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Diversified blue chip Hayleys Plc and Fitch Ratings Lanka Ltd., have parted ways after simmering discontent over their relationship reached the tipping point. Fitch in an announcement yesterday said that it has withdrawn Hayleys Plc’s A+ rating with a negative outlook and would no longer provide ratings or analytical coverage of Hayleys. Though Fitch’s announcement ...
- Fitch Ratings has withdrawn Hayleys PLC’s ‘A+(lka)’ National Long-Term rating (Category: Breaking News)
- Hayleys Terminates Fitch Ratings (Category: Breaking News)
- Fitch Withdraws Hayleys MGT Knitting Mills PLC’s Ratings (Category: Breaking News)
- Fitch Downgrades Hayleys PLC to ‘A+(lka)’/Outlook Negative (Category: Breaking News)
Benito Mussolini, the fascist ruler of Italy, during World War II, said that his brand of fascism ‘should be more appropriately called Corporatism, because it is a merger of state and corporate power’. Compare this with the dictionary definition of capitalism: ‘A system in which a country’s business and industry are controlled and run for ...
- Entrepreneur and the profit motive (Category: Business)
- The rise of State capitalism: new masters of the universe or an ominous portent? (Category: Business)
- State Capitalism: Revitalising underperforming businesses the Mussolini way (Category: Business)
- Governance - Four examples; two bad and two good (Category: Business)
Companies controlled by business tycoon Harry Jayawardena last week admitted that by an oversight they had failed to make a mandatory offer on Lanka Milk Foods Plc way back in September 2011. The bizarre development, which also exposed the failure by the regulators, Melstacorp Ltd., said that as at 12 September it (0.79%) together with ...
- SEC rules Melstacorp to make LMF offer at Rs. 105 per share (Category: Business)
- SEC reliance on private counsel ignoring AG’s Dept raises eyebrows (Category: Business)
- Harry triggers Takeover Code on Aitken Spence (Category: Business)
- Harry picks up Rs. 336 m more of Spence shares (Category: Business)
By Cheranka Mendis The much anticipated fashion event for the year, HSBC Colombo Fashion Week (HSBC CFW) will start its three day journey today evening at Hilton Colombo. Everything is ready for an event that has reached the ‘tier two’ in fashion, on par with the famed Barcelona and Madrid Fashion Weeks CFW President Ajai ...
- Darshi to showcase at Russia Fashion Week (Category: Business)
- DHL partners HSBC Colombo Fashion Week for third consecutive year (Category: Business)
- CFW returns: ramps up Asian presence in fashion world (Category: Business)
Executive Vice President and CEO says IFC will explore a good mix of enhanced financing and advisory services on a range of sectors apart from promoting FDIs to the country Encouraged by the post-war optimism the World Bank’s private sector investment arm – International Finance Corporation (IFC) yesterday revealed plans to expand its support in ...
- IFC To Double Commitment (Category: Breaking News)
- IFC pledges fullest cooperation to Sri Lanka (Category: Business)
By Cheranka Mendis Tucked away on the southern coastal belt, Avani Bentota Resort and Spa is the perfect epicentre for rest and relaxation. From the moment you walk in, a sense of peace settles in, heightened by the bright white walls, the simple sketches that hang almost rhythmically from the walls and the calming blues ...
- Hotel Serendib Bentota rebrands as ‘Avani’ (Category: Business)
- Discounts from Serendib Leisure at Wedding Show 2012 (Category: Business)
- All Serendib Leisure hotels earn 2012 Tripadvisor Certificates of Excellence (Category: Business)
- Minor’s new brand Avani to debut with Sri Lankan resort (Category: Business)
State giant’s leadership in general insurance gets stronger on high growth Harry J’s Continental fastest growing in 2011 Top four players ranking intact amidst mixed performance Overall General insurance market enjoys 20% growth as against 11% in 2010 The highly-competitive general insurance industry last year had enjoyed healthy growth, with State-owned giant Sri Lanka Insurance ...
- Growth for top life players (Category: Business)
- Harry’s Melstacorp buys 11% more in Spence for Rs. 5 b (Category: Business)
- Ceylinco Insurance reports record results for 2011 (Category: Business)
- Ceylinco Insurance announces 65% dividend (Category: Business)
By Cassandra Mascarenhas The role and responsibilities of a director on the board of a company is a topic that has risen to the forefront of the business community, both in Sri Lanka and globally, in recent times and tackling the billion rupee question of ‘Sweat or Blood,’ a CEO Breakfast Debate on accountability and ...
