The Daily FT’s exclusive expose of Aitken Spence Plc’s pullout from Sri Lanka’s biggest ever FDI project – the upcoming US$ 500 million Colombo South Container Terminal sent shock waves in corporate, shipping, political and diplomatic circles yesterday whilst investors found

Respected blue chip Aitken Spence pulls out of biggest FDI project – the $ 500 m Colombo South Container Terminal due to issues with funding and cost escalations Construction cost up 30% to $ 350 m; overall project cost now estimated at $ 595 m up from $ 475 m at bid proposal stage Lender ...

Heralding a new trend in the business world, the Rotary Alumni of Sri Lanka will be staging the first ever Corporate Athletism programme on 17 January at Hilton Residencies from 4.00 p.m. to 6.00 p.m. featuring some the best in the corporate world. If there is one quality that high performing corporate executives seek for ...

Ends 2011 with record 855,975 arrivalsBy Cheranka Mendis The high-flying tourism industry closed the year with a record 855,975 arrivals, marking a rise of 100,000 from the original target for the year. Statistics revealed by the Sri Lanka Tourism Development Authority (SLTDA) yesterday noted that the figure reflects a 30.8% increase from the previous year. ...

A recent front page news item in Daily FT referred to the collections made by botanical gardens in Sri Lanka. While the three main botanical gardens- at Peradeniya, Hakgala and Henerathgoda now attract more visitors, at least two more botanical gardens – one at Mirijjawila

Fitch Ratings Lanka Ltd. Country Head Maninda Wickramasinghe has sent the following clarification on what it believes as claims and factual inaccuracies in the 30 December Daily FT article titled ‘Fitch to be fixed?’: Fitch has made every effort to be transparent and consistent

Expects 2012 to continue 2011 success despite anticipating slow year By Cheranka Mendis Kia Motors is geared to embrace a phenomenal year in 2012, riding high on the extraordinary success of 2011. Launching the final model that was to be introduced to the local market in 2011, the all new fourth generation Kia Rio, Kia ...

The Colombo stock market showed signs of struggle on the New Year’s first day of trading, managing to close up on a razor-thin margin with a turnover of just Rs. 419 million. In an apparent reflection of continuity of past year’s woes, the ASI gained by 0.01% or 0.4 points whilst MPI improved by over ...

Post-war rebounding Sri Lanka has entered for the first time the Most Valuable Nation Brands ranking compiled by UK-based Brand Finance debuting at number 76 with a value of $ 23 billion. A world renowned specialist in the subject Brand Finance’s 2011 ranking reveals brand ‘Sri Lanka’ is worth $ 23 billion (Rs. 2.6 trillion) ...

The country’s private sector and professionals yesterday called for prioritisation of a host of major issues in the New Year, which in their opinion if effectively addressed will usher in true peace and prosperity. The overriding message is swift delivery, be it policy reforms or implementation of measures well-conceived and available in public or industry ...

The final auction for the year passes by quietly; outlook for 2012 bleak By Cheranka Mendis The rubber industry bid adieu to 2011 on a happy note, marking the year as the best in history for rubber producers, both small holders and plantation companies in Sri Lanka. Colombo Rubber Traders’ Association (CRTA) Chairman M.S. Rahim ...

POST-war Sri Lanka has entered yet another New Year and come May, the nation will be celebrating three full years since the end of the conflict or fight against terrorism. The Chief Executive of the country President Mahinda Rajapaksa in his message to the nation on New Year sounded emphatic: “Embracing all the victories we ...

Citrus Hikkaduwa, the maiden venture of the Dilith Jayaweera, Varuni Amunugama Fernando and Sarwa Ameresekere trio, opened for guests last week, heralding a new experience in the popular southern coast. Originally the 50-room Amaya Reef, following the takeover and rebranding Citrus Hikkaduwa is now a 97-room modern and up-market resort. The first guests were a ...

