Special ReportDriving marketing in the boardroom
By Cassandra Mascarenhas
There is now a growing belief that there should be better representation of marketing experts on corporate boards, both in Sri Lanka and globally. To discuss the importance of a marketer’s role at board level, the Sri Lanka Institute of Directors in partnership with the Chartered Institute of Marketers Sri Lanka Region held a power evening titled ‘Driving Marketing in the Boardroom’ earlier this week.
Are we facing a rupee crisis?
By Cheranka Mendis
While the rupee has been hitting record lows on a continuous basis for the past few months, the business community and general public have been abuzz, with speculation rife that a rupee crisis is taking place in the country.
Gathered to discuss whether or not there is a rupee crisis and if so what measures should be implemented to emerge from it without too much of an impact, Sambhashana, an outreach and advocacy program series organised by Transparency International Sri Lanka (TISL), conducted a forum titled ‘Rupee Crisis’ at the Organisation of Professional Associations (OPA) last month.
New instrument for financing Sri Lankan development
Sri Lanka, which was a low-income country (per capita income below $ 2,000) until a few years ago, has now reached lower-middle-income country status ($ 2,840). Of course, while Sri Lanka can be proud of this achievement, middle-income country status requires it to operate within a new paradigm.
Summary of the Annual Report of the Central Bank for 2011
Section 35 of the Monetary Law Act requires the Monetary Board of the Central Bank of Sri Lanka (CBSL) to submit a report giving details of the state of the economy, the condition of the Central Bank and the policies and measures adopted by the Monetary Board during the year to the Minister in charge of the subject of Finance within four months of the commencement of the following year. The 62nd annual report of the Monetary Board was submitted to H.E. the President of Sri Lanka and the Minister of Finance and Planning on the 9th of April 2012. Following are some of the highlights of the report.
Overheating symptoms in Sri Lankan economy
UBS Securities Asia Limited, last week released a research analysis on recent achievements of Sri Lanka’s economy as well as future scenarios. The report also contains several warnings. Here are excerpts.
The exchange rate is under pressure to depreciate. Sri Lanka’s central bank left official interest rates unchanged at their last meeting. While this was expected by many watchers, it is highly questionable for how long further rate hikes can be delayed without prompting further currency weakness. The simple reason is Sri Lanka’s balance of payments is weak and in 2012 higher yield will be needed to restore exchange rate and inflation stability.
Mixed sentiments at Expo
By Cheranka Mendis
While Sri Lanka’s largest mega trade, investment and tourism promotion initiative ‘Expo 2012’ has been welcomed by stakeholders as a timely affair, stallholders shared mixed feelings on the order of the show.
Some were elated having received inquires just two days into the event, while others expressed disappointment with regard to the organising and the number of international participants.
Tokyo Stock Exchange calls for new rules to prevent insider trading
- Backs rule for underwriters to disclose stock allocations
- Lack of disclosure “at the root” of trading problems-CEO
- TSE will dissolve JV with London, take 100 pct of AIM
TOKYO (Reuters): The head of the Tokyo Stock Exchange said an insider trading case unveiled by authorities last week was a blow to the reputation of Japan’s capital markets and called for new disclosure rules and other measures to combat the problem.
Gupta’s quiet win is loud warning for prosecutors
Reuters Breakingviews: A quiet win for accused insider-trader Rajat Gupta should be a loud warning for prosecutors. Granting the former Goldman Sachs director and McKinsey boss access to US government notes may help him parry charges, but it also puts teeth in rules for sharing evidence.
Rajat Gupta loses wiretap ruling, wins on SEC notes
REUTERS: Former Goldman Sachs Group Inc director Rajat Gupta lost his bid to suppress wiretap evidence at his upcoming criminal trial on charges that he leaked boardroom secrets to hedge fund founder Raj Rajaratnam.
Insider trading: Good, bad or ugly?
By Cassandra Mascarenhas
Bringing to the spotlight an issue that has plagued the Sri Lankan stock market over the past several months, the Institute of Chartered Corporate Secretaries of Sri Lanka and the Securities and Exchange Commission of Sri Lanka in partnership with the Daily FT presented a seminar titled ‘Insider Trading – Good, Bad or Ugly’.
Held earlier this week, the forum featured a number of experts who delved into the finer points of insider trading, discussing its impact on the country’s market and economy and offered up solutions for the way forward and was followed by an interactive session during which the audience raised several key concerns with the experts present.
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