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President’s Chief of Staff, Gamini Senarath was appointed as the Chairman of the People ’ s Bank, the Ministry of Finance confirmed.

Thailand and Sri Lanka have recently agreed to increase cooperation on three issues concerning investment, tourism, and multilateral relationships. Prime Minister Yingluck Shinawatra met with Sri Lankan President His Excellency Mr. Mahinda Rajapaksa on the occasion of his visit to Thailand to attend the Visakha Bucha Day celebration during May 31- June 2. Both leaders have discussed cooperation on three aspects, including (1) increasing trade and investments between the two nations, (2) promoting more cultural tourism in a form of combined destinations, and (3) strengthening regional cooperation. The details will be further discussed by a joint Thai-Sri Lankan committee consisting of foreign Ministers of both nations as representatives. The Sri Lankan President also offered to improve cooperation in jewelry industry, security, technological exchange, and the empowering women and children. He is glad that both nations’ citizens have developed a closer relationship; he is also h...

The decision on the increase of bread prices will be taken this evening (April 28) the All-island Bakery Owners Association stated. The working committee will meet this evening to take a decision on the bread prices while the Bakery Owners Association President N.K. Jayawardena stated that a 450g loaf of bread should ideally be increased by Rs.3 to Rs.5. Flour prices were increased by Rs.8.50 earlier this week which has forced the Bakery Owners to increase the prices of bread as well as other food items, he further stated.

 Retailers trying to woo shoppers with early deals and longer hours this week, and throughout the holiday season, could be putting their profits at risk as shoppers search for bargains and not much else. Wal-Mart Stores Inc, Toys R Us and outlet malls are among those hoping that big discounts on Thursday night will attract shoppers hungry for deals after Thanksgiving meals. Others such as Target Corp, Macy's Inc and Kohl's Corp will join the fray during the wee hours of Friday, opening their doors hours earlier than in past years. The early sales, along with more advertising spending, show that retailers are taking no chances as they fight for their share of the limited amount shoppers plan to spend. The moves, which include adding staff, securing bargains on video games and offering free shipping, also can eat into profit margins. Gross margins at U.S. department stores and broadline chains are expected to fall an average of 0.4 percentage points this year because...

Japan's Olympus admitted on Tuesday it hid losses on securities investments dating back two decades, bowing to weeks of pressure to explain a series of baffling transactions that have put the future of the firm in doubt. The revelations by the 92-year-old company appear to vindicate ex-CEO Michael Woodford, who has staged a campaign since being sacked on October 14 to force the firm to come clean on nearly $1.5 billion in questionable payments. Olympus President Shuichi Takayama blamed Tsuyoshi Kikukawa, who quit as president and chairman on October 26, Vice-President Hisashi Mori and internal auditor Hideo Yamada for the cover-up, saying he would consider criminal complaints against them. The admission after weeks of denials shocked investors, sending shares in the endoscope and camera maker skidding almost 30 percent and prompting the biggest non-Japanese shareholder to demand the replacement of the entire board. "Ignorance is no defense," said Jo...

The number of complaints from ATM users, alleging credit card fraud, lodged with the central crime branch (CCB) in Chennai has touched 120. The total amount of the illegally swiped money is estimated to be to the tune of 1 crore Indian rupees and the needle of suspicion points to another Sri Lankan gang. The latest set of complaints has poured in from customers of private and nationalised banks living in suburban areas, such as Madipakkam and Pallikaranai. Meanwhile, after a double breakthrough in October that led to the arrests of two gangs of credit card fraudsters, the CCB sleuths have sounded an alert to the US Consulate here after probe showed that some of the stolen data belonged to residents of that country. The arrests revealed two types of modus operandi (MO), a senior CCB officer told Express on Friday. Led by a Sri Lankan kingpin Sharcy alias B Umesh (27), the first group had stolen credit card data from ATM machines through insertion of skimmers. In the sec...

Nokia unveiled two sleek new Microsoft Windows phones on Wednesday in time for Christmas, a first step in the ailing cellphone maker's fightback against Apple and Google. Chief Executive Stephen Elop presented the two new smartphones, the first fruits of his big bet on Microsoft software, to a 3,000-strong audience in London, saying they represented the beginning of a new era for the Finnish giant. "It's a new dawn for Nokia," Elop said as he unveiled the high-end Lumia 800 and mid-range Lumia 710, which will go on sale in key European markets next month. In an interview with Reuters, Elop said the world's biggest cellphone maker had transformed itself during his 13-month tenure, which has seen a shake-up of senior management and thousands of lay-offs. "It is a different company operating on a different clock speed," he said. "The amount of effort and passion and work that's been accomplished that we were able to show off ...

A group of students of the Karapitiya Medical Faculty today (Oct. 15) staged ‘satyagraha’ against the increase of student hostel fees. The monthly hostel fee, which had been limited to Rs.50 thus far, has been increased to Rs.400, the student union of the Medical Faculty said. It has been reported that Medical Faculty students have neglected paying hostel fees in protest to the fees hike. The students meanwhile accuse that authorities are preparing to suspend examination results claiming that students are occupying hostels by force, without paying fees.

The United States has 10 times more affluent households than China or India, research shows, undermining arguments the global economy can be sustained by consumption in emerging markets. A survey of affluent households around the world -- defined as having wealth of more than $100,000 -- by research firm TNS found 80 percent of such people live in Western countries. While the number of affluent households in China and India is 3 million each, the U.S. has more than 31 million, the survey shows. The results challenge hopes that the boom economies of Asia can supplant an ailing U.S. as the world's consumer of last resort, and keep global growth ticking over. Reg van Steen, a director of business and finance at TNS, said researchers had to drop the wealth threshold to $40,000 for Brazil to make it possible to find a large-enough sample. "What really surprises is China has surpassed Germany, France and the UK when it comes to the number of afflue...

