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Reuters: Gold rose to the loftiest level since mid-April on Monday, extending strong gains from last week as expectations for further monetary easing from the US Federal Reserve kept sentiment buoyant. The Fed had room to deliver additional monetary stimulus to stoke economic growth, said the central bank’s chief Ben Bernanke, boosting anticipation for easier ...
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 ...
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. ...
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 ...
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 ...
Keheliya says Finance Ministry could probe SEC Chief’s claims; Harsha wants action By Uditha Jayasinghe In the wake of Securities and Exchange Commission Chairman Tilak Karunaratne resigning, the Government yesterday said that it would consider the possibility of introducing legislation to curb white collar crimes. Responding to questions at the weekly Cabinet briefing, Media Minister ...
Indo-Lanka relations Indo-Lanka relations have been cordial ever since the two countries gained independence. The most notable act of magnanimity on the part of India was to cede the Island of Katchchathivu to Sri Lanka through an agreement between the two countries. Relations have intermittently been strained due to domestic ethnic issue having had a ...
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: 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, ...
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 ...
Recognises Sugathadasa and Karunaratne as people of integrity; says didn’t call for their resignations but faults the regulatory system and officers within Disassociates with investor mafia if such exists; admits receipt of five letters of inquiry from SEC Says his presentation at President’s Forum was on behalf of like-minded investors Reiterates over-regulation and fear psychosis ...
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 ...
IN a challenging economic environment, tourism is Sri Lanka’s lifeline to development. However, increasing political tensions, crime rates and stand-offish Government policy is threatening to choke this much-needed revenue. Sri Lanka has decided to challenge a British Government travel advisory warning Britons over an upsurge of nationalism, sexual offences and anti-Western rhetoric i...
In response to increasing market demand for feeder space, Evergreen Line will commence the new Straits-Yangon (Myanmar) service (SYS) from late August. Evergreen will exchange space with Advance Container Lines (ACL) in its Yangon routes to increase the frequency of feeder connections. Evergreen Line will deploy the 1,164 TEU Ever Able to the SYS route. ...
VIENNA/HELSINKI (Reuters): Smaller euro zone countries that have retained top credit ratings through the region’s crisis squabbled on Friday over whether struggling nations like Greece that threaten the currency union’s stability should be kicked out. Top Austrian and Finnish politicians insisted they were committed to keeping the union intact after ministers from junior coalition part...
Inflation, hyper inflation and chronic inflation Inflation, as understood by the unsuspecting citizen, is the rising cost of prices over a period of time. This interpretation is far from satisfactory. It is high time people were educated as to the real causes of inflation. Dissecting the inflationary causes would be a difficult task for an ...
Brand Finance’s Annual Global Nation Brand Analysis Prologue Over the past three years, nation branding has received an enormous amount of coverage in Sri Lankan newspapers. Whilst some of these are based on the need to provide a marketing approach to building a nation, and its brand; many of the articles focus on developing a ...
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 ...
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 ...
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 ...
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 ...
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...
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 ...
The ‘Yes-Man’ Parasite, a.k.a. HMV The dictionary definition of a ‘pun’: ‘the clever or humorous use of a word that has more than one meaning, or words that have different meanings but sound the same’. The second word of the headline of today’s column is not exactly a pun, but somewhat akin to one, as ...
Chennai: After Chennai police denied permission to hold the planned Eelam conference in public grounds, India’s DMK leader, M. Karunanidhi has held an assembly on the issue on Sunday in a private hotel ahead of the conference, Indian media reported. The former Tamil Nadu Chief Minister has however given up demanding a Tamil Eelam and ...
Reuters: India’s industrial output fell for the third time in four months in June, adding to pressure on new Finance Minister Palaniappan Chidambaram to move quickly and pull Asia’s third-largest economy from its worst slowdown in almost a decade. The manufacturing-led slump provided further ammunition to the slew of private economists who downgraded their growth ...
By Chamitha Kuruppu The Janatha Vimukthi Peramuna (JVP) on Wednesday stated that the time has come for the public to “stand against the irresponsible decisions and unwise acts of the Finance Minister and the Central Bank Governor that leads this country into an economic downfall.” President Mahinda Rajapakse as the Minister of Finance and Central ...
Sri Lanka and Poland have agreed to boost bilateral ties including an exchange delegation and special promotion at the upcoming Warsaw Fair 2012. New measures and strong existing ties came up for discussion when the visiting Polish Under Secretary of State for Oriental Policy Jerzy Pomianowski paid a courtesy call on Economic Development Minister Basil ...