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UNP MP and its chief spokesman on the economy Dr. Harsha de Silva is expected to ask in Parliament today the Government stand on the remaining tranche worth US$ 800 million of the IMF assistance via its Stand-By-Arrangement (SBA). There hasn’t been a clear stand on the part of the Government during and following the ...
- Harsha claims Govt., CB lack credibility (Category: Business)
- IMF’s take on Sri Lanka’s good, bad and the ugly (Category: Business)
- IMF team to visit Sri Lanka on review mission before final SBA disbursement (Category: Business)
- IMF, CB numbers don’t tally! (Category: Business)
This is the 14th 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
- Cleaning up sports: No end to it! (Category: Business)
- Will play only if you pay! (Category: Business)
- New resolutions for sports in 2012! (Category: Business)
- Sports AGMs aka Annual General Meanderings! (Category: Business)
Fresh call for applications after respondents to first attempt fail to fully satisfy Commissioners New ad states remuneration package negotiable The hunt for the new Director General of the Securities and Exchange Commission (SEC) appears elusive as the capital market regulatory body is advertising afresh for a suitable candidate. The first attempt saw over a ...
- SEC says not out to create a fear psychosis in the minds of investors (Category: Business)
- Right of Reply: SEC responds to ‘Cracks in SEC?’ (Category: Business)
- SEC issues statement on investigations (Category: Business)
- Right of Reply: SEC responds to retaining private counsel (Category: Business)
Unveils new Valentine’s Day promotion By Cheranka Mendis Oriflame Sri Lanka will introduce 200 new products to the local market in 2012 targeting a 25% growth by the end of the year. The brand, which has had a market presence for 15 years in the country, has experienced steady growth over the period and is ...
- Oriflame celebrates 15 years with 200 new products (Category: Business)
- Oriflame sales conference in Kandy a tremendous success (Category: Business)
- Thread Works recreates essence of Velona with new factory (Category: Business)
- Micromax ties up with Metropolitan Telecom to grow stronger in Sri Lanka (Category: Business)
After statements to the contrary by Governor over applicable interest rate and on which loan amount, monetary authority issues clarification For few days, the not so ‘whole truth’ was out in the market, but perhaps due to the Opposition’s fire and realising the blunder and implications, a better-late-than-never conspicuous correction termed “clarification” has finally...
- Exchange rate standoff as IMF visits SL (Category: Business)
- CB says no need for FX intervention (Category: Business)
- IMF to discuss Sri Lanka loan follow-up (Category: Business)
- CB says all June-end IMF loan targets met (Category: Business)
Country records second successive year of over 20% growth in exports; 2011 full year value tops $ 10 b; when ICT exports included total figure to rise to $ 11 bConfirming resilience and an improved competitive mindset amidst global and local difficulties, Sri Lanka’s exports sector has concluded its second year of over 20% growth. ...
- Exports grow by 41% to $ 5.1 b in 1H, Govt. to sustain growth (Category: Business)
- Robust exports to get boost via Expo 2012 (Category: Business)
- Lanka’s exports to Singapore clock highest growth in 1H (Category: Business)
- Rishad says industries driving exports surge encouraging (Category: Business)
Thanks to interest in premier blue chip John Keells Holdings (JKH), the Colombo stock market for the first time since end 2009 achieved a year-to-date (YTD) net foreign inflow. Though 2012 is only 26 days old and the value is only Rs. 908 million, the net inflow on a ‘YTD basis’ is significant as it ...
- Rupee slips on importer dollar demand; stocks flat (Category: Business)
- Net foreign inflow tops Rs. 29 b mark (Category: Business)
- Foreign investments in Sri Lanka equity and capital market over Rs. 50 billion (Category: Breaking News)
- Bourse soars by 2.6% on blue chips, foreign buying (Category: Business)
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 ...
- Bullish LSE picks Colombo for Board meeting today (Category: Business)
- Borsa Italiana’s cash markets go live on MITs Millennium Exchange (Category: Business)
- MillenniumIT’s exchange technology goes live in three continents (Category: Business)
- LSE, SGX to offer trading in each other’s top stocks (Category: Business)
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
- Sri Lanka conglomerate sells stake on Colombo Port project for Rs. 630 million (Category: Breaking News)
- Colombo under crosscurrents! (Category: Breaking News)
- Sri Lanka conglomerate sells stake on Colombo Port project to Chinese partner (Category: Breaking News)
- Sri Lanka conglomerate sells stake on Colombo Port project for Rs. 630 million (Category: Breaking News)
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
- London looks to Lanka! (Category: Business)
- Tech Leader (Category: Business)
- Fresh Blood (Category: Business)
- E-treatment (Category: Business)
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
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 ...
- Pelwatte Sugar awaits Treasury instructions (Category: Business)
- Bright opportunities for importers – Finance Ministry official (Category: Business)
- Deteriorating rural economy, and food security (Category: Breaking News)
- Achieving food security:Integrated plan necessary (Category: Breaking News)
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 ...
- Nihal files fresh motion in District Court of Colombo over Hotel Developers (Category: Business)
- Consultants 21 files civil litigation on revival of ailing Hotel Developers (Category: Business)
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 ...
