business

Calamander Group to Start Sri Lanka’s First Private Equity Fund

Calamander Group Pte, a Singapore- based investment company, will create the first private equity fund focused on Sri Lanka, betting the nation’s economy will prosper after the end of three decades of civil war.

Calamander plans to invest between $50 million and $75 million in the island nation’s rubber, tea, timber, coconut, bank and ceramics businesses in the next 18 months, Managing Director Roman Scott said in a telephone interview on June 19. The fund aims to earn a return of as much as 35 percent, he said.

Source: 
Bloomberg
Date: 
Mon, 2009-06-22
Author: 
Cherian Thomas

Pro surfers off to Sri Lanka

The UK Pro Surf Tour has announced it will be returning to Sri Lanka in July this year for the “Sri Lanka Champion of Champions Surf Contest” at Arugam Bay.

Renowned as one of the best ‘point breaks’ in the world, Arugam Bay on the East coast of Sri Lanka is now a surfing hotspot and is accessible as a result of the recent end to the civil unrest in the country.

The 2009 Championships, which take place on July 1-6, will see 48 surfers fighting it out to become the ultimate champion including some of UK’s top professional surfers, international stars and local Sri Lankan surfers.

Source: 
Lanka Mission
Date: 
Thu, 2009-06-18
Author: 
Lanka Mission

Sri Lanka May Become ‘Hong Kong of India’ After War (Update1)

Sri Lanka’s economy can bounce back from its weakest growth in six years and become the “Hong Kong of India” as the end of almost three decades of civil war boosts business opportunities, HSBC Private Bank said.

Decades of fighting on the Indian Ocean island shackled its $32 billion economy, which according to figures released yesterday expanded 1.5 percent last quarter from a year earlier as the global recession intensified the slowdown. Ports, retailers, apparel and tea exporters could lead a recovery after the Tamil Tiger rebels were defeated last month.

Source: 
Bloomberg
Date: 
Thu, 2009-06-18
Author: 
Cherian Thomas

The Difference Dignity makes

Every so often we receive questions that remind us, even in these tumultuous times, that some things never change—or at least, they shouldn't.

Take these three, for instance, which came in last week:

Do employees have a right to know about critical decisions taken by management, such as promotions, transfers, and demotions, especially if such events do not favor them?—Colombo, Sri Lanka

How do you keep talented people engaged in relatively boring work that you wouldn't want to do yourself?—New York

Source: 
Business Week
Date: 
Wed, 2009-06-10
Author: 
Jack and Suzy Welch

The Mystery of Pure Passion

Beautiful, Unique and stunning are a few words that leapt to my mind the minute I first saw the Pure Passion line of jewelry.

The colours, textures and designs were simply spectacular, I had never seen anything like it in my life and it left me mesmerized.

Bright blue agate slices fused with brightly coloured stones, a fossilized fish suspended in time, and an intricate sterling silver mask pendant were just some of the pieces that caught my eye and refused to let go.

The genius behind pure passion is Shyam Hettiarachchi, the Designer and creator of Pure Passion.

Source: 
The Colombo Spirit
Date: 
Mon, 2009-06-08
Author: 
Dinasha Alles

Galleon Founder Rajaratnam Buys Stake in Sri Lanka Broking Firm

Raj Rajaratnam, the Sri Lankan-born founder of the $7 billion hedge fund Galleon Group, bought a 20 percent stake in broking firm Lanka Orix Securities Pvt.

Lanka Orix Leasing Company, which held 30 percent of the stock-broking firm, and Ishara Traders, which owned 40 percent, sold their stakes to Rajaratnam and other investors, said Tushan Wickramasighe, managing director at Lanka Orix Securities.

Source: 
Bloomberg
Date: 
Sat, 2009-06-13
Author: 
Pooja Thakur

Colombo banks on a Tamil-led recovery

An almost bankrupt Sri Lankan economy will turn to the Tamils' renowned business skills to help turn the nation around.

Source: 
Forbes
Date: 
Thu, 2009-06-11
Author: 
Eric Ellis

Sri Lanka to Build Hotel in Iran

Moragoda proposed the construction of a hotel in Iran.

He made the remark in a meeting with the deputy head of Iran+s Cultural Heritage, Handicrafts and Tourism Organization for investment and planning, Hossein Fazeli.

Fazeli said investment opportunities in Iran are not comparable with other countries, adding that the government has facilitated investments for building access routes and providing water, electricity and gas to tourism projects, CHTN reported.

Source: 
CHNpress.com
Date: 
Mon, 2009-06-08
Author: 
CHNpress

Privatisation under scrutiny

The judgment in the Sri Lanka Insurance Corporation (SLIC) privatisation case is opening the doors to possibly other fundamental rights against earlier privatisation of state companies. Coming on the back of the other landmark judgments against John Keells Holdings (JKH) and its directors in the privatisation of Lanka Marine Services where the Supreme Court slated former Treasury Secretary Dr. P.B. Jayasundera and JKH Chairman Susantha Ratnayake, and against the Waters Edge privatisation, privatisation per se is coming under serious scrutiny.

Source: 
Sri Lanka Guardian
Date: 
Sat, 2009-06-06
Author: 
SF

Sri Lanka property firm hit by falling prics

The real estate arm of Sri Lanka's Carsons Cumberbatch group said it was writing down the values of properties by 450.3 million rupees (US$3.9 million) as the prices slumped in the wake of tight monetary policy.

"This year has been a challenging year where we saw a significant market correction on the property prices as a result of tighter credit conditions and a change in investor and customer attitude on real estate," Equity One Ltd, a Carsons property firm said in a statement.

"The property values have reflected changes in interest rates and risk.

Source: 
Lanka Business Online
Date: 
Mon, 2009-06-01
Author: 
LBO
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