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Aravinda Perera appointed to CSE Board

Mr. Aravinda Perera was appointed to the Board of Directors of the Colombo Stock Exchange (CSE) with effect from 9th July, 2014, in place of Mr. Krishan Balendra, who completed his term as Chairman of the Board and resigned from the Board with effect from 5thJune, 2014. Mr. Perera is currently the Managing Director of…

(0)Comments | July 21, 2014 5:14 pm

MoU signed to acquire majority shares of George Steuart Finance

Deshodaya Development Finance Limited, George Steuart & Company Limited and Capital Trust Holding Limited have signed a memorandum of understanding to acquire the majority shares of George Steuart Finance PLC. In keeping with the Financial Sector Consolidation master plan of the Central Bank of Sri Lanka, Deshodaya Development Finance Limited has entered into a Memorandum…

(0)Comments | July 21, 2014 2:44 pm

Ceylon Leather Products, Lanka Century Investments gain control of South Asia Textile

Ceylon Leather Products PLC subscribed to 3,064,485,280 shares in South Asia Textile Industries Lanka (Private) Limited through a Rights Issue for Rs. 306,448,528 thus increasing its hold in South Asia Textile Industries to 80.39 percent. Meanwhile, Lanka Century Investments PLC which is the controlling shareholder of Ceylon Leather Products PLC subscribed to 480,703,600 shares in…

(0)Comments | July 21, 2014 2:36 pm

Rajapaksa welcomes new BRICS Bank

President Mahinda Rajapaksa today welcomed the formation of the New Development Bank (NDB) by the five Brics countries — Brazil, Russia, India, China and South Africa — at the 6th BRICS summit in Brazil, saying it will assist emerging nations significantly. “Sri Lanka welcomes the initiative of BRICS leaders to establish a new Development Bank….

(0)Comments | July 21, 2014 12:23 pm

Google revenue helped by ads as business boss leaves

Internet giant Google has reported a 22% jump in revenue during the second quarter period from March to June compared with a year earlier. Revenue rose to $16bn (£9.4bn) and profits were up 6% to $3.4bn, said the firm in its earnings report. Strong demand for Google’s advertising helped boost revenues above expectations. Google also…

(0)Comments | July 21, 2014 12:16 pm

MH17 took route avoided by Qantas, Cathay Pacific

Malaysia Airlines System Bhd, whose plane carrying 298 passengers was shot down over eastern Ukraine, took a route that Qantas Airways Ltd and several other carriers avoided. Qantas hasn’t been using that route for a few months, said Andrew McGinnes, a spokesman for the Australian carrier, while Cathay Pacific Airways Ltd said it hasn’t been…

(0)Comments | July 19, 2014 2:30 pm

Latest Toyota Sienna minivan makes it easier to yell at kids

Toyota wants to help you scream at your unruly kids. The latest version of the company’s Sienna minivan has a feature called “Driver Easy Speak.” It uses a built-in microphone to amplify a parent’s voice through speakers in the back seats. Toyota says it added Easy Speak “so parents don’t have to shout to passengers…

(0)Comments | July 19, 2014 2:18 pm

Stock Market Review – 18th July 2014

Colombo stock market wrapped the weekly operations in opposite directions where main bourse witnessed marginal returns with turnover crossing LKR 1bn mark. ASI index gained 0.33 index points to close at 6,722.20 while S&P SL20 index declined 8.49 index points or 0.23% to end at 3,738.98. Gains were recorded in index heavy stocks such as…

(0)Comments | July 19, 2014 2:13 pm

What is happening to the financial sector consolidation programme?

Most parts of the financial sector consolidation programme launched by the Central Bank of Sri Lanka could be completed by end this year and is scheduled to be completed within the first quarter of next year, said the Central Bank Governor. Under this programme, some15 transactions are expected soon and discussions are now going ahead,…

(0)Comments | July 18, 2014 4:40 pm

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