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 ...

One of Sri Lanka’s top sportsmen, Aravinda De Silva, who is now in the world of business in Sri Lanka and globally, will share his insights at the first-ever Corporate Athletism Forum today. The event will feature some of the best names of the business world with strong sports backgrounds, based on the grounding of ...

Bourse gets Rs. 5 b extra lift as SEC finally delights brokers with enhanced credit rule Confirming the exclusive Daily FT report of last Thursday, the Securities and Exchange Commission (SEC) yesterday formally announced the granting of enhanced limit for broker credit, giving an estimated Rs. 5

How the key industry progressed last yearBy Cheranka Mendis Sri Lanka’s tourism industry, which saw a 30.8% growth over the previous year in 2011, has been driven by key markets India, UK and Germany and is likely to be the foremost contributor in 2012 as well. Named as ‘Visit Sri Lanka year,’ 2011 saw the ...

With the ever-increasing prominence of the Android operating system, with it currently being used on nearly 200 million devices worldwide, Etisalat has chosen to focus heavily on Android-based devices in Sri Lanka and the promotion of services based on the Android OS, especially following the success of the inaugural Etisalat Android Forum held last year. ...

LTTE rump groups and pro-LTTE organisations are trying hard to achieve their separatist ideology in the countryDefence Secretary Gotabaya Rajapaksa on Tuesday said that there is a possibility of the re-emergence of the LTTE in Sri Lanka, as LTTE sympathisers abroad are still struggling to achieve the LTTE’s separatist ideology in the country. He made ...

Central Bank Governor Nivard Cabraal has been increasingly under attack by UNP MP Dr. Harsha de Silva over some of the policies, actions and comments of the professional-turned-politician-turned-Chief of the monetary regulatory authority. Cabraal’s ambitious and robust Roadmap for 2012 and beyond too had come under critique as being overconfident. However, this is unlikely to ...

If time already taken wasn’t long enough then the Securities and Exchange Commission don’t agree, and hence opted to meet again on Monday to take a final decision on relaxation of rules on broker credit. Issuing a one paragraph statement the SEC said “At the 294th Commission Meeting of the Securities and Exchange Com-mission of ...

UNP MP and Consultant Economist Dr. Harsha de Silva yesterday opined that the Daily FT reported pullout of Aitken Spence Plc from the Colombo port’s new terminal project as a direct fallout of the contentious Expropriation Act. He alleged that the move was a “retaliatory act”

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