- SEC to set strategic plan to curb manipulation
- Target of doubling foreign stake in market to 30%
- Past efforts to curb price-manipulation were stymied
REUTERS: Sri Lanka’s once-buoyant, now-ailing stock market needs integrity and greater participation by foreigners to grow well, the new director-general of the country’s exchange regulator said.
CEOs, like politicians, can get ‘high’ on power and lose touch with ground reality. They can get surrounded by ‘Yes Men/Women’ (who will dare not be the messenger of bad news) and those who ‘pump-up’ the CEO with ulterior motivated insights. The smarter CEOs benefit from encouraging constructive critique and making it part of the organisational culture.
Citrus Leisure Group is to invest up to $23.7 million (nearly Rs.3 billion) to build a 150-room four star hotel in Waskaduwa.
The venture will be via Citrus’ subsidiary Waskaduwa Beach Resort Ltd., which has signed an agreement with the Board of Investment to this effect.
Deputy Chairman Alex Lovell has increased his stake in Union Bank Plc following the purchase of 1.5% shareholding for Rs. 117.5 million.
Lovell, who functions as a Non Executive Director at Union Bank, on 5 April had picked up 5.34 million shares at Rs. 22 each, which was about Rs. 5 above the market.
Vijaya Malalasekera has retired from the Board of Ceylon Tobacco Company (CTC) as a non-executive director at the conclusion of the 2011 Annual General Meeting last week.
The exit marks the end of a 39 year old association for Vijaya with CTC.
The recent policy rate hike from the Central Bank is expected to bring fresh challenges to the financial sector firms, according to CT Smith Stockbrokers.
It said the finance sector companies are likely to go through a tighter economic period as the general consumer debt servicing capacity is expected to deteriorate in the short to medium term.
Reuters: India has decided to allow foreign direct investment from Pakistan, Trade Minister Anand Sharma said on Friday, before the two countries were due to open a trading post on the Wagah border in the latest sign of thawing economic ties.
A town advertised as the smallest in the United States has been sold at auction for $900,000.
Buford, Wyoming, is located between Cheyenne and Laramie in southeast Wyoming. Two unidentified Vietnamese men placed the winning bid for the town last week during the 11-minute auction.
The Employers Federation of Ceylon (EFC) has launched its second edition of Guide to Investors on Industrial Relations Practices and Labour Laws in Sri Lanka.
EFC said that with the Government actively encouraging foreign direct investment in various sectors such as knowledge services, leisure and tourism, apparels and manufacturing, the launch of its guide was timely.