- Defining an effective and efficient board (Category: Business)
- A Company Director’s Role (Category: Business)
- Corporate governance and its importance (Category: Business)
Contrary to exaggerated claims the EPF investments in to the stock market last week had amounted to only less than 10% of market activity and unlike some past contentious buys, this time around it had focused on blue chips. The total turnover of the Colombo bourse last week was Rs. 8.6 billion and local purchases ...
- Investor confidence worsens by the day; bourse loses Rs. 53 b in value (Category: Business)
- Crisis Colombo! (Category: Business)
- Foreign net inflow tops Rs. 3 billion (Category: Business)
- Aitken Spence draws biggest foreign buying as net inflow tops Rs. 1 b (Category: Business)
By Cheranka Mendis Sri Lanka is the new destination on the global 70.3 calendar hosting the Ironman triathlon on Sunday. The first ever to be held in Asia, Ironman has managed to lure down over 250 triathlon athletes from world over. Race Director Shannon Kurek told the Daily FT
- Al-Sultan, Granger Commit To Sri Lanka Events (Category: Breaking News)
- Faris al-Sultan wins Sri Lanka's inaugural Ironman 70.3 (Category: Breaking News)
- Ironman ignites Colombo (Category: Business)
- Inaugural ironman 70.3 in Sri Lanka in February (Category: Breaking News)
World famous photographer Shahidul Alam expresses his views on resistance and furthering the social movement through the medium of photography Colombo Art Biennale has taken the city by storm this week and while attending one of the ‘Art Talks’ sessions titled ‘Building Bridges – The South Asian Context’ held in the picturesque setting of Nuga ...
- Paper canvas at the Saskia Fernando Gallery (Category: Business)
- Goethe Institute initiates the Collective of Contemporary Artists (Category: Business)
- Confines of Galle Fort (Category: Business)
- Magic moments of pop-ups and story telling (Category: Business)
ASI gains by 5% as Bourse’s value swells by Rs. 96 b Brokers positive after fresh meeting with SEC EPF, private institutional and high networth investors active on attractive valuations The Colombo stock market yesterday produced a major rebound gaining by 5% thanks what some described as “spirited support” whilst others emphasised it was largely due ...
- Investor confidence worsens by the day; bourse loses Rs. 53 b in value (Category: Business)
- Crisis Colombo! (Category: Business)
- From bust to boom? (Category: Business)
- ‘Boom’ is back? (Category: Business)
Directors’ responsibilities and liabilities under the Companies Act will come under spotlight at a unique forum over breakfast on Friday with several experts sharing key insights. The forum titled “Accountability and Protection” organized by ACCA Sri Lanka in association with the Institute of Chartered Corporate Secretaries of Sri Lanka (ICCS), Janshakthi Insurance Plc and ...
- Board Changes (Category: Business)
- CBK To Attend Club De Madrid Meet (Category: Breaking News)
- St. Cloud-based Coborn's names chief operating officer (Category: USA, Minnesota)
- St. Cloud-based Coborn's names chief operating officer (Category: USA, Minnesota)
The Daily FT spoke to the Immediate Past President of Sri Lanka Association of Inbound Tour Operators (SLAITO) and Chairman and Managing Director of Conniassance de Ceylan Ltd., on the state of post-war Sri Lanka tourism industry, the progress and key challenges as well as future prospects
- Future of Sri Lanka Tourism: Former SLAITO Chief sheds key insights (Category: Business)
- Strategic policy needed for Sri Lanka Tourism (Category: Business)
- SLAITO on expectations and challenges facing tourism industry (Category: Business)
- Prema joins Alhambra Hotels Board (Category: Business)
Contrary to Government assurance of minimal impact from the unprecedented fuel hike of Sunday, a set of upward price revisions including on bus fares and electricity will become reality from today. Striking private bus operators yesterday won their demand with the Government agreeing to let fares up by 20% with minimum ticket priced at Rs. ...
