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The Daily FT’s exclusive expose of Aitken Spence Plc’s pullout from Sri Lanka’s biggest ever FDI project – the upcoming US$ 500 million Colombo South Container Terminal sent shock waves in corporate, shipping, political and diplomatic circles yesterday whilst investors found
- Rs. 630 m windfall for Aitken Spence from port venture exit (Category: Business)
- Harry triggers Takeover Code on Aitken Spence (Category: Business)
- Melstacorp completes Spence acquisition (Category: Business)
- Others secure, Harry misses in scramble for Spence shares (Category: Business)
Respected blue chip Aitken Spence pulls out of biggest FDI project – the $ 500 m Colombo South Container Terminal due to issues with funding and cost escalations Construction cost up 30% to $ 350 m; overall project cost now estimated at $ 595 m up from $ 475 m at bid proposal stage Lender ...
- Deal signed to build Colombo Port Expansion project’s South Container Terminal (Category: Business)
- BOI signs US$ 500 m agreement for Colombo South Container Terminal (Category: Business)
- WORK ON SOUTH CONTAINER TERMINAL OF COLOMBO PORT LAUNCHED (Category: Breaking News)
- AGREEMENT INKED FOR US$500 M AGREEMENT FOR CBO SOUTH CONTAINER TERMINAL (Category: Breaking News)
Ends 2011 with record 855,975 arrivalsBy Cheranka Mendis The high-flying tourism industry closed the year with a record 855,975 arrivals, marking a rise of 100,000 from the original target for the year. Statistics revealed by the Sri Lanka Tourism Development Authority (SLTDA) yesterday noted that the figure reflects a 30.8% increase from the previous year. ...
- Sri Lanka opens up for a 4 million domestic tourism industry (Category: Business)
- Sri Lanka draws 60,989 tourists in 16 days (Category: Business)
- SL welcomes 800,000th tourist (Category: Breaking News)
The Colombo stock market showed signs of struggle on the New Year’s first day of trading, managing to close up on a razor-thin margin with a turnover of just Rs. 419 million. In an apparent reflection of continuity of past year’s woes, the ASI gained by 0.01% or 0.4 points whilst MPI improved by over ...
- Foreigners step up buying; net inflow tops Rs. 400 m in two days (Category: Business)
- Market rebounds as sentiment improves (Category: Business)
- Rupee weaker on importer dollar demand (Category: Business)
- Melstacorp enters COMBank; CF Ruffer picks up more shares (Category: Business)
Post-war rebounding Sri Lanka has entered for the first time the Most Valuable Nation Brands ranking compiled by UK-based Brand Finance debuting at number 76 with a value of $ 23 billion. A world renowned specialist in the subject Brand Finance’s 2011 ranking reveals brand ‘Sri Lanka’ is worth $ 23 billion (Rs. 2.6 trillion) ...
- The ‘real’ problem with brand Sri Lanka (Category: Business)
- Brand Finance launches Nation Brands 100 (Category: Business)
- Nation branding: A holistic perspective (Category: Business)
- 2011: Power achievements for Sri Lanka, but… (Category: Business)
The right to privacy is our right to keep a domain around us, which includes all those things that are part of us, such as our body, home, thoughts, feelings, secrets and identity. The right to privacy gives us the ability to choose which parts in this domain can be accessed by others, and to ...
- Right to information: Transformation from a secretive society to transparency (Category: Business)
- Govt waits for clearance to implement India-funded Unique ID card project (Category: Breaking News)
- Lanka @ 63: The ‘Military business model’ of post-war economic development (Category: Breaking News)
By Dinali Goonewardene The private sector yesterday welcomed the relaxation of rules for foreign investment in debentures and overseas borrowings by Sri Lankan firms. The Central Bank yesterday announced it was relaxing regulations for foreign investment in corporate debentures of Sri Lankan firms and foreign borrowings by local firms. In the case of corporate debentures ...
