Japanese investors infuse a further $1.5 m in Asia Leisure Galle project

Published : 12:42 am  February 20, 2015  |  Category: Front Page  |  Leave a Comment  |  266 views  |  

Asia Leisure, a fully-owned subsidiary of Asia Capital PLC (ACAP), on Tuesday announced that Japan Capital would infuse a further $1.5 million into ACAP’s latest hotel project in Galle. The hotel project was announced late last year with a totalinvestment of $14 million being made by Asia Capital and its Japanese partners. The property, which is expected to be the largest hotel property in the southern town of Galle, will be built on two acres of fine beachfront real estate and is expected to be completed at the end of 2016. Speaking about this investment, Japan Capital CFO Shigeki Hamaguchisaid he was pleased to offer more support to Asia Leisure to complete this hotel project to the highest... 

Ranel, Sinniah appointed to BOC Board

Published : 12:42 am  February 20, 2015  |  Category: Front Page  |  Leave a Comment  |  249 views  |  

Finance Minister Ravi Karunanayake has appointed management accountant and consultant Ranel Wijesinha and ex-banker Brian J. Sinniah to the Board of Bank of Ceylon as Non-Executive Directors. The Minister has also appointed Deputy Secretary to the Treasury Pushpa Wellappili as an Ex-Officio Director from the Treasury. Wijesinha was recently as a Commissioner of the Securities and Exchange Commission as well. Sinniah is at present Chief Financial Officer of Global Group. He is an experienced banker with over 35 years in the banking industry. He held various senior positions in branch banking, operations, credit, recoveries and risk and compliance areas at Hatton National Bank. At the time of his... 

Modi coming Friday the 13th!

Published : 12:41 am  February 20, 2015  |  Category: Front Page  |  Leave a Comment  |  171 views  |  

Indian Prime Minister Narendra Modi will visit Sri Lanka from 13 to 15 March, the first bilateral visit by an Indian Prime Minister to Sri Lanka in over 25 years. Cabinet Spokesperson Minister Rajitha Senaratne said the visit was scheduled a month after the visit of President Maithripala Sirisena to New Delhi. The previous bilateral visit to Sri Lanka by an Indian Prime Minister was in 1987, when Rajiv Gandhi travelled to Colombo to sign the Indo-Sri Lanka Peace Accord with the then Sri Lankan President J. R. Jayewardene. Former Prime Minister Manmohan Singh was in Colombo in 2008 to attend the SAARC summit and handed over its chairmanship to former President Mahinda Rajapaksa. However, he skipped... 

Maithri to visit US, Kerry to visit SL this year

Published : 12:41 am  February 20, 2015  |  Category: Front Page  |  Leave a Comment  |  166 views  |  

President Maithripala Sirisena is scheduled to leave for the United States on a state visit this year and US Secretary of State John Kerry would also be undertaking a visit to Sri Lanka soon, Cabinet Spokesperson Minister Rajitha Senaratne said yesterday. Kerry has expressed the US Government’s appreciation of the expeditious steps being taken by the new Government and that they have a clear understanding about the 100-day program of the Government. Minister Senaratne said this message had been conveyed to the Cabinet by Minister Mangala Samaraweera.  Read More →

Japan, Sri Lanka discuss possible trade agreement

Published : 12:47 am  February 19, 2015  |  Category: Front Page  |  Leave a Comment  |  982 views  |  
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Japan has given the green light for the first-ever prospective trade agreement coveted by Sri Lanka, inspired by the new resurgence under the leadership of President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe. “We’d like to particularly stress the Memorandum of Cooperation on the Vitalisation of Intergovernmental Economic Policy Dialogue (MoU-VIGEPD). In my discussions with Prime Minister Ranil Wickremesinghe on this, he agreed to proceed with VIGEPD. I am calling Tokyo to verify when we can start the VIGEPD dialogue with Sri Lanka,” Japan’s Ambassador Nobuhito Hobo has told Industry and Commerce Minister Rishad Baithudeen . “I see new dynamism in Sri Lanka now, in... 

