Abans restructures Board for stronger corporate governance

Published : 1:07 am  August 20, 2014  |  Category: Front Page  |  Leave a Comment  |  573 views  |  

Abans Plc, a market leader in electronics and home appliances, recently restructured its Board of Directors for stronger corporate governance and streamlining operations with the introduction of two new independent directors on its Board. In order to maintain a ratio of 30% of independent directors on the Board, P.N. Pestonjee, Clive Fernando and Allan Raffel voluntarily stepped down to make way for the new independent directors. The Directorate of the company will now comprise Aban Pestonjee (Chairperson), Behman Pestonjee (Managing Director), Rusi Pestonjee, Saroshi Dubash, H. Embuldeniya and S.J. De S. Wijeyeratne (both Independent Non-Executive Directors). The majority – the shareholders... 

Sri Lankan e-Library Nenasala Program wins ‘International Access to Learning’ award

Published : 12:00 am  August 20, 2014  |  Category: Front Page, MAIN IMAGE  |  3 Comments  |  945 views  |  
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  Govt.-run development initiative will use $ 1 m Access to Learning Award to improve technology centres serving the rural poor Sri Lanka’s e-Library Nenasala Program (eLNP) won the Bill & Melinda Gates Foundation’s 2014 Access to Learning award of $ 1 million at a ceremony held in Lyon, France on Monday (18). The award was in recognition of eLNP’s thrust for providing free access to computers and the Internet to underserved Sri Lankans living in remote and rural areas. The Government of Sri Lanka launched the program as a way to boost digital literacy and encourage economic development throughout the country based on its national development policy ‘Mahinda Chinthana’. The... 

Confident MR keen to cruise ahead

Published : 12:00 am  August 20, 2014  |  Category: Front Page, TOP STORY  |  9 Comments  |  2,697 views  |  

Rajapaksa administration making plans for the next five years says President When posed whether he will retire in 2020 Mahinda responds: “Ask me that in 2020.” Says “not bothered” about CBK as possible presidential contender Alleges remote probe highlights Navi Pillay’s bias Claims to be committed to cause of disappearances By Dharisha Bastians Brimming with confidence about being re-elected to serve an unprecedented third term in office, President Mahinda Rajapaksa yesterday shrugged off his political rivals and appeared undeterred by the UN inquiry into allegations of war crimes quietly gathering steam in Geneva. “I will be still be here, I am planning for the next five years,”... 

Ravi Dias new Chairman at Senkadagala Finance

Published : 2:31 am  August 19, 2014  |  Category: Front Page  |  Leave a Comment  |  934 views  |  
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Senior banker Ravi Dias has been appointed as the new Chairman of Senkadagala Finance Plc. Last week he was appointed to the Board. Dias will replace Dr. P. Ramanujam who functioned as Interim Chairman. Following the new appointment, Dr. Ramanujum will continue as Deputy Chairman of Senkadagala Finance Plc. Ravi served Commercial Bank for four decades and retired recently. He was recently appointed to the Board of Carson Cumberbatch Plc., as well. Following the latest appointment the Board of Directors of Senkadagala Finance Plc comprises Ravi Dias (Chairman), P. Ramanujam (Deputy Chairman), L. Balasuriya (Managing Director/CEO), A. Balasuriya, L. Fernando, W.A.T. Fernando, S.S. Kulatunga, S.D.... 

Japanese banking giant ties up with BOI

Published : 2:29 am  August 19, 2014  |  Category: Front Page  |  Leave a Comment  |  1,135 views  |  
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Bank of Tokyo Mitsubishi in landmark agreement to promote Sri Lanka to clients for investment The Bank of Tokyo Mitsubishi, UFJ became the first bank yesterday to sign a Memorandum of Understanding with the Board of Investment (BOI) in Sri Lanka to encourage Japanese investments. The aim of the agreement is to promote Sri Lanka as an attractive investment destination to the bank’s varied clientele, scattered across several countries. With 764 Japanese branches and 75 foreign offices, the Bank of Tokyo Mitsubishi, UFJ is well-poised to encourage investors to Sri Lanka, officials assured. “We can see the tendency of growing number of Japanese investors who are aware of the advantages of Sri... 

