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

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

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 ...

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 ...

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

Amidst crises in the region, Sri Lanka remains the star for both stock market and tourism sector performance in Asia. As reported in the Daily FT on Monday, the Colombo Stock Exchange remains Asia’s best performing frontier market with an over 2% year to date growth. This is in contrast

By Cheranka Mendis People’s Leasing, the undisputed market leader in the industry for nine years, is going for a record profit this year having achieved a profit of Rs. 2.2 billion within the first five months of the year. CEO of People’s Leasing D.P. Kumarage told the Daily FT

A B Mauri Lanka held a ceremony to welcome the Group Human  Resources Director of its parent company Associated British Foods who was on a brief visit to Sri Lanka as a part of his Asian tour. Associated British Foods is a food ingredient and retail group which is quoted on the London Stock Exchange ...

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 ...

UNP insists that illegal land transactions have taken place and wants transparency By Cheranka Mendis The Government will be tabling all documents relating to land that has been sold or leased for development during the last few years in Parliament today. Following the land debate that took place yesterday, Deputy Minister Economic Development Lakshman Yapa ...

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 ...

By Cheranka Mendis Creating the first ever global partnership in launching an international MBA programme via mLearning platform, Mobitel on Monday tied up with Edinburgh Napier University, Scotland, one of UK’s top 10 universities, to offer world class MBA qualifications for local students. The tie-up would enable students island wide the opportunity to hold a ...

Better ease of doing business for investment, plans public-private partnerships, one stop shop, and transparency for tax payersBy Uditha Jayasinghe   As the election race heats up Colombo mayoral candidate Milinda Moragoda yesterday pledged to encourage investment opportunities in the capital and give transparency to tax payers. Speaking at a press conference United People’s Freedom ...

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 Dinali Goonewardena Malwatte Valley Plantations  said it was not going ahead with plans to go for a rights issue aimed at raising Rs. 606 million and would instead be going for a loan of Rs.750 million and USD 5 million. ‘Conditions on the Colombo stock market were not conducive for a rights issue and ...

Asia Capital recently sold its 53% stake in Asian Alliance Insurance and a 40% stake in Asia Siyaka, realising Rs. 2.3 billion. It now plans to forge ahead with a new portfolio of investments in films, hotels and IT. Asia Capital’s senior management outlined these plans and its forthcoming Initial Public Offering, plans to float ...

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

Former Chief Justice Sarath N. Silva this week fired yet another bold and sharp salvo decrying corruption and its growing menace in the country. He was emphatic in saying anti corruption laws were “ineffective” whilst also accusing Government officials of handing out contracts without calling for tenders as per a Reuters report which the Daily ...

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; ...

Most analysts insist credit critical to give capital market its due place in post-war rebounding economy The chorus for  ‘relaxed credit rule is critical for capital market’ is echoing greater in Colombo Bourse with hopes firmly set on a probable meeting of SEC Commissioners this week. “The stock market certainly needs relaxed credit rules for ...

By Uditha Jayasinghe Hobbled by the loss of GSP+ and rising costs, top garment manufacturers are moving north to gain an edge with lower labour costs and fast tracking development in the process. Brandix Limited, Hidramani Limited, Timex Garments Limited,...