Parakrama appointed to UDA Board

Published : 12:45 am  February 19, 2015  |  Category: Front Page  |  3 Comments  |  903 views  |  
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Top transport and logistics specialist Dr. Parakrama Dissanayake, Chartered Fellow (Transport and Logistics) FCILT UK, has been appointed to the Board of Directors of Urban Development Authority (UDA). The appointment was made by Minister Urban Development, Water Supply and Drainage Rauff Hakeem. Some of the positions Dr. Dissanayake has held in the past includes Sri Lanka Transport Board Advisory Council Chairman, Chartered Institute of Logistics and Transport Chairman, Sri Lanka Ports Authority Chairman and Jaya Container Terminals Chairman. Currently Dissanayake is the Chairman/CEO Aitken Spence Maritime and Logistics, a Director of its Main Board Aitken Spence PLC, Joint Managing Director... 

Former Cop Bangsa Jayah new MD at Insurance Corp.

Published : 12:42 am  February 19, 2015  |  Category: Front Page  |  3 Comments  |  1,198 views  |  

T.M.R. Bangsa Jayah, a retired commissioned Police Officer, has been appointed as the new Managing Director of Sri Lanka Insurance Corporation. The announcement comes hot on the heels of the appointment of Singer Sri Lanka Chairman and respected business leader Hemaka Amarasuriya as the Chairman. Jayah has experience in the Police service for 29 years. During his career with the Police Department, he worked as the Chief Security Officer for the Deputy Speaker and North-East Governor. He is a product of St. Anne’s College, Kurunegala, and has studied further in Aquinas College, Colombo. During his school period he excelled in sports, including cricket and soccer. He was a member of the school... 

Cargills upbeat after Rs. 2.6b IFC equity boost

Published : 12:42 am  February 19, 2015  |  Category: Front Page  |  1 Comment  |  682 views  |  
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By Channa Fernandopulle Cargills (Ceylon) Plc is looking forward to its next wave of expansion consequent to a capital infusion of Rs. 2.6 billion by the International Finance Corporation (IFC) in exchange for an 8% equity stake in the company’s retail subsidiary, Cargills Foods Ltd. The investment from IFC – the private sector arm of the World Bank Group – is to be directed towards strengthening the company’s extensive supply chain network and expanding its retail footprint through the opening of new Food City outlets while further investments are expected through the partnership, according to Cargills (Ceylon) Plc Deputy Chairman, Ranjit Page. Cargills upbeat… “Through this... 

Nimal charges UPFA’s rural development projects halted

Published : 12:39 am  February 19, 2015  |  Category: Front Page  |  Leave a Comment  |  652 views  |  

By Ashwin Hemmathagama Our Lobby Correspondent Rural development projects have come to a grinding halt in the absence of financial allocations, disrupting the livelihood and infrastructure development programs initiated by the UPFA Government, charged Leader of the Opposition Nimal Siripala de Silva yesterday in Parliament. MP de Silva said: “These programs were aimed to develop the road network, pipe-borne water and to provide electricity to rural areas. Some of the programs were halfway through and many were at planning stage to be started this year. The Treasury has stopped settlements and the district secretaries, divisional secretaries, and department heads have found it impossible to... 

Govt. killing the goose laying the golden egg?

Published : 12:38 am  February 19, 2015  |  Category: Front Page  |  Leave a Comment  |  491 views  |  

Struck by Interim Budget moves mobile telecom giant Dialog spells out its Rs. 24.4 b contribution Rs. 11 b in direct taxes, fees and levies; Nets Rs. 13.3 b in consumption tax on behalf of Govt. Group made capex of Rs. 15.2 b in FY2014 Struck by proposals under the Interim Budget of the new Government and perhaps ringing a loud bell, mobile telecom giant Dialog Axiata yesterday revealed a staggering Rs. 24.4 billion direct and indirect contribution to Treasury coffers as well as rolling out Rs. 15.2 billion in capital expenditure in 2014. A slew of measures in the 29 January Interim Budget specifically targeted the telecom sector and being the industry leader Dialog was the hardest hit. In... 

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