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In a bizarre and perhaps unprecedented development, the T+3 settlement deadline as per rule in the Colombo Bourse on National Savings Bank's purchase of a 13% stake in The Finance Company Plc (TFC) hadn't been met yesterday. NSB bought the stake amounting to 7.8 million shares for Rs. 393 million on Friday. As per the ...
- Trygve Olson cartoon: Magi's mandate (Category: USA, North Dakota)
- Trygve Olson cartoon: Magi's mandate (Category: USA, North Dakota)
- Danz: Small acts of kindness can go a long way (Category: USA, North Dakota)
- Danz: Small acts of kindness can go a long way (Category: USA, North Dakota)
One week on, NSB has remained silent concerning the purchase of a 13% stake in The Finance Company Plc (TFC) at a hefty premium, prompting analysts to claim the savings giant was either ignoring or confirming controversies and allegations levelled by the UNP and the market. This assertion is despite TFC on Wednesday issuing a ...
- NSB-TFC deal’s stench spreads! (Category: Business)
- NSB’s entry in to TFC stirs up storm (Category: Business)
- UNP raises alarm over NSB investment in The Finance (Category: Business)
- NSB-TFC deal: CID questions Kariyawasam (Category: Business)
Dear Editor, During the past few months, I have observed criticism, mainly by the Opposition Parliamentarians, about the manner in which the Sri Lankan economy has been managed. In my view, their attempts seem to be designed to impose blame on the Governor, Central Bank, perhaps to weaken his resolve and strength and discourage him. ...
- Sri Lanka could miss 7.2% growth target (Category: Business)
- Lankan team for U19 World Cup (Category: Business)
- Toastmasters dazzles at the Semi Annual Conference in Mangalore (Category: Business)
CB asks banks overnight for their forex commitments for Thursday and Friday; steps up bank visits Convenes meeting with treasury heads of banks; rupee crisis figures in monthly CB-bank CEOs meeting as well Dealers say no room for speculation given the very narrow net open positions; new rules apart from lack of dollars could be ...
- Markets becalmed (Category: Business)
- Rupee sinks to record low (Category: Business)
- Rupee on a yo-yo! (Category: Business)
- An effective consumer lending proposition (Category: Business)
Peradeniya Uni's Dr. Perera says exchange volatility is temporary and acceptable IMF's Mathai says no crisis but stability measures taken By Cheranka Mendis UNP MP Dr. Harsha de Silva yesterday made a compelling case that the ‘feel good’ party that the President Mahinda Rajapaksa Government tried to propagate among the people post-war was over, warning ...
- Harsha says CB has moral responsibility to be more transparent (Category: Business)
- Sri Lanka may need to consider easing monetary policy: PB (Category: Business)
- Harsha claims Govt., CB lack credibility (Category: Business)
As a minority shareholder I thank Daily FT for highlighting the highway robbery committed by the directors of leading banks, which are ultimately owned by the public via the shareholdings of SLIC, EPF and ETF. What you have highlighted in your article is only the tip of the iceberg, in terms
- Top Marks (Category: Business)
- Islamic Banking (Category: Business)
- Lucky Thirteen (Category: Business)
- Top Marks (Category: Business)
This has reference to the article titled ‘Boom for Bank Boards!’ which appeared in the Daily FT dated 23 April 2012. In this regard, we wish to clarify that, there were only nine Directors at the HNB Board as at December 2011. The compensation for Directors for the financial
Sequel to the Daily FT’s expose yesterday on board remunerations, analysts said that it was executive pay that led to bloated costs of boards and not that non-executive or independent directors get fat cheques. They pointed out that top firms in board remuneration such as HNB, Commercial Bank
- On the Move: Karen Sakamoto, Jim Nicolow, Frederick Hong, Chretien Macutay (Category: USA, Hawaii)
- St. Cloud-based Coborn's names chief operating officer (Category: USA, Minnesota)
- St. Cloud-based Coborn's names chief operating officer (Category: USA, Minnesota)
- St. Cloud-based Coborn's names chief operating officer (Category: USA, Minnesota)
Confirming Daily FT’s article last Wednesday, Seylan Bank on Friday announced the appointment of Mohan Pieris as its new Chairman and said the former Attorney General will further strengthen the Bank’s Board. “With his exposure in the spheres of Banking, Finance and Commerce
- Fitch upgrades Seylan Bank to ‘A-(lka)’ (Category: Business)
- Gift bonanza for Seylan Tikiri Plus kids (Category: Business)
- New seylan Chairman assumes office (Category: Business)
- Seylan Bank expands network to Akuressa (Category: Business)
Clarifies 2011 per capita GDP computation technically correct but given fall in Rupee’s value in 2012 Central Bank should have been honest with greater disclosure and putting data in context As per IMF staff report Net International Reserves in 2011 alarming low at $ 4 b; Net Open Position below $ 3 b; Short Term ...
