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The Securities and Exchange Commission (SEC) has suspended the Investment Advisor role of Taprobane Securities CEO Dinal Wijemanne, who was also part of the consortium of sellers of TFC shares to NSB. Daily FT learns the SEC decision to suspend, made at Monday’s Commissioners meeting
- CSE’s Rules Committee to meet on SEC’s new directive (Category: Business)
- NSB Head gives quit notice (Category: Business)
- NSB-TFC deal: CID questions Kariyawasam (Category: Business)
- Kneejerk reactions by SEC (Category: Business)
In mid February, the Ceylon Electricity Board (CEB) informed consumers of their intention to revise their electricity charges from the following month. The March electricity bill issued to the consumer by the meter-reader was based on previous rate. The April bill based on revised rates with the addition of fuel surcharge for March was sure ...
- More power cuts after China-built plant fails again (Category: Business)
- In the Chinese-built coal power plant of Norchcholai, there are more questions than answers. (Category: Breaking News)
- Chinese firm says coal plant failed after overuse (Category: Business)
- CEB is not a burden on national economy, says Power Minister (Category: Business)
National Savings Bank (NSB) Chairman Pradeep Kariyawasam yesterday tendered his resignation amidst mounting pressure for the same from Opposition and trade unions over the ill-fated decision to invest in The Finance Company Plc (TFC). Kariyawasam, who only completed two years as NSB Chief last week, had sent his resignation to President Mahinda Rajapaksa, who is ...
- NSB-TFC deal: CID questions Kariyawasam (Category: Business)
- NSB’s custodial role suspended, Sampath clears Friday settlements (Category: Business)
- NSB conspicuous by its silence on allegations over TFC buy (Category: Business)
- NSB Chairman resigns (Category: Breaking News)
SEC, CSE and CSBA hold positive joint meetingThe stock market is likely to step up the migration to Delivery Versus Payment (DVP) system in a more robust risk management regime following the fiasco triggered by the default of National Savings Bank (NSB). Daily FT learns the DVP
- SEC resolves NSB-TFC in-limbo trade via private transfers (Category: Business)
- Taprobane buys back the TFC shares it sold to NSB (Category: Breaking News)
- NSB’s custodial role suspended, Sampath clears Friday settlements (Category: Business)
- Sanctity of CSE hinges on NSB (Category: Business)
Following is the response from Dlimah Tea Director Malik J. Fernando to Willie Weerasekera’s article ‘Pure Ceylon Tea’ or ‘tea hub’? The billion dollar question published last Friday in Daily FT.The writer speaks sense when he says “the million-dollar question is therefore much more than ‘Ceylon Tea’ or ‘tea hub’ – It is: How do ...
- Hub is no hoodoo, says TEA (Category: Business)
- Debate on importation of lower cost tea (Category: Business)
- Storm in Sri Lanka’s teacup: A more pragmatic approach is key (Category: Business)
- Govt. pledges to protect ‘Pure Ceylon Tea’ (Category: Business)
Sri Lanka’s top policy administrator, Dr. P.B. Jayasundera, popularly known by the initials of his name PB, is reported to have proclaimed that Sri Lanka should stop altogether the importation of tea from abroad for blending purposes for it would tarnish the reputation which the country has earned for centuries as the best tea producer ...
- ‘Pure Ceylon Tea’ or ‘tea hub’? The billion dollar question (Category: Business)
- Ceylon Tea: To blend or not to blend? (Category: Business)
- Coca-Cola launches ‘Minute Maid Apple’ flavour (Category: Business)
- Hub is no hoodoo, says TEA (Category: Business)
The Merchant Bank of Sri Lanka (MBSL) in a filing to the Colombo Stock Exchange (CSE) has stated that The Daily FT articles of 14 and 15 May had carried misleading insinuations over the position with regard to the disposal of the shares of MBSL Savings Bank. Chairman M.R. Shah’s filing
- Shareholders furious over lack of disclosure, sale plan of MBSL’s savings subsidiary (Category: Business)
- MBSL selling savings bank for a song! (Category: Business)
- Navara-led consortium to buy 68% of MBSL Savings Bank for Rs. 562 m (Category: Business)
- MBSL Savings Bank invests in community of Galle with relocated Extension Office (Category: Business)
Columnists come and go. Hope this one stays! I’ll agree to do that; if you’d let me kick up controversy, poke fun at you and distort the life out of news and gossip that come my way. The Daily FT Ed is a nice guy; he’s already let me do that. As long as I ...
- Ore. father accused of trying to give away the kids (Category: USA, Washington)
- Jana Aragalaya now ‘Frontline Socialist Party’ (Category: Breaking News)
- Bayliss feels for Marsh as Dilshan quits (Category: Business)
- Heshan comes second in heats but fails to qualify for next round (Category: Business)
Exporters deny lobbying to import cheap tea Insist more liberal regime for select import of orthodox varieties key to boost blending for exports and establish Colombo as a tea hub Stress Pure Ceylon Tea will remain supreme and unaffected By Uditha Jayasinghe Stirring a fresh storm in the industry, the Tea Exporters Association (TEA) yesterday ...
