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SEC licenses first Dollar Fund in Sri Lanka

Ceylon Asset Management launches ‘Ceylon Dollar Bond Fund’ to attract foreign investments into Sri Lanka dollar bonds. In a giant step to internationalise the investment industry in Sri Lanka, which has thus far been restricted to rupee investments, the Securities & Exchange Commission (SEC) licensed the country’s first ever dollar denominated unit trust with the…

(0)Comments | July 30, 2014 8:55 pm

New move to ‘brainwash’ drivers

The Commissioner of the Department of Motor Traffic is preparing to utilize a special note on the drivers’ licenses for a special evaluation in the future for those engaged in driving passenger buses and vans. While commenting on this programme, Commissioner General of Motor Traffic S.H. Harischandra told that this special evaluation would be…

(0)Comments | July 30, 2014 8:54 pm

Another dollar bond issue possible at any time, says Bank of Ceylon

The Bank of Ceylon is prepared to issue another dollar bond and obtain foreign loans at any given time and the bank is inquiring into this, says Bank of Ceylon Chief Executive Officer D.M. Gunasekera. He told adaderanabiz that since the banks liquidity is very high at the moment it would not issue any dollar…

(0)Comments | July 30, 2014 8:53 pm

PC Pharma chairman gives undertaking to courts

The chairman of PC Pharma PLC has given an undertaking to courts that the assets of the company would be safeguarded until the next hearing of the case. This follows a petition before the Colombo Commercial High Court by Adams Investments Limited on 25 July seeking certain interim orders protecting the assets of PC Pharma…

(0)Comments | July 30, 2014 8:39 pm

Stock Market Review – 30th July 2014

Colombo equities managed to retain the momentum gained on last trading session where both indices closed with positive returns. Core index gained 17.57 index points or 0.26% to close at 6,801.84 while 20-scrip S&L index gained 6.75 index points or 0.18% to close at 3,768.18. Price appreciations in counters such as Ceylon Tobacco (closed at…

(0)Comments | July 30, 2014 7:54 pm

Softlogic prepares for Debenture Issue

The Colombo Stock Exchange has approved the listing of 14 million debt securities of Softlogic Finance PLC as Debentures at Rs. 100 each. This Issue will open on 21 August 2014 and is managed by First Capital Limited.

(0)Comments | July 30, 2014 3:42 pm

‘China’s Google’ builds self-driving car

Proving that Google does not have a monopoly on the future of personal mobility, Chinese search engine Baidu could overtake its US counterpart with its own take on the autonomous car. Speaking with The Next Web, the head of the company’s Institute of Deep Learning — think Baidu’s version of Google’s X lab — Kai…

(0)Comments | July 30, 2014 1:26 pm

BOI signs an Investment agreement with Union Resort & Spa Ltd

Recent economic growth, infrastructural development and an overall rise in tourism to the island has also seen a host of ambitious new projects, which will cater to these new arrivals and the projected boom in tourism.  Union Resorts & Spa Ltd now embark on an innovative and ambitious new venture, titled Water Gardens, after the…

(0)Comments | July 29, 2014 11:31 am

Robot furniture that builds itself

Imagine that the chair you’re sitting on became a sofa on demand as the day moved from light to dark. Or if all your furnishings could move out of your way as you walk through a room. These thoughts could one day become reality through research being conducted at the Swiss Federal Institute of Technology…

(0)Comments | July 29, 2014 10:11 am

Samsung postpones launch of Tizen smartphone

Samsung Electronics Co. said Monday it is delaying sales of its first Tizen-powered smartphone in the latest setback to the company’s ambition to create a mobile platform to rival Google’s Android or Apple’s iOS. The South Korean company had planned to start selling the phone, the Samsung Z, in Russia this quarter. But Samsung indicated…

(0)Comments | July 29, 2014 9:26 am