- CB data: Cabraal shoots down Harsha’s claim (Category: Business)
- CB statistics under fire (Category: Business)
- Borrowed surplus looming, warns Harsha (Category: Business)
- The GDP Per Capita in the Central Bank Annual Report for 2011 (Category: Business)
HNB Board was richest in 2011 whilst colleagues at Sampath got less than 2010 The country’s most profitable sector, the commercial banks, whilst having increased bottom line also saw their Board directors taking home a tidy sum. A sample of seven commercial banks analysed by the Daily FT
- Executive pay bloats board cost (Category: Business)
- Shareholders furious over lack of disclosure, sale plan of MBSL’s savings subsidiary (Category: Business)
- MBSL selling savings bank for a song! (Category: Business)
- Qualified daughters make their way to boards (Category: Business)
UNP MP Dr. Harsha de Silva backs Daily FT columnist on per capita income data, claimsfigures too inflated and Govt. trying to mislead people and global stakeholders; CB getting more politicised By Uditha Jayasinghe Firing another salvo at the Central Bank, UNP MP and economist Dr. Harsha De Silva
- Harsha says CB has moral responsibility to be more transparent (Category: Business)
- CB data: Cabraal shoots down Harsha’s claim (Category: Business)
- Misleading the public (Category: Business)
- May Day, May Day over May 2011 data (Category: Business)
The Central Bank, in its latest Annual Report, has downgraded its growth forecast for 2012 from eight per cent to 7.2 per cent. This is due to a combination of adverse global developments and the negative effects of domestic policy misalignments. The contractionary measures introduced to address the imbalance in the trade account (i.e. to ...
- Treasury Secy. showcases recent economic success and future outlook (Category: Business)
- International financial institutions and development in Asia (Category: Business)
- Developing Asia’s growth to moderate amid global uncertainty, says ADB (Category: Business)
- Central Bank’s Check List for 2012 and beyond (Category: Business)
The Daily FT article published yesterday that stated that a former AG was to be appointed as Chairman of Seylan Bank gave me some concern. This trend of appointing retired Government servants close to the administrations to top positions in the private sector is a clear indication of the Central
- AWPR rose by 120 basis points in 2011 private sector credit growth robust (Category: Breaking News)
- Credit card for Sri Lanka public employees (Category: Breaking News)
- Govt. bank employees go on strike (Category: Breaking News)
- A Pension Scheme for the Private Sector (Category: Breaking News)
Importers secure increase in age limit for cars and commercial vehicles; higher duty to stay President Mahinda Rajapaksa yesterday stepped up the accelerator for re-conditioned vehicles agreeing to revise the recently imposed age limit rules at a meeting with importers. Responding to pleas by motorists as well as Vehicle Importers Association, the President has agreed ...
