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SEC, CSE and CSBA hold positive joint meetingThe stock market is likely to step up the migration to Delivery Versus Payment (DVP) system in a more robust risk management regime following the fiasco triggered by the default of National Savings Bank (NSB). Daily FT learns the DVP
- SEC resolves NSB-TFC in-limbo trade via private transfers (Category: Business)
- Taprobane buys back the TFC shares it sold to NSB (Category: Breaking News)
- NSB’s custodial role suspended, Sampath clears Friday settlements (Category: Business)
- Sanctity of CSE hinges on NSB (Category: Business)
Following is the response from Dlimah Tea Director Malik J. Fernando to Willie Weerasekera’s article ‘Pure Ceylon Tea’ or ‘tea hub’? The billion dollar question published last Friday in Daily FT.The writer speaks sense when he says “the million-dollar question is therefore much more than ‘Ceylon Tea’ or ‘tea hub’ – It is: How do ...
- Hub is no hoodoo, says TEA (Category: Business)
- Debate on importation of lower cost tea (Category: Business)
- Storm in Sri Lanka’s teacup: A more pragmatic approach is key (Category: Business)
- Govt. pledges to protect ‘Pure Ceylon Tea’ (Category: Business)
Sri Lanka’s top policy administrator, Dr. P.B. Jayasundera, popularly known by the initials of his name PB, is reported to have proclaimed that Sri Lanka should stop altogether the importation of tea from abroad for blending purposes for it would tarnish the reputation which the country has earned for centuries as the best tea producer ...
- ‘Pure Ceylon Tea’ or ‘tea hub’? The billion dollar question (Category: Business)
- Ceylon Tea: To blend or not to blend? (Category: Business)
- Coca-Cola launches ‘Minute Maid Apple’ flavour (Category: Business)
- Hub is no hoodoo, says TEA (Category: Business)
The Merchant Bank of Sri Lanka (MBSL) in a filing to the Colombo Stock Exchange (CSE) has stated that The Daily FT articles of 14 and 15 May had carried misleading insinuations over the position with regard to the disposal of the shares of MBSL Savings Bank. Chairman M.R. Shah’s filing
- Shareholders furious over lack of disclosure, sale plan of MBSL’s savings subsidiary (Category: Business)
- MBSL selling savings bank for a song! (Category: Business)
- Navara-led consortium to buy 68% of MBSL Savings Bank for Rs. 562 m (Category: Business)
- MBSL Savings Bank invests in community of Galle with relocated Extension Office (Category: Business)
Columnists come and go. Hope this one stays! I’ll agree to do that; if you’d let me kick up controversy, poke fun at you and distort the life out of news and gossip that come my way. The Daily FT Ed is a nice guy; he’s already let me do that. As long as I ...
- Ore. father accused of trying to give away the kids (Category: USA, Washington)
- Jana Aragalaya now ‘Frontline Socialist Party’ (Category: Breaking News)
- Bayliss feels for Marsh as Dilshan quits (Category: Business)
- Heshan comes second in heats but fails to qualify for next round (Category: Business)
By Chamitha Kuruppu Parliamentarian Tiran Alles yesterday met President Mahinda Rajapaksa to discuss about the release of former Army Commander Sarath Fonseka. Speaking to Daily FT Alles said that he met President Rajapakse Wednesday morning at the Temple Trees to discuss the release
- President Meets Anoma Fonseka (Category: Breaking News)
- President meets Anoma Fonseka (Category: Breaking News)
- DNA parliamentarian discusses Sri Lanka's jailed Army commander's release with the President (Category: Breaking News)
- Tiran meets with President on release of Fonseka (Category: Breaking News)
Exporters deny lobbying to import cheap tea Insist more liberal regime for select import of orthodox varieties key to boost blending for exports and establish Colombo as a tea hub Stress Pure Ceylon Tea will remain supreme and unaffected By Uditha Jayasinghe Stirring a fresh storm in the industry, the Tea Exporters Association (TEA) yesterday ...
- Govt. pledges to protect ‘Pure Ceylon Tea’ (Category: Business)
- Storm in Sri Lanka’s teacup: A more pragmatic approach is key (Category: Business)
- Tea Industry Divided Over Importing Tea For Blending (Category: Breaking News)
Carson Cumberbatch joined hands with the Ceylon Chamber of Commerce as the Platinum Sponsor of the Sri Lanka Economic Summit 2012, the key corporate forum in the country’s business calendar. For the 13th consecutive year, the Sri Lanka Economic Summit will be held on the 10, 11 and 12 July 2012 at the Cinnamon Grand, ...