- Sri Lanka Central Bank relaxes regulations on foreign investment (Category: Breaking News)
- Sri Lanka relaxes restrictions on foreign investments in corporate debts and foreign borrowings ... (Category: Breaking News)
- NDB Group conducts successful investor forum in Singapore (Category: Business)
- Can and will sustain rupee defence: CB Chief (Category: Business)
Daily FT Editor Nisthar Cassim was among 40 top individuals apart from 60 institutions from private and public sectors picked last night for Global Commerce Excellence by the Shippers Academy Colombo, with support from the Central Bank, Export Development Board, Sri Lanka Ports Authority
- Dr. Nicholas to share key insights on global economy (Category: Business)
- Empowerment (Category: Business)
- Stock market crashes to lowest level in 2011 (Category: Breaking News)
- No FT during Avurudhu (Category: Business)
Former MP and businessmen Dr. Tilak Karunarathne assumed duties as the Chairman of the Securities and Exchange Commission (SEC) yesterday. He had meetings with the senior management and staff of the SEC to apprise himself of what each division does. Karunaratne is a former Sri Lanka Freedom Party (SLFP), United National Party (UNP) and Sihala ...
- SEC says not out to create a fear psychosis in the minds of investors (Category: Business)
- Right of Reply: SEC responds to ‘Cracks in SEC?’ (Category: Business)
- SEC issues statement on investigations (Category: Business)
- Right of Reply: SEC responds to retaining private counsel (Category: Business)
Pan Asia Banking Corporation (PABC Bank) is to raise Rs. 1 billion from Japanese investors via a five-year debenture issue, its Deputy Chairman Nimal Perera told the Daily FT on the sidelines of the Sri Lanka Investment Forum in Tokyo on Thursday.
- From Pinnawela Central to PABC Bank Chairmanship (Category: Business)
- Fitch affirms Pan Asia Banking Corp at ‘BBB’ (Category: Business)
- Distilleries toasts FY12 start with 1Q net profit up 50% to Rs. 1.2 b (Category: Business)
- Fitch Affirms Pan Asia Banking Corp at ‘BBB(lka)’/Stable (Category: Breaking News)
Local healthcare specialist floats 50:50 JV with Japanese firm To carry out clinical trials, new drug developments and manufacture niche products for local and mega South Asian markets On the sidelines of New World Securities Investment Forum, first-of-its-kind announcement made in Tokyo Stock Exchange by a Sri Lankan corporate Nisthar Cassim reporting from Tokyo December ...
- Japan’s Mebio and Nawaloka Holdings incorporate JV (Category: Business)
- Investment Forum in Tokyo woos Japanese investors (Category: Business)
- Arogya 2012 to promote local health sector (Category: Business)
- Lanka Hospitals stamps its class (Category: Business)
Following is a response from Hotel Developers (Lanka) Limited to the article titled ‘Cornel Perera rebuts Basil’ published in the Daily FT of 24 November 2011 We give below a fair summary of the background of establishment of Hilton Hotel Colombo given by the well-respected Attorney
- Indian Casino Mogul Makes A Play For Hilton Colombo (Category: Breaking News)
- A 5-star loss! (Category: Business)
- Cornel Perera says Hilton takeover not the solution, selling via bourse is (Category: Business)
Extracts from Nihal Sri Ameresekere’s Fundamental Rights Application on the ‘Expropriation Law’: Part 2 1.In my D.C. Colombo Case No. 3155/Spl instituted on 13.9.1990 vis-à-vis the major fraud perpetrated on HDL and the Government, as its Guarantor, the Defendants were very politically powerful and influential parties. District Judge, P. Wijeyaratne demonstrating the indepen...
- Nihal Sri files application before SC to re-examine Expropriation Bill (Category: Business)
- Nihal’s new book exposes “Settlement of colossal fraud on Sri Lanka Government” (Category: Business)
- Nihal’s Fundamental Rights application on Expropriation Law fixed for 26 Jan. (Category: Business)
V. Govindasamy told Daily FT that priced control mechanisms to be imposed by ...
- Cure State health system first (Category: Business)
- Pharmaceutical industry in Sri Lanka up in arms over price ceiling (Category: Breaking News)
- Pharmaceutical industry in Sri Lanka up in arms over price ceiling (Category: Breaking News)
- Pharmaceutical industry in Sri Lanka up in arms over price ceiling (Category: Breaking News)
By Dinali Goonewardene Lanka Floor Tiles Plc said 50 employees attached to its sorting department at its factory in Ranala had struck work in an illegal work stoppage on Friday 2 December. Production at the factory came to a halt on 3 December (Saturday), the company said in a stock exchange filling. The company is ...
