Hutch Lanka is investing US$ 65 million to upgrade and expand its services in the coming year says a top official, with plans to become the latest entrant into the 3G sphere. Hutchison Telecommunications Lanka better known as Hutch launched in 2004 and to date has maintained a consistent but largely unaggressive presence in the ...

By Dinali Goonewardene The private sector yesterday welcomed the relaxation of rules for foreign investment in debentures and overseas borrowings by Sri Lankan firms. The Central Bank yesterday announced it was relaxing regulations for foreign investment in corporate debentures of Sri Lankan firms and foreign borrowings by local firms. In the case of corporate debentures ...

Daily FT Editor Nisthar Cassim was among 40 top individuals apart from 60 institutions from private and public sectors picked last night for Global Commerce Excellence by the Shippers Academy Colombo, with support from the Central Bank, Export Development Board, Sri Lanka Ports Authority

Former MP and businessmen Dr. Tilak Karunarathne assumed duties as the Chairman of the Securities and Exchange Commission (SEC) yesterday. He had meetings with the senior management and staff of the SEC to apprise himself of what each division does. Karunaratne is a former Sri Lanka Freedom Party (SLFP), United National Party (UNP) and Sihala ...

Prof. Yunus of Grameen Bank fame in Sri Lanka to promote social business By Uditha Jayasinghe In order to promote inclusive and sustainable development, the flaws of capitalism must be fixed, said Nobel Laureate Prof. M. Yunus, who landed in Sri Lanka last afternoon ahead of a corporate seminar today. Creating and implementing the idea ...

Pan Asia Banking Corporation (PABC Bank) is to raise Rs. 1 billion from Japanese investors via a five-year debenture issue, its Deputy Chairman Nimal Perera told the Daily FT on the sidelines of the Sri Lanka Investment Forum in Tokyo on Thursday.        

By Cheranka Mendis reporting from Kuala Lumpur The Sri Lanka Army, in a first for South East Asia, has developed a citizen information collection scheme known as the ‘Geo-Citizen Information System Project’ at a cost of Rs. 2.5 million. Run under the authority of the Defence Ministry and created by the Centre for Research and ...

 Local healthcare specialist floats 50:50 JV with Japanese firm To carry out clinical trials, new drug developments and manufacture niche products for local and mega South Asian markets On the sidelines of New World Securities Investment Forum, first-of-its-kind announcement made in Tokyo Stock Exchange by a Sri Lankan corporate Nisthar Cassim reporting from Tokyo December ...

By Dinali Goonewardene Lighthouse Hotels is to construct 15 to 20 new rooms, a new restaurant, bar and an extension to the spa, officials said yesterday.   Architects are drawing up plans for the extension, which will be carried out in the off-peak season, and the plans will be ready in two to three weeks, ...

By Cheranka Mendis in Malaysia Sri Lankan non-profit technology company Infoshare yesterday launched ‘Kavakatu,’ a brand new web application to monitor and evaluate projects at the Microsoft’s ‘Accelerating Asia Pacific 2011’ summit in Kuala Lumpur. Exclusively concentrating on non-profit organisations and their activities, ‘Kavakatu’ will help the bodies ...

Following is a response from Hotel Developers (Lanka) Limited to the article titled ‘Cornel Perera rebuts Basil’ published in the Daily FT of 24 November 2011 We give below a fair summary of the background of establishment of Hilton Hotel Colombo given by the well-respected Attorney

Extracts from Nihal Sri Ameresekere’s Fundamental Rights Application on the ‘Expropriation Law’: Part 2 1.In my D.C. Colombo Case No. 3155/Spl instituted on 13.9.1990 vis-à-vis the major fraud perpetrated on HDL and the Government, as its Guarantor, the Defendants were very politically powerful and influential parties. District Judge, P. Wijeyaratne demonstrating the indepen...

V. Govindasamy told Daily FT that priced control mechanisms to be imposed by ...

By Dinali Goonewardene Lanka Floor Tiles Plc said 50 employees attached to its sorting department at its factory in Ranala had struck work in an illegal work stoppage on Friday 2 December. Production at the factory came to a halt on 3 December (Saturday), the company said in a stock exchange filling. The company is ...

The Chartered Institute of Marketing celebrating their 100 years of developing the Marketing discipline worldwide honoured d top marketer and Daily FT guest Columnist Rohantha Athukorala for the outstanding contribution made to the country in the development of the professional Marketing fraternity

By Cheranka Mendis Sunquick Sri Lanka, the much loved super concentrated fruit quash will today bring home the prestigious Co-Ro Best country award also known as the Global Sunquick best awards. The award is an annual presentation by the brand owners of Sunquick, Co-Ro Food A/S, a Danish Company awarded for the country that marks ...

