(Reuters) – Sri Lanka’s stock market edged down on Wednesday to a one-week low, as cautious investors stayed on the sidelines over concerns over a proposed government act to acquire underperforming assets, including from two listed firms. After the market closed Sri Lanka’s parliament began to debate the proposed legislation to acquire underperforming enterprises and ...

Reuters: Sri Lanka’s stock market fell to a one-week low on Tuesday, with investor sentiment hit by a proposed government act to acquire underperforming assets, including from two listed firms. The main share index fell 1.3 percent, or 9.08 points, to 6,322.01. Sri Lanka’s Supreme Court has decided that proposed legislation to acquire underperforming enterprises ...

COLOMBO (Reuters): Sri Lanka’s Supreme Court has ruled that the government’s controversial legislation to acquire so-called underperforming enterprises and under-utilised assets is consistent with the country’s constitution, parliament was told on Tuesday, despite some opposition. The government act, which was presented to parliament on Tuesday, will see the state acquiring 37 pr...

Expolanka Holdings PLC said yesterday it has sustained its consolidated NPAT for the first half of FY 2011/12 at Rs. 668 m, with a consolidated NPBT at Rs. 862 m. These results have been achieved against the backdrop of the many challenges faced by the Group in the international trading sector with its global economic ...

Marque fund manager and investor Asanga Seneviratne structures deal; Galadari Brothers part sell stake as part of settlement of cases in UAEThe buying of a 16% stake in Galadari Hotel (Lanka) Plc by the Dubai Government for Rs. 1.18 billion yesterday is expected to throw open the city five star as an attractive investment in ...

HSBC announced its new alliance with Lanka IOC PLC, an overseas venture of the oil giant, Indian Oil Corporation Ltd., to offer the bank’s loyal credit card holders more benefits and convenience. The new agreement was signed on 19 October between HSBC Sri Lanka and Maldives Chief Executive Officer Nick A. Nicolaou and LIOC Managing ...

Janaka Palapathwala has assumed duties as new Director/General Manager at Nation Lanka Equities (Pvt) Ltd, a subsidiary of Nation Lanka Finance PLC.   Palapathwala who holds a MBA is an Associate member of the International Professional Finance Managers (London). He is an old boy of St. Anne’s College Kurunegala and Trinity College Kandy. He has ...

The third edition of the of the Old Peterites Tag Rugby 7s will come alive on Sunday, 30 October at the Murrayfield of Peterite Rugby – St. Peter’s College grounds. The event is organised by the the 1995-2000 batch group of the Old Boys’ Union of St. Peter’s College, was first introduced to the calendar of the Old Boys’ ...

Corruption is a serious impediment to reducing poverty and achieving development goals, the head of the United Nations agency anti-crime agency said Monday, adding that this year’s uprisings in the Arab world highlighted the anger within societies at this scourge. Yury Fedotov, the Executive Director of the UN Office on Drugs and Crime (UNODC), said ...

Following the success of the World Spice Food Festival since 2005, Sri Lanka Tourism is once again staging the World Spice Food Festival 2011 with the aim of showcasing culinary expertise from around the world with added Sri Lankan flavour. The festival will be held from 28 October to 9 November in Colombo. This year’s ...

Eden Resort and Spa, the five-star beach resort located on the Golden Mile of Beruwela, successfully hosted its 50th foreign wedding ceremony for the year 2011. This being the highest number of foreign weddings held at a hotel located in the area, the 50th foreign wedding ceremony was held in grand style on 15 September ...

Pakistan Pavilion at the International Buddhist Museum Kandy visited by manyIn response to the proposed plans for establishment of an International Buddhist Museum, the Government and people of Pakistan established the historic Pakistan Pavilion at the Sri Dalada International Museum of World Buddhism Kandy.  The Pakistan Pavilion was opened by President Mahinda Rajapaksha in May ...

Text & Pic by : Ruzaik Farook The Past Prefects’ Association of Zahira College, Colombo will organize “Zahira Super 16 Soccer 7’s” for the seventh consecutive year on Saturday, 22nd October 2011 from 8.00 am onwards at Zahira College Grounds, Maradana, Colombo. This is an inter school invitation seven a side football tournament approved by ...

Amidst crises in the region, Sri Lanka remains the star for both stock market and tourism sector performance in Asia. As reported in the Daily FT on Monday, the Colombo Stock Exchange remains Asia’s best performing frontier market with an over 2% year to date growth. This is in contrast to sharp plunges by other ...

