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Commendable achievements Over the years Sri Lanka has gained a considerable reputation for its achievements in social development. It punches above its weight on the UNDP’s Human Development Index. It has also performed very well in meeting the internationally agreed Millennium Development Goals (MDGs), which focus on indicators related to poverty, health, education and gender ...
By Saman Gunadasa World Socialist Web Site: A scandal over the manipulation of shares on the Colombo Stock Exchange has erupted in recent weeks, after former Sri Lankan Securities Exchange Commission (SEC) Chairman Thilak Karunaratne accused Government ministers of acting in league with speculators. Karunaratne was pressured by President Mahinda Rajapaksa to quit his position, ...
It is unfortunate that today many impressions of Sri Lanka in foreign countries are based on unverified facts, and wrong or deliberately manipulated disinformation, carried out by those who once supported the forces of terror. These same elements continue to sow the seeds of division and separatism through various media, and also influence politicians in ...
The first Prime Minister of independent India, Pandit Jawaharlal Nehru, wrote 75 years ago: “It would be absurd to say that the profit motive does not appeal to the average Indian, but it is nevertheless true that there is no such admiration for it in India as there is in the west. The possessor of ...
In an exclusive interaction with the Gamechanger Team on the sidelines of the SLPL match between Basnahira Cricket Dundee and Uva Next, the Secretary of Sri Lanka Cricket Nishantha Ranatunga opened up with his thoughts on the Mahindra Sri Lanka Premier League, its future in the Sri Lankan cricket system and what it would do ...
Last week I met up with some key business people from Indonesia, which does heavy trading with China on the basis of subcontracted business, and is now attempting to diversify its business due to the volatility of the Chinese economy. This made me conduct some research on the Chinese economy. The findings highlighted the need ...
24th August 2012 Dr. P. B. Jayasundera, Secretary to the Treasury, Ministry of Finance & Planning The Secretariat, Colombo 1. Dear Dr. Jayasundera, Establishment of a Financial Services Authority and a Banking and Finance Commission I suggest for your consideration that you duly evaluate the long-term national economic benefits of enhancing effective fiscal management capability ...
The Sri Lanka Institute of Marketing (SLIM) together with the Bucks University featured the 2012 award winners from Singapore of global business associations and chief marketing officers under the theme ‘Is The Party Over?’ at Galadari Hotel, where a select audience of 200 business and marketers attended the event. Some of the key points discussed ...
The Finance Houses Association (FHA) has launched a Code of Ethics for registered finance companies for the benefit of all stakeholders of the industry. FHA said the new Code of Ethics would be a guideline for business operations of member finance companies in terms of customer services, confidentiality of information, legal obligations, employee recruitment, competitive ...
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 ...
Following is the part one of the Daily FT article featuring the Acuity Stockbrokers Research on Economy and Strategy titled “Lion Leads Frontier” launched last week. Better than the rest General frontier market risks remain pertinent to Sri Lanka Investors in frontier markets are well aware of the risk-return tradeoff intrinsic to these markets. Low ...
By Shamil Samsul Mueen 1. Introduction The global financial crisis has raised imperative issues concerning the stability and reliability of existing financial systems. This has driven an extensive global re-examination on the competence of the existing financial architecture and the search
MILAN/LONDON (Reuters): Italian fashion house Valentino has been snapped up by the Qatari royal family for 700 million euros ($857.5 million), the latest purchase of a top European luxury brand by an emerging market investor. The luxury label loved by Jacqueline Kennedy Onassis and Audrey Hepburn said on Thursday that Mayhoola for Investments S.P.C, an ...
The Standard and Poorandrsquo;s (Sandamp;P) Rating Services assigned a score of 8 (very high risk) to the Sri Lankan economy and banking industry last week. The role of ratings agencies in the lead-up to the global financial crisis (2008) was certainly highly questionable.
The Standard and Poor’s (S&P) Rating Services assigned a score of 8 (very high risk) to the Sri Lankan economy and banking industry last week. The role of ratings agencies in the lead-up to the global financial crisis (2008) was certainly highly questionable. There are also issues related
Request to present a public petition before the Committee on Public Petitions Following is the text of an open letter sent by good governance activist Chandra Jayaratne to the Leaders of Peoples Alliance Parliamentary Group, United National Party Parliamentary Group, Tamil National Alliance Parliamentary Group, Janatha Vimuthi Peramuna Parliamentary Group, Democratic National Alliance Parliamentar...
