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Anthony Shanil Fernando appointed to the CSE Board
(PRESS RELEASE) – The Colombo Stock Exchange (CSE) announces the appointment of Mr. Anthony M. Shanil Fernando as a Director of the CSE Board. Mr. Fernando, Attorney-at-Law, Solicitor, MBA, is a Senior Partner at Anton Fernando Associates Law firm. He is also the Chairman of AFA Corporate Services Limited and the Director of World Express […]
Chartered accountants to adopt new code to combat crimes
Nov 25, 2016 (LBO) – The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) has decided to adopt the “Responding to Non Compliance with Laws and Regulations” (NOCLAR) standard with effect from 15th July 2017 to ensure Sri Lanka is in line with the latest international ethics standards. It sets out a first-of-its-kind […]
Asian stocks pull ahead as dollar edges back, US yields resume climb
SINGAPORE, Nov 25 (Reuters) – Asian stocks advanced on Friday as the Thanksgiving break in the United States helped slow a relentless surge in the dollar that has sucked capital out of most emerging markets. The respite for Asian assets may be short-lived, however, with U.S. Treasury yields resuming their climb after the holiday as […]
Sri Lanka must aim for sustainable, inclusive growth: Governor
Nov 25, 2016 (LBO) – Sri Lanka must aim for sustainable as well as inclusive growth, Central Bank Governor Indrajit Coomaraswamy said on Thursday, speaking to corporate leaders. “If we are to have sustained growth, socially and politically stable growth, as we have an aspirational society now, this whole process has to be inclusive,” he […]
Sri Lanka to welcome first National Cooperative Policy framework
Nov 25, 2016 (LBO) – Sri Lanka is set to welcome its first National Cooperative Policy framework backed by the International Labour Organisation (ILO). There are almost 14,500 cooperatives-in various productions services, SMEs, women’s development, rural banking, insurance and farming sectors-active in Sri Lanka. Through “Coop City” shops, cooperatives are also now present in the […]
Pan Asia Bank CEO resigns and appointed NDB CEO
Nov 24, 2016 (LBO) – National Development Bank announced the appointment of P L D Neomal Seneviratne as the Chief Executive Officer/Director of the bank with effect from 1st January 2017. Seneviratne counts more than 26 years of experience in the Banking industry, of which the last 3 years were with Pan Asia Bank where […]
Opinion: Projects in conflict in Megapolis transport plan?
By Commuter Colombo’s chronic congestion is everybody’s favorite bugbear. The government’s Megapolis Plan identifies it as one of the “6 key urban development challenges” which it expects to address, to achieve the “5 fundamental goals” of economic growth and prosperity, good governance, an efficient, well-planned region, social equity and harmony and environmental sustainability. That would […]
Fitch says capitalisation in banking sector needs to be shored up
Nov 24, 2016 (LBO) – Sri Lanka’s Fitch Ratings said that capitalisation in the banking sector needs to be shored up and certain regulatory forbearances have contributed to bank undercapitalisation. Releasing a statement the rating agency said they are of the view that the reported capital adequacy ratios of banks in Sri Lanka continue to […]
Ravi K: No subsidy or welfare payment slashed under budget 2017
No subsidy or other welfare facility that have been increased for the people after this government came in to power has been slashed or removed. Despite huge allocations made for development projects in the Budget 2017, Rs.403 billion has been allocated for subsidies and welfare expenditures. This is an increase of Rs.143 billion when compared […]
Sri Lankan rupee steady as exporter dollar sales offset importer demand
Nov 24, 2016 (Reuters) – The Sri Lankan rupee was steady on Thursday as dollar selling by exporters offset demand for the U.S. currency by importers who fear the economic policies of U.S. President-elect Donald Trump would lead to a rise in the dollar and interest rates. Dealers said foreign investors might pull out of […]
CSE to halt for one hour for disaster recovery test
Nov 24, 2016 (LBO) – The Colombo Stock Exchange (CSE) will be conducting a planned failover to the Disaster Recovery site during trading hours using Version 7 of the Automated Trading System (ATS) Disaster Recovery Solution on Friday 25th November 2016. The CSE is required to impose a market halt of approximately one (1) hour from […]
Sri Lanka to explore and assess gem deposits
Nov 24, 2016 (LBO) – Sri Lanka’s cabinet has decided to implement a project to explore and assess gem deposits in Sri Lanka within 2017 and 2021, a statement said. “It has been assessed that gem deposits are spread in around 70 percent of land in Sri Lanka but only 10 percent of them are used […]