News

CEPA talks likely to resurface

The talks on the Comprehensive Economic Partnership Agreement (CEPA) are likely to resurface as Indian Foreign Minister S M Krishna’s visit is to be followed by a visit from India’s Commerce Secretary next month, The Bottom Line learns. However, the Sri Lankan External Affairs officials said that they were not informed about a visit of India’s Commerce Secretary Dr Rahul Khullar. Read More

Panasian Power eyes expansion

Panasian Power, a fully owned subsidiary of Power Hub International Malaysia, is planning to expand its thrust in the privately owned Sri Lankan hydro power sector as the company is poised for a series of acquisitions, a top official of the firm said. “We are planning to increase our capacity to 15 megawatts in total within the next two years and we are already in discussions with several parties” Panasian Power... Read More

Uncertainty prevails in bourse

The fate of approximately Rs. 5.5 billion worth of shares bought on credit hangs in the balance as the stock market watchdog is appeared not to change its stance on limiting brokers’ ability to provide credit by implementing the proposed T+3 (trading day+3 working days) settlement regime. When contacted by The Bottom Line to find out the stance of SEC over the proposed regime, Securities and Exchange Commission’s Director General Malik Cadre declined to comment except saying that the “matter is still under consideration”. Read More

Immediate excise tax hike shocks motor franchisees

Sri Lanka’s brand new motor vehicle franchise holders have expressed shock and anger over the government’s decision made in the Budget 2011 to drastically increase excise taxes with immediate effect, which they say should have only been made effective from January 1, 2011 similar to and in conjunction with other duty revisions. According to the newly appointed Colombo Motor Traders Association (CMTA)... Read More

Apparel sector’s major concerns ‘not addressed by budget’

Sri Lanka’s apparel stakeholders say they are disappointed that the latest budget has not addressed their key industry concern with regard to the non-implementation of the Exports Development Rewards Scheme (EDRS). “We are disappointed that the biggest concern of the apparel sector which was the non-functioning of the EDRS was not addressed in the budget,” Sri Lanka Apparel Exporters Association (SLAEA) chairman Rohan Abayakoon told The Bottom Line. Read More

Harcourts to enter hospital business

Two-decades old leading pharmaceutical Group Harcourts (Pvt) Limited has finalised plans to put up a 100 bedded multi-specialty hospital in Dehiwala. Dehiwala has remained as the nerve centre of Harcourts operations in spite of the company branching out to other locations in Colombo, Kandy and Anuradhapura. The people of Dehiwala area and even upto Panadura and beyond have no access to modern specialty hospital services in the private sector. Read More

Director cum players

It was quite hilarious at the same time pathetic to see how the recent casino whirl in the island nation’s livestock market has affected the mindset of some of the directors in respected blue chips in the country. Instead of being directors, following the example set out by some greedy traders, they have opted to become players in the market! Two directors of one of the premier... Read More

S P Tao to unveil final stages of Havelock City

Overseas Realty (Ceylon) chairman S P Tao will be in Colombo in the first week of December to present the designs for the final phases of the Havelock City project. This presentation is envisaged to include development plans for the remaining six residential towers, the Clubhouse, Sri Lanka’s largest and most modern shopping mall as well as plans for office towers and a hotel. Read More

ADB urges South Asia to push for firm actions at climate talks

Asian Development Bank (ADB) President Haruhiko Kuroda expressed hope that the UN climate change negotiations getting underway in Mexico next week will result in increased financial flows and clean technology transfer to South Asian countries. “South Asian nations are acutely aware of their vulnerability to climate change impacts and are already taking positive steps to strengthen their resilience and reduce the greenhouse gas emissions associated with their development,” Kuroda said. Read More

