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Russia’s Putin signs 30 year gas deal with China

The deal between Russia’s Gazprom and China National Petroleum Corp (CNPC) has been 10 years in the making. No official price has been given but it estimated to be worth over $400bn. Russia has been keen to find an alternative energy market for its gas as it faces the possibility of European sanctions over the…

(0)Comments | May 21, 2014 5:06 pm

Orient Garments in new partnership

Orient Garments Plc. is preparing to amalgamate with Stafford Orient Pvt. Ltd. While this has been notified to the Colombo Stock Exchange, Stafford Orient Pvt. Ltd is a fully owned subsidiary of Orient Garments Plc. Orient Garments further states that this amalgamation would be with effect from 20 June and after that it would function…

(0)Comments | May 21, 2014 2:59 pm

Touchwood verdict postponed again

The final verdict on the case filed by investors claiming that the Touchwood, the company engaged in reforestation had not paid the expected dividends to them, several cheques issued by the company had been not honoured and hence it should be liquidated, has been postponed again. The case taken up today by the Colombo commercial…

(0)Comments | May 21, 2014 1:36 pm

Central Bank Introduces a Credit Guarantee Scheme on Pawning Advances

The Monetary Board has approved the implementation of a Credit Guarantee Scheme on behalf of the Government for pawning advances granted by licensed banks, in order to support lending against gold articles.  The Monetary Board has also approved an allocation of  Rs. 500 million from the Central Bank as the seed fund to support the Credit…

(0)Comments | May 20, 2014 6:26 pm

Stock Market Review

Colombo equities witnessed lackluster trading session on Tuesday where both indices gained marginally. ASI index gained 2.37 index points or 0.04% to close at 6,321.61 while S&P SL20 index gained 7.31 index points or 0.21% to close at 3,480.10. Progression in counters such as Lion Brewery (closed at LKR 449.90, +3.1%), Hatton National Bank (closed…

(0)Comments | May 20, 2014 5:49 pm

President Rajapaksa Arrives in Shanghai

President Mahinda Rajapaksa arrived in China this morning. The President was welcomed at the Pudong International Airport in Shanghai by Deputy Secretary-General of Shanghai Municipal Government Mr. Huang Rong, Executive Vice President of Shanghai People’s Association for Friendship with Foreign Countries (SPAFFC) Mr. Wang Xiaoshu and Sri Lanka’s Ambassador in China Mr. Ranjith Uyangoda. Photos-…

(0)Comments | May 20, 2014 2:38 pm

LSE Executive Who Rebuilt Trading Platform Is Resigning

Tony Weeresinghe, the London Stock Exchange Group Plc (LSE) executive who helped rebuild the market’s core trading technology, plans to resign at the end of June. He joined the exchange in 2009 after selling his company, Sri Lanka-based MillenniumIT, to LSE for $30 million. MillenniumIT forms the basis of LSE’s trading system. Now based in…

(0)Comments | May 20, 2014 12:15 pm

Central Bank policy interest rates unchanged. Government guarantee for gold backed loans

The Monetary Board of the Sri Lanka Central Bank (SLCB) has decided not to change the  policy interest rates that decide the interest rates of commercial banks since the borrowings of the private sector have recorded a positive growth during March this year. Hence, the SLCB policy interest rates would remain unchanged from between 6.5 to 8.0 percent….

(0)Comments | May 20, 2014 12:13 pm

Mahesh Amalean steps in as Jayantha Dhanapala leaves Dialog board of directors

Chairman of a giant among Sri Lanka’s apparels sector MAS Holdings Group, Mahesh Amalean has been appointed an independent, non-executive director of Dialog Axiata. This appointment follows after Jayantha Dhanapala left Dialog Axiata as a independent, non-executive director recently.

(0)Comments | May 20, 2014 11:19 am

Japanese collaborate on research & development for new fuel efficient engines

TOKYO – Japan’s automakers, aiming to take the lead in fuel-efficient power-trains have joined forces in a new consortium to develop the next generation of fuel-sipping combustion engines. Their goal: A 30 percent improvement in the fuel efficiency of traditional gasoline and diesel engines by 2020. The Japanese government is to aid the country’s eight…

(0)Comments | May 19, 2014 10:44 pm