- WB South Asia Chief Economist to address Sri Lanka Economic Summit 2012 (Category: Business)
- Young guns to share insights to positioning Sri Lanka in global economy (Category: Business)
- Economic summit begins today (Category: Breaking News)
- CCC’s 13th Economic Summit from 10-12 July (Category: Business)
With open economic policies, the health sector in Sri Lanka has shown a significant development during the last few years. With the increasing population, which has now reached 20.8 million, there was a dire need for the country to improve her healthcare facilities and this requirement is now being fulfilled by both public and private ...
- ‘Arogya 2012’: A step towards better healthcare (Category: Business)
- Private Hospitals Association’s case for employing foreign medical specialists (Category: Business)
- Nawaloka Hospitals sponsors ‘Arogya 2012’ as Official Cardiac Partner (Category: Business)
- MARKSS Healthcare expands footprint in Kandy (Category: Business)
Planned divestiture of subsidiary – the sole private savings bank in the country – not advertised Deal with in-out-and-in Navara Capital under fire as Rs. 562 m strike price falls below Board recommendation Analysts label deal price as “cheap” when CB is unlikely to be generous in issuing new Specialised Bank licences in the future ...
- Shareholders furious over lack of disclosure, sale plan of MBSL’s savings subsidiary (Category: Business)
- Navara-led consortium to buy 68% of MBSL Savings Bank for Rs. 562 m (Category: Business)
- MBSL says savings subsidiary sale will result in a profit of Rs. 325 m (Category: Business)
- Double-edged deal (Category: Business)
By Cheranka Mendis With tourism numbers increasing, Sri Lanka Tourism must now look at aggressive destination promotion, especially at travel and trade fairs abroad. While the industry expressed delight over the tourism authority’s interest in supporting more participation in international travel fairs, the lack of representation of the authority itself is a major drawback to ...
- Can joint promotions with other export industries work for Sri Lanka Tourism? (Category: Business)
- Tourism triumph! - Ends 2011 with record 855,975 arrivals (Category: Business)
- Over 55 tour agents, 50 international journalists for Expo 2012 (Category: Business)
- Sri Lanka records 624,874 tourist arrivals by end of June (Category: Breaking News)
By Cheranka Mendis Asia Leisure, a fully-owned subsidiary of Asia Capital Group, has formed a strategic tie-up with Teoria Investments Japan, through which Teoria has made an initial investment of US$ 2 million into Asia Leisure’s property Taprobana in Balapitiya. Anticipated to be launched in April 2013, Taprobana is the start of a major expansion ...
- Asia Leisure partners with Japan Capital for new hotel project in Wadduwa (Category: Business)
- Asia Capital spreads its wings (Category: Business)
- Stefan appointed Asia Capital CEO (Category: Business)
- ‘OZO’ to be newest brand in Sri Lankan hospitality (Category: Business)
Sri Lanka Ports Authority will begin an upgrade to its current passenger terminal this year, given the interest shown by cruise liners to stop by and disembark at the Colombo Port. SLPA Harbour Master Capt. Ravi Jayawickreme told the Daily FT that plans are underway to begin an upgrade project
- Terminal Control (Category: Business)
- Port Deal (Category: Business)
- Box Trade (Category: Business)
- Trade Hub (Category: Business)
One week on, NSB has remained silent concerning the purchase of a 13% stake in The Finance Company Plc (TFC) at a hefty premium, prompting analysts to claim the savings giant was either ignoring or confirming controversies and allegations levelled by the UNP and the market. This assertion is despite TFC on Wednesday issuing a ...
- NSB-TFC deal’s stench spreads! (Category: Business)
- NSB’s entry in to TFC stirs up storm (Category: Business)
- UNP raises alarm over NSB investment in The Finance (Category: Business)
- NSB-TFC deal: CID questions Kariyawasam (Category: Business)
A word about ‘The Business of Sport’ column that appears in the Daily FT, which I have deeply enjoyed. Here is a series of articles that touched the ‘inner depth’ of Sri Lanka’s popular sport arenas. It is a pity that the sport enthusiasts in Sri Lanka are denied
- Asian delegation in town for Hambantota bid (Category: Business)
- “Cricketainment” will drive the cricket industry – MTI (Category: Business)
- Mobitel supports Civil Defence Force ‘Nandimithra’ Football Team (Category: Business)
- Do sports need carnivals? (Category: Business)
Dear Editor, During the past few months, I have observed criticism, mainly by the Opposition Parliamentarians, about the manner in which the Sri Lankan economy has been managed. In my view, their attempts seem to be designed to impose blame on the Governor, Central Bank, perhaps to weaken his resolve and strength and discourage him. ...
