Commercial Bank of Ceylon PLC has announced the appointment of career banker Mr Jegan Durairatnam as the Bank’s Managing Director and CEO effective 17th July 2014, on the retirement of the incumbent Mr Ravi Dias. Mr. Durairatnam is currently Executive Director and Chief Operating Officer of the Bank. A senior member of Commercial Bank’s corporate…
It has been revealed that nearly 50 percent of the liquor licenses now in operation in Sri Lanka are those issued within the period 1997 to 2001. While responding to a question in parliament by United National Party (UNP) parliamentarian P. Harrison, the Finance Ministry has stated that currently there are 2,963 valid liquor licenses…
Toyota is planning to slash the cost of developing and manufacturing its next-generation range of engines, while simultaneously lifting fuel economy and opening up the possibility of turbocharging. While many of the world’s car makers have embraced forced induction and smaller displacement motors, Toyota has instead focused its engineering efforts on hybrid powertrain technology. But…
Singer Si Cranstoun, 38, spent years struggling to make ends meet performing for passer-bys – including then PM Tony Blair, who once gave him 30p. But last April, Si landed a breakthrough deal with music giants Warner. The busker’s first single ‘Caught in the Moonlight’ was shortlisted on the Radio 2 playlist last month and…
Adam Investments Limited, an investor group in PC House Holdings PLC said it has obtained an interim order from the Commercial High Court of Colombo restraining PC House Holdings PLC from selling or transferring Bieco Link Carbons (Pvt) Ltd shares to MMD Lanka Ventures (Pvt) Limited. This order also restrains MMD Lanka Ventures (Pvt) Limited…
By end May 2014, Sri Lanka’s gross official reserves amounted to US dollars 8.8 billion while total foreign assets which include foreign assets of the banking sector amounted to US dollars 10.2 billion. The Central Bank of Sri Lanka says in terms of months of imports, gross official reserves were equivalent to 5.9 months of…
Latest data released by the Central Bank of Sri Lanka (CBSL) reveals that Sri Lanka’s Trade Deficit has further decreased due to the country’s export earnings increasing and import expenditure decreasing last May. While the reduction in imports of crude oil, gold and diamonds have resulted in the reduction of import expenditures, the inflow of…
Colombo equity market started fresh week on a positive note where ASI touched 52wk high of 6,713.95 amid the low level of activity. ASI gained 37.63 index points or 0.56% to end at 6,699.03 while 20-scrip S&P SL index gained 13.07 index points or 0.35% to close at 3,721.23. Price appreciations in counters such as…
While the Monetary Board of the Sri Lanka Central Bank (SLCB) has decided to retain the interest rates which in turn decide the interest rates of the commercial banks unchanged at 6.50 and 8.00 percent in July as well, it has pointed out to the commercial banks that the lending rates should be further reduced….
The Monetary Board, with the concurrence of the President and Minister of Finance, has appointed Mr P Samarasiri as a Deputy Governor of the Central Bank, with effect from 1st June, 2014. Mr. P Samarasiri has functioned as an Assistant Governor in the Central Bank over the previous six and half years and while holding…
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