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Former Chairman Lalith Kotelawala hasn’t increased his shareholding in Ceylinco Insurance Plc, which last week admitted an error in stating his holding due to an oversight. Sequel to the Daily FT exposure on 8 March that accounts of Ceylinco Insurance showed an increase in Kotelwala’
- Stepping Down (Category: Business)
- Subasinghe family ups stake in Ceylinco Insurance (Category: Business)
- Kotelawala no more on Ceylinco Directors Board (Category: Breaking News)
- Lalith Kotelawala ups stake in Ceylinco Insurance (Category: Business)
The Institute of Chartered Corporate Secretaries and the Securities Exchange Commission in partnership with the Daily FT will hold a seminar on insider trading on 26 March. The seminar is to be held from 4 p.m. to 6:30 p.m. at Hilton Colombo Residencies and panellists include Professor Gishan
- Deterrent Message (Category: Business)
- Illegal Edge (Category: Business)
- Insider Trading (Category: Business)
- Cashed-up 'criminal club' (Category: Australia, Queensland)
With just 12 days to go, Sri Lanka’s largest mega trade, investment and tourism promotion initiative ‘Expo 2012’ has attracted close to 1,200 people, exceeding the expected 1,000 mark, EDB Chairman Janaka Ratnayake said yesterday. Speaking to the Daily FT, he asserted
- ‘Expo 2012’ promoted in Dubai (Category: Business)
- EDB, UK High Commission promotes Sri Lanka Expo 2012 in London (Category: Business)
- Robust exports to get boost via Expo 2012 (Category: Business)
By Cheranka Mendis Despite the Central Bank’s forecast reading 7.2% growth for 2012, RAM Ratings Lanka CEO Adrian Perera is confident that the country can touch the 7.5%-7.6% mark by the end of the year. Perera told the Daily FT that the new projection is a realistic number from the 8% noted
- RAM Ratings moves into new office (Category: Business)
- CA Sri Lanka Annual Report Awards powered by RAM Ratings (Category: Business)
- LB Finance rating rises to A-/P2, heralding a stable outlook (Category: Business)
- RAM Lanka sponsors ICASL Annual Reports Award Ceremony (Category: Business)
The inaugural Future Marketers Conference of The Chartered Institute of Marketing (CIM), Sri Lanka Region, will be held on 17 March 2012 at the Grand Ballroom, Galadari Hotel Colombo from 9 a.m. to 5 p.m. The Student Committee of CIM Sri Lanka Region, comprising of 17 members who are students and practicing marketershave taken great ...
- CIM Sri Lanka to celebrate 100 years of marketing excellence (Category: Business)
- CIM Annual Conference ends in grand success (Category: Business)
- Sri Lanka - CIM launches Introductory Certificate in Marketing (Category: Education)
- CIM provides glimpse of ‘Global Workplace of the Future’ to marketers (Category: Business)
By Uditha Jayasinghe Members of the National Labour Advisory Council (NLAC) want legal powers to implement their recommendations after a dispute resulted in unions threatening to pull out of the body. Employers Federation of Ceylon (EFC) Director General Ravi Peiris told Daily FT
- NLAC had repeatedly requested for wage increases (Category: Breaking News)
- Some TUs not invited (Category: Breaking News)
- Unions urge Labour Ministry to increase salaries (Category: Business)
- FTZ TUs Write To IGP (Category: Breaking News)
The 133rd Battle of the Blues cricket encounter between Royal College and S. Thomas College ended in a draw at SSC grounds on Saturday. The buzz and excitement of the match was captured by photojournalist Shantha Rathnayake for Daily FT
Ceylinco leads, Union Assurance best performer Combined premium tops Rs. 35 b mark, up by Rs. 4 b or 13% over 2010 Allianz rises to number eight, beating Indian giant LIC The Life insurance market has seen a near 13% growth last year with impressive growth for top players, whilst Ceylinco and Union Assurance ...
- SLIC shines better (Category: Business)
- Ceylinco Insurance announces 65% dividend (Category: Business)
- Ceylinco Insurance posts impressive 1H results (Category: Business)
- Ceylinco Life maintains market leadership in 2011 (Category: Business)
A top line up of specialists will be the key attraction of the annual management conference organised by the Colombo University MBA Alumni Association on Friday 16 March from 8:30 a.m. to 4:30 p.m. at the Cinnamon Lakeside, Colombo. Defence Secretary Gotabaya Rajapaksa will be the Chief Guest at the conference titled ‘Beyond Traditional Boundaries,’ ...