Stocks tumbled on Thursday, extending losses for a fourth straight session, as the Federal Reserve's weak outlook for the U.S. economy and disappointing data China heightened fears about a global recession. Big banks were the top decliners, a day after Moody's lowered debt ratings for large lenders. Shares of Citigroup Inc and Morgan Stanley hit a 52-week low at the market's open. Citigroup fell more than 4 percent to $24.25 and Morgan Stanley dipped more than 6 percent to $12.99. The Select Sector Financial Sector SPDR funds was off more than 3 percent, also a 52-week low. "A lot of people were hoping for the Fed to say we are close to recession but not really in it and were expecting an aggressive action out of the Fed. The market didn't get this," said James Dailey, portfolio manager of TEAM Asset Strategy Fund in Harrisburg, Pennsylvania. The market's mood has turned decidedly negative since the Fed statement on Wednesday, which...

The Central Bank has issued a provisional letter of approval to Cargills Ceylon PLC to establish a new commercial bank in Sri Lanka,  a stock exchange filing said.  It said the application for a banking license had been made jointly by Cargills and its parent C T Holdings, who are the joint promoters of the new bank ‘Cargills Agriculture and Commercial Bank(CACB).

Committee appointed to investigate the substandard petrol issue has found that proper procurement procedures were not followed and has recommended compensating vehicle owners whose vehicles were damaged due to the substandard petrol. The 20,000 metric tons of petrol were imported without following proper procurement procedures while 513 metric tons out of that was released directly to the market, the committee appointed to probe the import of the controversial petrol confirms. The committee comprising M.M.C. Ferdinando (Chairman) , E.M. Piyasena, S.M.C.P. Samaracoon had handed over their final report on the investigation to Petroleum Industries Minister Susil Premajayantha today (August 29) morning.  The committee also recommends that the either the supplying company should be charged to cover the financial losses suffered by the CPC or gauge the responsibility of the officials to cover the mishap and to cover the loss by fining them. 

The Wild Life Department is to release the report on the Elephant Survey by end of next week. The Digital and Computer Science Department of the Peradeniya University has commenced sorting the data on the elephant survey. The Survey was carried out from the 11th to 13th of this month covering all wild life zones in the country. All data has been computerized now, and the data include the number of elephants in each herd, their sizes, assumed ages, their sex and other physical features. If records of a herd were duplicated the programme automatically nullify the duplication. The data is being sorted under the supervision of the Director General of Wild Life H.D Rathnayaka and the Dean of the Science Faculty of the Peradeniya University, Prof. Parakrama Karunarathna. 40 university students are also assisting in this process. In order to minimize numerical mistakes scientific methods are being given priority. The Wildlife Department informs that this survey will help to find out...

The government of Sri Lanka has granted a $10m (£6.1m) import credit to the Republic of Maldives. Analysts say the agreement signed in Colombo on Thursday during a visit to the island by President of Maldives, Mohammed Nasheed, is mutually beneficial to both countries. The Maldives archipelago which mainly relies on the tourism industry is currently facing a foreign exchange crisis, according to Amal Jayasinghe, the AFP bureau chief in Colombo. “Maldives is among few countries in the world that does not collect any income tax,” he told BBC Sinhala service. “It is therefore struggling to balance the government spending sheets.” Sri Lankan fruit The credit facility, which will be administered through state-run Bank of Ceylon, will help Sri Lanka to increase its export earnings, the Sri Lankan government said in a statement. “The credit facility is expected to encourage the Maldives to import food supplies, especially fruits and vegetables from Sri Lanka to the hotels in the atolls,” i...

The Colombo Stock Exchange (CSE) recorded its highest number of transaction per day at 49,921 transactions today (August 18), the CSE announced.

The Consumer Affairs Authority (CAA) revealed that legal action will be taken against 910 cement traders found to have committed various offenses following the recent raids conducted by the CAA. Some of the offences included selling cement at a higher price than the stipulated maximum retail price, hiding stocks and selling cement under conditions. The CAA stated that the maximum retail price for a 50kg bag of cement is currently Rs.750 while further raids will be conducted to apprehend traders who are selling cement at higher prices and are engaging in illegal stockpiling.

The Securities and Exchanges Commission has permitted stock broking companies who have liquid assets to extend credit to retail investors with effect from today, SEC source

Laugfs Gas Ltd has sought the permission of the Ministry of Cooperatives and Internal Trade to increase the price of a domestic 12.5kg Laugfs gas cylinder by Rs.570. 

Appropriate legal action will be taken against several individuals charged with over pricing and hoarding cement stocks, says the Nuwara Eliya Consumer Affairs Authority which seized over 250 cement bags following raids carried out in areas including Kandapola, Nuwara Eliya and Hatton yesterday. CAA officials state that the traders in question will be charged under the Consumer Protection Act. The Ministry of Co-operatives and Internal Trade had decided to take legal action against merchants concealing or over pricing stocks of cement due to the recent shortage of cement in the country.

World stocks and the euro fell back Thursday, prompting a rush to safe-haven government bonds as concerns resurfaced about the euro zone banking system and signs of funding stress. In a nervous, fast-moving market, the euro fell to a near five-month low against the low-yielding yen and oil tumbled, while renewed buying by the European Central Bank pushed Italian and Spanish government bonds higher. Banking sources told Reuters that one bank in Asia had cut credit lines to major French lenders while others in the region were reviewing trades and counterparty risks due to concerns about the exposure of French banks to peripheral euro zone bonds European banks sought to secure dollar funding beyond one week in the currency derivatives market, pushing one gauge of funding costs to its highest levels since the 2008 crisis as investors and banks hoarded funds to protect themselves from further market volatility. Societe Generale, which suffered a sha...