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Toyota opens thousands of green tech patents to the auto industry

Toyota announced today that it is following Tesla’s lead and opening up more than 5,600 fuel cell and related patents to the rest of the automotive industry for royalty-free use. The automaker will open up access to 5,680 fuel cell-related patents held globally, including critical technologies developed for the new Toyota Mirai. The list includes…

(0)Comments | January 6, 2015 11:27 am

Oil hits five-and-a-half-year lows on supply glut

Oil prices dropped to fresh 5-1/2-year lows on Monday as worries about a surplus of global supplies and lackluster demand dragged on oil markets. Russia’s oil output hit a post-Soviet high last year, averaging 10.58 million barrels per day (bpd), up 0.7 percent thanks to small non-state producers, Energy Ministry data showed. Iraq’s oil exports…

(0)Comments | January 5, 2015 4:00 pm

Ceylon Chamber of Commerce proposes guidelines for post-presidential poll Sri Lanka

While setting out recommendations for a robust macro-economic position in Sri Lanka following the 08 January Presidential election, the Ceylon Chamber of Commerce has released a statement of certain guidelines to be followed. Sri Lanka must embrace diversity and value the benefits it brings to society. From an economic perspective, a harmonious and inclusive society…

(0)Comments | January 5, 2015 2:38 pm

Regional Development Bank looks at Rs. 2.5 billion

Regional Development Bank (RDB Bank) is preparing to raise Rs. 2.5 billion through a debenture issue. The bank is to issue 25 million debentures of Rs. 100 each and the Colombo Stock Exchange has approved to list this issue. The issue opens on 16 January.

(0)Comments | January 5, 2015 1:48 pm

Did SriLankan freight ‘super cars’? Airline clarifies

SriLankan Airlines has sent a clarification over news reports on social websites that it had air freighted several luxury cars in its craft. The national airlines says that though during earlier years valuable cargo like these have been sent as daily air cargo through its aircraft, since July 2014 the airline has not carried any…

(0)Comments | January 5, 2015 10:37 am

HNB Assurance transfers General Insurance business to HNB General Insurance

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…

(0)Comments | January 2, 2015 5:54 pm

MBSL Savings, MCSL Financial Services amalgamated

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…

(0)Comments | January 2, 2015 5:15 pm

Union Assurance General Insurance goes to Canadian company

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…

(0)Comments | January 2, 2015 4:21 pm

Janashakthi’s Insurance establishes subsidiary to handle General Insurance

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…

(0)Comments | January 1, 2015 11:27 am

Granting of Dual Citizenship recommenced

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…

(0)Comments | January 1, 2015 5:28 am