- Colombo Uni. MBA Alumni gives its might to country development (Category: Business)
- Gota to share key strategies at Colombo Uni. MBA Alumni management conference (Category: Business)
- Management Conference 2012 kicks off today (Category: Business)
- Professional groups heed Dr. Godahewa’s call; volunteer to support tourism (Category: Business)
The Securities and Exchange Commission (SEC) has ruled that Melstacorp Ltd. must make a mandatory offer on Lanka Milk Foods (LMF) to all at Rs. 105 per share. This directive came following Melstacorp seeking same from the SEC. Last week LMF share price closed at Rs. 97.10, up by 80 cents from the previous week. ...
- SEC reliance on private counsel ignoring AG’s Dept raises eyebrows (Category: Business)
- Mandatory miss! (Category: Business)
- SEC takes Harry and eight other Melstacorp Directors to court over LMF deal (Category: Business)
- Melstacorp seeks CA to quash SEC determination (Category: Business)
With its seventh birthday coming up this May, The Commons continues to keep diners and coming back for more with new menus and a maintained standard that’s hard to meet. Chic yet laid back, The Commons has continuously introduced new products and services along with its excellent restaurant menu. Spearheaded by Chef Manoj, the Commons ...
- Festive lights on at Harpo’s Cafes and Restaurants from Monday (Category: Business)
- Chinese Dragon Café spices up the festive season (Category: Business)
- Ifthar buffet menus for outdoor catering from the Commons (Category: Business)
- Discover the magic of the festive season at Bay Leaf (Category: Business)
Malaysia’s second largest financial services provider CIMB Group is bullish on post-war Sri Lanka and prospects for financial services. Early this week CIMB entered into a strategic collaboration with John Keells Stock Brokers as part of a phased entry in to Sri Lanka. CIMB Group is also one of ASEAN’s leading universal banking groups and ...
- CIMB Group forms partnership with John Keells Stock Brokers (Category: Business)
- CIMB wants to be part of Sri Lanka’s South Asian hub for commerce (Category: Business)
- CIMB completes Asia Pacific investment banking platform with RBS buy (Category: Business)
- Sri Lanka’s John Keells Stock Brokers and CIMB on a strategic tie up (Category: Breaking News)
Thousands of women in the apparel industry deserve respect for being partners in Sri Lanka’s highest foreign exchange earning sector By Uditha Jayasinghe Sri Lanka’s apparel industry clothes the world and earns the largest amount of foreign exchange but is struggling to retain its workforce as an estimated 30,000 vacancies remain open in hundreds of ...
- Apparel Exporters blame Govt. for lack of support (Category: Business)
- Wall Street Journal spotlight on Brandix’s global push via regional foray (Category: Business)
- Growth maintained in apparel exports (Category: Breaking News)
By Cheranka Mendis With a membership of 107 top entrepreneurs of the country – among which close to 200 leading organisations is managed providing employment close to 250,000 people – the Chamber of Young Lankan Entrepreneurs (COYLE) is a unique and highly valuable organisation to the country. Taking the mantle of the Chamber from K.H. ...
- COYLE visits Hambantota; says a land of opportunity for PPPs (Category: Business)
- Idac Chief Rohitha Silva new Chairman of COYLE (Category: Business)
- COYLE to unveil leadership facets: ‘The Untold Truths of Sri Lankan Entrepreneurs’ (Category: Business)
- Fly the Sri Lanka flag urges COYLE (Category: Business)
The converting business ideas into an action program is based upon seven principles: Team members’ ideas for improving how work is done are valuable as they are derived from first-hand experience of their organisation’s waste of time, effort and materials. Team members’ voluntary contributions of ideas result in greater productivity and enhanced service quality. Coaxing ...
