HNB Assurance PLC has transferred its General Insurance business, including all its assets and liabilities of that part of the business to HNB General Insurance Limited which is a wholly owned subsidiary of the company. This is in compliance to insurance industry regulations which requires all insurers engaged in general insurance and long term insurance…
MBSL Savings Bank Limited and MCSL Financial Services Limited have been amalgamated with Merchant Bank of Sri Lanka & Finance PLC which was formerly known as Merchant Bank of Sri Lanka PLC. The amalgamated company is now Merchant Bank of Sri Lanka & Finance PLC and the amalgamation took place on 01 January 2015. Merchant…
John Keells says that 78 per cent shares of the General Insurance business of Union Assurance Insurance Limited belonging to the John Keells Group has been sold for nearly Rs. 3.5 billion to Fairfax Asia Limited. The company entered into this agreement last July. Around 22 per cent of the balance insurance business of the…
Janashakthi Insurance PLC has established a fully owned subsidiary – Janashakthi General Insurance Limited to take over the General Insurance business. This follows the guidelines of the Insurance Board of Sri Lanka, which is the regulating body, requiring all the composite insurance companies to segregate the long term insurance business and the general insurance business…
The granting of Dual Citizenship has been reintroduced by a Cabinet approval and will be in force from today. This was revealed by the Additional Secretary (Civil Security & Development) of the Ministry of Defence and Urban Development Mrs. Damayanthi Jayaratna during the weekly press briefing held at the Media Centre in Colombo Speaking to…
The CSE is on an upward growth trajectory and has recorded positive growth in the past year, surpassing several previous records. In 2014 the S&P SL20 crossed the 4000 mark for the first time since its launch, market capitalization reached Rs. 3 trillion closing the year on Rs. 3, 104.9 Mn and the All Share…
The Venezuelan tourism ministry has denied reports that a shortage of milk is behind the closure of a famous ice-cream shop in the city of Merida. The shop, called Coromoto, is famous for offering more than 850 flavours of ice cream ranging from beer to beans. It announced on Facebook on 26 December that it…
Palm Garden Hotels PLC has invested US dollars 500,000 to acquire 5,000 shares of Bodufaru Beach Resort (Private) Limited in the Maldives. This amounts to 33.33 per cent equity of the company and to develop a resort hotel in the Maldives. This Palm Garden Hotels investment is jointly with Eden Hotel Lanka PLC and Browns…
Colombo stock market closed with positive returns on Tuesday amid lackluster trading session. ASI slightly gained 3.74 index points or 0.05% to close at 7,291.33 while 20-scrip S&P SL index marginally gained 5.79 index points (+0.14%) to end at 4,086.50. Price appreciations in counters such as National Development Bank (LKR closed at LKR 248.00, +1.6%),…
With a view to providing a higher interest income for senior citizens, the Budget 2015 proposed a 12 per cent special annual interest rate scheme for deposits Of citizens over 60 years of age, who maintain the fixed Deposits in all licensed banks
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