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UK Price Cap Flags Regulatory Risk for High-Cost Lenders

The proposal for a price cap on high-cost, short-term credit in the UK highlights the regulatory risks for non-standard lenders, Fitch Ratings says. It signals the potential for stricter rules in the UK that are closer to other countries in Europe and the US, as increased regulation extends from banks to shadow banking and consumer…

(0)Comments | July 18, 2014 3:37 pm

Asia Finance takes leap forward

While complying with the Central Bank’s Financial Sector Consolidation Programme 2014, Asia Asset Finance PLC is preparing to for a Rights Issue to increase its core capital to Rupees One Billion. The company is to issue 279.7 million shares at Rs. 1.60 each in the proportion of one new ordinary share for every two ordinary…

(0)Comments | July 18, 2014 2:28 pm

adaderanabiz.lk report proved correct. US company to broker NDB-DFCC amalgamation

Proving the adaderanabiz.lk news report on 24 June that the world renowned Boston Consulting Group has been selected to advice on the DFCC-National Development Bank amalgamation process, these two banks have informed the Colombo Stock Exchange of this fact. This announcement has stated that Boston Consulting Group (India) Private Limited has been selected to advice…

(0)Comments | July 17, 2014 9:57 pm

Stock Market Review – 17th July 2014

Colombo bourse ended in negative territory on Thursday after three consecutive days of gains. Core index lost 20.69 points or 0.31% to close at 6,721.87 while S&P SL 20 index lost 12.53 points or 0.33% to close at LKR 3,748.52. Price declined in counters such as Sri Lanka Telecom (closed at LKR 55.00, -2.1%), Lion…

(0)Comments | July 17, 2014 5:24 pm

Real Madrid ‘most valuable sports team’, says Forbes

Spanish football club Real Madrid has topped an annual Forbes list of the world’s most valuable sports teams. The club, who won the Champions League in May, is worth an estimated $3.44bn (£2bn), Forbes said. The top three slots are occupied by football clubs, with Barcelona in second place at $3.2bn, and Manchester United third,…

(0)Comments | July 17, 2014 1:11 pm

Sri Lanka’s first-ever Medical Reference Laboratory launched by Lanka Hospitals Diagnostics

Sri Lanka’s leading healthcare service provider, Lanka Hospitals launched its revolutionary offering, a Medical Reference Laboratory today (16July). The landmark opening of the first-ever such reference laboratory in the country was graced by President Mahinda Rajapaksa, who presided over to the occasion as the chief guest. With the opening of this new medical reference laboratory…

(0)Comments | July 16, 2014 9:54 pm

Commercial Bank to acquire Indra Finance

Following negotiations, Commercial Bank of Ceylon PLC has decided to acquire the entire issued and fully paid share capital of Indra Finance Limited, a licensed finance company, for a total price of Rs. 870 million. This share acquisition is in compliance with the consolidation plans of the Central Bank of Sri Lanka.

(0)Comments | July 16, 2014 9:53 pm

Stock Market Review – 16th July 2014

Colombo equity bourse managed to maintain momentum gained on last trading sessions where core index closed with positive returns for the third consecutive day. Main bourse gained 14.77 index points or 0.22% to end at 6,742.56. 20-scrip S&P SL index gained 10.79 index points or 0.29% to close at 3,761.05. Price appreciations in equities such…

(0)Comments | July 16, 2014 4:48 pm

Changes in PCH Holdings directorate

The Colombo High Court has issued interim orders on 04 and 11 July against PCH Holdings PLC whereby pending the summoning and holding an Extraordinary General Meeting of the company and appointed Chaminda Dayan Banduthileka and Darshana Padmal Galabodage as directors of the company and PW Corporate Secretarial (Pvt) Limited as the secretaries to the…

(0)Comments | July 16, 2014 12:43 pm

S. Renganathan appointed COO & Executive Director of Commercial Bank

The Commercial Bank of Ceylon PLC has announced the appointment of Mr Sivakrishnarajah Renganathan, the Bank’s Deputy General Manager – Personal Banking, as Chief Operating Officer (COO) and Executive Director with effect from 17th July 2014. A career banker who has served Commercial Bank throughout the entirety of his 34-year working career, Mr Renganathan has…

(0)Comments | July 16, 2014 12:42 pm