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Seylan Bank appoints Kapila Ariyaratne as Executive Director

Seylan Bank PLC has appointed Kapila Prasanna Ariyaratne as an Executive Director with effect from 16 February 2015. Kapila Ariyaratne has been the General Manager/Chief Executive Officer of Seylan Bank since March 2011. He has over 30 years of banking experience after having worked for several local as well as international banks. He is a…

(0)Comments | February 18, 2015 1:03 pm

Taxes on telecommunications providers similar to falling from frying pan to fire: Video Interview

The taxes imposed on telecommunication services providers through the new government’s interim budget are unreasonable and that this would weaken the future investments of these companies, points out Learn Asia chairman Professor Rohan Samarajeewa. This is the interview the BIZ 24X7 programme of Ada Derana 24X7 had with Professor Rohan Samarajeewa:

(0)Comments | February 18, 2015 12:44 pm

Jetstar Asia and SriLankan Airlines launch new codeshare

SriLankan Airlines customers will soon enjoy greater access to cities throughout South East Asia and Australia as part of a new codeshare agreement with Jetstar Asia. From 5 April 2015, SriLankan customers will be able to travel on codeshare services operated by Jetstar Asia on seven routes from Jetstar Asia’s hub in Singapore. The cities…

(0)Comments | February 18, 2015 12:32 pm

China, Sri Lanka, and the Maritime Great Game

The surprising decision by the new government of Sri Lanka to reverse course and support a billion-dollar Chinese port project underscores the long shadow of Beijing’s influence in the region, even in countries seemingly determined to push back. More importantly, the green light for the port project highlights China’s determination to secure access to a…

(0)Comments | February 18, 2015 10:07 am

The secret to negotiating successfully with India prime minister Narendra Modi

Let’s say you’re an English-speaking senior executive at an investment bank with its HQ in the US and you’re lucky enough to get a meeting with India prime minister Narendra Modi in New Delhi, in which you are pitching him a development deal. You’ll know instantly whether he’s suspicious of you or not: If he’s…

(0)Comments | February 18, 2015 12:03 am

EDB opens services sector, unveils

As Sri Lanka’s top service exports -ICT- started moving towards crucial US dollar one billion mark this year, the country’s apex exports body EDB announced a major initiative on 17 February to further diversify exports beyond merchandises and to move for service exports. “ is the first, specialised web portal for all our service exporters…

(0)Comments | February 17, 2015 4:26 pm

Eastern Merchants land at Vauxhall Street, Union Place up for sale

Eastern Merchants PLC is to sell its land and buildings at No. 284, Vauxhall Street, Colombo 2 and No. 341, Union Place, Colombo being one block 134 perches in extent. This property has been valued at Rs. 939,000,000 in 2014. The funds thus raised are to be invested to diversify the company’s business from its…

(0)Comments | February 17, 2015 1:22 am

NDB to issue Rs. 05 billion debentures

The National Development Bank (NDB) is to issue listed, rated, unsecured, senior, redeemable debentures for Rs. 05 billion with an option to go up to Rs. 7.5 billion.

(0)Comments | February 17, 2015 1:04 am

Palm Garden Hotels repays debts parent company, subsidiary

Palm Garden Hotels PLC says it has repaid related property borrowings of Rs. 1,093,002,071.00 obtained from Browns Hotels & Resort Ltd and Rs. 207,060,925.00 from Eden Hotel Lanka PLC on 31 January 2015. Palm Garden Hotels is a subsidiary of Browns Hotels & Resort Ltd and Eden Hotel Lanka is a subsidiary of Palm Garden…

(0)Comments | February 17, 2015 12:57 am

Stock Market Review – 16th Feb 2015

Colombo bourse edged lower on Monday amid profit taking in Blue-chip counters. Main share index lost 34.76 index points (-0.47%) to close at 7,300.75 while 20-scrip S&P SL index shed 36.36 index points or 0.88% to end at 4,076.83. Price depreciations in blue-chips such as Bukit Darah (closed at LKR 686.00, -4.2%), John Keells Holdings…

(0)Comments | February 16, 2015 6:16 pm