As Asia Asset Finance Ltd (AAFL) opens its Rs. 425 million Initial Public Offering (IPO) on 28 November the company forecasts that it will grow Net Profits by 20 per cent going forward. The company plans to expand their branch network from 10 to 19 before the end of year 2012, mainly in the North ...

 Submits proposals; Secures several assurances at meeting with President and team Govt. remains firms on Bill The country’s private sector in a welcome united move, has succeeded in securing some assurances over the upcoming Expropriation Bill from the Government, which however remains stubborn in not withdrawing the contentious new piece of legislation. Leading chambers of ...

The American Center in Colombo held its ‘Open Mike Competitive Poetry Slam’ at the American Center Auditorium on 27 October. Introduced for the first time in Sri Lanka, the ‘Poetry Slam’ called out to poets, spoken word stars, rappers and performance artistes. With an award for the best performer and free entrance, the event drew ...

By Dinali Goonewardene Asian Asset Finance will be offering 120 million shares to raise Rs.425.4 million in an Initial Public Offering due to open on 28 November. The IPO will be priced at Rs. 2.50 per share with the option to sell a further 50 million shares. “The funds will be used to expand the ...

This is the seventh 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

nUNP, TNA express opposition; Govt. to go ahead by tabling the Bill in Parliament next week The contentious Takeover Bill on underperforming State enterprises and underutilised assets had come under fire by the Opposition at the Party Leaders meeting yesterday in Parliament. At the meeting, representatives of the UNP and TNA have vehemently opposed the ...

I still remember the thoughts that crossed my mind on the day that Harvard University announced the top 50 candidates for the 2011 Global Leaders in Development forum. The excitement was high, but then again the commitment to me personally in Sri Lanka made it a catch 22 decision. The decision was tougher, given that ...

The courage the Government has demonstrated in cancelling the CATIC deal and yet feeling secure, rather than embarrassed by it, must be recognised. It is a responsible step, a prudent decision, which will have enduring benefit both in terms of national policy and FDI strategy. This step will also earn the respect of the indigenous ...

By Cheranka Mendis The rubber industry is opposing a planned hike in cess on exports as the sector is amidst uncertainty owing to volatility in global markets. Adverse implication against the move mooted by rubber products manufacturers had been communicated to Prime Minister D.M. Jayaratne last week. “Last Thursday a delegation met him (Premier) to ...

The UNP yesterday welcomed the Government’s decision to cancel the Galle Face project with CATIC, a move which the main Opposition party lobbied for as it lacked transparency, among other issues. “We are glad to note that our relentless campaign to reverse this absolutely shady deal to sell Sri Lanka’s most valuable property to a ...

Daily FT, Sri Lanka’s first and only dedicated business newspaper, has just completed a major strategy review and strategic directional planning with MTI Consulting. “Within just two years, the Daily FT has proved to be the main source of business news for Sri Lanka’s corporate

Govt. exploring other options in lieu of advance paid by Chinese state-owned firm; promoting city’s prime land space to other prospective investors By Cheranka Mendis The US$ 500 million China Aviation Technology Import-Export Corporation (CATIC) investment to build the CATIC Grant Skyline Hotel and Rainbow Multifunctional Complex on Galle Face land has been called off, ...

Recently the Daily FT reported that the Board of Blue Diamonds Jewellery Worldwide Plc was getting richer with Managing Directors and if that wasn’t enough, the company last week announced more additions – bringing the total number of Directors to a high 15. The latest appointments

Securities and Exchange Commission (SEC) Chairperson Indrani Sugathadasa on Saturday used religion to bring some sanity to the capital market, currently marred by allegations of greed and power. Before concluding her speech at the ceremonial opening of the SEC-organised Investment Day 2011 at the Sri Lanka Exhibition and Convention Centre, Sugathadasa, quoting Lord Buddha, said: ...

Amidst woes in US and European markets, Sri Lanka’s apparel sector has survived to grow with the outlook for the next few quarters remaining positive, industry sources told the Daily FT yesterday. Whilst July saw earnings from textiles and garments increase year on year by 5% to US$ 385

By Uditha Jayasinghe As the tea industry prepares for a tough fourth quarter, exporters are calling on the Government to release Rs. 1 billion in cess earnings for global publicity campaigns to boost the Ceylon Tea profile. However, even though the Tea Board has appealed to the Plantations Ministry to release the funding, the Cabinet ...

