeover Bill in parliament on Wednesday, in the BOI web site's section listing Supportive Government Policies, the new version only states "Safety ...
The Central Bank yesterday issued a fresh statement defending the stock market investments made by the Employees Provident Fund (EPF), which has come under criticism from the Opposition and others. The statement said in an era where interest rates are likely to decline in the medium to long term, the EPF has taken the view ...
The Employees Provident Fund has defended its recent investment moves where it purchased shares of various listed firms through the Colombo Stock Exchange and also made investments in some unlisted firms. EPF says these investments are essential in an era where interest rates are likely to decline in the medium to long term. Therefore the EPF say, ...
The Central Bank last week said that the base of the Employees Provident Fund (EPF) is expected to reach the Rs. 1 trillion milestone later this year. “As at 31 August 2011, the value of total assets of the EPF reached Rs. 976 billion, recording an annual growth of 14.6%. With this growth, the EPF ...
Ceylon Workers’ Congress (CWC) Leader and Livestock Development and Rural Economy Minister Arumugam Thondaman has expressed concerns over the Government’s plan to lease out tea estates under the purview of the Janatha Estate Development Board (JEDB) to the private sector. In a statement
By Harsha de Silva We understand that the Securities and Exchange Commission (SEC) is planning to compound undisclosed securities fraud by some billionaire investors. Media reports have begun to circulate that Environmental Resources Investments (ERI) and its Directors have agreed with the SEC to pay an insignificant fine of Rs. 10 million and compound an ...
Public service is poised to get a shot in the arm making it greatly people-friendly soon due to a project initiated by the ICT Agency of Sri Lanka (ICTA) recently. As one of the latest phases of the e-Services initiative ‘the Lanka Gate e-Services Project’ of ICTA, aims at better public service by developing ...
More To Exit following UN Report The stock market continued to lose its momentum as predicted in the lead story on these pages in its last week’s edition, compounded by foreigners fleeing the market, made worse by the UN’s negative war report on the island. “There is panic selling by foreigners in the backdrop of ...
Banks’ Profits Up 111% The banking industry achieved a considerably high level of profits in 2010. Profit after tax amounted to Rs. 57.5 billion last year, a 111% growth in comparison to a Rs. 27.2 billion profit in 2009. The significant growth in profitability was mainly attributed to a higher increase in fee-based income, a ...