(Reuters) – Formula One and India have the makings of a long and happy relationship after an inaugural grand prix that exceeded expectations. Some of the facilities were far from finished, traffic snarls made access difficult for many on race day and there were constant reminders away from the circuit of the glaring social inequalities in the world's second most populous nation. And yet the reaction from the Formula One community and local officials alike was overwhelmingly positive, a feeling that India was sure to become a favourite fixture once the teething problems were resolved. The drivers loved the Buddh International Circuit, with its flowing...
Newborn Wattalage Muthumani, who was born at the Castel Street Maternity Hospital, on 31 October, is Sri Lanka’s showpiece baby as part of worldwide celebration of the seventh-billionth inhabitant. Read More →
Marque fund manager and investor Asanga Seneviratne structures deal; Galadari Brothers part sell stake as part of settlement of cases in UAEThe buying of a 16% stake in Galadari Hotel (Lanka) Plc by the Dubai Government for Rs. 1.18 billion yesterday is expected to throw open the city five star as an attractive investment in the rebounding post-war leisure industry in Sri Lanka. Read More →
Kandy Hotels Corporation (KHC), which comes under the Galle Face Hotel Group, has announced a joint venture with Sino Lanka Hotels Holding (Pvt) Ltd. to construct a 100 room hotel, on the land adjacent to the Suisse Hotel Kandy. Read More →
Business leader Dhammika Perera’s effective control in diversified blue chip Hayleys Plc has increased to 47% or 35.2 million shares now. This was following the acquisition of a further 6.13% stake or 30.6 million shares via the second mandatory offer made by Dhammika which closed on Friday. Read More →
Merchant Bank of Sri Lanka (MBSL) has accepted a bid by a consortium led by Navara Capital Ltd. to buy a 68% stake in MBSL Savings Bank Ltd., for Rs. 562 million subject to Central Bank approval. Read More →
The chaos caused to global passenger travel over the weekend following the unprecedented grounding of its entire fleet by Qantas Airways could be a blow for Australian Gold Coast’s bid for 2018 Commonwealth Games. Read More →
UNP MP Dr. Harsha de Silva, activist Chandra Jayaratne express concern; other analysts welcome Bill Colombo Hilton owning firm Hotel Developers sole enterprise; rest all lands majority of which are of defunct BOI-approved enterprises; listed Pelwatte Sugar Industries land inclusion a surprise Criticism is mounting over the urgent bill on takeover of underperforming enterprises and underutilised assets in the national interest by the State. The bill, which has been classified urgent, was sent to the Supreme Court last week for clearance, whether or not it contravenes the Constitution. The Daily FT learns the ruling said to be “not contravening” was communicated to the Speaker...
The Central Bank of Sri Lanka (CBSL) has approved the granting of a license to Commercial Leasing Company Limited (CLC) to operate as a finance company. Read More →