http://www.cse.lk/cmt/upload_cse_announcements/6631459934323_.pdf
Wednesday, April 6, 2016
ORIENT GARMENTS (OGL) - APPOINTMENT OF PROVISIONAL LIQUIDATOR
EDEN HOTEL LANKA (EDEN) - RIGHTS ISSUE 1 for 1
http://www.cse.lk/cmt/upload_cse_announcements/1461459937255_.pdf
Tuesday, April 5, 2016
Panama Papers rock financial world, three Sri Lankan companies in list
Apr 05, 2016 (LBO) – A huge leak of documents has rocked the financial world revealing how some among the rich and powerful use tax havens to hide their wealth.
With data still being leaked, three Sri Lankan companies are on the list, according to an interactive map making the rounds on social media and forwarded by wikileaks. Details of the companies are not yet available.
The files leaked from a Panamanian law firm called Mossack Fonseca contain 40 years of data and include information on more than 210,000 companies in 21 offshore jurisdictions, from Panama to Hong Kong.
The files show how Mossack Fonseca clients were able to launder money, dodge sanctions and avoid tax.
In one case, the company offered an American millionaire fake ownership records to hide money from the authorities in direct breach of international regulations that stop money laundering and tax evasion.
More than 60 relatives and associates of heads of state and other politicians are implicated.
For instance, the files reveal a suspected billion-dollar money laundering ring involving close associates of Russia’s President, Vladimir Putin.
Also mentioned are the brother-in-law of China’s President Xi Jinping; Ukraine President Petro Poroshenko; Argentina President Mauricio Macri; the late father of UK Prime Minister David Cameron and three of the four children of Pakistan’s Prime Minister Nawaz Sharif.
The documents show that Iceland’s Prime Minister, Sigmundur Gunnlaugsson, had an undeclared interest linked to his wife’s wealth. He is now facing calls for his resignation.
The scandal also touches football’s world governing body, Fifa, the BBC reported.
Although there are legitimate ways of using tax havens, most of what has been going on is about hiding the true owners of money, the origin of the money and avoiding paying tax on the money.
The 11.5 million documents were obtained by the German newspaper Sueddeutsche Zeitung and shared with the International Consortium of Investigative Journalists (ICIJ).
It is the biggest leak in history, dwarfing the size of those released by the Wikileaks organisation.
Panama Papers: where the money is hiding – MAP
(Companies in Mossack Fonseca database “connected” to a particular country by address. The data also shows clients, beneficiaries, and shareholders by country. Source: ICIJ)
With data still being leaked, three Sri Lankan companies are on the list, according to an interactive map making the rounds on social media and forwarded by wikileaks. Details of the companies are not yet available.
The files leaked from a Panamanian law firm called Mossack Fonseca contain 40 years of data and include information on more than 210,000 companies in 21 offshore jurisdictions, from Panama to Hong Kong.
The files show how Mossack Fonseca clients were able to launder money, dodge sanctions and avoid tax.
In one case, the company offered an American millionaire fake ownership records to hide money from the authorities in direct breach of international regulations that stop money laundering and tax evasion.
More than 60 relatives and associates of heads of state and other politicians are implicated.
For instance, the files reveal a suspected billion-dollar money laundering ring involving close associates of Russia’s President, Vladimir Putin.
Also mentioned are the brother-in-law of China’s President Xi Jinping; Ukraine President Petro Poroshenko; Argentina President Mauricio Macri; the late father of UK Prime Minister David Cameron and three of the four children of Pakistan’s Prime Minister Nawaz Sharif.
The documents show that Iceland’s Prime Minister, Sigmundur Gunnlaugsson, had an undeclared interest linked to his wife’s wealth. He is now facing calls for his resignation.
The scandal also touches football’s world governing body, Fifa, the BBC reported.
Although there are legitimate ways of using tax havens, most of what has been going on is about hiding the true owners of money, the origin of the money and avoiding paying tax on the money.
The 11.5 million documents were obtained by the German newspaper Sueddeutsche Zeitung and shared with the International Consortium of Investigative Journalists (ICIJ).
It is the biggest leak in history, dwarfing the size of those released by the Wikileaks organisation.
Panama Papers: where the money is hiding – MAP
(Companies in Mossack Fonseca database “connected” to a particular country by address. The data also shows clients, beneficiaries, and shareholders by country. Source: ICIJ)
Sri Lanka *market update* ASPI clsoe up 1.3-pct
ASPI closed at 6,159.02, up 79.87 points or 1.31 percent with gains in John Keells Holdings, Commercial Bank and Dialog Axaita, brokers said.
