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NDB top seat vacated by Sunil Wijesinha filled by ex-Chairman of Hayleys Group

Following Sunil Wijesinha’s resignation as Chairman of the National Development Bank, better known as the NDB Bank, the vacancy thus created has been filled by former Hayleys Group Chairman N.G. Wickremeratne. This appointment with immediate effect was made by the Bank’s Board of Directors at a meeting on 20 April. The government had recently notified…

(0)Comments | April 21, 2015 12:21 pm

Colombo equities swung between gains and losses

Colombo equities swung between gains and losses on Monday and closed with mixed results amid political uncertainties. All Share Price Index was up in the morning session by 7.78, +0.1% but closed in the negative column at 7,080.38 with a loss of 6.03 points or -0.09%. S&P SL 20 index gained 8.04 points (-0.20%) to…

(0)Comments | April 20, 2015 5:30 pm

Fitch Rates Singer's Proposed Debenture Issue 'A-(lka)(EXP)'

Fitch Ratings has assigned Singer Sri Lanka PLC’s (Singer; A(lka)/Stable) proposed unsecured redeemable debenture issue of up to LKR3bn a National Long-Term Rating of ‘A-(lka)(EXP)’. The debentures are likely to have a three-year tenor and to be issued in two tranches with fixed and floating rates. The proceeds of the proposed issue will be used…

(0)Comments | April 20, 2015 5:24 pm

Commercial Bank’s ATMs set new records this ‘Avurudu’

If withdrawals from the ATMs of Commercial Bank in the ‘Avurudu’ season are anything to go by, Sri Lankans celebrated their New Year on a grand scale in 2015, establishing new records for cash dispensed from the largest automated teller network owned by a single bank in the country. The previous record of Rs 2.05…

(0)Comments | April 20, 2015 3:01 pm

Puritas commissions pioneering wastewater treatment plant for coir industry in Sri Lanka

Sri Lanka’s coir industry reached an important milestone last month, with the commissioning of a pioneering wastewater treatment plant for the Botanicoir (Pvt) Ltd factory in Dankotuwa. The wastewater produced in the process of removing unwanted elements in the coir substrate manufacturing process, if not managed properly, can become a threat to the local environment….

(0)Comments | April 19, 2015 11:01 am

At global economic gathering, U.S. primacy is seen as ebbing

WASHINGTON: As world leaders converge here for their semiannual trek to the capital of what is still the world’s most powerful economy, concern is rising in many quarters that the United States is retreating from global economic leadership just when it is needed most. The spring meetings of the International Monetary Fund and World Bank…

(0)Comments | April 18, 2015 9:14 pm

Coke to buy China multi-grain drinks maker for $400 million

Coca-Cola Co (KO.N) has agreed to buy the beverage business of China Culiangwang Beverages Holdings Ltd (0904.HK) for $400.5 million including debt, to get a foothold in the fast growing multi-grain drinks category. The deal marks Coke’s first takeover in China since the country’s antitrust regulator blocked its bid to buy local fruit juice maker…

(0)Comments | April 18, 2015 11:31 am

Colombo equities wraps weekly operations on an optimistic note

Colombo stock market wrapped the weekly operations on an optimistic note ahead of the 19th amendment to the constitution to be presented in the parliament on Monday (20th April 2015). Main index declined to 7,067 in the opening hours but managed closed higher gaining 9.14 index points (+0.13%) to end at 7,086.41 while 20-scrip S&P…

(0)Comments | April 17, 2015 7:16 pm

Bribery Commission prohibits CB Governor from going overseas

The Commission to Investigate Allegations on Bribery or Corruption has reportedly prohibited Sri Lanka’s Central Bank Governor Arjuna Mahendran from travelling overseas. Mahendran was summoned and questioned by the Commission yesterday (16 April) for over six hours from 9.00 am over allegations of irregularities in the recent Treasury Bond issue and his statement recorded, said…

(0)Comments | April 17, 2015 5:27 pm

Signs of Sri Lanka’s economic growth declining due to stalled infrastructure projects

The World Bank has forecast a decline in the development of Sri Lanka’s construction industry due to the new government’s attempts to re-evaluate infrastructure development projects and hence the island’s economic growth rate would fall to 6.9 per cent in 2015 when compared to the last year. The World Bank’s South Asia Economic Focus report…

(0)Comments | April 17, 2015 11:41 am