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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 ...
Foreigners most bullish with net buying up 20% or Rs. 5 b; Market’s value up by Rs. 48 b between 20 July and 24 Aug. Despite original reservations by some that President Mahinda Rajapaksa shouldn’t have met with capital market stakeholders, the Colombo stock market has proved otherwise, with the most bullish being foreign investors. ...
Given first half performance, believes several 2012 Roadmap targets will be missed UNP MP and its chief spokesman on the economy Dr. Harsha de Silva yesterday claimed that most of the Central Bank’s 2012 Roadmap targets were likely to be missed, based on below par performance on the external trade front during the first half. ...
A unique new savings account with exclusive benefits for women has been launched by Commercial Bank of Ceylon in recognition of the fact that women are shouldering an increasing number of responsibilities while heading more and more Sri Lankan households, resulting in the economically active female population in Sri Lanka undergoing rapid growth. Branded ‘Anagi’ ...
By Shanuka Tissera Leading bankers were given the opportunity to discuss the method of approvals of OPIC funding and political risk insurance, facilitated by the International Executive Service Corps (IESC) and the American Chamber of Commerce Sri Lanka (AMCHAM) for US equity sponsored projects. The keynote address was delivered by the Governor of the Central ...
Global spare oil inventories tightened over the last two months, a US government report said, which could lend the Obama administration some support if it decides to tap emergency oil reserves as the West applies sanctions on Iran. World crude inventories in countries other than Iran fell about 1.2 million barrels per day in July ...
The combined profits of a sample of 88 firms analysed by NDB Stockbrokers reveal a decline of 13% year-on-year to Rs. 38.5 billion in June, though when non-recurring items are excluded, the results show a 10% increase. NDBS said the 88 companies picked contribute 69% of the total market capitalisation of the Colombo stock market. ...
Seychelles President Seychelles President James Alix Michel concludes a historic state visit to Sri Lanka heralding a new chapter in Seychelles-Sri Lanka relations in pursuit of common endeavours towards strengthening closer friendship and economic cooperation between the two countries in a variety of fields, with enormous benefits for the two countries and their peoples. President ...
The resignation of Tilak Karunaratne as the Chairman of the Securities and Exchange Commission (SEC) has been accepted whilst a successor will be named next week, Finance Ministry Secretary Dr. P.B. Jayasundera said. The confirmation by the Treasury Secretary ends week-long uncertainty whether the SEC Chief’s quit notice would be accepted or not, even though ...
Good governance activist and former Ceylon Chamber of Commerce Chairman Chandra Jayaratne has called for an Ethics Guide for Public Service. This suggestion has been shared with several professional organisations such as the Organisation of Professional Associations, Sri Lanka Economic Association, the Institute of Chartered Accountants of Sri Lanka, Ceylon Chamber of Commerce, and Bankers ...
Reuters: Asian shares retreated from a two-week high on Friday as investors scaled back their expectations of strong stimulus from the US Federal Reserve and fretted about economic growth after manufacturing surveys from the euro zone and China depicted a bleak outlook. Senior Fed official James Bullard said US data had been somewhat better since ...
The Central Bank said yesterday inflows to the services account of the balance of payments remain buoyant despite challenging conditions. It said earnings from tourism in June 2012 grew by 20.6%, year-on-year, to $ 63 million, while during the first six months of 2012, earnings from tourism have grown at a robust rate of 24.3%, ...
Fitch Ratings Lanka said yesterday it has revised Sampath Bank PLC’s (SB) Outlook to Stable from Positive. Its National Long-Term rating has been affirmed at ‘AA-(lka)’. Fitch has also affirmed SB’s subordinated debentures at ‘A+(lka)’. The Outlook revision reflects the weaker-than-expected build-up of SB’s core capitalisation relative to higher rated peer...
The MAS Holdings, Deutsche Bank and Dialog Summer Internship Program concluded on the 15 August 2012 at the Dialog Future World Academy. Students from the 2012 internship batch made presentations to the Boards of the three companies which included Deshamanya Mahesh Amalean (Chairman – MAS Holdings), Rohan Rodrigo (Country Head – Deutsche Bank) and Dr. ...
Entrust Securities Plc has decided to go for a Rs. 300 million debenture issue as part of raising its Tier 2 Capital. The move, approved by the Board of Directors this week is subject to Central Bank, Securities and Exchange Commission and shareholder approval. The company plans to raise Rs. 300 million via a three ...