Alumex strains Hayleys rating

Fitch Ratings has affirmed Sri Lanka based Hayleys PLC’s (Hayleys) national long-term rating at ‘AA-(lka)’. Following further evaluation, the agency has simultaneously removed the Rating Watch Negative (RWN) on Hayleys and assigned a Negative Outlook. The assignment of the Negative Outlook mainly reflects Fitch’s concerns with regards to the continuation of Hayleys increased leverage levels at its holding company, post the acquisition of the Alumex group. Read More

Grand Oriental Hotel gets international attention

Fifteen parties from several countries have shown their Interest to develop and manage the British built Grand Oriental Hotel in Colombo. Among them ranks, players such as luxury hotel chain operator Hong Kong based Shangri-La, Royal Orchid Hotels of India and the Mint Hotel Group of Thailand. Apart from those players, MGM Entertainment of India, Sabari Inn Limited of Chennai, and Ambica Empire of Chennai also have handed over their “expression of Interest” to the Bank of Ceylon which owns the GOH. Read More

HSBC names senior team

HSBC Holdings plc has announced that Paul Thurston will be appointed chief executive, Retail Banking and Wealth Management with effect from March 1, 2011. In this new role, based in Hong Kong and reporting to Stuart Gulliver, Group Chief Executive designate, Paul will have responsibility for directing all aspects of HSBC’s retail banking business globally including the personal financial services and insurance businesses and the group’s marketing activities. Read More

Other News

  • World of Hayleys enters partnership to market Camlin product portfolio

    The World of Hayleys has entered into a new realm of colour and creativity in partnership with India’s most recognised stationery and art brand, Camlin. The blue chip conglomerate’s consumer specialist Hayleys Consumer Products Limited (HCPL) has been appointed sole distributor for the 79-year-old heritage company known in Sri Lanka for products under its own name and the brand ‘Camel.’ Hayleys will initially distribute and market Camlin’s ‘Back to School’ range comprising of high-quality... Read More

  • Top Belgian companies forge Lanka links

    A Belgian trade and investment delegation comprising 40 companies covering more than 50 people are currently visiting Sri Lanka, as a result of an exemplary joint effort between the Embassy of Sri Lanka in Belgium, the Embassy of Belgium in New Delhi and the Consulate of Belgium in Colombo. These companies specialise in the fields of agro-food, machinery, construction... Read More

  • Grant Group sweeps the boards at Effie Awards

    With an impressive tally of three silver and two bronze awards between Grant McCann Erickson and Response Marketing, the Grant Group were riding high at last night’s Effies. Of the five silver awarded at the ceremony, the Grant Group received three, two of which were for Etisalat and one for Renuka Coconut Milk Powder. The two bronze awards were for Sri Lankan Airlines... Read More

  • ‘Join the Christmas Cheer’ with Hameedia

    Sri Lanka’s leading menswear specialist Hameedia has just launched its end-of-year festive campaign – ‘Join the Christmas Cheer’. With 90 exciting prizes and rewards on offer, this is considered to be the biggest and the best retail promo this season. The campaign consists a raffle draw for all customers who purchase clothes worth more than Rs 5,000/- at a single time from any Hameedia showrooms located across Sri Lanka. Read More

  • Hemas selects Pyxle as strategic web partner

    Pyxle was selected by Hemas PLC, Sri Lanka’s leading diversified company, as its global strategic web partner. Within this role; Pyxle will be given the responsibility to manage the internet and online presence for the Hemas Group. The partnership is expected to significantly enhance the internet presence of Hemas and result in the delivery of superior online communications and engagement. The tie-up between the two companies’ was formalised at the recently concluded launch function which took place at Hemas. Read More

  • SLBC backs digital radio forum in Colombo

    Sri Lanka Broadcasting Corporation (SLBC) is supporting pioneering efforts to introduce cutting edge technology that would take radio broadcasting in Asia to the digital era. The Digital Radio Mondiale (DRM) Consortium has announced a DRM+ trial and workshop in Colombo to boost these initiatives. The consortium is joining forces with the Telecommunications Regulatory... Read More