Browns to set up resort and apartments complex in Maldives

Published : 12:39 am  October 27, 2014  |  Category: Front Page  |  Leave a Comment  |  602 views  |  

Browns Investments Plc is to set up a resort and apartments complex in the Maldives via a joint venture. The company said its fully-owned subsidiary Browns Hotels and Resorts Ltd. has signed an agreement with Alpha Kinam Holdings Ltd. and NPH Investment Ltd. to develop a four-star hotel with 150 rooms and 100 apartments in Male with an initial investment of $ 9.5 million. The move is subject to statutory approvals and obtaining controlling interest. “BIL has expanded its footprints in leisure sector by making a number of significant acquisitions and this investment being the first overseas investment will propel the company to even greater heights in the leisure sector,” Browns Investments... 

FT Budget seminar rescheduled for 4 Nov.

Published : 12:39 am  October 27, 2014  |  Category: Front Page  |  Leave a Comment  |  484 views  |  

The popular post-Budget seminar organised by the Daily FT and the Colombo University MBA Alumni Association has been rescheduled by a week for Tuesday 4 November 2014 due to unavoidable circumstances. The Forum, which had already drawn a large number of registrations, was to be held tomorrow. The venue Galadari Hotel Ballroom remains unchanged but the time has been revised to 8:30 a.m. onwards. Chief Guest will be Finance and Planning Secretary Dr. P.B. Jayasundera whilst senior officials from the Treasury, Inland Revenue and Customs will be present. The Forum will include an eminent panel of public and private sector experts including highly-respected senior economist Prof. W.D. Lakshman, who... 

Budget boosts airport revamp by Rs. 10 b

Published : 12:38 am  October 27, 2014  |  Category: Front Page  |  1 Comment  |  512 views  |  

The 2015 Budget presented on Friday has given a big boost to revamp the country’s airports by Rs. 10 billion in the next three years. President and Finance Minister Mahinda Rajapaksa during the 2015 Budget presentation proposed to allocate Rs. 10 billion over 2015-17 to rehabilitate the national airports at Ratmalana, Trincomalee, Anuradhapura, Palali, Batticaloa and set up new airports at Kandy and Nuwara Eliya to promote domestic travel and tourism and to ease traffic congestion. The aviation sector too got a big fillip from the 2015 Budget. For the final phase of capitalisation of the two airlines SriLankan and Mihin, the Government has allocated $ 150 million out of the original plan of... 

EAP theatres to go digital with Rs. 400 m investment

Published : 12:36 am  October 27, 2014  |  Category: Front Page  |  Leave a Comment  |  582 views  |  

Sri Lanka’s leading cinema brand, EAP Films and Theatres Ltd. will be investing over Rs. 400 million to convert its extremely popular theatre circuit to the most advanced digital format the world over. As part of the first phase, 13 cinemas owned by EAP Films will be converted to the digital screening format (2k) equipped for screening 3D movies, which will enable the newest blockbuster films to be screened island wide. The first cinema to go digital will be the Concord Dehiwala and the rest including Liberty Cinema and Impala Rajagiriya will be completed within six or eight months. The theatres will also be equipped with state-of-the-art sound systems carrying six channels and will also undergo... 

Seylan Bank goes for Rs. 6 b debenture issue

Published : 12:35 am  October 27, 2014  |  Category: Front Page  |  Leave a Comment  |  534 views  |  

Seylan Bank’s Board of Directors has resolved to proceed with a debenture issue to raise a maximum of Rs. 6 billion. It plans to offer 30 million rated senior unsecured redeemable debentures at Rs. 100 each and in the event of an oversubscription issue an equal amount further. Interest rate options and the tenors are to be decided by the Board and announced prior to the opening of the issue. Pan Asia Bank’s Rs. 3 b debenture oversubscribed. The planned debentures will be listed on the Colombo Stock Exchange and a formal application is to be submitted shortly. Seylan Bank last had a Rs. 2 billion listed five debenture issue in early 2013. It offered a fixed rate of 15.5% payable annually,... 

Reforms, relief rule 2015 Budget

Published : 12:35 am  October 27, 2014  |  Category: Front Page, TOP STORY  |  Leave a Comment  |  1,119 views  |  

Three broking firms share initial take on Govt.’s latest fiscal program and policies   The 2015 Budget presented by President and Finance Minister Mahinda Rajapaksa on Friday appears to have won praise as well as raised some concerns from the stock broking community. Initial commentary released on Friday by three stock broking firms – First Capital Equities, NDB Securities and Softlogic Stockbrokers – welcomed reforms and consistency whilst noting 2015 Budget has brought about relief to the lower income segments via populist measures. They also noted some fiscal management proposals were optimistic whilst many of the measures would help private sector economic activity. First Capital... 

Jaffna IT Week to take IT/BPM sector north

Published : 1:17 am  October 25, 2014  |  Category: Front Page  |  1 Comment  |  1,219 views  |  
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By David Stephens The National IT/BPM Chamber, Sri Lanka Association for Software and Services Companies (SLASSCOM), in an effort to promote inclusive growth and reconciliation, will stage the Jaffna IT Week from 3-6 December at a number of venues across the region. The Jaffna IT Week will comprise the Future Careers Program on 3 and 4 December at the Vembadi Girls’ High School, an IT/BPM Export Forum staged at the Tilko City Hotel on 5 December and the Jaffna IT Conference, which will be held at the Kailasapathy Auditorium of the University of Jaffna on 6 December. SLASSCOM Vice Chairman and Jaffna IT Week Convener Mano Sekaram addressing the media last evening. Also present from left: SLASSCOM... 

DFCC Vardhana Bank breaks remittance barrier

Published : 1:16 am  October 25, 2014  |  Category: Front Page  |  Leave a Comment  |  447 views  |  
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DFCC Vardhana Bank (DVB), Sri Lanka’s fastest growing commercial bank, announced the introduction of the ground-breaking Lanka Money Transfer (LMT) service, which will be available within the month of November. This new offering is a remittance service which allows customers, both the sender and receiver to transfer money with ease, using the banks that they trust. DVB CEO Lakshman Silva signing the agreement Many individuals are uncomfortable with remitting money to banks they are unfamiliar with and in order to address this concern, DVB has partnered with an extensive network of leading banks, which customers trust. Partner banks of the Lanka Money Transfer service include the Regional Development... 

SLT connects Delft to information super highway

Published : 1:15 am  October 25, 2014  |  Category: Front Page  |  Leave a Comment  |  523 views  |  
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SLT announced the company has connected Delft Island, located in the east of the Jaffna peninsula, to the country’s national ICT backbone as part of the major post-war ICT development in the Northern Province. SLT Group CEO Lalith De Silva making his first call from Delft island at the official opening ceremony as Chief Regional Officer, Chinthaka Wijesooriya, GM – Region 3 A. Kirupakaranan, DGM – Northern Province Nagendram Navaneethan and other SLT regional officials and invitees look on   Delft Island has been identified by the Government as one of the key tourist attraction destinations as well as a key location in the country. Through this network expansion carried out under... 

President Mahinda Rajapaksa presenting his 10th Budget

Published : 12:00 am  October 25, 2014  |  Category: Front Page, MAIN IMAGE  |  Leave a Comment  |  781 views  |  
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President Mahinda Rajapaksa presenting his 10th Budget to Parliament yesterday afternoon  Read More →

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