With the new year just around the corner, the Daily FT caught up with a couple of celebrated personalities in Sri Lanka who shared their resolutions and ambitions for the coming year and expressed their wishes for the country in 2012

As exclusively reported by the Daily FT yesterday, top professional and senior Board member Dinesh Weerakkody was appointed as the new Chairman of Commercial Bank. At 47 years old, he is also the youngest to be appointed as Chairman of Commercial Bank, the largest private sector bank

Dinesh tipped to be appointed Chairman; Dheerasinghe as Deputy; business leader Preethi new face on the Board Commercial Bank is slated to have a special Board meeting today, the second in three days, to elect a new Chairman. The move follows the resignation of longstanding Chairman and Board member Mahendra Amarasuriya, as exclusively reported by ...

Unhappy after questionable downgrade Hayleys fires letter; legal action next?   Rating agency Fitch is under fire for some  of its judgments and the latest to join the chorus is Hayleys Plc. Seemingly disturbed by the downgrade from AA- to A+ with a negative outlook by Fitch, Hayleys has fired a letter expressing its reservations, ...

the Daily FT yesterday that guests in member hotels were continuing to enjoy their holiday ...

The Pathfinder Foundation issued the following response to the IFC opinion piece on its Economic Alert No. 20 titled ‘Improving Sri Lanka’s Business Climate,’ published in the Daily FT: The Pathfinder Foun-dation (PF) is grateful to the International Finance Corporation (IFC

Special communiqué listing actions taken issued to travel and hotel trade as a confidence building measure Working closely with the defence authorities to ensure greater protection for tourists in possible vulnerable areas Both tourism and law enforcement authorities have thus far successfully handled the unfortunate gruesome attack on a tourist couple in Tangalle over the ...

A shocked leisure industry yesterday decried the deadly attack on tourists in Tangalle over the weekend as the biggest setback for the sector which was rebounding following the end of the war. They urged the Government and law enforcement authorities to ensure harshest punishment against those responsible whilst calling for adequate measures to ensure safety ...

By Cheranka Mendis The tea industry anticipates mixed signals as the year closes on a high amidst Middle Eastern turmoil which spells evil in the coming year. The industry which is likely to close the year with export revenue exceeding the previous year’s number and breaking the record production volume of 2010, is expected to ...

to the article above in yesterday’s Daily FT by the Pathfinder Foundation – in which there a...

Most recent Deputy Governor of the Central Bank K.G.D.D. Dheerasinghe has been appointed to the Board of Commercial Bank Plc as a Non Executive Director. The appointment with effect from 20 December was announced by the Commercial Bank yesterday whilst the Daily FT first broke the impending move

Top professional Janaki Kuruppu has been appointed as the new Chairman of the Sri Lanka Tea Board, replacing business leader Susantha Ratnayake. Sources said that Ratnayake, who is also Chairman of premier blue chip John Keells Holdings and main  private sector lobby the Ceylon Chamber of Commerce, had voluntarily stepped down after serving Tea Board ...

By Cheranka Mendis Dismissing claims that the merger of Dialog and Suntel has created the second largest fixed line provider, the rightful owner of the title Lanka Bell is now on the go to rectify the wrongful claims. Lanka Bell Managing Director Prasad Samarasinghe told the Daily FT yesterday

All credit to Daily FT on your headline news item in of 15 Dec ‘Extra life for old directors in banks’. Your analysis was spot on and the action obviously moved to ensure continuity of Commercial Bank Chairman Amarasuriya even though many other retiring directors would now try to stay

New CEO Kapila Chandrasena upbeat on prospects for national carrier and Sri Lanka as a tourist destination post-warWhen the news of the impending change at the top in the national carrier broke, the Daily FT headlined the lead story on 6 May 2011 as ‘Turb-UL-ence,’ with a pun

By Chamitha Kuruppu Sri Lanka’s largest and one of the oldest political parties, the UNP for the first time in its history will hold an election today to elect its leadership. The decision to fix the dates for the much hyped election was taken by the working committee on Sunday. The working committee had decided ...

Plastic crates: Universally used in agri markets In 2002, the writer had a chance of visiting a few farms in Czech Republic, some 200 kilometres away from its capital, Prague. They were all medium sized farms owned by private individuals producing such products as vegetables, fruits and honey. At the time of the writer’s visit, ...