Reuters: China’s factories contracted in August the most in nine months according to a survey showing falling export orders and rising inventories, signs that more policy action is probably needed to stop a slowdown in economic growth now in a seventh quarter. The HSBC Flash China manufacturing purchasing managers index (PMI) fell to 47.8 in ...
Reuters: Asian shares rose to a two-week high on Thursday after Federal Reserve minutes raised hopes for fresh monetary stimulus, but a survey suggesting that China’s manufacturing sector is contracting capped the gains. Ahead of the euro zone’s flash PMI and a German-French meeting over Greece, financial spreadbetters called London’s FTSE 100 .FTSE, Paris’s CAC-40 ...
Why the Government should listen to the demands of university academics Sri Lanka is experiencing the dividends of peace at the moment. The Sri Lankan economy has expanded by a healthy growth rate of 7.9 per cent during the first quarter of this year, from the same period a year earlier. A Global Survey ...
Reuters: About one million Indian bank employees began a two-day strike on Wednesday to protest against reforms that could ease mergers rules and allow more private capital into the sector, hitting banking transactions and some market trading operations. The strike, involving mainly the staff of state-run banks that make up around 70% of the sector, ...
A fresh burst of buying across the Board yesterday boosted the Colombo Bourse, sending the benchmark All Share Index above the psychological 5,000 points level after a two-month languish. Brokers and analysts linked the revival yesterday to investor sentiments rebounding, a move which is likely to silence pessimists and doomsayers. The market’s value rose by ...
CAIRO (Reuters): Egypt has formally requested a $4.8 billion loan from the International Monetary Fund, a spokesman for its president said on Wednesday during a visit to Cairo by IMF chief Christine Lagarde to discuss support for the country’s ailing economy. Egypt’s finance minister said last week Cairo would discuss the possibility of the bigger-than-expected ...
Reuters: Billionaire money manager George Soros reported a nearly 2 percent stake in Manchester United Plc (MANU.N) on Monday, in one of the first revelations of investors in the British soccer club’s controversial initial public offering earlier this month. The veteran investor’s eponymous hedge fund, Soros Fund Management LLC, owns 7.85 percent of Manchester United’s ...
Persistent flow of foreign buying lifted investor sentiments yesterday, resulting in the more active Milanka Index gaining though the All Share Index closed marginally down. Bringing the year-to-date figure to Rs. 28.2 billion, net foreign inflow yesterday was Rs. 108 million out of turnover of Rs. 367 million. The ASPI closed 0.39% down whilst the ...
Nations Trust Bank PLC (NTB) has signed up with a number of remittance partners worldwide such as MoneyGram, Coinstar Money Transfer, Xpress Money, UAE Exchange, Remit2home, Ria Money Transfer, Colombo Money Transfer Services and National Exchange Company of Italy to offer fast and convenient remittance services across its expanding branch network. In line with further ...
DFCC Bank is a pioneering financier of the renewable energy sector and has been instrumental in the development of the small hydro power sub-sector in Sri Lanka. This has been recognised internationally and by agencies such as the World Bank. While several foreign delegations have visited Sri Lanka to study the success of the sector, ...
By Cheranka Mendis Seylan Bank’s CEO and MD Kapila Ariyaratne recently joined Daily FT for a brief chat on the performance of the bank, future plans and market trends. The bank as at now holds 11% shares in advances and 10.6% in deposits within the private local commercial bank market in the country. Q: How ...
It’s a question that has flitted through the minds of many an employer. The man sitting opposite the recruiting table had been an entrepreneur, a-would be businessman who had tried his hand at a venture. The venture had not succeeded. Why? Was it because the man was a poor performer? As thinking is a complex ...
Sri Lanka's Central Bank believes the rupee can strengthen to around 125 per U.S. dollar due to high foreign inflows into the economy, the head of the country's monetary authority said yesterday.
Reuters: The Central Bank believes the rupee can strengthen to around 125 per US Dollar due to high foreign inflows into the economy, the Head of the country’s monetary authority said of Monday. Since April, the Central Bank and Finance Ministry have repeatedly said the rupee should stabilise at around 125 per dollar, given the ...
Fitch Ratings Lanka said yesterday it has affirmed Sri Lanka-based John Keells Holdings Plc (JKH) ‘AAA (lka)’ National Long-Term rating at a Stable Outlook. JKH is a holding company with ownership of diverse operating assets; key sectors within which its investments operate include transport, leisure, consumer foods manufacturing and retail, financial services, and information technolo...