Posted on 18 May 2012.
Responding to the statement made by the Tea Exporters Association (TEA) on Tuesday, the Planters’ Association of Ceylon (PA) yesterday said that they are completely against the proposed importation of orthodox black teas of foreign origin to the country.
Issuing a press statement, the PA stressed that the big tea plantation companies as well as the tea smallholders are totally opposed to this move by the authorities and the TEA.
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Posted on 17 May 2012.
Sri Lanka’s tea exporters yesterday said that they are committed to preserve the brand ‘Pure Ceylon Tea’, but stressed the country’s export share in the world tea market should be expanded to avoid deterioration of Sri Lanka’s position as a major tea exporting nations.
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Posted on 16 May 2012.
A former tea industry personality plans to file legal action once again, this time on the grounds of ‘Contempt of Court’, in relation to the recent talks by authorities for setting up a tea hub or blending centre in the island.
Ratna Gamage, a Sri Lankan entrepreneur and a former tea factory owner, who obtained a court order from the Supreme Court banning the import of off grade teas in 2000, stated that the current talks by the authorities to set up a tea hub, were contemptuous of the court order which he had obtained.
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Posted on 16 May 2012.
United National Parliamentarian and economist Dr. Harsha de Silva releasing a statement said that the alleged misuse of public funds in the controversial The Finance National Savings Bank deal is ‘peanuts', when compared with alleged fraudulent transactions involving the Central Bank managed Employees' Provident Fund (EPF) in the Colombo Stock Exchange, for the last two years.
“As a matter of fact, the EPF has not appeared at the Public Accounts Committee of Parliament since 2006 to provide answers to multiple audit and other queries. The callous disregard for the law, let alone good governance, can no longer be tolerated,” de Silva said.
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Posted on 15 May 2012.
Galadhari Hotels (Lanka) PLC yesterday said that the company is currently facing a serious capital loss.
“We wish to notify you hereby that the company's unaudited financial statements for the quarter ended 31 March, 2012 discloses that it is currently facing a position of serious loss of capital,” a disclosure filed by the company said.
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Posted on 15 May 2012.
Dialog Axiata PLC recorded a net loss of Rs.531 million in the first quarter ending March 31, 2012 against a net profit of Rs.1 billion in the corresponding quarter of the previous year.
According to the financials released by Dialog, the finance costs of the group has risen to Rs.2.2 billion during the quarter under consideration from Rs.50 million in the corresponding quarter and the main reason behind the loss was foreign exchange loss of Rs.2.1 billion incurred on the US dollar borrowings taken by the group.
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Posted on 15 May 2012.
Securities and Exchange Commission (SEC) is said to be currently evaluating the legal options available to reverse the Rs.390 million controversial The FinanceNational Savings Bank deal, Mirror Business learns.
According to sources, during the meeting between the SEC and the director board of the Taprobane Securities, Dinal Wijemanne, Director and CEO of Taprobane Securities, who was also one of the selling parties of TFC shares to NSB, was believed to have told the SEC that he was willing to buy back shares from NSB.
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Posted on 15 May 2012.
Sri Lanka’s Securities and Exchange Commission (SEC) is to establish an ‘Investor Association’ to safeguard minority shareholder interests as well as function as a whistleblower against unlawful activities taking place in the Colombo Stock Exchange (CSE), a top SEC official said.
“We are currently in the process of preparing a board paper, to be presented to an ‘Investor Association’ comprising of small investors and minority shareholders to make sure their rights are protected due to market activities,” SEC Chairman Thilak Karunaratne said.
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Posted on 15 May 2012.
Sri Lanka’s Securities and Exchange Commission (SEC) is to establish an ‘Investor Association’ to safeguard minority shareholder interests as well as function as a whistleblower against unlawful activities taking place in the Colombo Stock Exchange (CSE), a top SEC official said.
“We are currently in the process of preparing a board paper, to be presented to an ‘Investor Association’ comprising of small investors and minority shareholders to make sure their rights are protected due to market activities,” SEC Chairman Thilak Karunaratne said.
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Posted on 13 May 2012.
Ceylon Tobacco Company PLC (CTC) contributed Rs.15.3 billion towards government levies during the first quarter of 2012, over Rs 14 billion during the same period last year.
Gross turnover in the company increased to Rs.19.8 billion during the quarter over the previous year’s Rs.18.1 billion whilst CTC’S net profit was recorded at Rs 1.5 billion, from an earlier Rs 814 million. Improved profits were partially credited to reduced operating costs of Rs 1.2 billion, down from Rs.1.91 billion previously, and despite an increase its income tax expenses from Rs.568 million to Rs.1 billion during the quarter.
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