- How to manage your boss (Category: Business)
- The treasures and travails of training (Category: Business)
- In search of Sri Lankan “deep-smarts” (Category: Business)
- Re-program your mind and think outside the box in business (Category: Business)
Hot on the heels of the Daily FT story yesterday regarding a high powered Transport Ministry team is in Beijing to finalise the China’s Exim bank funding for Matara-Kataragama rail track extension, the Finance Ministry said yesterday that the Government of the People’s Republic of China
- First phase of Matara-Kataragama railway line begins (Category: Breaking News)
- Construction of Matara-Kataragama railway line in Southern Sri Lanka begins (Category: Breaking News)
- Construction of Matara-Kataragama railway line in Southern Sri Lanka begins (Category: Breaking News)
- Sri Lanka's Southern Railway to be extended to Kataragama within the next five years (Category: Breaking News)
Defence Secretary Gotabaya Rajapaksa will be the Chief Guest at the Colombo University MBA Alumni Association annual management conference titled ‘Beyond Traditional Boundaries’ on 16 March at the Cinnamon Lakeside, Colombo. This year’s focus on the conference is ‘Mastering Your Game’ and Rajapaksa, whose Ministry also includes the Urban Development, as Chief Guest is...
- U.S.Business Executives to meet in Colombo. (Category: Breaking News)
- Speaker elected Deputy Chairman of CPA (Category: Breaking News)
- Serve justice to those responsible for April Attacks immediately; Catholic Bishops’ Conference (Category: Breaking News)
- Serve justice to those responsible for April Attacks immediately; Catholic Bishops’ Conference (Category: Breaking News)
Majority stakeholders of Watawala Plantations Plc (WATA) yesterday voted in favour of the contentious sale of cash-cow marketing subsidiary to parent Estate Management Services Ltd. (EMS) despite concerns and objections raised by the golden shareholder the Treasury, the Securities and Exchange Commission and minority shareholders. The special resolution for the 100% stake sale of subsidiary ...
- E&Y valued Watawala Marketing (Category: Business)
- Minority shareholders revolt against Watawala’s sale of marketing subsidiary (Category: Business)
- Shareholders furious over lack of disclosure, sale plan of MBSL’s savings subsidiary (Category: Business)
- Watawala to sell marketing subsidiary for Rs. 742 m (Category: Business)
SLIC books hefty Rs. 4 b capital gain as an eager Harry secures large block; Ups control to 40.8%; Melstacorp to revise Spence mandatory offer price to Rs. 115 per share from Rs. 113 Business tycoon Harry Jayawardena-linked Melstacorp Ltd. yesterday acquired a strategic block of an 11% stake in Aitken Spence Plc for Rs. ...
- Harry picks up Rs. 336 m more of Spence shares (Category: Business)
- Others secure, Harry misses in scramble for Spence shares (Category: Business)
- Harry triggers Takeover Code on Aitken Spence (Category: Business)
- Distilleries transfers 16.3% Spence stake to Melstacorp for Rs. 7 b (Category: Business)
Given its sheer size, the deal involving SLIC and Melstacorp on Spence had its share of broker battle as well, the Daily FT learns. There had been several brokers who either showed the quantity in full or parts or were firming up already. Some had been asked for a higher price by the seller as ...
Minority shareholders are strongly objecting to Watawala Plantation Plc’s (WATA) proposed sale of its marketing subsidiary, the company’s cash cow, to majority shareholder Estate Management Services Ltd. Their opposition is likely to be vehemently expressed today at the Extraordinary General Meeting (EGM) convened for shareholder approval. Last month, WATA in a brief filing to the ...
- Watawala serves itself amidst Treasury, SEC and minority shareholders anger (Category: Business)
- E&Y valued Watawala Marketing (Category: Business)
- Watawala to sell marketing subsidiary for Rs. 742 m (Category: Business)
- Shareholders furious over lack of disclosure, sale plan of MBSL’s savings subsidiary (Category: Business)
Diversified blue chip Hayleys Plc and Fitch Ratings Lanka Ltd., have parted ways after simmering discontent over their relationship reached the tipping point. Fitch in an announcement yesterday said that it has withdrawn Hayleys Plc’s A+ rating with a negative outlook and would no longer provide ratings or analytical coverage of Hayleys. Though Fitch’s announcement ...
- Fitch Ratings has withdrawn Hayleys PLC’s ‘A+(lka)’ National Long-Term rating (Category: Breaking News)
- Hayleys Terminates Fitch Ratings (Category: Breaking News)
- Fitch Withdraws Hayleys MGT Knitting Mills PLC’s Ratings (Category: Breaking News)
- Fitch Downgrades Hayleys PLC to ‘A+(lka)’/Outlook Negative (Category: Breaking News)
Though the birth rate may be static, the country’s vehicle population is tipped to double in the next decade necessitating urgent expansion in road network lest the motorists get choked in traffic. As per forecasts made by the Ministry of Transport, the current vehicle population is 130 vehicles per 1,000 people and this is estimated ...
