An unfriendly business environment plus an uncertain climate are among new reasons for some conglomerates and middle-sized companies with exceptional skills to invest overseas, an analysis by The Sunday Times FT shows.Boldness and being where the action is (India and China), labour costs, infrastructure constraints and inconsistent policies are also reasons for Sri Lankan companies to venture out.

The Central Bank is cutting Harry Jayawardene’s direct stake in Commercial Bank but has refused to acknowledge ‘acting in concert’ with regard to control in the bank that he has through other parties. The Central Bank ruling follows a general order to banks to restrict an individual’s stake to a maximum 15 percent under the the Banking Law.

Industry stakeholders are eagerly awaiting the creation of a Tourism Development Authority under the new Tourism Act, drafted two years ago, and now due to be effective from October 1. Abbas Esufally, Group Director Hemas Tours said that the private sector, despite owning almost 100 percent of the tourism assets in the country, hasn’t had a voice on how to promote tourism in the country.

A Colombo court has issued summons on Royle Janz, Director Periceyl Ltd, a subsidiary of Distilleries Corporation of Sri Lanka (DCSL) and Wimal Karunaratne, Manager DCSL, Seeduwa in conjunction with the Customs fraud case amidst much political pressure to stall the investigation by the Customs Department.