The Colombo Commercial High Court has issued summons on former Chairman/CEO of Touchwood Investments PLC, Lanka Wijendra Kiwlegedera following the Liquidator, G.K.S.Kumar reporting that Mr. Kiwlegedera has failed to submit a statement of affairs of the company though he had requested for two weeks’ time from 23 June 2014. As mentioned in the winding up…
The sequestration order obtained by Lanka ORIX Finance PLC (LOFIN) in the Commercial High Court of Colombo preventing Dynaris Holdings PLC from disposing their assets has been now lifted since the matter has been settled in full.
The Central Bank of Sri Lanka (CBSL) and the Reserve Bank of India (RBI) entered into a Bilateral Agreement on the 24th July 2014 which enables CBSL to further diversify its reserves management activities into Indian rupee denominated assets, while reciprocally, RBI is able to access the Sri Lankan government securities market, up to a…
Colombo shares extended losses on Thursday as main bourse lost 2.58 points (-0.04%) to end at 6,781.40 while S&P SL 20 index lost 7.94 points (-0.21%) to close at 3,767.20. Price declines in Good Hope (closed at LKR 1,500.00, -22.7%), Carson Cumberbatch (closed at LKR 480.00, -2%) and Lion Brewery (closed at LKR 630.00, -5%)…
A missing Air Algerie plane that lost contact en route from Burkina Faso is an Airbus A320 carrying 110 passengers to Algiers, an Algerian official said today. Air navigation services lost track of the plane 50 minutes after take-off in the early hours of today. “In keeping with procedures, Air Algerie has launched its emergency…
Online payments firm PayPal is to start advancing cash to UK small businesses, the company has announced. The PayPal Working Capital fund is due to launch later this year, the firm said. The eBay-owned company said it would only recoup money when firms sell through PayPal services. However, earlier this month there were complaints from…
United Motors Lanka PLC has appointed Professor Malik Ranasinghe as an independent non-executive director of the company with effect from 22 July 2014. Prof. Ranasinghe is a Senior Professor in Civil Engineering and the immediate past Vice Chancellor at the University of Moratuwa. He is an International Professional Engineer, Chartered Engineer and a Fellow of…
A TransAsia Airlines plane has made an emergency landing in Taiwan killing 51 people and injuring seven. The aircraft reportedly came down in the Penghu Islands off the western coast of Taiwan. Authorities said the plane, carrying 58 people including four crew, crashed near the airport on the outlying Penghu island. “Fifty-one people are feared dead…
Colombo stocks closed lower on Wednesday despite 48 counters reaching its’ 52wk high price levels. The market started on a positive note but failed to maintain the momentum towards the latter part of the trading session. The main index touched 34month high of 6,815.89 mark during the morning session but closed at 6,783.98, sinking by…
Saudi Arabia’s stock market will open up to foreign investors for the first time, the country has announced. The move, which should happen in the first half of 2015, sparked a 3% rise in the Tadawul index on Tuesday. The Saudi market is the biggest in the Middle East and the second biggest in the…
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