Less than a year after starting up on its own, the company prepares to replicate its Indian success in Sri LankaJubilant FoodWorks, the master franchisee of Dominos Pizza for South Asia, last year set up its own subsidiary company in Sri Lanka, moving away from the franchisee partnership which held the fort for the Group ...

By Cheranka Mendis Glaxo SmithKline yesterday opened its latest state-of-the-art pharmaceutical tablet manufacturing facility in Moratuwa, built at an investment of Rs. 217 million. Confirming its commitment towards strengthening its footprint in Sri Lanka, the facility is part of a Rs. 1.4 billion investment that the company will put forward this year in the area ...

As  a minority shareholder I thank Daily FT for highlighting the highway robbery committed by the directors of leading banks, which are ultimately owned by the public via the shareholdings of SLIC, EPF and ETF. What you have highlighted in your article is only the tip of the iceberg, in terms

With the strategic move of Sri Lanka Ports Authority (SLPA) to receive all vehicle carriers at Magamruhunupura Mahinda Rajapaksa Port – Hambantota commencing from 31st May 2012, Hellmann Worldwide Logistics through its global vertical – ‘Hellmann Automotive Logistics (HAL) is fully geared to facilitate  the logistics requirements of all vehicle importers including formalitie...

Although relatively unknown in Sri Lanka, the world’s third largest advertising holding company, the Publicis Groupe, has a formidable presence worldwide and is represented in Sri Lanka by one of its main global subsidiaries, Leo Burnett. With Sri Lanka showing potential for high growth in the years to come, the second-in-command of the French multinational ...

This has reference to the article titled ‘Boom for Bank Boards!’ which appeared in the Daily FT dated 23 April 2012. In this regard, we wish to clarify that, there were only nine Directors at the HNB Board as at December 2011. The compensation for Directors for the financial

The Sambhashana discussion organised by Transparency International Sri Lanka will focus on ‘The Rupee Crisis’ on 25 April at the auditorium of the Organisation of Professional Associations (OPA), Stanley Wijesundara Mawatha, off Bauddhaloka Mawatha Colombo 7 from 4 to 6 p.m. MP Dr. Harsha de Silva, Senior Lecturer of University of Peradeniya Dr. Prasanna Perera ...

Sequel to the Daily FT’s expose yesterday on board remunerations, analysts said that it was executive pay that led to bloated costs of boards and not that non-executive or independent directors get fat cheques. They pointed out that top firms in board remuneration such as HNB, Commercial Bank

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 ...

HNB Board was richest in 2011 whilst colleagues at Sampath got less than 2010 The country’s most profitable sector, the commercial banks, whilst having increased bottom line also saw their Board directors taking home a tidy sum. A sample of seven commercial banks analysed by the Daily FT

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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 ...

Royal Ceramics sees prospects and related party synergies in 51% buy of Asia Siyaka Commodities for Rs. 363 m New Chairman Nimal says broking, credit and warehouse biz will be expanded Listing via introduction coming up The famous duo Dhammika Perera and Nimal Perera last week effected the 12th acquisition, reaffirming their prowess of growing ...

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 ...

Daily FT/Weekend FT will not be published on Friday and Saturday on account of Sinhala-Hindu New Year holidays.  The next issue of Daily FT will be on Monday 16 April, 2012.

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 ...

Govt. move sends Ceylon Tobacco’s market cap soaring to Rs. 112.2 bThe upward revision in tax on cigarettes as well as foreign interest saw market value of Ceylon Tobacco rocket to over Rs. 112 billion last week. It is the first time that CTC’s market capitalisation had surpassed the Rs. 100 billion mark. Last week ...

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 ...

Global Rubber Industries on Monday consolidated its holding in Ceylinco Insurance via an in-house deal, although at a premium. The company bought 112,000-voting-shares block (around 0.5% stake) at Rs. 850 each (up by Rs. 125 or 17% from previous close) from related party Prabash Subasinghe, who as at end last year held 1.04 million shares. ...

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 ...