Corporate Governance In SL Is “Crap”

Corporate Governance (CG) in Sri Lanka is crap, a tax consultant told this reporter on Wednesday (September 25). The occasion was the launch of the fifth edition of CG, a joint effort of the Chartered Accountants of Sri Lanka and the Securities and Exchange Commission which took place in Colombo. The first edition was launched [...]

cormorant strike iv in east

A joint military exercise ‘Cormorant Strike IV’ concluded in the East last week. Troops from several other countries took part in the exercise. - Picture by Lalith Perera


The use of drugs has seen an increase in recent times, officials said. A drugs rehabilitation camp was conducted in the presence of the Poojapitiya Divisional Secretariat at the Kaluwana Rajamaha Vihara temple recently. Officials said that under the pilot project 14 people underwent rehabilitation at the camp.

Former Leaders Meet At SWRD Commemoration

A commemoration ceremony to mark the 54th death anniversary of Prime Minister S. W. R. D. Bandaranaike was held at the Bandaranaike Samadhi in Horagolla last week. Democratic Party leader Sarath Fonseka greeting former Prime Minister Ratnasiri Wickremanayake at the event.

Sri Lanka Ready For Basel III

Banks’ Capital Adequacy The minimum regulatory capital required under Basel II is equivalent to 8% of risk weighted assets, a risk consultant said. Eckart Koerner of KPMG Management & Risk Consulting, Malaysia, addressing a seminar in Colombo on Thursday (September 26) said that Basel III however increases the capital requirement from 8% to 10.5%. In [...]

Canada On War Footing

By Easwaran Rutnam  Canada is on a virtual war footing against Sri Lanka ahead of the Commonwealth Heads of Government Meeting (CHOGM) with Canadian Foreign Minister John Baird pushing for human rights concerns on Sri Lanka to be taken seriously by the Commonwealth. Baird made a last minute push to have Sri Lanka included in [...]

Low Credit Growth Supporting 5%+ Economic Growth Puzzles IMF

By Paneetha Ameresekere How may the economy be growing at over 5% when private sector credit growth has slowed down to the single digit level and while Sri Lanka is supposed to have had reached middle income status, a third of its population however were still living on food stamps, were questions that this reporter [...]

Exxon, Shell Likely Bidders In Oil, Gas Block Auction

Oil majors Exxon Mobil Corp, Royal Dutch Shell Plcand France’s Total have shown interest in bidding for blocks offered in Sri Lanka’s current licensing round, the regulator said last week. Sri Lanka has tried to reinvigorate oil and gas exploration efforts since the end of a three-decade war in May 2009. The country does not [...]

CBSL Continues To Treat Gold As Riskless Asset

Despite Falling Prices Despite the recent fall in gold prices, Central Bank of Sri Lanka (CBSL) continues to deem gold as a zero risk weighted asset, with banks not liable to make any mandatory provisioning against such assets. This was revealed by CBSL’s Director Bank Supervision Yvette Fernando to a question posed by this reporter [...]

2014: Epoch Year For Sino-SL Economic Relations

Next year will be epoch making for China-Sri Lanka economic relations, China’s envoy to Sri Lanka speaking at a function in Colombo on Monday (September 23) said. Ambassador Wu Jianghao said that China’s Central TV was involved in a project, doing island-wide coverage of Sri Lanka. This is currently being beamed in China. This would [...]

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