- Govt. pledges to protect ‘Pure Ceylon Tea’ (Category: Business)
- Storm in Sri Lanka’s teacup: A more pragmatic approach is key (Category: Business)
- Tea Industry Divided Over Importing Tea For Blending (Category: Breaking News)
Minority shareholders and analysts are fuming over MBSL’s failure of proper disclosure, including providing no justification for the sale of its controlling stake in its savings bank subsidiary. Sequel to Daily FT’s expose yesterday, investors said that MBSL in its 2010 Annual Report
- MBSL selling savings bank for a song! (Category: Business)
- MBSL says savings subsidiary sale will result in a profit of Rs. 325 m (Category: Business)
- Navara-led consortium to buy 68% of MBSL Savings Bank for Rs. 562 m (Category: Business)
- HNB’s Rights undersubscribed (Category: Business)
With open economic policies, the health sector in Sri Lanka has shown a significant development during the last few years. With the increasing population, which has now reached 20.8 million, there was a dire need for the country to improve her healthcare facilities and this requirement is now being fulfilled by both public and private ...
- ‘Arogya 2012’: A step towards better healthcare (Category: Business)
- Private Hospitals Association’s case for employing foreign medical specialists (Category: Business)
- Nawaloka Hospitals sponsors ‘Arogya 2012’ as Official Cardiac Partner (Category: Business)
- MARKSS Healthcare expands footprint in Kandy (Category: Business)
Planned divestiture of subsidiary – the sole private savings bank in the country – not advertised Deal with in-out-and-in Navara Capital under fire as Rs. 562 m strike price falls below Board recommendation Analysts label deal price as “cheap” when CB is unlikely to be generous in issuing new Specialised Bank licences in the future ...
- Shareholders furious over lack of disclosure, sale plan of MBSL’s savings subsidiary (Category: Business)
- Navara-led consortium to buy 68% of MBSL Savings Bank for Rs. 562 m (Category: Business)
- MBSL says savings subsidiary sale will result in a profit of Rs. 325 m (Category: Business)
- Double-edged deal (Category: Business)
The main broker Taprobane Securities Ltd. is awaiting instructions from the Securities and Exchange Commission (SEC) with regard to reversal of contentious NSB-TFC deal. Daily FT learns the broking firm has informed the SEC of the intimation from the buying party of its unwillingness to pay
- Sri Lanka SEC to impose minimum free float (Category: Breaking News)
- Resigned (Category: Business)
- Still There (Category: Business)
- More Time (Category: Business)
UNP MP Harsha asks under what law did President order non-payment of a stock market transaction? The contentious NSB-TFC deal on Friday reverberated in Parliament with the main Opposition UNP MP Harsha De Silva firing a stinker to the Government benches asking under what law did President Mahinda Rajapaksa order the non-payment for a transaction ...
- High profile stakes! (Category: Business)
- NSB’s custodial role suspended, Sampath clears Friday settlements (Category: Business)
- NSB-TFC deal: CID questions Kariyawasam (Category: Business)
- NSB-TFC deal’s stench spreads! (Category: Business)
Right of reply The Colombo Stock Exchange (CSE) yesterday issued a reply to comments made by former HNB Chairman Rienzie T. Wijetilleke in an article published in the Daily FT titled ‘Wijetilleke backs calls for tough action on NSB-TFC deal’. The full statement is given below
- Wijetilleke backs calls for tough action on NSB-TFC deal (Category: Business)
- Smashing Year (Category: Business)
- CSE only exchange to record positive growth (Category: Breaking News)
- CSE records highest number of transactions (Category: Breaking News)
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)
NSB takes one step forward and two back and Govt’s cure appears worse than the disease Unprecedented reversal of trade in the offing with sellers agreeable to buy back Analysts opine Bourse in Catch 22 situation as stakeholders mixed over the approach to the cancellation and authorities not holding those responsible accountable so far Confirming ...
- TFC buy against NSB Act: Legal experts (Category: Business)
- Not-so-ugly truth of the NSB saga! (Category: Business)
- NSB-TFC deal: CID questions Kariyawasam (Category: Business)
- Sanctity of CSE hinges on NSB (Category: Business)
The National Savings Bank’s (NSB) role as a custodial bank has been suspended by the Colombo Stock Exchange following its failure to honour the payment on its purchase of a 13% stake on 27 April, the Daily FT learns. CSE officials refused to comment about the suspension whilst
- NSB unions want Kariyawasam out (Category: Breaking News)
- TFC buy against NSB Act: Legal experts (Category: Business)
- Fitch affirms National Savings Bank at ‘AAA’ (Category: Business)
- NSB relaunches popular products to expand market base (Category: Business)
Experts and analysts insist savings giant as a custodial bank must pay up and resolve internal issues separately without compromising integrity stability and confidence of market Popular settlement banker Sampath with Rs. 390 m overdrawn from CDS following payment on TFC deal stalls operations on Friday, causing chaos for brokers and clients of other deals; ...
- NSB’s custodial role suspended, Sampath clears Friday settlements (Category: Business)
- TFC buy against NSB Act: Legal experts (Category: Business)
- NSB-TFC deal’s stench spreads! (Category: Business)
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)
By Cheranka Mendis Glaxo SmithKline yesterday opened its latest state-of-the-art pharmaceutical tablet manufacturing facility in Moratuwa, built at an investment of Rs. 217 million. Confirming its commitment towards strengthening its footprint in Sri Lanka, the facility is part of a Rs. 1.4 billion investment that the company will put forward this year in the area ...
- Global pharma giant GSK to invest $ 11.2 m more in Sri Lanka (Category: Business)
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)
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)
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)
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