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Several bank heads resign, some likely to challenge Finance Ministry order

Following the resignations of Dr. Rani Jayamaha as Chairperson of Hatton National Bank and Sunil Wijesinha as National Development Bank PLC Chairman and the likelihood of more such resignations, very reliable sources indicated that the Finance Ministry has notified several private commercial bank heads who had been appointed to represent government owned shares to step…

(0)Comments | March 28, 2015 6:48 pm

Sunil Wijesinha steps down as NDB Chairman

National Development Bank PLC (NDB) Chairman Sunil Wijesinha has indicated his personal wish to step down as Chairman and has tendered his resignation with immediate effect. Sunil Wijesinghe is an accountant and senior executive who has managed and chaired a number of private and public organizations. He is chairman of the Employers’ Federation of Ceylon,…

(0)Comments | March 28, 2015 6:20 pm

Dr. Rani Jayamaha quits as HNB Chairperson

During a special meeting of the Hatton National Bank Board of Directors this evening (27 March), Chairperson Dr. Rani Jayamaha said she would voluntarily resign from her post and retire. Following her announcement, the Bank’s Non-Executive Independent Director Ms. M.A.R.C. Cooray has been appointed as HNB Chairperson. Dr. Rani Jayamaha has decided to resign from…

(0)Comments | March 27, 2015 7:37 pm

Fitch Upgrades AMW Capital Leasing and Finance to 'BBB+(lka)'

Fitch Ratings Lanka has upgraded Sri Lanka-based AMW Capital Leasing and Finance PLC’s (AMCL) National Long-Term Rating to ‘BBB+(lka)’ from ‘BB-(lka)’. The Outlook is Stable. The multiple-notch upgrade follows Fitch’s assessment of support from its 90%-parent, Associated Motorways Limited (AMW). KEY RATING DRIVERS AMCL’s rating reflects Fitch’s view that support would be forthcoming from AMW,…

(0)Comments | March 27, 2015 2:41 pm

China urges Sri Lanka to protect Chinese companies' interests

Chinese President Xi Jinping Thursday called on Sri Lanka to protect the legitimate interests of Chinese companies, expressing willingness to deepen cooperation in trade and infrastructure. Xi made the remarks during talks with Sri Lanka’s new President Maithripala Sirisena, who is paying a state visit to China and to attend the 2015 Boao Forum for…

(0)Comments | March 27, 2015 11:06 am

Gazette on super gains tax, mansion tax reach final stages

Preparation of the Gazette notifications on the ‘Super Gains Tax’ and the ‘Mansion Tax’ proposed by the new government through its interim budget are reportedly in their final stages and are to be released shortly. Very reliable sources reveal that though work on the preparation of the bill and Gazette notification on the Super Gains…

(0)Comments | March 26, 2015 11:34 pm

Sri Lanka enjoys lowest interest rates on loans, say main Chinese lenders

By Shehan Baranage Main Chinese lenders to Sri Lanka say they have offered the best interest rates to Sri Lanka for their loans and that they do not have any hidden agendas in lending to this country.“We do not have strings attached to these loans as some others have,” firmly reiterated a top official of…

(0)Comments | March 26, 2015 3:31 pm

Sri Lanka Chamber of Pharmaceutical responds to bribery allegations

Referring to recent media reports, which pointed towards bribery and corruption involving the pharmaceutical industry as a whole, the Sri Lanka Chamber of Pharmaceutical Industry (SLCPI) went on record saying that they wished to clearly distance themselves from such allegations. The Pharmaceutical Chamber reiterates that it has and will always support the National Medicines Regulatory…

(0)Comments | March 26, 2015 2:44 pm

Venture Engine 2015 kicks off with over Rs. 500 million in funding raised for 15 start-ups in previous years

Blue Ocean Ventures and the Indian Angel Network in partnership with the Lankan Angel Network announced the launch of Venture Engine 2015 at an event held at the OZO Colombo. Since its inception in 2012, Venture Engine has been helping entrepreneurs to take their businesses to the next level and has proven to be both…

(0)Comments | March 26, 2015 12:12 pm

Planters’ Association Chairman says productivity increase imperative for industry’s survival

* At present unit labour cost is highest but productivity is the lowest in the world in Lankan plantations  Planters’ Association of Ceylon Chairman, Roshan Rajadurai in a media statement, explains the current position on Sri Lankan plantation worker wages, noting that while labour costs in the country are the highest in the sector, especially…

(0)Comments | March 25, 2015 11:19 pm