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Textured Jersey Lanka to acquire controlling stake in Ocean India (Pvt) Ltd of Visakhapatnam

With a view to acquiring a controlling stake of Ocean India (Private) Limited, a company that manufactures knit fabric at Visakhapatnam in India, Textured Jersey Lanka PLC has decided to acquire the entirety of the issued shares Ocean Mauritius Limited (Ocean Mauritius), a company incorporated in Mauritius, which is the parent company of Ocean India.

(0)Comments | June 29, 2015 9:09 pm

Dr. Harsha De Silva responds to Rs. 105 billion emergency ambulance service by India –Video Interview

India is to provide a grant of Rs. 105 billion to begin an island-wide emergency ambulance service in Sri Lanka utilizing 297 ambulances with the aim of taking a individual fallen ill or having met with an accident to hospital within the first few minutes. This emergency ambulance service begun as a non-profit earning venture…

(0)Comments | June 29, 2015 6:20 pm

Colombo stocks welcome general election

Colombo bourse welcomed the announcement of the general election on a positive note on Monday. The ASI reported mild gains on another lackluster trading session as most of the investors continue to remain on sidelines, assessing the current political developments. The much awaited decision on dissolving the parliament was announced on last Friday and the…

(0)Comments | June 29, 2015 6:19 pm

Ceylon Chamber conducts a study on ‘Global and Local apparel sector

The Ceylon Chamber of Commerce has conducted a statistical analysis on the Global Apparel sector along with a look at Sri Lanka’s Apparel sector’s performance. The study titled ‘Apparel Sector Statistical Analysis 2014,’ compiled by the Chambers Business Information Division, has covered a number of topics of importance. The analysis covers area such as, ‘Industry…

(0)Comments | June 29, 2015 4:01 pm

World Bank supports increased access to safe drinking water and improved sanitation in Sri Lanka

The World Bank Board has approved a $165 million credit for Sri Lanka to increase access to piped water services and improved sanitation in the Mullaithivu, Kilinochchi, Nuwara Eliya, Badulla, Monoregala, Kegalle and Ratnapura Districts. Around 450,000 people are expected to benefit under the project from improved access to safe piped water, contributing to the…

(0)Comments | June 29, 2015 2:37 pm

Greece imposes capital controls as crisis deepens

Greece closed its banks and imposed capital controls on Sunday to check the growing strains on its crippled financial system, bringing the prospect of being forced out of the euro into plain sight. After bailout talks between the leftwing government and foreign lenders broke down at the weekend, the European Central Bank froze vital funding…

(0)Comments | June 29, 2015 2:17 pm

Sirisena Calls Early Sri Lanka Election as Reform Hopes Dwindle

Sri Lankan President Maithripala Sirisena dissolved parliament and called early elections for Aug. 17 after failing to push through changes to the country’s voting system he promised after taking power six months ago. The decision was announced in a so-called gazette on the government website late Friday. It came before lawmakers voted on a constitutional…

(0)Comments | June 29, 2015 11:33 am

Central Bank’s policy interest rates in face of an election

The Central Bank of Sri Lanka (CBSL) has decided to maintain its policy interest rates which determine the interest rates of commercial banks, unchanged at 6.00 per cent to 7.50 per cent during June as well. Meanwhile, the CBSL’s Monetary Board has decided to further maintain the bank’s statutory reserve ratio at 6.00 percent. Though…

(0)Comments | June 29, 2015 10:07 am

Designated envoys to Philippines and Vietnam visit Chamber – meet its member companies

The Ceylon Chamber of Commerce recently, facilitated a meeting between Sri Lanka’s designated envoys to Vietnam and Philippines, respectively Mrs. Hasanthi Dissanayake and Mrs. Aruni Ranaraja and some local companies, who are doing business with the respective countries to discuss matters relating to trade and commercial ties between Sri Lankan and those two countries. During…

(0)Comments | June 28, 2015 9:33 pm

Venture Engine 2015 announces Top 3 Start-Ups at Finale

* All 11 Finalists move forward to explore opportunities with an International Panel of Investors The Venture Engine entrepreneurship development program drew to a close at The OZO, Colombo on 23 June, marking a successful four-year run. The 11 finalists behind the top ranked projects made their final presentations to a panel of internationally renowned…

(0)Comments | June 27, 2015 4:15 pm