- Revving up cost effective alternatives (Category: Business)
- Harsha says CB has moral responsibility to be more transparent (Category: Business)
- Singapore to allow more cars (Category: Business)
- Janashakthi Insurance premium income hits record Rs. 7.13 b (Category: Business)
Benito Mussolini, the fascist ruler of Italy, during World War II, said that his brand of fascism ‘should be more appropriately called Corporatism, because it is a merger of state and corporate power’. Compare this with the dictionary definition of capitalism: ‘A system in which a country’s business and industry are controlled and run for ...
- Entrepreneur and the profit motive (Category: Business)
- The rise of State capitalism: new masters of the universe or an ominous portent? (Category: Business)
- State Capitalism: Revitalising underperforming businesses the Mussolini way (Category: Business)
- Governance - Four examples; two bad and two good (Category: Business)
Companies controlled by business tycoon Harry Jayawardena last week admitted that by an oversight they had failed to make a mandatory offer on Lanka Milk Foods Plc way back in September 2011. The bizarre development, which also exposed the failure by the regulators, Melstacorp Ltd., said that as at 12 September it (0.79%) together with ...
- SEC rules Melstacorp to make LMF offer at Rs. 105 per share (Category: Business)
- SEC reliance on private counsel ignoring AG’s Dept raises eyebrows (Category: Business)
- Harry triggers Takeover Code on Aitken Spence (Category: Business)
- Harry picks up Rs. 336 m more of Spence shares (Category: Business)
In Daily FT article titled ‘Pan Asia Bank after tax profit up 128% to record Rs. 824 m in 2011’ the accompanying picture of CEO Claude Peiris had been inadvertently captioned as Acting CEO whilst the article had the correct reference. We regret the error.
By Cheranka Mendis The much anticipated fashion event for the year, HSBC Colombo Fashion Week (HSBC CFW) will start its three day journey today evening at Hilton Colombo. Everything is ready for an event that has reached the ‘tier two’ in fashion, on par with the famed Barcelona and Madrid Fashion Weeks CFW President Ajai ...
- Darshi to showcase at Russia Fashion Week (Category: Business)
- DHL partners HSBC Colombo Fashion Week for third consecutive year (Category: Business)
- CFW returns: ramps up Asian presence in fashion world (Category: Business)
Executive Vice President and CEO says IFC will explore a good mix of enhanced financing and advisory services on a range of sectors apart from promoting FDIs to the country Encouraged by the post-war optimism the World Bank’s private sector investment arm – International Finance Corporation (IFC) yesterday revealed plans to expand its support in ...
- IFC To Double Commitment (Category: Breaking News)
- IFC pledges fullest cooperation to Sri Lanka (Category: Business)
By Cheranka Mendis Tucked away on the southern coastal belt, Avani Bentota Resort and Spa is the perfect epicentre for rest and relaxation. From the moment you walk in, a sense of peace settles in, heightened by the bright white walls, the simple sketches that hang almost rhythmically from the walls and the calming blues ...
- Hotel Serendib Bentota rebrands as ‘Avani’ (Category: Business)
- Discounts from Serendib Leisure at Wedding Show 2012 (Category: Business)
- All Serendib Leisure hotels earn 2012 Tripadvisor Certificates of Excellence (Category: Business)
- Minor’s new brand Avani to debut with Sri Lankan resort (Category: Business)
State giant’s leadership in general insurance gets stronger on high growth Harry J’s Continental fastest growing in 2011 Top four players ranking intact amidst mixed performance Overall General insurance market enjoys 20% growth as against 11% in 2010 The highly-competitive general insurance industry last year had enjoyed healthy growth, with State-owned giant Sri Lanka Insurance ...
- Growth for top life players (Category: Business)
- Harry’s Melstacorp buys 11% more in Spence for Rs. 5 b (Category: Business)
- Ceylinco Insurance reports record results for 2011 (Category: Business)
- Ceylinco Insurance announces 65% dividend (Category: Business)
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