Foreign powers exerting ‘relentless pressure’ on Lanka’s forward march: GL

Published : 2:27 am  August 19, 2014  |  Category: Front Page  |  1 Comment  |  370 views  |  

The Government yesterday reiterated its strong opposition to the UN-led investigation on Sri Lanka and international pressure to address reconciliation and accountability, during the inaugural session of the Defence Seminar 2014. Referring to the UN probe as a ‘travesty of justice,’ Minister of External Affairs G.L. Peiris said international pressure was not only unhelpful but harmful to the country. He accused certain foreign powers of exerting ‘relentless pressure’ on Sri Lanka’s forward march post-war. The Government had no issues with the sections of the UN resolution passed in March 2014 which called for the strengthening of domestic mechanisms to address reconciliation, the Minister... 

Bourse up on gains in large-caps, foreign buying

Published : 2:25 am  August 19, 2014  |  Category: Front Page  |  Leave a Comment  |  510 views  |  

Reuters: Stocks rose on Monday to a near three-year closing high, led by large-cap shares such as Ceylon Tobacco Co Plc and foreign buying in John Keells Holdings Plc as expectations of better earnings and low interest rates lifted appetite for risky assets. The main stock index rose 0.44%, or 30.86 points, to close at 6,974.71, its highest finish since 9 September 2011. The index has gained 18% so far this year. “The market recovered after the profit-taking (on Friday) and people started buying. We might see a correction here and there, but the market will continue its run on low rates,” said a stockbroker asking not to be named. The Bourse saw net foreign inflows of Rs. 238.9 million ($... 

Rupee edges up on remittance inflow

Published : 2:24 am  August 19, 2014  |  Category: Front Page  |  Leave a Comment  |  423 views  |  

Reuters: The rupee rose on Monday as inward remittances and dollar sales by exporters outpaced importer demand for the greenback, but further gains were capped by dollar-buying from State banks, dealers said. The rupee ended at 130.15/16 per dollar, slightly firmer than Friday’s close of 130.16/19. It had hit a two-week low of 130.26 per dollar on Wednesday. One of the two State banks through which the central bank usually intervenes in the market bought dollars at 130.15, 1 cent below Friday’s rate, to prevent any sharp gains and excessive volatility, dealers said. Despite a sluggish trading in the local currency, the bond market was very active, dealers said. “There is a correction in... 

NSB 1H pre-tax profit soars by 206% to Rs. 2.7 b

Published : 12:00 am  August 19, 2014  |  Category: Front Page, TOP STORY  |  2 Comments  |  457 views  |  

Net profit up 184% to Rs. 1.8 b Interest income crosses Rs. 35 billion mark for the first time Deposits mobilised up Rs. 23.7 b or 5% to Rs. 522.4 b Total assets up 4% to Rs. 680.7 billion Savings giant NSB has recorded a profit before tax of Rs. 2.7 billion for 1H 2014, up by 206% from Rs. 0.9 billion recorded in the corresponding period last year. Net profit recorded an increase of 184% to Rs. 1.8 billion from Rs. 642 million recorded in the same period last year. In a statement NSB said it reached a new milestone with half year interest income crossing the Rs. 35 billion mark for the first time. It delivered a significantly improved financial performance in the first half of 2014 with... 

Peace smiles!

Published : 12:00 am  August 19, 2014  |  Category: Front Page, MAIN IMAGE  |  Leave a Comment  |  598 views  |  
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Defence Secretary Gotabaya Rajapaksa, Secretary to the President Lalith Weeratunga, External Affairs Minister Prof. G.L. Peiris and Finance Secretary Dr. P.B. Jayasundera are all smiles at the opening of the Defence Summit yesterday. Army Commander Daya Ratnayake is also present – Pic by Pradeep Dilrukshana  Read More →

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