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 Fitch in an announcement yesterday said that it has withdrawn Hayleys Plc’s A+ rating with a negative outlook and would no longer provide ratings or analytical coverage of Hayleys.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 ...

Though the birth rate may be static, the country’s vehicle population is tipped to double in the next decade necessitating urgent expansion in road network lest the motorists get choked in traffic. As per forecasts made by the Ministry of Transport, the current vehicle population is 130 vehicles per 1,000 people and this is estimated ...

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 ...

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 ...

In Daily FT article titled ‘Pan Asia Bank after tax profit up 128% to record Rs. 824 m in 2011’ the accompanying picture of CEO Claude Peiris had been inadvertently captioned as Acting CEO whilst the article had the correct reference. We regret the error.

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 ...

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 ...

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 ...

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 ...

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 ...

By Dinali Goonewardene President of the Chamber of Construction Deshabandu Surath Wickramasinghe voiced concern that costs for the industry would rise 10-15% with the fuel hike and rise in exchange rate. “The cost of transporting building material to the North and East will impact input costs,” he said, adding that staff costs too would rise. ...

Goldman Sachs fund buys Rs. 1 b worth of COMBank shares Year to date net foreign inflow healthy at Rs. 1.76 b As Daily FT has been emphasising the redeeming feature of Colombo Bourse is the continued foreign investor interest. On Friday net foreign buying topped Rs. 600 million bringing

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 ...

Bollywood heartthrob and singing sensation Sonu Niigam on Saturday night captivated around 10,000 of his fans for over two hours at his live concert organised by Star Event Management, a brainchild of Sudharma Nettikumara at the CH&FC grounds, Colombo. Wijeya Newspapers Ltd., was the official print partner for the mega show – Pic by Krishan ...

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

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 ...

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 ...

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 ...

By Chamitha Kuruppu Police fired tear gas and used water cannons to prevent a protest by Janatha Vimukthi Peramuna (JPV) in Maligawatta yesterday evening. JVP parliamentarian Sunil Hadunneththi was injured during the tense situation. According to JVP parliamentarian Vijitha Herath a tear gas bullet has hit Handunneththi’s forehead.    The JVP had organised the demonstration ...

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

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. ...

By Chamitha Kuruppu The Government has decided to grant a fuel subsidy to private bus owners, school vans and three wheeler operators. A kerosene coupon will be issued to the low income families. Treasury Secretary Dr. P.B. Jayasundera told the Daily FT that cost of the relief scheme estimated

Fuel hike fires up fresh crisis Unprecedented rise to rocket cost of living; Opposition says hike anti-poor; subsidy scheme impractical Import bill in 2011 first 11 months at $ 4.1 b far above 2010 full year figure of $ 3 b Experts urge country to go back to automatic monthly price revision Hike likely to ...

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 ...

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

Fresh call for applications after respondents to first attempt fail to fully satisfy Commissioners New ad states remuneration package negotiable The hunt for the new Director General of the Securities and Exchange Commission (SEC) appears elusive as the capital market regulatory body is advertising afresh for a suitable candidate. The first attempt saw over a ...

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 ...

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

Private equity and investment banking boutique, Mercantile Merchant Bank Ltd., (MMBL) and family-owned leisure giant Jetwing Group are together taking the road less travelled to create new opportunities in the former war torn North by commissioning the biggest ever private sector investment in the region. The two firms, via an equally-owned joint venture will be ...

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 ...