- Lanka Tiles employees back at work after stoppage (Category: Breaking News)
- Lanka Tiles employees back at work after stoppage (Category: Business)
- Tea production at Waltrim state-of-the-art factory up 66 % in 2012 (Category: Business)
- Work at Lanka Floortiles factory disrupted owing to worker unrest (Category: Breaking News)
By Cheranka Mendis Sunquick Sri Lanka, the much loved super concentrated fruit quash will today bring home the prestigious Co-Ro Best country award also known as the Global Sunquick best awards. The award is an annual presentation by the brand owners of Sunquick, Co-Ro Food A/S, a Danish Company awarded for the country that marks ...
- Scan Products wins Sunquick Best country award (Category: Business)
- Sunquick mocktail competition a huge success (Category: Business)
- Lankan consumers are shifting from commodities to branded products (Category: Business)
- Scan Products sales force recognised (Category: Business)
Former top civil servant Indrani Sugathadasa quits as Chairperson of capital market’s regulatory body within month of Director General’s exit Sugathadasa found the “thankless” regulator’s job of late becoming increasingly difficult and complicated Speculation rife other appointed Commissioners will follow suit; former MP and industrialist Tilak Karunaratne tipped to s...
- Nalaka new SEC Chief; Priyantha, Sujeewa back as Commissioners (Category: Business)
- Brokers delighted by talk, lunch with President (Category: Business)
- No surprise SEC wants more time! (Category: Business)
Former Sri Lanka Inbound Tour Operators (SLAITO) President Vasantha Leelananda in this interview with the Daily FT shares some key insights on the future of tourism industry in post-war Sri Lanka Q: Do you believe that the tourism industry in Sri Lanka is on the correct path in terms
- Strategic policy needed for Sri Lanka Tourism (Category: Business)
- SLAITO on expectations and challenges facing tourism industry (Category: Business)
- Showcasing Sri Lanka and driving demand (Category: Business)
- Competitiveness is key to securing tourism success (Category: Business)
Mahinda urges brokers to venture overseas, market post-warSri Lanka among foreigners; reach out and educate rural investors Cautions against pump and dump, thereby avoid sharp pricefluctuations endangering innocent investors Brokers say ASI dropping 2,000 points, PE down to 13 times from 26 create conducive environment for relaxed rules President Mahinda Rajapaksa stresses a point duri...
- Mahinda magic! (Category: Business)
- No show by SEC Santa this X’mas! (Category: Business)
- Dr. PB to meet stock brokers today; says right balance key for regulation (Category: Business)
- Message clear: Market must move up (Category: Business)
No unanimity on exchange rate movement A front page headline news item in this paper on last Saturday had reported on an apparent division of opinion between the two top policy makers of the country, namely the Treasury Secretary Dr. P.B. Jayasundera and the Central Bank Governor Ajith Nivard Cabraal, on the depreciation of the ...
- Rupee sinks to record low (Category: Business)
- CB to stop supplying dollars for oil bills (Category: Business)
- Appreciating the exchange rate to create prosperity (Category: Business)
- Devaluation divide (Category: Business)
With 3Cs in place what more does private sector want from President Rajapaksa, asks Treasury Secretary Dr. P.B. Jayasundera at Daily FT-Colombo Uni. MBA Alumni Association post-Budget seminar Urges business leaders to make best use of Budget 2012 aided by peaceful and sound macroeconomic
- Flocking for experts views on Budget 2012 (Category: Business)
- President consults entrepreneurs on Budget 2013 (Category: Business)
- Brainstorming Budget 2012 (Category: Business)
- TAX SYSTEM SIMPLIFIED FROM NEXT YEAR – FINANCE SECRETARY (Category: Breaking News)
With reference to the Daily FT 14 November 2011 article ‘Basil bats for revival bill,’ Colombo Hilton promoter and former Chairman of Hotel Developers Lanka Plc Cornel Perera has sent the following rebuttal:The article contained the full speech by Economic Development Minister Basil Rajapaksa
- Hotel Developers responds to Cornel Perera’s rebuttal (Category: Business)
- A 5-star loss! (Category: Business)
- Financial commitments/comparisons, then and now (Category: Business)
- Basil defends takeover bill (Category: Breaking News)
President Mahinda Rajapaksa presents development-oriented fiscal programme for 2012 and medium-term policy framework with support for almost all key segments of society and economy In their initial takes, overall welcome tone from private sector, though a few express concerns on select proposals President and Finance Minister Mahinda Rajapaksa yesterday presented what the Government described as ....
