The management of Navara Securities (Private) Limited, functioning as a Stock Broker at the Colombo Stock Exchange has decided to adopt the Voluntary Inactivation of Business Operations. While informing about this to its clients, Navara Securities (Private) Limited has requested tem to transfer their stock portfolios with the company to another stockbroker firm at their…
Bank of Ceylon sold its share ownership in Janashakthi Insurance PLC today (30 January). Bank of Ceylon (Bank of Ceylon – No 2 A/C) sold 10,594,286 of its shares in Janashakthi at Rs. 20.00 each. This is 1.9 per cent of its stake in Janashakthi Insurance PLC. The significant feature in this transaction is it…
With its ‘brand affluence’ product range having already become the benchmark for omni-channel banking in Sri Lanka’s financial technology sector, Colombo-based Fortunaglobal has achieved another milestone by teaming up with Ada Derana to extend the LISA AI-based bot platform to the news and entertainment industry by launching Sri Lanka’s First Trilingual AI based bot for…
Reuters – Sri Lankan shares closed little changed on Monday in dull trade as political uncertainty ahead of a local election next month weighed on the sentiment, dealers said. Sri Lanka will hold a long-delayed local government election on Feb. 10. President Maithripala Sirisena in an election rally over the weekend said he was ready…
Moves are underway by the Construction Industry Development Authority (CIDA) to introduce new regulations to standardize minimum salaries for construction labour force in a bid to attract new talent to address the domestic worker shortage. The Authority has already commenced a pilot project to create a database of workers, through which employers will be able…
The business confidence gauge remains intact for the time being ahead of more elections In early December, Sri Lanka formally handed over the Hambantota Port to China on a 99 year lease despite criticism that the move could lead to an erosion of the country’s standing as a sovereign state. The southern port has incurred…
SYDNEY, Jan 29 (Reuters) – Asian shares extended their bull run on Monday amid upbeat corporate earnings and strong global economic growth, while the dollar struggled to bounce as the White House continued to complain of “unfair” trade practices by competitors. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.26 percent, aiming for a…
The Foreign Direct Investment (FDI) into Sri Lanka has grown to over USD 1.63 billion in 2017, doubling the USD 802 million achieved in the previous year. The Board of Investment (BOI) reported that this is the highest ever FDI surpassing the USD 1.61 in 2014, with solid growth across key sectors. The strong growth is a…
~ Enjoining order against offending unregistered foreign companies posing off as Brokers Colombo District Court Judge Sujeewa Nishanka issued an interim injunction essentially forbidding any foreign company that is not registered as a company, or as insurance brokers, from offering any insurance related services in the country. The complainant in this case, Strategic Insurance Brokers…
Billionaire hedge fund manager George Soros slammed Facebook (FB) and Google (GOOGL), two companies he’s invested in recently, noting that “the rise and monopolistic behavior” of tech platform companies has become a “global problem.” Speaking at the World Economic Forum in Davos, Switzerland, Soros, called out Facebook and Google for “exploiting” social environments and causing…
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