Former top civil servant Indrani Sugathadasa quits as Chairperson of capital market’s regulatory body within month of Director General’s exit Sugathadasa found the “thankless” regulator’s job of late becoming increasingly difficult and complicated Speculation rife other appointed Commissioners will follow suit; former MP and industrialist Tilak Karunaratne tipped to s...

By Marianne David Triumph International Lanka unveiled a revolutionary innovation in shapewear with the launch of its all-new ‘Shape Sensation’ collection last evening at its Majestic City Triumph Store. The company’s General Manager Shalindra Fernando presented the first set of the ‘Shape Sensation’ series to former Miss Sri Lanka for Miss Universe Aruni Rajapaksha a...

Former Sri Lanka Inbound Tour Operators (SLAITO) President Vasantha Leelananda in this interview with the Daily FT shares some key insights on the future of tourism industry in post-war Sri Lanka Q: Do you believe that the tourism industry in Sri Lanka is on the correct path in terms

With the world’s largest and most prestigious professional body for marketing, the Chartered Institute of Marketing (CIM) celebrating its centenary this year, CIM Chairman Chris Lenton spent a couple of days in Sri Lanka to be part of the celebrations in the country earlier this week and to speak to the marketing community here to ...

After seven successive and successful forums, the Accounting Forum 2011, organised by the Accountancy Students’ Association University of Kelaniya (ASAK), is to be held for the eighth consecutive time on 8 December at Ceylon Intercontinental Hotel Colombo from 6:30 p.m. to 9:30 p.m. Accounting Forum 2011 is an annual event organised at a grand level, ...

By Cheranka Mendis Sri Lanka got its fair share of Formula 1 racing yesterday as duty free operator Autogrill Lanka Ltd unveiled the Vodafone McLaren Mercedes F1 racing car used by former World Champions Lewis Hamilton and Jensen Button at the Bandaranaike International Airport. F1 car first, next Grand Prix? Airport and Aviation Services Chairman ...

By Cassandra Mascarenhas Tackling the global issue of bridging the digital divide, Eisenhower Fellow Brigitte Daniel was in Colombo for a couple of days as part of her tour of South East Asia, looking at various technology solutions and infrastructure models and different types of emerging technologies to address the digital divide issues in the ...

By Dinali Goonewardene Laugfs Sunup Supermarkets Pvt Ltd. will be rebranded as Laugfs Supermarkets, given the superior strength of the Laugfs brand and the fact that customers are comparatively unaware of the Sunup brand. The supermarket will expand to 50 outlets within the next three years from the present 25, Laugfs Sunup Chief Executive Officer ...

By Devin Jayasundera Sri Lanka’s Leading Manufacturer of CFL Bulbs Orange Electric last week launched South Asia’s first ever CFL and fluorescent bulb recycling plant operating under the name Asia Recycling (Pvt) Ltd. This revolutionary initiative is in collaboration with the Nordic Recycling AB of Sweden a pioneering figure in the world of Green Technology. ...

 Mahinda urges brokers to venture overseas, market post-warSri Lanka among foreigners;  reach out and educate rural investors Cautions against pump and dump, thereby avoid sharp pricefluctuations endangering innocent investors Brokers say ASI dropping 2,000 points, PE down to 13 times from 26 create conducive environment for relaxed rules President Mahinda Rajapaksa stresses a point duri...

Mere news of Presidential meeting with brokers boosts stock market Benchmark index ASI up near 4%, highest daily gain in 15 months Market’s value swellsby Rs. 79 b Second tier and speculative stocks first to rebound with retail play; blue chips gain moderately The mere news of President Mahinda Rajapaksa meeting brokers, as exclusively reported ...

Kirthi Sri Karunaratne turns 80 todayLegendary couturier Kirthi Sri Karunaratne turns 80 today. Tracing his journey over the years in an interview with the Daily FT last Friday morning, he recalled how he entered the field of design at a time it wasn’t heard of in the country –

No unanimity on exchange rate movement A front page headline news item in this paper on last Saturday had reported on an apparent division of opinion between the two top policy makers of the country, namely the Treasury Secretary Dr. P.B. Jayasundera and the Central Bank Governor Ajith Nivard Cabraal, on the depreciation of the ...

With 3Cs in place what more does private sector want from President Rajapaksa, asks Treasury Secretary Dr. P.B. Jayasundera at Daily FT-Colombo Uni. MBA Alumni Association post-Budget seminar Urges business leaders to make best use of Budget 2012 aided by peaceful and sound macroeconomic