- Bus operators to protest if govt. fails to respond (Category: Breaking News)
- Private bus owners warn of another fare hike (Category: Business)
- Private bus operators in Sri Lanka could reduce bus fares if a fuel subsidy was given (Category: Breaking News)
- Private bus men vow action (Category: Breaking News)
UNP MP and its chief spokesman on the economy Dr. Harsha de Silva is expected to ask in Parliament today the Government stand on the remaining tranche worth US$ 800 million of the IMF assistance via its Stand-By-Arrangement (SBA). There hasn’t been a clear stand on the part of the Government during and following the ...
- Harsha claims Govt., CB lack credibility (Category: Business)
- IMF’s take on Sri Lanka’s good, bad and the ugly (Category: Business)
- IMF team to visit Sri Lanka on review mission before final SBA disbursement (Category: Business)
- IMF, CB numbers don’t tally! (Category: Business)
This is the 14th article in the Daily FT’s fortnightly series titled ‘Business of Sports,’ focusing on the back office of the various sports administered and played in this country. Readers are invited to share their views and express their opinion via email to editor@ft.lk
- Cleaning up sports: No end to it! (Category: Business)
- Will play only if you pay! (Category: Business)
- New resolutions for sports in 2012! (Category: Business)
- Sports AGMs aka Annual General Meanderings! (Category: Business)
By Dinali Goonewardene Sri Lanka is in talks with Oman and plans to engage in discussion with Saudi Arabia for the supply of oil following US influence to curb imports from Iran, the country’s main supplier accounting for 93% of imports. The European Union and the US have imposed sanctions on Iran and given other ...
- Sri Lanka cleared from Iran oil sanctions (Category: Breaking News)
- Financial sanctions by US on SL likely-report (Category: Breaking News)
- Iran sanction won't create oil shortage: Sri Lanka (Category: Breaking News)
- Iraq offers crude to Sri Lanka ahead of Iranian ban (Category: Breaking News)
UNP MP and party’s Chief Spokesman on the economy Dr. Harsha de Silva yesterday sent the following statement in reference to Daily FT’s article titled “Basil blasts Harsha over China ‘Hit Man’ Charge” published yesterday. “I completely reject the vicious
- David Shapiro: Finding laughs between groans as election goes overtime (Category: USA, Hawaii)
- Vaccines offer the key to speed of Hawaii’s economic recovery (Category: USA, Hawaii)
- Vaccines offer the key to speed of Hawaii’s economic recovery (Category: USA, Hawaii)
- Vaccines offer the key to speed of Hawaii’s economic recovery (Category: USA, Hawaii)
Unveils new Valentine’s Day promotion By Cheranka Mendis Oriflame Sri Lanka will introduce 200 new products to the local market in 2012 targeting a 25% growth by the end of the year. The brand, which has had a market presence for 15 years in the country, has experienced steady growth over the period and is ...
- Oriflame celebrates 15 years with 200 new products (Category: Business)
- Oriflame sales conference in Kandy a tremendous success (Category: Business)
- Thread Works recreates essence of Velona with new factory (Category: Business)
- Micromax ties up with Metropolitan Telecom to grow stronger in Sri Lanka (Category: Business)
Economic Development Minister Basil Rajapaksa is charging that UNP MP and its Chief Economic Spokesman Dr. Harsha de Silva’s outburst and criticism over growing economic cooperation between Sri Lanka and China was in bad taste and made with dangerous political twist. “He (de Silva) is trying to pit China against Sri Lanka’s friendly nations such ...
- China is an economic hit man: Harsha (Category: Business)
- Young political guns speak up for economy (Category: Business)
- Rajapaksa Govt. selling Sri Lanka to China on the sly, claims UNP (Category: Business)
- Basil’s justification not valid claims UNP MP Dr. de Silva (Category: Business)
Hon. D.E.W. Gunasekera Chairman, Committee on Public Enterprises (COPE) Parliament of Sri Lanka Sri Jayawardenepura Kotte. Dear Chairman, Action on COPE and other reports? Reference the aforementioned, I attach the following: 1.Daily Mirror front page News Report of Saturday, 21.1.2012 headlined ‘Bribery, CID Officers to be summoned by COPE. D...
