Getting back into MSCI Emerging Market Index, top priority: Rajeeva

Mirror Business met with Rajeeva Bandaranaike who assumed duties as the Chief Executive Officer (CEO) of the Colombo Stock Exchange (CSE) last month. Bandaranaike is no stranger to the CSE as he worked at the place for 19 years holding various senior capacities.

Lankan banks to adapt to BASEL III 2014

Sri Lanka’s Central Bank (CB) will implement the third and the latest installment of Basel Accords— BASEL III beginning 2014, requiring the banks to further strengthen their capital buffers and also wanting them to decrease bank leverage, according to a CB official.

CSE to implement minimum free float from January

The capital market watchdog Securities and Exchange Commission (SEC) is likely to issue a directive in early part of next year, setting out rules on the ‘minimum mandatory continuous free floating limits’ for Colombo Stock Exchange (CSE) listed companies, according to a top official.

Sri Lanka Tourism launches major ad campaign in China

Sri Lanka Tourism welcomed a 13-member group from China’s ‘Travel Channel’, at the Bandaranaike International Airport, who arrived here to promote the Island aggressively in China via the Channel starting from January 2014.

Dialog becomes Apple iPhone partner in Sri Lanka

Dialog Axiata PLC announced it will offer iPhone 5s, the most forward-thinking smartphone in the world, and iPhone 5c, the most colorful iPhone yet, to customers from today (December 13). The announcement follows Dialog being appointed the first and only Authorised Partner and Service Provider for Apple iPhone in Sri Lanka.

Govt. proxy borrowing could pose additional risks: IMF

The International Monetary Fund (IMF) cautioned the government for using banks and other financial institutions to borrow overseas on its behalf, as it could pose additional risks to the financial system.

SEC tightens related party transaction rules

The Securities and Exchange Commission yesterday tightened the rules on related party transactions by introducing a detailed best practices code with effect from January 1, 2014, aiming to safeguard minority shareholders and put in place an internal control mechanism in listed firms.

NDB Rs.10bn debt issue oversubscribed

National Development Bank PLC’s (NDB) Rs.10 billion debenture issue—the largest to-date—has been oversubscribed, the Registrars to the issue, SSP Corporates said a while ago

Shrinking the financial fallout of natural disasters

IRIN: Relief will be more easily and quickly available, and the economic fallout much more manageable, if governments project and plan fiscally for potential natural disasters and their human and economic toll well in advance, experts say.

JAAF commends government’s balanced approach to shipping economy

There have been extensive discussions in various forums and in the media recently for and against the budget proposals made by President Mahinda Rajapaksa in respect of the shipping economy and more particularly on the terminal handling charges (THC) issue.

DEBT LISTINGS: Above investment grade rating becomes mandatory

The Colombo Stock Exchange (CSE) announcing a series of amendments to listing rules yesterday made it mandatory for debt issues to have ratings one notch above investment grade, and completely shelved Second Board listing of debt issuances.

Government in talks with India to amend FTA

The Sri Lankan government has started fresh talks with India, in a bid to bring changes to the existing Indo-Lanka Free Trade Agreement (FTA), as the controversial Comprehensive Economic Partnership Agreement (CEPA) has not come to fruition due to protest from various quarters, a top bureaucrat disclosed.

Eden draws Rs.1.5bn loan from Seylan to finance Dickwella purchase

The Board of Directors of Eden Hotel Lanka PLC approved a 6-year funding facility from Seylan Bank PLC worth Rs. 1.5 billion, to finance the company’s purchase of Dickwella Resorts (Pvt) Ltd.

December policy rates on hold

The Central Bank kept the policy rates unchanged for the month of December amid the recent pick up in the private credit and debt repayments by stateowned corporations, cutting the burden on state banksandthegovernment.

Hemas declares open modern container terminal

Hemas Integrated Logistics (Pvt.) Ltd showcased its Inland Container Terminal and Services division to its customers and well-wishers, recently.

