Confirming Daily FT’s article last Wednesday, Seylan Bank on Friday announced the appointment of Mohan Pieris as its new Chairman and said the former Attorney General will further strengthen the Bank’s Board. “With his exposure in the spheres of Banking, Finance and Commerce

Clarifies 2011 per capita GDP computation technically correct but given fall in Rupee’s value in 2012 Central Bank should have been honest with greater disclosure and putting data in context As per IMF staff report Net International Reserves in 2011 alarming low at $ 4 b; Net Open Position below $ 3 b; Short Term ...

UNP MP Dr. Harsha de Silva backs Daily FT columnist on per capita income data, claimsfigures too inflated and Govt. trying to mislead people and global stakeholders; CB getting more politicised By Uditha Jayasinghe Firing another salvo at the Central Bank, UNP MP and economist Dr. Harsha De Silva

Hemas Holdings Plc is confident that contributions and insights from its newest Director on the Board, R. Gopalakrishnan, a top executive from Tata Sons and formerly from Hindustan Unilever will help the local conglomerate’s growth via acquisitions as well as forays into the region. Hemas last week announced the appointment of Gopalakrishnan, Director of Tata ...

The Central Bank, in its latest Annual Report, has downgraded its growth forecast for 2012 from eight per cent to 7.2 per cent. This is due to a combination of adverse global developments and the negative effects of domestic policy misalignments. The contractionary measures introduced to address the imbalance in the trade account (i.e. to ...

The Daily FT article published yesterday that stated that a former AG was to be appointed as Chairman of Seylan Bank gave me some concern. This trend of appointing retired Government servants close to the administrations to top positions in the private sector is a clear indication of the Central

Importers secure increase in age limit for cars and commercial vehicles; higher duty to stay President Mahinda Rajapaksa yesterday stepped up the accelerator for re-conditioned vehicles agreeing to revise the recently imposed age limit rules at a meeting with importers. Responding to pleas by motorists as well as Vehicle Importers Association, the President has agreed ...

Many readers would have by now heard and read about the annual Oxford – Cambridge boat race over the weekend, where a spoiler sprang an underwater surprise and about an oar that broke. All this led to what I would term as a less than wholesome win awarded to Cambridge. Almost three weeks ago, I ...

The Daily FT on Thursday featured on page 1 a story based on some startling comments and allegations by UNP MP Dr. Harsha De Silva and young business leader Dilith Jayaweera. The headlines and the contents wouldn’t have been a good read for President Mahinda Rajapaksa

World famous Olivia Newton John last night produced a stellar performance in her first live concert in Colombo at Musaeus College Auditorium. Internationally-acclaimed multiple Grammy award winner Olivia will be holding her second and final concert tonight. The shows are produced by Wizard Entertainment. She arrived on Tuesday night and was accorded a warm welcome ...

The CBSL’s directive issued last year, which takes into account credit, market, operational and liquidity risk, is very much in line with the recommendations of the Bank of International Settlements (BIS), which recommends in particular capital adequacy for government banks, said internationally-renowned risk consultant and CEO/Principal of Independent Global Research Ltd. David Roden. Addre...

GlaxoSmithKline, one of the top three global research based pharmaceutical companies operating in over 117 countries, is to invest a further $ 11.2 million (over Rs. 1.4 billion) in expanding its operations in Sri Lanka. The company will also shortly commission a new facility in Moratuwa for manufacturing their global brand Panadol. The investment on ...

By Cassandra Mascarenhas The latter part of the forum on insider trading titled ‘Insider Trading – Good, Bad or Ugly’ organised by the Institute of Chartered Corporate Secretaries of Sri Lanka and the Securities and Exchange Commission of Sri Lanka in partnership with the Daily FT

By Cheranka Mendis While Sri Lanka’s largest mega trade, investment and tourism promotion initiative ‘Expo 2012’ has been welcomed by stakeholders as a timely affair, stallholders shared mixed feelings on the order of the show. Some were elated having received inquires just two days into the event, while others expressed disappointment with regard to the ...