- Reconditioned vehicle import rule reversed (Category: Breaking News)
- Restrictions on reconditioned vehicle imports relaxed (Category: Breaking News)
- Vehicle Importers Lament Tax Increase (Category: Breaking News)
The Daily FT on Thursday featured on page 1 a story based on some startling comments and allegations by UNP MP Dr. Harsha De Silva and young business leader Dilith Jayaweera. The headlines and the contents wouldn’t have been a good read for President Mahinda Rajapaksa
- Rocky Road (Category: Business)
- Not Under (Category: Business)
- Six new Bank branches in the North next week (Category: Breaking News)
- Commercial Bank arrives at Maskeliya (Category: Business)
The CBSL’s directive issued last year, which takes into account credit, market, operational and liquidity risk, is very much in line with the recommendations of the Bank of International Settlements (BIS), which recommends in particular capital adequacy for government banks, said internationally-renowned risk consultant and CEO/Principal of Independent Global Research Ltd. David Roden. Addre...
- CAL reiterates importance of risk management best practices for emerging markets (Category: Business)
- Sri Lanka wants banks to strengthen risk management (Category: Breaking News)
- Risk professionals hold first-ever forum (Category: Business)
The country’s forex market encompassing highly dependent importers and key source exporters was yesterday rocked by what analysts described as the sharpest day gain in the US dollar exchange rate. Before mid-day the Rupee touched a new low of Rs. 127 and then on to Rs. 128 prompting many to assume the rate had bottomed ...
- Rupee hits new low despite inflows (Category: Business)
- CB gives fresh boost to CSE (Category: Business)
- Markets becalmed (Category: Business)
- Rupee weakens on importer dollar demand (Category: Business)
By Cheranka Mendis Despite the Central Bank’s forecast reading 7.2% growth for 2012, RAM Ratings Lanka CEO Adrian Perera is confident that the country can touch the 7.5%-7.6% mark by the end of the year. Perera told the Daily FT that the new projection is a realistic number from the 8% noted
- RAM Ratings moves into new office (Category: Business)
- CA Sri Lanka Annual Report Awards powered by RAM Ratings (Category: Business)
- LB Finance rating rises to A-/P2, heralding a stable outlook (Category: Business)
- RAM Lanka sponsors ICASL Annual Reports Award Ceremony (Category: Business)
A top line up of specialists will be the key attraction of the annual management conference organised by the Colombo University MBA Alumni Association on Friday 16 March from 8:30 a.m. to 4:30 p.m. at the Cinnamon Lakeside, Colombo. Defence Secretary Gotabaya Rajapaksa will be the Chief Guest at the conference titled ‘Beyond Traditional Boundaries,’ ...
- Colombo Uni. MBA Alumni gives its might to country development (Category: Business)
- Gota to share key strategies at Colombo Uni. MBA Alumni management conference (Category: Business)
- Management Conference 2012 kicks off today (Category: Business)
- Professional groups heed Dr. Godahewa’s call; volunteer to support tourism (Category: Business)
Malaysia’s second largest financial services provider CIMB Group is bullish on post-war Sri Lanka and prospects for financial services. Early this week CIMB entered into a strategic collaboration with John Keells Stock Brokers as part of a phased entry in to Sri Lanka. CIMB Group is also one of ASEAN’s leading universal banking groups and ...
- CIMB Group forms partnership with John Keells Stock Brokers (Category: Business)
- CIMB wants to be part of Sri Lanka’s South Asian hub for commerce (Category: Business)
- CIMB completes Asia Pacific investment banking platform with RBS buy (Category: Business)
- Sri Lanka’s John Keells Stock Brokers and CIMB on a strategic tie up (Category: Breaking News)
The converting business ideas into an action program is based upon seven principles: Team members’ ideas for improving how work is done are valuable as they are derived from first-hand experience of their organisation’s waste of time, effort and materials. Team members’ voluntary contributions of ideas result in greater productivity and enhanced service quality. Coaxing ...