IMF expresses concern over income tax reduction

International Monetary Fund (IMF) expressed concerns over the recent budget proposal to reduce personal income tax rates, and described it as an act of giving away the money government badly needed.

Sampath to list debentures tomorrow

Debentures of Sampath Bank will be listed on Colombo bourse’s Main Board tomorrow. Samapth raised Rs.5 billion in a five-year debenture issue, issuing 25 million rated, unsecured, subordinated, redeemable debentures at Rs.100 each with an option to issue a further equal amount in the event the first tranche is oversubscribed.

Ship suppliers call for stronger lobbying eyeing 2015 budget

Sri Lanka’s ship supplier industry must look to float a common bond in order to increase its lobbying power and push for concessions not granted with Budget 2014, according to Sri Lanka Ports Authority (SLPA) Harbour Master, Captain Ravi Jayawickrama.

Why ‘I’ is important in successful entrepreneurial matrix

Busy lives often means tight careers and even tighter personal spaces. It’s a tough battle to keep everything on the burners all at once but that’s the standard formula for today’s busy woman – whether she is powering a rewarding career or is an entrepreneur who must put in an insane amount of hours per day.

Bids high in quality despite the number: Saliya

Sri Lanka carried out her second licencing round for 13 blocks in the Mannar and Cauvery basins and the deadline for bids ended November 29. Mirror Business met with Saliya Wickramasuriya........

WORLD COMPETITION DAY Fighting for the poor: Strengthening antitrust regulations

In 2013, it was found that brand-name drug manufacturers in the United States were paying their competitors - generic drug manufacturers, to keep their products off the market shelves.

Economic benefits of professional real estate associations

It is an established fact that the Real Estate industry makes an important contribution to the economy of a country and to the welfare of its people. Housing is a key factor in measuring the standard of living of a society, and is an indicator of the economic growth of a country

Automated system performance requires human engagement

Some emails or letters invite you to sign up and enjoy membership to this magazine or to that credit card. This just happened to me recently where my entire family received letters from our bank soliciting us to sign up for its prestige credit card that ‘gives double the benefits’.

Infrastructure development in fragile states: Is it worth it?

Transport, energy, information and communication technology and water infrastructure enable a state to grow its economy and improve the quality of life of its citizens. Infrastructure acts as the backbone of growth and social wellbeing

Fertilizer use in plantations and future implications

It has been said that with the rising incidences of chronic kidney diseases in the agricultural areas of the island, the Sri Lankan government is taking measures to control the indiscriminate usage of chemical fertilizer and agrochemicals by the farmers.

EZ Cash connected to government payment service

Sri Lanka’s Infor mation and Communication Technology Agency (ICTA) and Dialog Axiata PLC announced that Sri Lanka’s first and largest mobile payment and transaction service - eZ Cash had been selected and integrated as the first mobile payments service provider to Lanka Gate - the eServices portal of the Sri Lankan government.

CB Governor calls private sector to strengthen governance

Sri Lanka’s corporate sector must take more steps to strengthen its governance provisions and avoid lobbying for undue business advantages, CBSL Governor Ajith Nivard Cabraal said.

Why your web presence matters

We live on the World Wide Web as much as we do in real life. Every individual with access to a computer and Internet is likely to spend a considerable amount of time on it, either in pursuit of a hobby, reading, researching or simply in search of entertainment.

Middle-income status may push private sector for pension schemes: Cabraal

Sri Lanka’s private sector may have to look at models for superannuation and pension schemes in order to cope with the changing macroeconomic fundamentals, as Sri Lanka moves towards the middle-income country status, according to Central Bank of Sri Lanka (CBSL) Governor Ajith Nivard Cabraal.

Foreign commercial debt jumps 36.2% in 18 months

Sri Lanka’s outstanding foreign commercial loan has jumped 36.2 percent within 18 months through end-June this year, an official document showed yesterday, as the island nation has been increasingly borrowing for post-war infrastructure revival.