By Cassandra Mascarenhas Bringing to the spotlight an issue that has plagued the Sri Lankan stock market over the past several months, the Institute of Chartered Corporate Secretaries of Sri Lanka and the Securities and Exchange Commission of Sri Lanka in partnership with the Daily FT

By Cassandra Mascarenhas Newly appointed Chairman Tilak Karunaratne yesterday emphasised that the Securities and Exchange Commission (SEC) will not turn a blind eye to robbers invading the Bourse and promised stringent action against those engaged in insider dealing and manipulation. Speaking for the first time at a public forum since assuming duties, Karunaratne told the ...

EDB says 1,350 visitors from 55 countries already registered; flow halted due to lack of rooms The first-ever international style exhibition to promote exports in 18 years, Sri Lanka Expo 2012, which kicks off on Wednesday, has drawn 1,350 visitors from 55 countries with further demand facing a snag due to unavailability of hotel accommodation. ...

By Uditha Jayasinghe Showcasing the need for vigilance, over 1,500 foreigners who remained illegally in the country after their visas expired were detected within the first two months of 2012, a top immigration official said yesterday. Controller General of Immigration and Emigration Commissioner for Registration of Persons of Indian Origin W. Perera told the Daily ...

For a change, there is good news from Sri Lanka Cricket with the new administration led by Upali Dharmadasa succeeding in achieving record ticket sales worth over Rs. 80 million so far for the two Test matches with the visiting England team. “The amount raised so far is a record,” Tour Organising Committee Chairman Asanga ...

Suren Rajanathan is Vice President of 3M Sri Lanka, an innovation-based company which boasts a catalog of over 1,000 products sold in Sri Lanka that span 25 different business categories. 3M has an income internationally of $30 billion in sales, employs about 84,000 people worldwide, and has operations in more than 65 countries with products ...

and Exchange Commission (SEC) in partnership with the Daily FT. Dissanaike will ...

The Janatha Vimukthi Peramuna (JVP) spokesman and parliamentarian Anura Kumara Dissanayaka in an interview with the Daily FT critiques the on-going sessions of the UN Human Rights Council (UNHRC), the state of bad governance, deteriorating law and order and the economic crisis in the country.  

The country’s forex market encompassing highly dependent importers and key source exporters was yesterday rocked by what analysts described as the sharpest day gain in the US dollar exchange rate. Before mid-day the Rupee touched a new low of Rs. 127 and then on to Rs. 128 prompting many to assume the rate had bottomed ...

The Institute of Chartered Corporate Secretaries and the Securities Exchange Commission in partnership with the Daily FT will hold a seminar on insider trading on 26 March.  The seminar is to be held from 4 p.m. to 6:30 p.m. at Hilton Colombo Residencies and panellists include Professor Gishan

With just 12 days to go, Sri Lanka’s largest mega trade, investment and tourism promotion initiative ‘Expo 2012’ has attracted close to 1,200 people, exceeding the expected 1,000 mark, EDB Chairman Janaka Ratnayake said yesterday. Speaking to the Daily FT, he asserted

By Cheranka Mendis Despite the Central Bank’s forecast reading 7.2% growth for 2012, RAM Ratings Lanka CEO Adrian Perera is confident that the country can touch the 7.5%-7.6% mark by the end of the year. Perera told the Daily FT that the new projection is a realistic number from the 8% noted

The inaugural Future Marketers Conference of The Chartered Institute of Marketing (CIM), Sri Lanka Region, will be held on 17 March 2012 at the Grand Ballroom, Galadari Hotel Colombo from 9 a.m. to 5 p.m. The Student Committee of CIM Sri Lanka Region, comprising of 17 members who are students and practicing marketershave taken great ...

By Uditha Jayasinghe Members of the National Labour Advisory Council (NLAC) want legal powers to implement their recommendations after a dispute resulted in unions threatening to pull out of the body. Employers Federation of Ceylon (EFC) Director General Ravi Peiris told Daily FT

Ceylinco leads, Union Assurance best performer Combined premium tops Rs. 35 b mark, up by Rs. 4 b or 13% over 2010 Allianz rises to number eight, beating Indian giant LIC   The Life insurance market has seen a near 13% growth last year with impressive growth for top players, whilst Ceylinco and Union Assurance ...

The Securities and Exchange Commission (SEC) has ruled that Melstacorp Ltd. must make a mandatory offer on Lanka Milk Foods (LMF) to all at Rs. 105 per share. This directive came following Melstacorp seeking same from the SEC. Last week LMF share price closed at Rs. 97.10, up by 80 cents from the previous week. ...