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Airline boss suggests Malaysian MH17 tragedy could have been avoided

The boss of Emirates has suggested that airlines would have avoided flying over Ukraine long before flight MH17 crashed, if information about missiles in the area had been passed on. Sir Tim Clark told the BBC there had been evidence of weapons for weeks. But he claimed those in the know didn’t share it with…

(0)Comments | September 13, 2014 11:59 pm

Union Bank appoints Indrajith Wickramasinghe as CEO designate

The Union Bank of Colombo has appointed Indrajith Wickramasinghe as its Chief Executive Officer Designate with effect from 15 October 2014. Mr. Wickramasinghe will take over as Chief Executive Officer from 15 November 2014. He fills the vacancy created by the retirement of Anil Amarasuriya as Director/ Chief Executive Officer with effect from 15 November…

(0)Comments | September 13, 2014 12:46 pm

‘Otara’ – Will there be a ‘reincarnation’ from ODEL?

Otara along wither brothers Ajit and Ruchi Gunewardene sold their entire shares in ODEL PLC this morning (11 September) at the Colombo Stock Exchange. Most were taken by surprise by this sudden development in one of the most sought after fashion retail outlet entity. The initial response from sources revealed that Otara Gunewardene had decided…

(0)Comments | September 12, 2014 12:01 pm

Fitch Affirms Sri Lanka’s Dialog Axiata at ‘AAA(lka)’/Stable

Fitch Ratings has affirmed Sri Lanka-based telecoms company Dialog Axiata PLC’s (Dialog) ‘AAA(lka)’ National Long-Term Rating. The Outlook is Stable. KEY RATING DRIVERS Parent Support: Dialog’s rating of ‘AAA(lka) includes a single notch uplift from its stand-alone credit profile based on Fitch’s assessment of strong operational and strategic linkages with its stronger 83%-parent, Axiata Group…

(0)Comments | September 12, 2014 12:00 pm

LOLC Group acquires BRAC Lanka Finance

Commercial Leasing & Finance PLC acquired 59,581,204 shares (56.34 percent) of BRAC from BRAC Lanka Investments Private Limited at Rs. 9.70 per share. A mandatory offer will be made for the remaining shareholders. LOLC Micro Investments Limited, a wholly owned subsidiary of LOLC presently holds 35.02 percent shares of BRAC. Commercial Leasing & Finance, which…

(0)Comments | September 11, 2014 11:56 pm

Otara gives up ODEL, sells total shares to Softlogics

Founder of ODEL PLC Otara Gunawardene sold her entire shares in the company to the Softlogic Group for nearly Rs 2.7 billion. Her brothers and Directors of ODEL Ajith and Ruchi Gunawardene sold their shares as well. A total of 80.8 million shares from Otara, 39.4 million from Ajith and one million from Ruchi Gunawardene…

(0)Comments | September 11, 2014 8:22 pm

CSE’s S&P SL20 crosses 4000 mark

The Colombo Stock Exchange crossed another benchmark at the close of trading today (11th), with the S&P SL20 surpassing the 4000 mark (for the first time since its launch) and closing at 4013.18. The S&P SL20 was launched on the 26th of June 2012 and at the end of that year showed a growth of…

(0)Comments | September 11, 2014 8:21 pm

Stock Market Review – 11th Sep 2014

Colombo Bourse ended an enthusiastic trading session on Thursday recording a nearly 3-week high turnover of LKR 5.6bn. Benchmark All share price index gained 36.00 points or 0.50% to end at 7,199.25 while S&P SL 20 index crossed the 4,000 level today to close at 4,013.18 with a gain of 24.59 points or 0.62%. The…

(0)Comments | September 11, 2014 8:13 pm

Coconut oil – Sri Lanka’s next opportunity in Japan

The Japanese show much care and concern over their food habits. Since a Japanese scientist has discovered that coconut oil being used in the preparation of meals retards Alzheimer’s disease, the most common form of dementia – the Japanese are using more and more coconut oil in their food preparations, says Sri Lanka’s Ambassador in…

(0)Comments | September 11, 2014 10:39 am

CSE achieves historic benchmark: Market Cap crosses Rs. 3 Trillion

The Market Capitalisation of the Colombo Stock Exchange (CSE) crossed Rs. 3 Trillion for the first time in the history of the Exchange. At the close of trading today Market Capitalisation was at Rs.3, 006.7 Billion. The Market Capitalisation measures the market determined value of all listed voting shares. This exceptional performance comes in the…

(0)Comments | September 10, 2014 7:53 pm