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 ...

Hon. D.E.W. Gunasekera Chairman, Committee on Public          Enterprises (COPE) Parliament of Sri Lanka Sri Jayawardenepura Kotte. Dear Chairman, Action on COPE and other reports? Reference the aforementioned, I attach the following: 1.Daily Mirror front page News Report of Saturday, 21.1.2012 headlined ‘Bribery, CID Officers to be summoned by COPE. D...

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...

Veteran automobile engineer, Dr. Lawrence Perera will make his venture to be the first corporate to herald a new phase in public transportation with the launch of Micro bus service next month. The Company has already imported eight low-floor air-conditioned buses to be deployed on the popular routes identified as the six main corridors to ...

Country records second successive year of over 20% growth in exports; 2011 full year value tops $ 10 b; when ICT exports included total figure to rise to $ 11 bConfirming resilience and an   improved competitive mindset amidst global and local difficulties, Sri Lanka’s exports sector has concluded its second year of over 20% growth. ...

Responding to the article published in the Daily FT on 26 January, titled ‘Sri Lanka: Tea rich but nutrient poor,’ the Planters’ Association of Ceylon (PA) says estate communities in Regional Plantation Company (RPC) estates have seen significant quality of life improvements

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

Thanks to interest in premier blue chip John Keells Holdings (JKH), the Colombo stock market for the first time since end 2009 achieved a year-to-date (YTD) net foreign inflow. Though 2012 is only 26 days old and the value is only Rs. 908 million, the net inflow on a ‘YTD basis’ is significant as it ...

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 ...

Global brand Porsche has raced to record sales in Sri Lanka, its local agents Eurocars Ltd told the Daily FT. “2011 has been an exciting year for Eurocars Ltd, Porsche Centre Sri Lanka. Based on the year end closing figures taken from 1 January to 31 December 2011, Eurocars has set

Royal Ceramics Plc (RCL) has succeeded to overtake 2010/11 full financial year top line and bottom line performance within the first nine months of the current FY12. Net profit attributable to equity holders of RCL in the first nine months of 2011/12 financial year was Rs. 1.48 billion, up by 45% in the corresponding period ...

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 ...

Part 4 – ‘Entertainment of a doubt’ deemed the Bill to be inconsistent with the Constitution – Petitioner’s stake in HDL greater than the Government’s   In the public interest to create awareness of the issues involved, the FT will continue to publish extracts adapted from the Petition filed by public interest activist Nihal Sri ...

Daily FT’s Photojournalist Upul Abayasekara captured these literary enthusiasts at the HSBC Galle Literary Festival 2012 welcome party and book launch at Governor’s Residence, Galle – Pix by Upul Abayasakara

=Four brokers, eight investors get lettersOld habits die hard they say, as inner circles of stock market were rocked yesterday by the news of SEC resuming its investigations causing mixed reactions. The Daily FT learns that following their meeting on Monday, a few SEC Commissioners

MP Namal Rajapaksa last week assured that the private sector shouldn’t have the misconception that they need to be connected to the first family or their immediate circles to do business or invest in Hambantota or anywhere else in the country. “It is unfortunate that such thinking is prevailing. This could be a legacy from ...

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 ...

Renowned expert Dr. Howard Nicholas will share some key insights to the current status of global economy at a seminar on 20 January organized by the Ceylon Chamber of Commerce and supported by the Daily FT as print media sponsor. Dr. Howard Nicholas is known for his early warnings on the Asian

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, ...

Perhaps exposing brokers and investors who campaigned heavily for relaxed credit rules for their lack of judgment, the Colombo stock market yesterday failed to close on the up, despite enjoying a big burst in early morning trading. Opening with boosted confidence following the SEC’s relaxed credit rule announcement, the bourse gained sharply by 1.8% or ...

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 ...

By Chamitha Kuruppu The United National Party yesterday banned its members from making statements, setting up organisations and initiating funds without prior approval by the party. The decision was taken at the Working Committee meeting held yesterday at the Party Headquarters. The appointments made during the recently held Advisory Committee were approved at yesterday’s Working ...