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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 ...
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; ...
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. ...
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 ...
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 ...
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 ...
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 ...
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
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 ...
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
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 ...
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 ...
Fuel hike fires up fresh crisis Unprecedented rise to rocket cost of living; Opposition says hike anti-poor; subsidy scheme impractical Import bill in 2011 first 11 months at $ 4.1 b far above 2010 full year figure of $ 3 b Experts urge country to go back to automatic monthly price revision Hike likely to ...
Economic Development Minister Basil Rajapaksa is charging that UNP MP and its Chief Economic Spokesman Dr. Harsha de Silva’s outburst and criticism over growing economic cooperation between Sri Lanka and China was in bad taste and made with dangerous political twist. “He (de Silva) is trying to pit China against Sri Lanka’s friendly nations such ...
Hon. D.E.W. Gunasekera Chairman, Committee on Public Enterprises (COPE) Parliament of Sri Lanka Sri Jayawardenepura Kotte. Dear Chairman, Action on COPE and other reports? Reference the aforementioned, I attach the following: 1.Daily Mirror front page News Report of Saturday, 21.1.2012 headlined ‘Bribery, CID Officers to be summoned by COPE. D...
Country records second successive year of over 20% growth in exports; 2011 full year value tops $ 10 b; when ICT exports included total figure to rise to $ 11 bConfirming resilience and an improved competitive mindset amidst global and local difficulties, Sri Lanka’s exports sector has concluded its second year of over 20% growth. ...
Renowned expert Dr. Howard Nicholas will share some key insights to the current status of global economy at a seminar on 20 January organized by the Ceylon Chamber of Commerce and supported by the Daily FT as print media sponsor. Dr. Howard Nicholas is known for his early warnings on the Asian
The Daily FT’s exclusive expose of Aitken Spence Plc’s pullout from Sri Lanka’s biggest ever FDI project – the upcoming US$ 500 million Colombo South Container Terminal sent shock waves in corporate, shipping, political and diplomatic circles yesterday whilst investors found
Plastic crates: Universally used in agri markets In 2002, the writer had a chance of visiting a few farms in Czech Republic, some 200 kilometres away from its capital, Prague. They were all medium sized farms owned by private individuals producing such products as vegetables, fruits and honey. At the time of the writer’s visit, ...
Prof. Yunus of Grameen Bank fame in Sri Lanka to promote social business By Uditha Jayasinghe In order to promote inclusive and sustainable development, the flaws of capitalism must be fixed, said Nobel Laureate Prof. M. Yunus, who landed in Sri Lanka last afternoon ahead of a corporate seminar today. Creating and implementing the idea ...
Mahinda urges brokers to venture overseas, market post-warSri Lanka among foreigners; reach out and educate rural investors Cautions against pump and dump, thereby avoid sharp pricefluctuations endangering innocent investors Brokers say ASI dropping 2,000 points, PE down to 13 times from 26 create conducive environment for relaxed rules President Mahinda Rajapaksa stresses a point duri...
No unanimity on exchange rate movement A front page headline news item in this paper on last Saturday had reported on an apparent division of opinion between the two top policy makers of the country, namely the Treasury Secretary Dr. P.B. Jayasundera and the Central Bank Governor Ajith Nivard Cabraal, on the depreciation of the ...
With reference to the Daily FT 14 November 2011 article ‘Basil bats for revival bill,’ Colombo Hilton promoter and former Chairman of Hotel Developers Lanka Plc Cornel Perera has sent the following rebuttal:The article contained the full speech by Economic Development Minister Basil Rajapaksa
All of the Commonwealth will today focus on the crucial vote for the host of 2018 Commonwealth Games with Sri Lankan contingent publicly and personally upbeat about candidate city Hambantota’s chances. Sri Lanka’s spirited southern port city Hambantota and Australia’s Gold Coast need minimum 36 votes out of 71 Commonwealth Games Associations at the CGF ...
The courage the Government has demonstrated in cancelling the CATIC deal and yet feeling secure, rather than embarrassed by it, must be recognised. It is a responsible step, a prudent decision, which will have enduring benefit both in terms of national policy and FDI strategy. This step will also earn the respect of the indigenous ...
Analysts upbeat new valuation will spur fresh buyingProving Daily FT’s concerns right, the Colombo stock market yesterday crashed to its lowest level in 2011, but a chorus is growing that new valuation will spur a fresh round of buying with some already collecting available quantities
Ganesan calls for grand opposition alliance Leader of the Democratic People’s Front (DPF) Mano Ganesan is once again in the limelight of country’s political scene, following his impressive performance at the recently-concluded local authority elections. Ganesan told the Daily FT
Growth assets are a good investment in the current climate Felix Stephen is the Manager Investment Strategy and Research at Advance Asset Management Ltd., Sydney, aapart of Westpac, which is one of the big four banks in Australia. He spoke to the Daily FT about the global economy and investment
of the municipality on an election extravaganza. In a candid interview with the Daily FT, the ...
By Nisthar Cassim in New York President Mahinda Rajapaksa described his engagement with the United Nations member countries last week as very successful for him personally and Sri Lanka at large. “I am very happy with the visit as it was very productive and through our discussions we were able to portray the true picture,” ...