- COPE: Exposure and beyond (Category: Business)
- Loss from inefficiency and waste far exceeds corruption losses: Eran W (Category: Business)
- National forum on Parliamentary best practices (Category: Business)
- ‘Divi Neguma’ Dept: Development catalyst, dependency creator or a white elephant? (Category: Business)
After statements to the contrary by Governor over applicable interest rate and on which loan amount, monetary authority issues clarification For few days, the not so ‘whole truth’ was out in the market, but perhaps due to the Opposition’s fire and realising the blunder and implications, a better-late-than-never conspicuous correction termed “clarification” has finally...
- Exchange rate standoff as IMF visits SL (Category: Business)
- CB says no need for FX intervention (Category: Business)
- IMF to discuss Sri Lanka loan follow-up (Category: Business)
- CB says all June-end IMF loan targets met (Category: Business)
Veteran automobile engineer, Dr. Lawrence Perera will make his venture to be the first corporate to herald a new phase in public transportation with the launch of Micro bus service next month. The Company has already imported eight low-floor air-conditioned buses to be deployed on the popular routes identified as the six main corridors to ...
- Micro Cars to operate a bus service (Category: Breaking News)
- Buses operating on rural roads will be streamlined (Category: Breaking News)
- Run-Down Red Buses: SLTB’s Ageing Population (Category: Breaking News)
- Strike by private buses on several routes (Category: Breaking News)
Country records second successive year of over 20% growth in exports; 2011 full year value tops $ 10 b; when ICT exports included total figure to rise to $ 11 bConfirming resilience and an improved competitive mindset amidst global and local difficulties, Sri Lanka’s exports sector has concluded its second year of over 20% growth. ...
- Exports grow by 41% to $ 5.1 b in 1H, Govt. to sustain growth (Category: Business)
- Robust exports to get boost via Expo 2012 (Category: Business)
- Lanka’s exports to Singapore clock highest growth in 1H (Category: Business)
- Rishad says industries driving exports surge encouraging (Category: Business)
Responding to the article published in the Daily FT on 26 January, titled ‘Sri Lanka: Tea rich but nutrient poor,’ the Planters’ Association of Ceylon (PA) says estate communities in Regional Plantation Company (RPC) estates have seen significant quality of life improvements
- PHDT marks two decades in estate sector welfare work (Category: Business)
- Construction of over 500 houses for plantation community to resume (Category: Breaking News)
- Thonda opposes lease of tea estates to private sector (Category: Business)
told the Daily FT that the company would work towards achieving “high double-digit growth,R...
- Patent Prospects (Category: Business)
- Activity (Category: Business)
- Paradox Land (Category: Business)
- Elusive Goal (Category: Business)
Thanks to interest in premier blue chip John Keells Holdings (JKH), the Colombo stock market for the first time since end 2009 achieved a year-to-date (YTD) net foreign inflow. Though 2012 is only 26 days old and the value is only Rs. 908 million, the net inflow on a ‘YTD basis’ is significant as it ...
- Rupee slips on importer dollar demand; stocks flat (Category: Business)
- Net foreign inflow tops Rs. 29 b mark (Category: Business)
- Foreign investments in Sri Lanka equity and capital market over Rs. 50 billion (Category: Breaking News)
- Bourse soars by 2.6% on blue chips, foreign buying (Category: Business)
COLOMBO: Legendary Sri Lankan cricket captain Arjuna Ranatunga on Thursday slammed his country’s sacking of Australian coach Geoff Marsh as “disgraceful” and “unprofessional”. Marsh was this week replaced by South African Graham Ford. Former cricket captain Tillakaratne Dilshan (L) shakes hands with newly appointed national cricket team captain Mahela Jayawardene afte...
- Arjuna calls for selectors to be sacked (Category: Breaking News)
- Marsh sends letter of demand to SLC (Category: Business)
- Sri Lanka Cricket chief defends Marsh sacking (Category: Business)
- Selectors must resign: Ranatunga (Category: Business)
Effects first major move to become a self-made entrepreneur; his new venture N Capital acquires 70% stake Aspires to make iconic 35-room resort luxurious with Rs. 500 m investment to add 50 more rooms under a new wing and plush refurbishment Says deep south will be centre of economic, tourism and recreation boom with air ...
- Ricky Mendis buys 8% of Serendib Hotels for Rs. 142 m (Category: Business)
- Location! Location! Location! (Category: Business)
- LOLC seeks Rs. 4 b funding for Lanka’s biggest resort complex (Category: Business)
- Shareholders vote out Rights; Malwatte opts for debt for tourism venture (Category: Business)
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