- Financing of 2011 Budget goes haywire (Category: Business)
- Govt. to abolish duty-free vessel imports to boost $ 500 m boating industry (Category: Business)
- ‘Clarity, consistency and continuity’ (Category: Business)
- Economic management and the way forward (Category: Business)
Analysts say sound fiscal programme for 2012 and medium term private sector oriented policy framework crucial for country to move forward putting behind controversial Expropriation Act Improving fiscal management gives hope for further progress Robust public investment programme; lower deficit; greater clarity and consistency taking on from 2011 Budget envisaged Budget 2012 tipped to showcase ...
- A Budget for all! (Category: Business)
- Financing of 2011 Budget goes haywire (Category: Business)
- ‘Clarity, consistency and continuity’ (Category: Business)
- Govt. keen to support private sector: Cabraal (Category: Business)
Following are the brief key suggestions that came out at the groundbreaking pre-Budget 2012 brainstorming session held recently under a joint initiative by the Daily FT and the MBA Alumni Association of University of Colombo with Secretary to the Treasury Dr. P.B. Jayasundera as the Chief Guest
- Hapag in SCE Combo Service 2012 – Trans-Pacific Trade (Category: Business)
- Boosting Asia’s resilience (Category: Business)
- Actuaries, pipe welders, gecochemists wanted by UK (Category: Breaking News)
The Institute of Chartered Corporate Secretaries of Sri Lanka in partnership with the Daily FT organised a seminar titled ‘Share Market Volatility – Causes and Remedies,’ last week which brought to the table many issues concerning the Colombo stock market
- Time to buy as market has corrected itself enough: Panel (Category: Business)
- Top seminar on ‘Share market volatility — causes and remedies’ tomorrow (Category: Business)
- Top seminar on ‘Share market volatility – causes and remedies’ today (Category: Business)
- Banking foresight – Shaping integrated development (Category: Business)
In the midst of the volatility and speculation currently shrouding the Colombo Stock Exchange, the Institute of Chartered Corporate Secretaries of Sri Lanka in partnership with the Daily FT organised a seminar titled ‘Share Market Volatility – Causes and Remedies,’ which featured
The Institute of Internal Auditors Sri Lanka (IIASL), at its Fourth National Conference scheduled for 15 November at Kings Court Cinnamon Lakeside will deliberate on some of the “big questions” currently facing internal auditors today. This is in line with this year’s theme: “Strategies for Internal Audit Excellence.” IIASL President Dharshana De Silva stated that ...
- Strategies for internal audit excellence (Category: Business)
- IIASL appoints Academy of Finance as training partner (Category: Business)
- Institute of Internal Auditors offers certifications in internal auditing (Category: Business)
- First Sri Lankan elected to Exco of ACIIA (Category: Business)
Submits proposals; Secures several assurances at meeting with President and team Govt. remains firms on Bill The country’s private sector in a welcome united move, has succeeded in securing some assurances over the upcoming Expropriation Bill from the Government, which however remains stubborn in not withdrawing the contentious new piece of legislation. Leading chambers of ...
- Acquisition bill only for 37 assets-President (Category: Breaking News)
- Defer or be damned! (Category: Business)
- Sri Lankan chambers now want expropriation bill deferred (Category: Breaking News)
- New bill a one-off act – President asures biz chambers (Category: Breaking News)
The courage the Government has demonstrated in cancelling the CATIC deal and yet feeling secure, rather than embarrassed by it, must be recognised. It is a responsible step, a prudent decision, which will have enduring benefit both in terms of national policy and FDI strategy. This step will also earn the respect of the indigenous ...
- Sovereign Wealth Funds (Category: Business)
- Sector report (Category: Business)
- Unilever’s Pears to make millionaire children (Category: Business)
- Revamped Siddhalepa Ayuverda Health Resort opens (Category: Business)
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