- Rs. 50 b in value lost as CSE woes continue (Category: Business)
- Stocks at one-month low on forced selling; rupee flat (Category: Business)
- CSE’s losing streak continues (Category: Business)
- Bourse ends week on the up (Category: Business)
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
- Nihal Sri files application before SC to re-examine Expropriation Bill (Category: Business)
- Nihal’s FR Application on the Expropriation Law (Category: Business)
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
- Credit ban for illiquid: SEC suspends 12 brokers from giving credit (Category: Business)
- Sri Lanka allows Stockbrokers to lend more credit (Category: Breaking News)
- Brokers, SEC meeting sort out credit rule issues (Category: Business)
- Brokers to submit net capital statement monthly (Category: Business)
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 ...
- Sri Lanka is still under threat, warns Defence Secy. – Part I (Category: Business)
- Security is still critical in peaceful Sri Lanka – Gota (Category: Business)
- Country must utilise opportunity afforded by peace: Defence Secy (Category: Business)
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 ...
- CB says no need for FX intervention (Category: Business)
- Can and will sustain rupee defence: CB Chief (Category: Business)
- Sri Lanka affirms flexible FX policy, but will intervene if needed (Category: Business)
- Central Bank sees rupee firming helped by inflows (Category: Business)
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 ...
- Broker Leveraging (Category: Business)
- Credit Rules (Category: Business)
- Credit Play (Category: Business)
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
- Rs. 630 m windfall for Aitken Spence from port venture exit (Category: Business)
- Harry triggers Takeover Code on Aitken Spence (Category: Business)
- Melstacorp completes Spence acquisition (Category: Business)
- Others secure, Harry misses in scramble for Spence shares (Category: Business)
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 ...
- Deal signed to build Colombo Port Expansion project’s South Container Terminal (Category: Business)
- BOI signs US$ 500 m agreement for Colombo South Container Terminal (Category: Business)
- WORK ON SOUTH CONTAINER TERMINAL OF COLOMBO PORT LAUNCHED (Category: Breaking News)
- AGREEMENT INKED FOR US$500 M AGREEMENT FOR CBO SOUTH CONTAINER TERMINAL (Category: Breaking News)
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. ...
- Sri Lanka opens up for a 4 million domestic tourism industry (Category: Business)
- Sri Lanka draws 60,989 tourists in 16 days (Category: Business)
- SL welcomes 800,000th tourist (Category: Breaking News)
Asha Phillip Securities will open its 17th branch in Ambalanthota on 9 January. The branch will be located at No. 153, Tissa Road, Ambalanthota and add to the company’s branch strength in the south in Matara, Galle and Ambilipitiya. “We will be conducting awareness and education programmes in the area and the branch will cater ...
- Olive branch to forestry (Category: Australia, Tasmania )
- Centier Bank names new Merrillville branch manager (Category: USA, Indiana)
- Protesters' olive branch (Category: Australia, Tasmania )
- Bank Expansion (Category: Business)
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 ...
- Foreigners step up buying; net inflow tops Rs. 400 m in two days (Category: Business)
- Market rebounds as sentiment improves (Category: Business)
- Rupee weaker on importer dollar demand (Category: Business)
- Melstacorp enters COMBank; CF Ruffer picks up more shares (Category: Business)
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 ‘real’ problem with brand Sri Lanka (Category: Business)
- Brand Finance launches Nation Brands 100 (Category: Business)
- Nation branding: A holistic perspective (Category: Business)
- 2011: Power achievements for Sri Lanka, but… (Category: Business)
Senior business leader Harry Jayawardena-controlled Distilleries Company (DCSL) has triggered the Takeovers and Mergers Code on Aitken Spence Plc, the Daily FT learns. The triggering had taken place late last week when Melstacorp, a subsidiary of DCSL, had bought 62,100 Spence shares at Rs. 110
- Harry picks up Rs. 336 m more of Spence shares (Category: Business)
- Others secure, Harry misses in scramble for Spence shares (Category: Business)
- Continuous buying pushes net foreign inflow to over Rs. 20 b (Category: Business)
- Harry’s Melstacorp buys 11% more in Spence for Rs. 5 b (Category: Business)
Broker and investor anxiety to persist in festive season as regulator puts off decision on price band, credit rule relaxation Brokers and investors are likely to miss festive cheer as the Securities and Exchange Commission (SEC) yesterday felt it wiser to require more time to agree on the lifting of the price band and relaxing ...
- Band lifted, Bourse booms (Category: Business)
- No ‘Wonder of Asia’ at Bourse (Category: Business)
- No surprise SEC wants more time! (Category: Business)
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 ...
- Sri Lanka Central Bank relaxes regulations on foreign investment (Category: Breaking News)
- Sri Lanka relaxes restrictions on foreign investments in corporate debts and foreign borrowings ... (Category: Breaking News)
- NDB Group conducts successful investor forum in Singapore (Category: Business)
- Can and will sustain rupee defence: CB Chief (Category: Business)
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
- Dr. Nicholas to share key insights on global economy (Category: Business)
- Empowerment (Category: Business)
- Stock market crashes to lowest level in 2011 (Category: Breaking News)
- No FT during Avurudhu (Category: Business)
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 ...
- SEC says not out to create a fear psychosis in the minds of investors (Category: Business)
- Right of Reply: SEC responds to ‘Cracks in SEC?’ (Category: Business)
- SEC issues statement on investigations (Category: Business)
- Right of Reply: SEC responds to retaining private counsel (Category: Business)
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