- How to manage your boss (Category: Business)
- The treasures and travails of training (Category: Business)
- In search of Sri Lankan “deep-smarts” (Category: Business)
- Re-program your mind and think outside the box in business (Category: Business)
Hot on the heels of the Daily FT story yesterday regarding a high powered Transport Ministry team is in Beijing to finalise the China’s Exim bank funding for Matara-Kataragama rail track extension, the Finance Ministry said yesterday that the Government of the People’s Republic of China
- First phase of Matara-Kataragama railway line begins (Category: Breaking News)
- Construction of Matara-Kataragama railway line in Southern Sri Lanka begins (Category: Breaking News)
- Construction of Matara-Kataragama railway line in Southern Sri Lanka begins (Category: Breaking News)
- Sri Lanka's Southern Railway to be extended to Kataragama within the next five years (Category: Breaking News)
Defence Secretary Gotabaya Rajapaksa will be the Chief Guest at the Colombo University MBA Alumni Association annual management conference titled ‘Beyond Traditional Boundaries’ on 16 March at the Cinnamon Lakeside, Colombo. This year’s focus on the conference is ‘Mastering Your Game’ and Rajapaksa, whose Ministry also includes the Urban Development, as Chief Guest is...
- U.S.Business Executives to meet in Colombo. (Category: Breaking News)
- Speaker elected Deputy Chairman of CPA (Category: Breaking News)
- Serve justice to those responsible for April Attacks immediately; Catholic Bishops’ Conference (Category: Breaking News)
- Serve justice to those responsible for April Attacks immediately; Catholic Bishops’ Conference (Category: Breaking News)
SLIC books hefty Rs. 4 b capital gain as an eager Harry secures large block; Ups control to 40.8%; Melstacorp to revise Spence mandatory offer price to Rs. 115 per share from Rs. 113 Business tycoon Harry Jayawardena-linked Melstacorp Ltd. yesterday acquired a strategic block of an 11% stake in Aitken Spence Plc for Rs. ...
- Harry picks up Rs. 336 m more of Spence shares (Category: Business)
- Others secure, Harry misses in scramble for Spence shares (Category: Business)
- Harry triggers Takeover Code on Aitken Spence (Category: Business)
- Distilleries transfers 16.3% Spence stake to Melstacorp for Rs. 7 b (Category: Business)
Minority shareholders are strongly objecting to Watawala Plantation Plc’s (WATA) proposed sale of its marketing subsidiary, the company’s cash cow, to majority shareholder Estate Management Services Ltd. Their opposition is likely to be vehemently expressed today at the Extraordinary General Meeting (EGM) convened for shareholder approval. Last month, WATA in a brief filing to the ...
- Watawala serves itself amidst Treasury, SEC and minority shareholders anger (Category: Business)
- E&Y valued Watawala Marketing (Category: Business)
- Watawala to sell marketing subsidiary for Rs. 742 m (Category: Business)
- Shareholders furious over lack of disclosure, sale plan of MBSL’s savings subsidiary (Category: Business)
Though the birth rate may be static, the country’s vehicle population is tipped to double in the next decade necessitating urgent expansion in road network lest the motorists get choked in traffic. As per forecasts made by the Ministry of Transport, the current vehicle population is 130 vehicles per 1,000 people and this is estimated ...
- Revving up cost effective alternatives (Category: Business)
- Harsha says CB has moral responsibility to be more transparent (Category: Business)
- Singapore to allow more cars (Category: Business)
- Janashakthi Insurance premium income hits record Rs. 7.13 b (Category: Business)
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 ...
- Entrepreneur and the profit motive (Category: Business)
- The rise of State capitalism: new masters of the universe or an ominous portent? (Category: Business)
- State Capitalism: Revitalising underperforming businesses the Mussolini way (Category: Business)
- Governance - Four examples; two bad and two good (Category: Business)
In Daily FT article titled ‘Pan Asia Bank after tax profit up 128% to record Rs. 824 m in 2011’ the accompanying picture of CEO Claude Peiris had been inadvertently captioned as Acting CEO whilst the article had the correct reference. We regret the error.
Executive Vice President and CEO says IFC will explore a good mix of enhanced financing and advisory services on a range of sectors apart from promoting FDIs to the country Encouraged by the post-war optimism the World Bank’s private sector investment arm – International Finance Corporation (IFC) yesterday revealed plans to expand its support in ...
- IFC To Double Commitment (Category: Breaking News)
- IFC pledges fullest cooperation to Sri Lanka (Category: Business)
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