Steve Freer, Chief Executive of the Chartered Institute of Public Finance and Accountancy (CIPFA) has said that urgent action is required by Commonwealth public finance leaders to help tackle the current financial crisis and to help avoid the next one. Speaking at a Commonwealth Secretariat event
SINGAPORE (Reuters): Asian shares fell on Monday and the safe-haven dollar rose as concerns about faltering global growth and Europe’s intractable debt crisis continued to sap investor confidence, but commodities steadied after a pummeling last week. The euro also fell, despite moves late last week to ease funding strains on the euro zone banking system, ...
LONDON (Reuters): Banks are in danger of a “vicious cycle” from the need to pledge more of their best quality assets as protection to central banks and other creditors, which could hinder the banking system’s ability to absorb shocks. The trend, known as “asset encumbrance”, has taken hold over several years and stems from a ...
President of the UNCSD, Secretary General of the UN, excellencies, ladies and gentlemen, it is indeed a great pleasure for me to be here in Rio de Janeiro and to share my thoughts at this momentous event. The presence of so many Heads of State and Governments, Senior Ministers, Officials and thousands of members of ...
The Central Bank of Sri Lanka notes with grave concern, a statement by Standard and Poor’s, issued yesterday, on the Sri Lankan Banking System and wishes to state that the statement is factually incorrect, illogically analysed, and is highly contradictory. 1. Soundness of the Banking System Quite contrary to the rationale for the statement, Sri ...
Speaking at a forum organised by KPMG in Sri Lanka for chief financial officers and chief risk officers of banking institutions, KPMG India’s Partner and Head of the Financial Risk Management (FRM) practice, Rohit Bammi emphasised that local banks have the opportunity to further enhance their risk management functions. In his opening remarks, Rohit discussed ...
By Sajjid Z Chinoy and Jahangir Aziz jpmorgan.com: With India’s current account deficit (CAD) reaching unsustainable proportions and the real exchange rate experiencing a sharp depreciation over the last year, one of the critical policy debates in the country currently is whether India can take advantage of the currency weakness and export its way out ...
By Cassandra Mascarenhas In a knowledge economy, learning becomes a vital ingredient for power and furthering the need for continuous learning, the Chartered Institute of Chartered Accountants’ annual flagship event, the CIMA Business Leaders Summit 2012 conducted the technical sessions, the second half of its two-day agenda. “Our theme is about power. Power existed even ...
With a view to strengthening regional financial and economic cooperation, Governor of Reserve Bank of India Dr. D. Subbarao on 16 May announced in the 24th SAARC FINANCE Governors’ Meeting in Pokhara, Nepal, that the Reserve Bank of India will offer Swap Arrangement of US $ 2 billion both in foreign currency and Indian rupee. ...
Reuters: Thai Hua Rubber Pcl, Thailand’s third-largest rubber producer, plans to invest in Myanmar, aiming to produce rubber and export it following political and economic reforms there, the company’s chief executive said. “We have already met Myanmar’s agriculture minister and he said our investment is welcomed,” Chief Executive Luckchai Kittipol told Reuters. The co...
The Pathfinder Foundation is organising the second series of seminars, beginning with ‘Billions of Entrepreneurs; How China and India are Reshaping their Futures and Yours’. The seminar, organised in collaboration with the Ceylon Chamber of Commerce using video conference facility of the American Centre, is scheduled for 22 May from 6.3p.m. to 8:30p.m. The ...
The UNESCAP recently released its publication, ‘The Economic and Social Survey of Asia and the Pacific 2012 – Pursuing Shared Prosperity in an Era of Turbulence and High Commodity Prices,’ and the global launch took place simultaneously in all ESCAP member countries on 10 May. Speaking at the launch in Bangkok, the Executive Secretary of ...
Sri Lanka Cricket says it will stage its own Twenty20 cricket league in August, more than a year after it was postponed due to possible losses due to a pull out of Indian players. The first edition of Sri Lanka Premier League was originally scheduled to be played in July last year. SLC president Upali ...