- Sri Lanka could miss 7.2% growth target (Category: Business)
- Lankan team for U19 World Cup (Category: Business)
- Toastmasters dazzles at the Semi Annual Conference in Mangalore (Category: Business)
With the influx of tourists into the country, the Sri Lanka Association of Inbound Tour Operators (SLAITO) on Monday announced the successful completion of a ‘safety assessment’ of the most frequented tourist sites in Sri Lanka carried out by TUI Travel PLC Head of Specialist in Activity Health and Safety Malcolm Ellis. Commissioned in a ...
- SLAITO Commissions ‘Risk Assessment’ of most Frequented Tourist Sites (Category: Breaking News)
- Understanding Standard & Poor’s BICRA Assessment Of Sri Lanka (Category: Business)
- S&P fires warning on Sri Lankan banking system; ranked along with Nigeria (Category: Business)
- SLAITO introduces ‘Sancharaka Udawa’ (Category: Business)
CB asks banks overnight for their forex commitments for Thursday and Friday; steps up bank visits Convenes meeting with treasury heads of banks; rupee crisis figures in monthly CB-bank CEOs meeting as well Dealers say no room for speculation given the very narrow net open positions; new rules apart from lack of dollars could be ...
- Markets becalmed (Category: Business)
- Rupee sinks to record low (Category: Business)
- Rupee on a yo-yo! (Category: Business)
- An effective consumer lending proposition (Category: Business)
Peradeniya Uni's Dr. Perera says exchange volatility is temporary and acceptable IMF's Mathai says no crisis but stability measures taken By Cheranka Mendis UNP MP Dr. Harsha de Silva yesterday made a compelling case that the ‘feel good’ party that the President Mahinda Rajapaksa Government tried to propagate among the people post-war was over, warning ...
- Harsha says CB has moral responsibility to be more transparent (Category: Business)
- Sri Lanka may need to consider easing monetary policy: PB (Category: Business)
- Harsha claims Govt., CB lack credibility (Category: Business)
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 ...
- Domino’s Pizza, opens in Colombo (Category: Business)
- India’s Jubilant Foodworks to expand overseas (Category: Business)
- Aviraté dresses up for aggressive expansion (Category: Business)
- Lenovo experiencing ‘tremendous growth’ in SL under ‘Smarter Tech for All’ vision (Category: Breaking News)
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 ...
- Global pharma giant GSK to invest $ 11.2 m more in Sri Lanka (Category: Business)
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...
- Hellmann partners Sri Lanka Design Festival 2011 (Category: Business)
- Hellmann Clinches Contract In Total Supply Chain Logistics (Category: Business)
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 ...
- Leo Burnett welcomes Bertrand Siguier, Executive VP of Publicis Groupe (Category: Business)
- Leo Burnett celebrates exceptional year in 2011 (Category: Business)
- Publicis Group second in command in town today (Category: Business)
- Invest NI to tap into further business opportunities in Sri Lanka (Category: Business)
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 ...
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
- Fitch upgrades Seylan Bank to ‘A-(lka)’ (Category: Business)
- Gift bonanza for Seylan Tikiri Plus kids (Category: Business)
- New seylan Chairman assumes office (Category: Business)
- Seylan Bank expands network to Akuressa (Category: Business)
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 ...
- CB data: Cabraal shoots down Harsha’s claim (Category: Business)
- CB statistics under fire (Category: Business)
- Borrowed surplus looming, warns Harsha (Category: Business)
- The GDP Per Capita in the Central Bank Annual Report for 2011 (Category: Business)
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
- Harsha says CB has moral responsibility to be more transparent (Category: Business)
- CB data: Cabraal shoots down Harsha’s claim (Category: Business)
- Misleading the public (Category: Business)
- May Day, May Day over May 2011 data (Category: Business)
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 ...
- Top Indian biz leader and Tata Sons Director joins Hemas board (Category: Business)
- Director Tata R Gopalakrishnan Joins Hemas (Category: Breaking News)
- MSCI slightly increases India’s weighting in EM Index (Category: Business)
- Cyrus Mistry, a Tata in all but name (Category: Business)
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 ...
- Treasury Secy. showcases recent economic success and future outlook (Category: Business)
- International financial institutions and development in Asia (Category: Business)
- Developing Asia’s growth to moderate amid global uncertainty, says ADB (Category: Business)
- Central Bank’s Check List for 2012 and beyond (Category: Business)
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
- AWPR rose by 120 basis points in 2011 private sector credit growth robust (Category: Breaking News)
- Credit card for Sri Lanka public employees (Category: Breaking News)
- Govt. bank employees go on strike (Category: Breaking News)
- A Pension Scheme for the Private Sector (Category: Breaking News)
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