FOR two years, the Daily FT team has worked to empower the people through dispensing knowledge of the emerging economy of Sri Lanka. Our belief is simple but pervasive. Since the end of a brutal three-decade conflict in 2009, Sri Lankans have been steadfast in their single-minded ambition to create

Analysts say sound fiscal programme for 2012 and medium term private sector oriented policy framework crucial for country to move forward putting behind controversial Expropriation Act Improving fiscal management gives hope for further progress Robust public investment programme; lower deficit; greater clarity and consistency taking on from 2011 Budget envisaged Budget 2012 tipped to showcase ...

UNP MP Dr. Harsha de Silva fired a fresh salvo at Central Bank Governor Nivard Cabraal for moving away from his statutory role of being monetary policy-centric and making strong statements concerning fiscal policy which is the job of Finance Ministry. Dr. de Silva was responding to some of the recent statements by Cabraal about ...

The Institute of Chartered Corporate Secretaries of Sri Lanka in partnership with the Daily FT organised a seminar titled ‘Share Market Volatility – Causes and Remedies,’ last week which brought to the table many issues concerning the Colombo stock market

All of the Commonwealth will today focus on the crucial vote for the host of 2018 Commonwealth Games with Sri Lankan contingent publicly and personally upbeat about candidate city Hambantota’s chances. Sri Lanka’s spirited southern port city Hambantota and Australia’s Gold Coast need minimum 36 votes out of 71 Commonwealth Games Associations at the CGF ...

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 ...

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 ...

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 ...

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

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

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

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 ...

of the municipality on an election extravaganza. In a candid interview with the Daily FT, the ...

Top professional Aravinda Perera has been appointed as the Managing Director of Sampath Bank with effect from 1 January 2012. The appointment was made by the Board of Directors of Sampath Bank at its meeting last week, following the incumbent Harris Premaratne opting to leave at the end of his contract at Sampath Bank by ...

Gives quit notice as MD at Sampath Bank, to take up new post from 1 January Proven industry leader Harris Premaratane is to head the country’s newest entrant to the financial services sector, Cargills Agriculture and Commercial Bank, from 1 January 2012. The move follows Premaratne giving quit notice to Sampath Bank yesterday from his ...

Says business environment needs to improve, seventh review to be concluded in December By Deepal V. Perera in Washington DC The International Monetary Fund (IMF) yesterday stated that in the face of the global downturn, the performance of the Sri Lankan economy has been impressive. “The Sri Lankan economy suffered a lot during the conflict ...

By Nisthar Cassim in New York President Mahinda Rajapaksa described his engagement with the United Nations member countries last week as very successful for him personally and Sri Lanka at large. “I am very happy with the visit as it was very productive and through our discussions we were able to portray the true picture,” ...

CSE cancels full day trading on technical glitch but regains position as Asia’s best Irate brokers fault bourse Trading to resume today In an eventful day, the Colombo Stock Exchange (CSE) for the first time ever cancelled trading yesterday over a technical glitch, but regained its position as the best bourse in Asia.  CSE cancelled ...

The country’s economy in the second quarter had grown by a robust 8.2% as against 7.9% in the previous first three months though marginally lower from 8.5% achieved a year earlier. As per latest GDP data released by the Department of Census and Statistics yesterday, economic growth of 8.2% had been bolstered by resilient performance ...

Acquire 40% stake in Sri Lanka’s oldest conglomerate George Steuart & Company marking a new beginning and in first major deal between the two Former Chairmen Scott Direckze, S. Skandakumar and current Chairman Jayantha Wimalagooneratne sell stakes; deal on Group MD Dubsy Kanagaratnam's stake pending Dilith to use 176 year old firm as vehicle to ...

Bullish on post-war revival in tourism and to cater to growing demand for its hospitality Renuka City Hotels Plc, is investing Rs. 200 million to add 20 more rooms, bringing the total to 100 inclusive of the adjoining Hotel Renuka. Chairman Ravi Thambiayah told the Daily FT that the company

Top blue chip and consumer brand Cargills (Ceylon) Plc is diversifying into banking, a move which the industry feels already crowded but Central Bank justified its provisional approval saying in the futuristic context the country isn’t overbanked. Cargills yesterday announced that the Central Bank has issued a provisional approval to set up Cargills Agriculture and ...

* Makes $ 28 clean bid for fixed line CDMA operator * Dialog chips in with $26.5m bid with option to enhance it to $31 m subject to VRS for 250 staff among other clauses * SLT evaluates but conveys in writing its decision not to bid Sri Lanka’s latest conglomerate Vallibel One Ltd., (VOL) ...

By Cheranka Mendis Sri Lanka’s latest national branding attempt ‘Pure Ceylon Cinnamon’ was officially launched on Friday to a forum of diplomatic missions in the country. The brand was initially unveiled at the Presidential Export Awards in June this year by President Mahinda Rajapaksa. The launch to diplomatic community on Friday and industry in general ...

The Sri Lanka Private Sector Assessment of the Report to the United Nations Secretary General by the Panel of Experts on accountability in Sri Lanka was released on Thursday. The private sector critique is a compilation of views raised by a private sector group in Sri Lanka who are concerned about the content of the ...

THE Daily FT yesterday reported that the Northern Province is recording a bumper paddy harvest. Estimates are that Yala harvest is above 15% over that of last year. Not only from North but from several other paddy cultivating areas a welcome increased crop is due. The Hector Kobbekaduwa Agriculture

By Dinali Goonewardene Easing of forex rules for select activities will not have an impact on rates, banking sources told the Daily FT yesterday. Noting that major currencies such as the US dollar, Sterling Pound and Australian dollar would be the most transacted sources said given the strong

The Colombo stock market erupted yesterday before and after the SEC lifted the ban on broker credit to clients establishing one of the biggest day gains with value of Bourse rising by Rs. 77 billion. The benchmark All Share Index (ASI) shot up by 3.13% or 214 points and Milanka Price Index rose sharply by ...

Investors toast SEC move as pent up buying bolsters CSE to record one of the biggest day gains Market’s value jump by Rs. 77 b; ASI up 3.13% or 214 points; MPI by 3.67%; Turnover tops Rs. 3.76 b; Welcome net foreign inflow completes resurgent day SEC move will encourage greater recapitalisation at broking firms; ...