Sri Lanka’s flagship telecommunications service provider, Dialog Axiata, in collaboration with Starhub, a fully integrated operator in Singapore, now offers customized international connectivity solutions to customers. The partnership is focused on delivering the lowest cost connectivity solutions with strict service levels between Sri Lanka and Singapore using each other’s network.
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By Engineer P.G. Joseph An official website about the life and vision of the late Dr. Ray Wijewardene, one of the most accomplished and innovative engineers and scientists produced by Sri Lanka, will be launched on 28 September and will be located at www.raywijewardene.net. In this article, one of several available on the website, a ...

Dove, one of Unilever’s leading global brands, launched their superior new range of hair care recently at Salon Nayana, World Trade Center. The New Dove Damage Therapy Range, which is patented with fibre-actives and micro moisture serum technology repairs damage at the heart of hair while making hair six times stronger. The Dove brand is ...

Dr. Anila Dias Bandaranaike is one of the reputed speakers scheduled to preside at the 32nd National Conference of Chartered Accountants to be held from 20 to 22 October 2011. The theme of the seminar is ‘Quest for Balance’ and the noted statistician will be speaking on ‘Our Country: Vanity, Sanity and Reality’. Her session ...

The policy changes, reforms and modernisation since Budget 2011 appears to have been the context of a presentation made to the Joint Apparel Association Forum in July 2011 by the “leading light” in finance, planning, treasury management and economic development. Sri Lanka background 2000-’10 The presentation articulates the background issues experienced from 2000 to 2010. ...

Last week I received an invite for an ‘Inventors Day Celebration’ in one of the leading schools in the country and the master in charge shared a thought that I felt was a cutting edge idea. Apparently, every one of us is an inventor in some part of our daily life. The issue is that ...

Women in South AsiaFollowing is the address delivered by the High Commissioner of Pakistan Seema Ilahi Baloch at the South Asia Women in Media Forum: The women of South Asia must be proud, because our land can boast of some of the greatest women leaders of our times. Sirimavo Bandaranaike, Indira Gandhi, Benazir Bhutto, Husina ...

In what is likely to be major breakthrough to the litigation-filled long-drawn-out impasse at Hilton Colombo-owning company Hotel Developers Plc (HDL), a proposal for an amicable win-win settlement has been presented to the Treasury. Sources said that as per the proposals with four options studied by Treasury, major shareholder Cornel Perera (owning 56% but held ...

The gem mining sub-sector grew by 7.9% in 2010. The gem and jewellery exports too reported 1.56% positive growth in 2010. Even in the first-half of 2011, increased earnings from mineral exports were led by higher exports of gems which increased by 35.5% in the first half of 2011, according to the Central Bank. The ...

Following an impressive 125-run victory inside four days at Galle, Australia can wrap up a series victory over Sri Lanka when the second Test starts in Kandy on Thursday. The visitors seized the upper hand on a surface described as a dustbowl, but the early indication is the Pallekele International Stadium pitch looks a more ...

Colombo: Foreign Employment and Welfare Minister Dilan Perera says the country’s foreign employment agencies would be rated from next year. Perera has said the agencies will be graded into star classes based on their merits in providing services. The move is expected to help foreign employment seekers to select a job agency based on its ...

The history of the Rockwood familyBy Sydney Knight    William Sukumar Rockwood has authored this well-researched book on his family. Inside, one sees the photograph of a pastel portrait of Col. David Narasiah drawn by his wife Kalabooshana Sarasvati Rockwood in 1976 and Sukumar has quite rightly dedicated this book as a memorial to his ...

Exponential 575% rise in comparison to FY2010’s figure of Rs. 155 m; Posts Rs. 829 m net profit attributable to equity holders; Turnover more than doubles to Rs. 10.6 b FY2012 1Q revenue up 162% to Rs. 4.4 b; after tax profit up 257% to Rs. 368 m Assets worth Rs. 34.3 b, up from ...

Qatar will invest $20 billion to $25 billion in tourism infrastructure development over the next 11 years as it prepares to host the 2022 soccer World Cup, the head of its state-run tourism authority said on Monday. Qatar’s copious natural gas reserves have turned it into an economic powerhouse and the world’s richest country per-capita, ...

Reuters: A hotel in orbit, lunar sightseeing flights and luxury rides into the cosmos – all are part of Russia’s vision to ensure it is not left behind in the growing space tourism industry. Russian firms unveiled their plans at the country’s premiere air show this week at Zhukovsky, outside Moscow, saying the race was ...

After two decades, Hilton Colombo owning company Hotel Developers finally releases accounts Accumulated losses by end FY 2009/2010 top Rs. 10 billion Revaluation of hotel results in Rs. 4.7 b gain yet company beset with negative networth of Rs. 4.7 b as against Rs. 8.26 b in 2008/9 Total outstanding loans and borrowings near Rs ...