ASPI trading at 6,111.30, up 32.15 points or 0.53 percent with gains in John Keells Holdings and Commercial Bank, brokers said. Turnover is 361 million rupees. Apr 05, 2016 10.15 a.m
Asian stocks were down as investors kept away from risky assets as currencies also weakened. The MSCI Asia Pacific gauge lost 1.3 percent, led by losses in Energy stocks. Japan’s Topix slumped 2 percent, while Australia’s S&P/ASX 200 Index dropped 0.7 percent and Hong Kong’s Hang Seng Index slipped 1.3 percent. Chinese equities slipped after a local holiday on Monday with the Shanghai Composite Index retreating 0.3 percent. Apr 05, 2016 08.15 a.m
U.S. crude dropped for a third day before U.S. government data forecast to show increasing stockpiles. US crude lost nearly 3 percent overnight, and on Tuesday was down about 0.7 per cent at $35.45. Brent was down 0.5 per cent to $37.51 a barrel after losing 2.5 per cent on Monday. Apr 05, 2016 08.15 a.m
Monday, April 4, 2016
India likely to cut rates, eyes on FOMC minutes
Apr 04, 2016 (LBO) – Both the Reserve Bank of India and the Reserve Bank of Australia will announce interest rate decisions on Tuesday, with Moody’s Analytics expecting the RBI to cut its policy rate by 25 basis points to 6.5 percent.
The Monetary Authority of Singapore will also meet this week, and analysts expect rates will remain on hold.
On the Indian outlook, Moody’s Analytics said: “Inflation has largely been within the central bank’s 6 percent target, and the continued fiscal consolidation road map suggests that inflation is unlikely to spike.”
“High-frequency indicators suggest that growth hasn’t gained momentum in recent months,” Moody’s Analytics said, according to a CNBC report.
ANZ, however, expects investments in India to remain subdued due to high leverage as banks will be focused on managing their non-performing loans after the RBI set a March 2017 deadline for them to clean up their balance sheets.
Australia is expected to keep interest rates on hold at the record low 2 percent, while maintaining an easing bias.
The U.S. Federal Open Market Committee will release minutes of its March meeting on Wednesday — closely watched for signs of a rate increase soon.
“The crux of the dovish argument stems from concerns about global risks and we anticipate the minutes will be littered with references to this,” economists at RBC said in a note.
CME Fed Fund Futures indicate a 5 percent chance of a rate hike in April, and a 66 percent chance of a hike by December. At their March meeting, the Fed forecast two rate increases this year, compared with four in their December estimates.
Impacts of policy decisions are likely to be felt in currency markets, after Asian currencies posted their best monthly rally in more than seven years.
South Korea’s won has led the March rally with an 8.2 percent advance and Malaysia’s ringgit has followed with a 7.8 percent increase, its biggest since 1998. A gauge of 10 Asian currencies excluding the yen has risen 3 percent.
Nevertheless, Goldman Sachs predicts weakening from now onwards — a 14 percent plunge in the yen to 130 per dollar in the next 12 months, a level last seen in 2002, and a 7.6 percent drop in the yuan to 7 versus the greenback, which would be the weakest since May 2008, according to a Bloomberg report.
SEC to engage listed companies on Minimum Public Float
Apr 04, 2016 (LBO) – The Securities and Exchange Commission of Sri Lanka (SEC) with the participation of the Colombo Stock Exchange (CSE) will conduct a forum to discuss the rules imposed on maintaining a Minimum Public Float.
The forum will be held on the 6th of April 2016 at Cinnamon Lakeside Colombo.
“Minimum Public Float: An Open Discussion” is designed to extend an opportunity for Listed Companies to air views on the policy directive promulgated by the SEC, a statement said.
Accordingly, the Chairman, Commission Members, Director General and officials of the SEC along with the Chairman, Chief Executive Officer and officials of the CSE are expected to spearhead the discussion.
The SEC has invited the Chairman and the Chief Executive Officer and other senior officials of Listed Companies to share their perspective by attending the forum.
Sri Lanka *market update* ASPI close flat, USD/LKR spot next at 145.20/4
ASPI close at 6,079.15, lower 3.86 points or 0.06 percent with losses in some index heavy stocks like John Keells Holdings and Carson and Cumberbatch.
USD/LKR spot next at 145.20/40, dealers said. The spot rate is still holding at 143.90.
Asian markets were mostly up Monday, following a good run on Wall street and expectation pf positive US data. Japan’s Nikkei 225 was up 0.21 percent and the Kospi in South Korea was near flat. Australia’s ASX 200 was up 0.72 percent. Chinese markets are closed today. Apr 04, 2016 09.15 a.m
US crude futures were down 1.2 percent at $36.35 a barrel after finishing down 4 percent on Friday while Brent dipped 0.88 percent to $38.33 a barrel, after finishing down 2.34 percent on Friday. Apr 04, 2016 09.15 a.m
DANKOTUWA PORCELAIN - PROPOSED AMALGAMATION OF TAPROBANE CAPITAL (PRIVATE) LIMITED WITH DANKOTUWA PORCELAIN PLC
http://www.cse.lk/cmt/upload_cse_announcements/7671459768336_.pdf
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