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Brand new sec act in 2016


By Ishara Gamage Ceylon Finance Today: Sri Lanka will introduce a totally new Securities and Exchange Commission (SEC) Act before the end of 2016, SEC Chairman Thilak Karunarathne told Ceylon FT yesterday. This will totally replace the earlier amendments, which were scheduled to be incorporated in the SEC Act some years ago. "I have three major tasks at the moment. Firstly we have to replace our existing act to broad base our regulatory scope. Secondly, we are on the process...

By Mark E Tucker is Group Chief Executive and President of AIA Group WHAT value does life insurance bring to society?The straightforward answer is that the life insurance industry has a responsibility to promote social wellbeing in our communities by supporting people through times of financial adversity and illness, while also providing an efficient means of pooled saving for income in retirement. But that is only part of the story.The investment of long-term insurance funds contribu...

By Sujeewa Gunaratne Mattala Airport project was initiated with the objective of having an alternative airport for the county which in return would generate multiple economic benefits. However the project has not achieved its' desired objectives yet due to various constraining factors. The fundamental reason for the under performance of the airport is the infrastructure related to Mattala not being fully fledged to meet the travellers' requirements. Instead of criticizing the negativi...

That the Board of Directors of Asian Alliance Insurance PLC have resolved, subject to shareholder approval, at a general meeting and any other regulatory approvals (if any) to subdivide its ordinary shares in the ration of One (01) existing ordinary share into Ten (10) subdivided ordinary shares so that the existing thirty seven million five hundred thousand (37,500,000) shares will be subdivided into three hundred seventy five million (375,000,000) new ordinary shares, there being no cha...

(Bloomberg) Millions of barrels of untapped oil that US shale drillers discovered during the boom years are about to disappear from their inventories. Six years ago, the industry pushed the Securities and Exchange Commission to make it easier for companies to claim proved reserves for wells that wouldn't be drilled for years. Some prospects considered sure-things when crude was US$ 95 a barrel are money losers at today's US$ 60. When crude crashed in 2008, 44 US companies wiped 630 mil...

By Ishara Gamage Ceylon Finance Today: Minister of Power and Energy Champika Ranawaka will submit a special cabinet paper this week to re-introduce a cost reflective transparent energy pricing formula, based on international market prices.Secretary to the Minister of Power and Energy Dr Suren Batagoda, while confirming that the Cabinet paper would be presented this week by the Minister, told the Ceylon FT that the new formula would benefit both the consumer and the utility, he said.A...

By Kevin Andrews Asenshal Founder and Executive Director of Public Relations – Shaveen Bandaranayake Ceylon Finance Today: Sri Lanka's advertising has lagged behind the times, and while the rest of the world is set on appealing to people's hearts rather than their minds, most of the country's advertising agencies hesitate to move on from aging advertising tactics. The Asenshal Founder and Executive Director of Public Relations, Shaveen Bandaranayake informed Ceylon Finance Today, ...

Operational Excellence withArosha Jayasundera There is a widely accepted need for developing economies like Sri Lanka to focus towards manufacturing and other export-intensive activities. Manufacturing is not important because it involves making things, but because it is highly export-intensive, innovative and productive and will assist Sri Lanka grow its GNP, GDP and improve the trade deficit. Manufacturing companies move into servicesMany organizations that traditionally offer...

By Kevin Andrews Ceylon Finance Today: International Coloured Gemstone Association (ICA) President Benjamin Hackman sat down for an exclusive interview with the Ceylon FT to discuss the ICA Colombo Congress 2015 and the state of Sri Lanka's Gem and Jewellery Industry on 18 Monday, while the Congress was in Session at the Cinnamon Grand. ?Could you describe yourself and the ICA's roleA: I've been a member of the ICA, literally since it was founded, which was more than 30 years ago. ...

By Paneetha Ameresekere Ceylon Finance Today: Central Bank (CB), as predicted by this newspaper, kept its policy rates unchanged when it released its monthly monetary policy statement on Friday (22 May), by leaving the standing deposit facility and standing lending facility rates without any deviation at 6% and 7.5% respectively. (See also Ceylon FT issues of Tuesday's and Thursday's). A reduction in rates would cause further pressure on an already beleaguered exchange rate (ER) bec...

By: Kevin Andrews Ceylon Finance Today: European Centre for International Political Economy (ECIPE) Director Prof. Razeen Sally advised countries like Sri Lanka to build themselves a free-market economy, with less government intervention at the micro level. He made these remarks during the second Bastiat Society of Sri Lanka seminar, last Thursday at the Ceylon Chamber of Commerce.A successful market economy depends on a certain framework; what Sally said was called an 'economic socio...

By Paneetha Ameresekere The government expended a massive US$ 77.83 million of taxpayers' money at Friday's (22 May) trading in order to prevent depreciating pressure on the administered spot price of the US dollar, thereby depleting Central Bank's (CB's) foreign reserves in the three days to Friday to over US$ 100 million. CB at present is defending the spot at Rs 133.70 to the US dollar. CB conducts its trades at spot prices. Depreciating pressure on the rupee is caused due to th...

Ceylon FT

Ceylon Finance Today: Sri Lanka will introduce a totally new Securities and Exchange Commission (SEC) Act before the end of 2016, SEC Chairman Thilak Karunarathne
WHAT value does life insurance bring to society?The straightforward answer is that the life insurance industry has a responsibility to promote social wellbeing
Mattala Airport project was initiated with the objective of having an alternative airport for the county which in return would generate multiple economic benefits.
That the Board of Directors of Asian Alliance Insurance PLC have resolved, subject to shareholder approval, at a general meeting and any other regulatory approvals

Focus

Travelling along Kynsey Road, Colombo, the story of the surrounding is an opportunity often missed. The road lined by shady trees is also home to Carey College
Residents of Pulichchankulama – a wetland area in the Mundalama Divisional Secretariat Division in Puttalam – thought that they are being blessed when
The government of Sri Lanka is gearing up to face the UNHRC during the 2015 September Review in Geneva. It's quite like being caught on the horns of a dilemma,
'India's Daughter', a BBC documentary which has given an extensive coverage on the brutal rape and murder of New Delhi's Medical student Jyoti Singh in December