Despite being a regional leader in enforcing standards, Sri Lanka still has a long way to go before reaping the full benefits of having its exports globally accepted. Studies have shown that a country can add as much as 1% to its GDP by proscribing to international standards. Daily FT met

Analysts upbeat new valuation will spur fresh buyingProving Daily FT’s concerns right, the Colombo stock market yesterday crashed to its lowest level in 2011, but a chorus is growing that new valuation will spur a fresh round of buying with some already collecting available quantities

The Daily FT, the country’s only daily business paper, is spearheading a unique private-public sector forum aimed at shaping the thinking and policies ahead of the presentation of the Government’s 2012 Budget. The forum titled ‘Speak Up Before the 2012 Budget’ tomorrow

Eight new products launched and more to come in the pipelineBy Cheranka Mendis A leading player in the local smartphone industry, Sony Ericsson yesterday launched eight new phones to the Sri Lankan market hoping to establish itself as the leader in android segment in the country within the next few years. Gearing to tackle the ...

By Cheranka Mendis Hayleys Group on friday introduced the latest airline to enter the Sri Lankan skies, Ukrainian airline AeroSvit, which has been brought into Sri Lanka on an investment of US$ 65,000 (approximately Rs. 7. 16 million). The airline, acknowledged as the largest in Ukraine, will operate on a point-to-point non-stop basis to Colombo ...

Ganesan calls for grand opposition alliance Leader of the Democratic People’s Front (DPF) Mano Ganesan is once again in the limelight of country’s political scene, following his impressive performance at the recently-concluded local authority elections. Ganesan told the Daily FT

Growth assets are a good investment in the current climate Felix Stephen is the Manager Investment Strategy and Research at Advance Asset Management Ltd., Sydney, aapart of Westpac, which is one of the big four banks in Australia. He spoke to the Daily FT about the global economy and investment

By Cheranka Mendis Sri Lanka’s tea industry has been battered and beaten by the weather gods this year and is now looking at lower production volumes and low auction prices despite early expectations of the year continuing the trend of 2010, which ended off as a record year for the industry. Colombo Tea Brokers’ Association ...

Way to wow the world? Issuer of Rs. 7 b biggest post-war IPO People’s Leasing confident of success midst challenges Says pricing attractive with good upside, robust leasing industry growing at double digit Preferential allocation for foreigners; strong appetite following road shows in Singapore, Hong Kong; next stop is three cities in India; managers believe ...

By Cheranka Mendis The Cabinet-approved online visa system which will come into effect from January 2012 may hinder the arrivals from the country’s main tourism markets with the high levy of Electronic Travel Authorisation (ETA) that will be set on all inbound tourists. With India and UK being Sri Lanka’s prime tourist markets bringing in ...

By Chamitha Kuruppu HEALTH Minister Maithripala Sirisena on Tuesday dissolved the management of the Sri Jayawardenapura Teaching Hospital with immediate effect. The hospital is to function under an interim board until a new director board is appointed next week. Speaking to Daily FT Deputy Health

Microsoft is determined to continue its lawful mission of protecting consumers from the risks of counterfeit/pirated software. In a report carried in the Daily FT recently, it was stated that the Commercial High Court of Colombo refused to grant an interim injunction sought by Microsoft to prevent

For representing some of his victimised members at a media briefing on Wednesday the chief of the Eksath Velanda Sangamaya of the Nugegoda Janatha Pola has been mercilessly and undemocratically shut out from his livelihood. UNP MP Dr. Harsha de Silva yesterday alleged that the head of the traders’ union P.W. Pathirana had originally received ...

NIMS University India has launched its MBA in Sri Lanka following the establishment of its Sri Lanka Campus in July 2011. It is an MBA conforming to international standards with 18 taught modules over a two year period. It is delivered by an unmatched panel of lecturers including both academics and industry practitioners. This quality ...