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 ...

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...

told the Daily FT that the company would work towards achieving “high double-digit growth,R...

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...

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 ...

The London Stock Exchange (LSE) is optimistic on Sri Lanka given the strong post-war upside for the economy and capital markets and is urging the country and companies to harness the global giant’s strengths and reach to grow better. “Following the end of the conflict, Sri Lanka has evolved with an attractive and strong growth ...

Confirming the Daily FT’s exclusive expose on 11 January, Aitken Spence Plc yesterday officially announced in a filing to the Colombo Stock Exchange (CSE) it was selling its 30% stake in the venture to build the Colombo South Container Terminal. Via the announcement Spence said its associated

The world famous London Stock Exchange Group (LSE), whose origins could be traced back to 300 years, will hold its first-ever Board of Directors meeting in Colombo today. LSE Chief Executive Officer Xavier Rolet confirmed to the Daily FT yesterday that though the organisation has held Board

Several leading experts will deal with different policy conflicts in capital markets on Friday at a top seminar organised by the Institute of Chartered Secretaries of Sri Lanka (ICCS) in partnership with the Daily FT. Colombo Stock Exchange Chairman Krishan Balendra, Heraymila Securities CO Ravi

Last year when I got the opportunity of attending the summer programme at Harvard, one of the sessions that really got my attention was a session titled ‘Corporate Athleticism’. Coming back to Sri Lanka I was eager to bring to life this new theory called ‘Corporate Athleticism,’ which in actual fact was practiced by many ...

Ariyaseela Wickramanayake renews call for greater import substitution on food items Warns country is sinking owing to rising import bill of products which can be locally sourced Business leader Ariyaseela Wickramanayake is renewing his call for greater import substitution of food items by slapping higher levies on foreign products, thereby boosting local supplies. He said ...

by Nisthar Cassim Youthful MP Namal Rajapaksa is reiterating that mega developments in Hambantota which are having benefits to the rest of the country were taking shape and urged the private sector to cash in early with a mindset of “positivism.”  “We are going ahead with our plans and efforts as we firmly believe in ...

Part 3: Inalienable power is in the people, exercised in trust by the organs – the legislature, executive and judiciary – and prohibits transfer of power from one organ to anotherIn the public interest to create awareness of the issues involved, the FT will continue to publish extracts adapted from the Petition filed by public ...

EFC says if the Govt. is serious about fund returns to employees, it should be exempted; urges holistic look at pension funds and calls for better governance  By Uditha Jayasinghe As opposition political parties ready to do battle over the proposed amendments to the Employees Provident Fund (EPF) that will be presented in Parliament today, ...

Part 2 – UN Universal Declaration of Human Rights? Judiciary entrusted with task of keeping every organ of the State within the law? In the public interest to create awareness of the issues involved, the Daily FT will continue to publish extracts from the petition filed by public

By Devin Jayasundera Kelani Cables PLC, the foremost name in Sri Lanka’s wiredrawing industry, last week conducted a programme titled ‘Knowledge Forum’ with the intention of enhancing the knowledge of the professionals in the industry. Over 200 engineers working in customer companies of Kelani Cables attended this event. “The primary objective of this forum is ...

How the key industry progressed last yearBy Cheranka Mendis Sri Lanka’s tourism industry, which saw a 30.8% growth over the previous year in 2011, has been driven by key markets India, UK and Germany and is likely to be the foremost contributor in 2012 as well. Named as ‘Visit Sri Lanka year,’ 2011 saw the ...

LTTE rump groups and pro-LTTE organisations are trying hard to achieve their separatist ideology in the countryDefence Secretary Gotabaya Rajapaksa on Tuesday said that there is a possibility of the re-emergence of the LTTE in Sri Lanka, as LTTE sympathisers abroad are still struggling to achieve the LTTE’s separatist ideology in the country. He made ...

Central Bank Governor Nivard Cabraal has been increasingly under attack by UNP MP Dr. Harsha de Silva over some of the policies, actions and comments of the professional-turned-politician-turned-Chief of the monetary regulatory authority. Cabraal’s ambitious and robust Roadmap for 2012 and beyond too had come under critique as being overconfident. However, this is unlikely to ...

If time already taken wasn’t long enough then the Securities and Exchange Commission don’t agree, and hence opted to meet again on Monday to take a final decision on relaxation of rules on broker credit. Issuing a one paragraph statement the SEC said “At the 294th Commission Meeting of the Securities and Exchange Com-mission of ...

UNP MP and Consultant Economist Dr. Harsha de Silva yesterday opined that the Daily FT reported pullout of Aitken Spence Plc from the Colombo port’s new terminal project as a direct fallout of the contentious Expropriation Act. He alleged that the move was a “retaliatory act”

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

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 ...

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. ...

Expects 2012 to continue 2011 success despite anticipating slow year By Cheranka Mendis Kia Motors is geared to embrace a phenomenal year in 2012, riding high on the extraordinary success of 2011. Launching the final model that was to be introduced to the local market in 2011, the all new fourth generation Kia Rio, Kia ...

I wish for a transformational 2012, bringing about a society that understands the traditional value of scholarship over simple monetary value of transactions and becoming a confident, humane and a sustainable society which will be able to face up to turbulent times as well as be a model to emulate. A tall order? No; simply ...

As exclusively reported by the Daily FT yesterday, top professional and senior Board member Dinesh Weerakkody was appointed as the new Chairman of Commercial Bank. At 47 years old, he is also the youngest to be appointed as Chairman of Commercial Bank, the largest private sector bank

Dinesh tipped to be appointed Chairman; Dheerasinghe as Deputy; business leader Preethi new face on the Board Commercial Bank is slated to have a special Board meeting today, the second in three days, to elect a new Chairman. The move follows the resignation of longstanding Chairman and Board member Mahendra Amarasuriya, as exclusively reported by ...

Unhappy after questionable downgrade Hayleys fires letter; legal action next?   Rating agency Fitch is under fire for some  of its judgments and the latest to join the chorus is Hayleys Plc. Seemingly disturbed by the downgrade from AA- to A+ with a negative outlook by Fitch, Hayleys has fired a letter expressing its reservations, ...

The Pathfinder Foundation issued the following response to the IFC opinion piece on its Economic Alert No. 20 titled ‘Improving Sri Lanka’s Business Climate,’ published in the Daily FT: The Pathfinder Foun-dation (PF) is grateful to the International Finance Corporation (IFC