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Brandix Textile Holdings acquires Kuruwita Textile Mills shares

The voluntary offer by Brandix Textile Holdings Limited to acquire the issued and fully paid up ordinary shares of Kuruwita Textile Mills PLC closed at 4.00 pm yesterday. The payments of consideration for the shares will be made to the shareholders on or before 14 August 2014.

(0)Comments | July 16, 2014 11:16 am

200-Year-Old Bottle of Seltzer Found in Shipwreck

Polish archaeologists have recovered one of the world’s oldest intact bottles of mineral water from a shipwreck lying on the bottom of the Baltic Sea. Still corked, the perfectly preserved stoneware bottle was produced between 1806 and 1830 by Selters, one of the oldest mineral waters in Europe. The 12-inch bottle was found during archaeological…

(0)Comments | July 16, 2014 10:08 am

Stock Market Review – 15th July 2014

Colombo shares closed in positive territory on Tuesday as both indices recorded higher returns. Main bourse gained 28.76 points (+0.43%) to end at 6,727.79 and S&P SL 20 gained 29.03 points (+0.78%) to end at 3,750.26. Price progression in index heavy counters such as Carson Cumberbatch (closed at LKR 450.00, +7.1%), Bukit Darah (closed at…

(0)Comments | July 15, 2014 6:30 pm

Jegan Durairatnam takes the helm from Ravi Dias at Commercial Bank

Commercial Bank of Ceylon PLC has announced the appointment of career banker Mr Jegan Durairatnam as the Bank’s Managing Director and CEO effective 17th July 2014, on the retirement of the incumbent Mr Ravi Dias. Mr. Durairatnam is currently Executive Director and Chief Operating Officer of the Bank. A senior member of Commercial Bank’s corporate…

(0)Comments | July 15, 2014 4:09 pm

Nearly 50% liquor licenses issued within five years

It has been revealed that nearly 50 percent of the liquor licenses now in operation in Sri Lanka are those issued within the period 1997 to 2001. While responding to a question in parliament by United National Party (UNP) parliamentarian P. Harrison, the Finance Ministry has stated that currently there are 2,963 valid liquor licenses…

(0)Comments | July 15, 2014 2:58 pm

Toyota Planning New Engine Families, Turbocharging On The Cards

Toyota is planning to slash the cost of developing and manufacturing its next-generation range of engines, while simultaneously lifting fuel economy and opening up the possibility of turbocharging. While many of the world’s car makers have embraced forced induction and smaller displacement motors, Toyota has instead focused its engineering efforts on hybrid powertrain technology. But…

(0)Comments | July 15, 2014 1:08 pm

High street hit: London busker of 20 years lands £1million record deal

Singer Si Cranstoun, 38, spent years struggling to make ends meet performing for passer-bys – including then PM Tony Blair, who once gave him 30p. But last April, Si landed a breakthrough deal with music giants Warner. The busker’s first single ‘Caught in the Moonlight’ was shortlisted on the Radio 2 playlist last month and…

(0)Comments | July 15, 2014 10:17 am

Another interim order against PC House Holdings

Adam Investments Limited, an investor group in PC House Holdings PLC said it has obtained an interim order from the Commercial High Court of Colombo restraining PC House Holdings PLC from selling or transferring Bieco Link Carbons (Pvt) Ltd shares to MMD Lanka Ventures (Pvt) Limited. This order also restrains MMD Lanka Ventures (Pvt) Limited…

(0)Comments | July 14, 2014 9:16 pm

Sri Lanka’s International Reserve position

By end May 2014, Sri Lanka’s gross official reserves amounted to US dollars 8.8 billion while total foreign assets which include foreign assets of the banking sector amounted to US dollars 10.2 billion. The Central Bank of Sri Lanka says in terms of months of imports, gross official reserves were equivalent to 5.9 months of…

(0)Comments | July 14, 2014 8:56 pm

Gold imports down: Sri Lanka’s foreign trade performance

Latest data released by the Central Bank of Sri Lanka (CBSL) reveals that Sri Lanka’s Trade Deficit has further decreased due to the country’s export earnings increasing and import expenditure decreasing last May. While the reduction in imports of crude oil, gold and diamonds have resulted in the reduction of import expenditures, the inflow of…

(0)Comments | July 14, 2014 8:49 pm