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

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 ...

Heralding a new trend in the business world, the Rotary Alumni of Sri Lanka will be staging the first ever Corporate Athletism programme on 17 January at Hilton Residencies from 4.00 p.m. to 6.00 p.m. featuring some the best in the corporate world. If there is one quality that high performing corporate executives seek for ...

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. ...

A recent front page news item in Daily FT referred to the collections made by botanical gardens in Sri Lanka. While the three main botanical gardens- at Peradeniya, Hakgala and Henerathgoda now attract more visitors, at least two more botanical gardens – one at Mirijjawila

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 ...

Fitch Ratings Lanka Ltd. Country Head Maninda Wickramasinghe has sent the following clarification on what it believes as claims and factual inaccuracies in the 30 December Daily FT article titled ‘Fitch to be fixed?’: Fitch has made every effort to be transparent and consistent

Expects 2012 to continue 2011 success despite anticipating slow year By Cheranka Mendis Kia Motors is geared to embrace a phenomenal year in 2012, riding high on the extraordinary success of 2011. Launching the final model that was to be introduced to the local market in 2011, the all new fourth generation Kia Rio, Kia ...

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 ...

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 country’s private sector and professionals yesterday called for prioritisation of a host of major issues in the New Year, which in their opinion if effectively addressed will usher in true peace and prosperity. The overriding message is swift delivery, be it policy reforms or implementation of measures well-conceived and available in public or industry ...

The final auction for the year passes by quietly; outlook for 2012 bleak By Cheranka Mendis The rubber industry bid adieu to 2011 on a happy note, marking the year as the best in history for rubber producers, both small holders and plantation companies in Sri Lanka. Colombo Rubber Traders’ Association (CRTA) Chairman M.S. Rahim ...

By Chamitha Kuruppu The conflict between vegetable traders and the Government is likely to explode once again with the latter’s failure to announce a concrete solution to solve the disagreement over the use of plastic crates, traders said.  Vegetable traders complain that although the Government has announced the reintroduction of the controversial law which makes ...

POST-war Sri Lanka has entered yet another New Year and come May, the nation will be celebrating three full years since the end of the conflict or fight against terrorism. The Chief Executive of the country President Mahinda Rajapaksa in his message to the nation on New Year sounded emphatic: “Embracing all the victories we ...

I wish for a transformational 2012, bringing about a society that understands the traditional value of scholarship over simple monetary value of transactions and becoming a confident, humane and a sustainable society which will be able to face up to turbulent times as well as be a model to emulate. A tall order? No; simply ...

Citrus Hikkaduwa, the maiden venture of the Dilith Jayaweera, Varuni Amunugama Fernando and Sarwa Ameresekere trio, opened for guests last week, heralding a new experience in the popular southern coast. Originally the 50-room Amaya Reef, following the takeover and rebranding Citrus Hikkaduwa is now a 97-room modern and up-market resort. The first guests were a ...

With the new year just around the corner, the Daily FT caught up with a couple of celebrated personalities in Sri Lanka who shared their resolutions and ambitions for the coming year and expressed their wishes for the country in 2012

As exclusively reported by the Daily FT yesterday, top professional and senior Board member Dinesh Weerakkody was appointed as the new Chairman of Commercial Bank. At 47 years old, he is also the youngest to be appointed as Chairman of Commercial Bank, the largest private sector bank